Category IV · Critical & future minerals
Graphite.
Battery-anode material. Africa (Mozambique, Madagascar, Tanzania) is the emerging supply alternative to China.
Benchmark
Flake graphite 94–97% C
Unit
US$ / tonne
Current price · 3-mo forward avg
US$ 1,080 / tonne
Apr — Jul 2026 (forward 3-mo avg)
Battery-anode material. Africa (Mozambique, Madagascar, Tanzania) is the emerging supply alternative to China.
Price · Flake graphite 94–97% C
2016 — 2035
Solid line: historical annual averages. Dashed line: forward projections (consensus).
Top 5 producing countries
- 01
China
65%
Dominant flake + spheronisation capacity
- 02
Mozambique
10%
Balama (Syrah Resources) — Africa's largest
- 03
Brazil
5%
Itapecerica region
- 04
Madagascar
5%
Multiple development-stage projects
- 05
Tanzania
3%
Mahenge & Lindi region
Leading companies
- 01
Syrah Resources
Mozambique Balama + US anode facility
- 02
BTR New Material (China)
Largest anode-material producer globally
- 03
Northern Graphite
Canadian / Namibian operations
- 04
Tirupati Graphite
Madagascar / India producer
- 05
Volt Resources
Tanzania Bunyu development project
Of note
- §
Graphite anode demand is forecast to grow ~5× by 2035 driven by battery storage.
- §
Mozambique's Balama is the world's largest single graphite operation outside China.
- §
Synthetic graphite is energy-intensive; natural-flake supply is cost- and emissions-advantaged.
Sources
USGS, Benchmark Mineral Intelligence · S&P Global Commodity Insights. Curated quarterly. Forward projections are consensus indications and are not a guarantee of future prices.