Shandong Sunstone Anode Output and Sales Surge with EV Battery Demand

Carbon Anodes

Shandong Sunstone anode output and sales surged in 1H25 on strong battery demand. Shandong Sunstone anode output and sales rose sharply as new capacity ramped. Therefore, Shandong Sunstone anode output and sales underline China’s expanding anode supply chain. The firm produced 42,900t of anode materials, up 85% year on year. Sales reached 44,000t, more than double a year earlier. Meanwhile, prebaked carbon anode production hit 1.66mn t, up 5.7%. Prebaked carbon anode sales rose 9.7% to 1.69mn t. Petroleum coke remained the key feedstock for both lines.

Capacity, feedstock strategy, and product mix

Sunstone expanded capacity and stabilized procurement to protect margins. The company buys over 3mn t/yr of petroleum coke. This supports prebaked carbon anodes and synthetic graphite anodes. As a result, supply security improved across product families. Moreover, the firm’s product mix spans prebaked anodes for aluminum and AAM for batteries. Therefore, utilization can flex with end-market cycles.

M&A, graphitization, and AAM scale-up

Sunstone accelerated entry into AAM through acquisitions. It acquired Inner-Mongolia Xinyuan Graphene in May 2022. Then it funded a 40,000 t/yr graphitization plant in September 2022. Consequently, vertical integration advanced from coke to finished anodes. However, execution still relies on yield, power costs, and throughput. Continued EV and ESS growth should sustain orders into 2026.

The Metalnomist Commentary

Sunstone’s dual exposure to aluminum and batteries spreads risk while securing coke offtake. Watch graphitization bottlenecks, energy tariffs in Inner Mongolia, and premium pricing for low-impurity AAM as key earnings drivers.