Cornex-Shanshan Battery Anode Deal Signals Aggressive EV Supply Chain Securing

Cornex

The Cornex-Shanshan battery anode deal locks in critical anode supply for fast growth. The agreement is worth over 10bn yuan ($1.39bn). The firms did not disclose volumes or tenor. The Cornex-Shanshan battery anode deal follows Cornex’s rapid feedstock contracting. Therefore, it strengthens cell output visibility in a volatile market. The Cornex-Shanshan battery anode deal also consolidates Yunnan-to-coastal anode logistics advantages.

Strategic supply and capacity signals

Shanshan increased anode output to 354,605t in 2024, up 27% year over year. Sales reached 339,536t, up 28% from 2023. Therefore, Shanshan can support large, multi-year awards. Cornex also secured cathode and foil inputs this year. It booked 150,000t LFP from Jiangsu Lopal in May. It added 152,000t LFP from Eve Energy in June. In July, it locked 160,000t copper foil from Nuode over five years. Consequently, Cornex de-risks key battery bill-of-materials.

Implications for feedstock, pricing, and EV supply chains

This contract tightens premium graphite and silicon-blend availability. However, scale should improve Cornex’s unit costs and yields. Downstream EV and storage demand continues to expand. Argus sees EV sales reaching 60mn by 2035. The CAGR from 2025 is 12%, supporting anode expansion. Therefore, stable offtakes will matter for financing and capacity ramps. Banks and OEMs will seek transparency on pricing formulas.

The Metalnomist Commentary

This tie-up prioritizes supply certainty over perfect price timing. Expect further vertical coordination across cathode, anode, and foil. Watch qualification timelines and cost pass-through mechanisms into 2026 contracts.