Artificial Graphite
Size
0.01mm or 0.07mm,etc
Package
25 kg small bags into ton bags or ton bags
Features
Good wear resistance, corrosion resistance, good thermal conductivity, etc.
Application
Can be used in making heat exchanger, reaction tank, absorption tower, etc.
There are many kinds of artificial graphite and different production processes. In a broad sense, all graphite materials obtained by carbonization of organic matters and treated by high temperature after being treated with graphite can be collectively referred to as artificial graphite.In the narrow sense, artificial graphite usually refers to the massive solid materials prepared by batching.
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Artificial graphite is made of petroleum coke, needle coke, asphalt coke, and other raw materials through the processes of crushing, granulation, grading, and high-temperature graphitization. Its high crystallinity is formed by high-temperature graphitization, and its morphology and particle size distribution are relatively consistent. Good rate performance, long cycle life, and low pole rebound.
At present, the negative electrode materials are mainly composed of natural graphite, artificial graphite, mesophase carbon microspheres, and silicon carbon. From the price point of view, the price range of natural graphite and artificial graphite is between 270000 per ton and 20000-80000 per ton respectively, and the price difference is not obvious. From the performance index, the theoretical value of the specific capacity of artificial graphite and natural graphite is about 370mahg, but the cycle life of artificial graphite is about 1500 times, which has obvious advantages over other negative materials. Secondly, in the aspect of ratio and safety, natural graphite has many defects in the surface of the natural graphite due to its poor compatibility when it reacts with electrolyte, which leads to a great adverse effect on the charging or discharging performance. The high expansion, poor fast charge-discharge capacity, and short cycle life make natural graphite not suitable for some high-end application scenarios.
1、 Cost structure
Direct material (coke) + processing cost (graphitization, etc.) accounts for 90% of the cost of artificial graphite negative electrodes. It will usher in the stage of cost reduction and profit thickening in 2019. According to the cost composition of putilai, a leading domestic artificial graphite enterprise, direct materials account for about 40% and processing fees account for about 50%.
Needle coke is the main raw material of medium and high-end artificial graphite anode. It is a kind of high-quality coke with an obvious fibrous structure. It has the advantages of good conductivity, low coefficient of thermal expansion, and easy graphitization in the direction parallel to the long axis of particles. According to the price trend of needle coke, the price of needle coke has soared since 2017; From 35000 yuan/ton to 42000 yuan/ton in September 2017, the main reason is the imbalance between supply and demand in the short term. In May 2017, the State Council issued the capacity reduction policy and banned about 100 million tons of ground bar steel. Finally, the supply gap was mainly made up by the newly-built electric furnace steel plant, resulting in an explosion of demand for graphite electrodes. In addition, the new energy vehicle industry has gradually entered the stage of rapid development.
According to the data in the report on the market panoramic survey and development trend analysis of China’s artificial graphite industry from 2020 to 2026 released by Zhiyan consulting, the cycle will decline when it is extremely prosperous, the high profits of the industry will accelerate the expansion of production by old players & the entry of new players, the intensive release of production capacity, and the coke price is expected to fall. In the second half of 2017, 8 needle coke enterprises including Jinzhou Chemical released plans for resumption, expansion, and production. Domestic production capacity will reach 870000 tons from 620000 tons at the end of 2018 to 870000 tons in the first half of 2019, and the production volume will reach 410000 tons in the second half of 2019, The annual production capacity reached 1.28 million tons, the supply has been seriously surplus, and the price has declined recently. The price reduction trend of imported needle coke lags behind, and the price reduction has begun.
If we consider that the cost of needle coke will decrease from US $2000 / T in 2018 to about US $1500 / T in 2019, the cost per ton is expected to decrease by 4400 yuan / T. If the price before the imbalance between supply and demand in 2017 is considered to be the equilibrium price of 800 US dollars/ton, the singleton cost of artificial graphite cathode will decrease by 11000 yuan/ton.
Graphitization belongs to the processing link of high energy consumption and high pollution. The graphitization process consumes a lot of energy, and the power consumption per ton is 14000-15000 degrees. From 2017 to 2018, environmental protection became stricter, some production capacity was limited, and graphitization processing fees remained high. At the same time, graphitization capacity has gradually migrated from the eastern coastal areas (with higher electricity charges) to areas with cheaper electricity charges such as Inner Mongolia.
2、 Industry pattern: the pattern is relatively stable and beware of excessive competition
In 2005, Shanghai Shanshan successfully developed new products of fsn-1 series artificial graphite negative electrode materials, which established Shanshan’s position in the field of domestic artificial graphite negative electrodes. In 2012, Jiangxi Zichen was established, and its main technical team leader is Feng Suning. Relying on its technical and market advantages, Zichen has sprung up.
The domestic artificial graphite anode field has formed a duopoly pattern of Zichen and Shanshan, but Dongguan Kaijin and other rising stars can not be ignored. In 2018, the domestic output of artificial graphite anode was 133000 tons, yoy + 31%, of which Zichen was 33000 tons, accounting for 24.4% of the market; Cunninghamia lanceolata is 24000 tons, accounting for 18%.
In the first half of 2019, the CR3 of domestic artificial graphite cathode reached 65%, and Zichen, Shanshan, and Kaijin ranked among the top three. The advantages of leading enterprises are obvious, and the cathode market pattern is relatively stable.
The risk of an excessive price war in the industry is not high: 1) the industry pattern is stable and the industry concentration of the negative electrode industry is increasing, but there is no exclusive market among leading enterprises; 2) There are many types of negative electrode products, and the substitution effect of different types is limited. 3) In terms of power and consumption, there are new requirements for product performance, and the profit of new products is generally guaranteed. 2. The status of the industrial chain of the cell link is stronger, and the dividend rate of the cost decline of the negative electrode industry will be partially transferred to the cell link.
