Battery Material Stocks Jump after US Announces Graphite Duty
The Dutch Intersection Is Coming to Save Your Life
Advocates Fear US Agents Are Using 'Wellness Checks' on Children as a Prelude to Arrests
LA Homelessness Drops for Second Year
Manhattan, Chicago Murder Rates Drop in 2025, Officials Say
Mumbai Facelift Is Inspired by 200-Year-Old New York Blueprint
Shares of Australian graphite miner Syrah Resources Ltd. (SYAAF) surged as much as 38%, while shares of South Korea's Posco Future M Co. (003670.KS) climbed 24%. Novonix Ltd. (NVNXF), an Australian-listed company with a graphite production plant in Chattanooga, Tennessee, surged 21%. Gains in these and other Asian stocks tracked earlier jumps in Canadian peers including Nouveau Monde Graphite Inc. (NMG).
The Commerce Department issued the preliminary determination Thursday, and a final plan should be announced by Dec. 5. The US determined that China, which dominates the processing capacity of graphite, had been unfairly subsidizing the industry.
Graphite is a key raw material in the anodes of electric-vehicle batteries. About two-thirds of the material imported by the US still came from China last year, according to BloombergNEF, even though China strengthened export control on some categories of graphite since 2023. The US has sought to encourage EV makers to be less reliant on Chinese components with subsidy-qualifying measures under its Inflation Reduction Act.
'I think this is going to change behaviors and sourcing strategies of battery manufacturers in the United States,' said Michael O'Kronley, chief executive officer at Novonix. 'The cost of graphite imported from China is going to go up. This ruling essentially is going to accelerate some of those discussion we have with manufacturers.'
The new duties will add to existing rates making the effective tariff 160%, according to the American Active Anode Material Producers, the trade group that filed the complaint. China currently dominates the processing capacity of graphite, with the International Energy Agency in a report in May calling the material one of the most exposed to potential supply risks.
'Expectations of IRA benefits coupled with US-China decoupling are boosting investor sentiment and driving up the share prices of related companies,' said Namho Kim, general manager of Timefolio Investment Management in Seoul. 'Battery material companies with lower reliance on China will emerge as key beneficiaries.'
Chinese suppliers including Hunan Zhongke Electric Co. (300035.SZ) and Jiangsu Baichuan High-Tech New Materials Co. (002455.SZ) traded slightly higher early Friday.
'The US is likely to be promoting the development of its own graphite industry by forcing domestic battery makers to switch suppliers,' said Eugene Hsiao, head of China equity strategy at Macquarie Capital. 'Thus upstream suppliers of Chinese graphite anodes are more likely to be impacted.'
—With assistance from Hoi Yuet Woo.
What the Tough Job Market for New College Grads Says About the Economy
How Starbucks' CEO Plans to Tame the Rush-Hour Free-for-All
Godzilla Conquered Japan. Now Its Owner Plots a Global Takeover
Forget DOGE. Musk Is Suddenly All In on AI
Why Access to Running Water Is a Luxury in Wealthy US Cities
©2025 Bloomberg L.P.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
10 minutes ago
- Yahoo
KKR in talks to buy ST Telemedia Global Data Centres, Bloomberg News reports
(Reuters) -KKR is in talks to buy ST Telemedia Global Data Centres in a deal that could value the Asian digital infrastructure provider at more than $5 billion, Bloomberg News reported on Saturday, citing people familiar with the matter. Reuters could not immediately verify the report.
Engadget
11 minutes ago
- Engadget
China calls for the creation of a global AI organization
China wants to work with other countries and has laid out its plans for the global governance of artificial intelligence at the World Artificial Intelligence Conference (WAIC) in Shanghai. Li Qiang, the country's premier, warned about "technological monopolies" and said that AI could become "an exclusive game for a few countries and companies." As such, he proposed the creation of a "world AI cooperation organization" during the event. Li didn't specifically mention the United States when he talked about monopolies, but the US restricts AI chip exports to his country. NVIDIA had to develop chips that are only meant for China and conform to export rules so it wouldn't lose the Chinese market completely. Meanwhile, Chinese companies like Huawei are developing their own AI systems to make up for China's lack of access to more advanced AI chips from American firms. Li also made the statement a few days after the Trump administration revealed its AI Action Plan, which seeks to limit state regulation of AI companies and which aims to ensure that the US can beat China in the AI race. The Chinese premier said his country would "actively promote" the development of open source artificial intelligence and that China is "willing to provide more Chinese solutions to the international community" when it comes to AI. He also said that his country was eager to share AI technologies with developing countries in the global south. "Currently, overall global AI governance is still fragmented. Countries have great differences, particularly in terms of areas such as regulatory concepts [and] institutional rules," Li said. "We should strengthen coordination to form a global AI governance framework that has broad consensus as soon as possible."
New York Post
11 minutes ago
- New York Post
Pakistan says it's ‘very close' to a trade deal with President Trump
Pakistani Foreign Minister Ishaq Dar claimed his country is 'very close' to locking down a tariff deal with the US ahead of President Trump's fast-approaching Aug. 1 deadline for the 'Liberation Day' levies to take effect. Dar met with Secretary of State Marco Rubio and predicted a deal is just days away as the Trump administration scrambles to finalize agreements with countries before the deadline. 'I think we are very close to finalizing a deal with the U.S.,' Dar said during an appearance at the Atlantic Council think tank Friday. 'Our teams have been here in Washington, discussing, having virtual meetings and a committee has been tasked by the prime minister to fine-tune now.' 'It's not going to be months, not even weeks, I would say days.' Since Trump unveiled his 'Liberation Day' tariffs, a deluge of countries have been negotiating with his team to cut lightning deals. 3 Pakistani Foreign Minister Ishaq Dar met with Secretary of State Marco Rubio this week to discuss trade and other issues. Getty Images 3 President Trump has been trying to overhaul US trade policy during his second term. Ron Sachs/CNP / Trump repeatedly agreed to postpone the implementation rate for most of those tariffs, with the most recent deadline being Aug. 1 to give more time for negotiations to play out. So far, he has locked down tariff deals with the United Kingdom, Vietnam, Japan, Indonesia and the Philippines. The Trump administration also has a tariff truce with China, where there is an Aug. 12 deadline to ink a broader deal. At the moment, Trump has imposed a 10% baseline tariff rate on almost all imports, tariffs on Chinese imports, 25% tariffs on automobiles, aluminum, and steel, as well as 25% on imports from Canada and Mexico that don't comply with the United States-Mexico-Canada Agreement. Total US trade with Pakistan clocked in at about $7.3 billion last year, according to the Office of the US Trade Representative. The State Department and Pakistan also confirmed the two sides held talks on trade issues, but didn't reveal a timeline for a deal getting finalized. The State Department did not immediately respond to a request for comment. Earlier this year, fighting erupted between India and Pakistan after the Pahalgam terrorist attack near India's administered Jammu and Kashmir. The incident sparked a chain of events that led to India firing missiles into Pakistan. Pakistan responded in kind. The two countries, which have been mired in decades-long tensions over Kashmir, are both nuclear-armed, which has led to elevated concerns about the conflict spiraling out of control. 3 Pakistan revealed plans to nominate President Trump for the Nobel Peace Prize last month. REUTERS A ceasefire was announced between the two in May. Trump has since publicly taken credit for helping to mediate the differences between the two sides. Last month, Pakistan announced plans to nominate Trump for the Nobel Peace Prize over his 'decisive diplomatic intervention' during the conflict with India.
