# Battery anode materials: Correlation Prices it moves with, and why Source page: https://www.materialinsights.org/chemicals/anode_materials/correlation/ Battery anodes are mostly graphite, either mined natural flake or synthetic graphite made from petroleum needle coke. Prices depend on coke and graphite costs, the large electricity bill for graphitisation, and Chinese capacity, which dominates supply. No public price Battery anode materials has no public monthly price series: Priced in private supply deals, mainly in China; no public index. #### What its price moves with Commodity [Gr Graphite](https://www.materialinsights.org/commodities/graphite/)Main input Natural flake graphite is purified and shaped into spheres before it becomes anode material. China dominates both mining and processing, so its export controls and capacity build-outs move graphite and anode prices together. Not enough overlapping price history to measure. Energy [Oil Crude oil](https://www.materialinsights.org/energy/crude_oil/)Needle coke source Synthetic graphite starts as needle coke, made from heavy refinery residues or coal tar. Oil prices and refinery runs affect needle coke cost, although graphitisation energy and Chinese overcapacity usually matter more for the final anode price. Not enough overlapping price history to measure. Energy [Kc Coking coal](https://www.materialinsights.org/energy/coking_coal/)Coal tar pitch Coal tar from coke ovens provides the pitch used to coat and bind graphite particles, and is a second route to needle coke. Steelmaking activity, which drives coke output, therefore affects the supply of these anode inputs. Not enough overlapping price history to measure. Commodity [Si Silicon](https://www.materialinsights.org/commodities/silicon/)Performance additive Small amounts of silicon or silicon oxide are blended into graphite anodes so they store more lithium. Silicon metal cost is a minor factor today, but its weight grows as high-energy cells adopt more silicon. No public price for silicon, so the link is explained in words only. Energy [LFP Lithium iron phosphate batteries](https://www.materialinsights.org/energy/e_li_lfp/)Product made Anodes are used in every lithium-ion cell, including the LFP cells used for EVs and storage. Demand from cell makers sets anode volumes, and falling cell prices push anode suppliers to cut their own prices. Not enough overlapping price history to measure. Chemical [CAM Battery cathode materials](https://www.materialinsights.org/chemicals/cathode_materials/)Shared demand Cathodes and anodes are bought by the same cell makers in fixed ratios, so both ride the same EV and storage demand. Cathode prices swing more because lithium and nickel are volatile, whereas anode costs are steadier. No public price for battery cathode materials, so the link is explained in words only. How to read these numbers **Correlation of monthly changes** (the number in the coloured pill) compares how much each price moved, month by month, since 2006 or the first month both series exist. It runs from −1 to +1: near +1 the two usually rise and fall in the same months, near 0 there is no link, and a negative number means they tend to move in opposite directions. Above 0.7 is strong, 0.4 to 0.7 moderate, 0.2 to 0.4 weak. **12-month changes** compare year-on-year moves, which shows whether two prices share the same cycles even when the month-to-month noise differs. **Price function** is a straight-line fit of the two prices on logarithmic scales: price ≈ k × (partner price)^β. β is how much this price moves, in per cent, for a 1% move in the partner over the whole period, and R² is the share of the variation the fit explains. Two prices that both drift up with inflation can fit well without any real link, so read it together with the monthly correlation. **Lead or lag** checks whether the monthly correlation is clearly higher when one price is shifted by 1 to 6 months. Correlation is not cause. The reasons on each card explain the economic link; the numbers show how strongly it has shown up in prices. Proxy series are US producer price indexes or related prices and can blur the real link. Data: World Bank Commodity Price Data (Pink Sheet), October 2026; US Bureau of Labor Statistics producer price indexes, IMF primary commodity prices and US EIA prices via FRED, Federal Reserve Bank of St. Louis, retrieved November 2026. Calculations by this site. ## Other sections - [Summary](https://www.materialinsights.org/chemicals/anode_materials/index.md) - [Overview](https://www.materialinsights.org/chemicals/anode_materials/overview/index.md) - [Production route](https://www.materialinsights.org/chemicals/anode_materials/routes/index.md) - [Production](https://www.materialinsights.org/chemicals/anode_materials/production/index.md) - [Feedstocks](https://www.materialinsights.org/chemicals/anode_materials/feedstocks/index.md) - [Cycles](https://www.materialinsights.org/chemicals/anode_materials/cycles/index.md) - [Trading](https://www.materialinsights.org/chemicals/anode_materials/trading/index.md) - [Movement](https://www.materialinsights.org/chemicals/anode_materials/movement/index.md) - [Regulation](https://www.materialinsights.org/chemicals/anode_materials/regulation/index.md) - [Characteristics](https://www.materialinsights.org/chemicals/anode_materials/characteristics/index.md) - [Emissions](https://www.materialinsights.org/chemicals/anode_materials/emissions/index.md) - [Relationships](https://www.materialinsights.org/chemicals/anode_materials/links/index.md)