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Diversification - electrodes into battery anodes
What it is
Using graphitisation capability and needle coke access to produce synthetic graphite anode material for lithium-ion cells, rather than only electrodes. The two products share feedstock and the energy-intensive graphitisation step
It is the principal diversification route available to electrode makers
Impact on industries
- Diversifies away from a single steel-linked end market into battery demand growing at a far faster rate
- Reuses the graphitisation asset base and coke sourcing relationships, so incremental capex is lower than a standalone entrant would face
- Aligns with India's critical minerals push, where graphite carries reduced royalty and domestic anode capacity is effectively absent
- Anode grade needs different purity and particle specs plus multi-year cell-maker qualification, while Chinese producers dominate on scale and cost