Carbon and Graphite Product Manufacturing (United States)

NAICS 2022 code 335991 — an investor's primer

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1. Overview

Carbon and graphite product manufacturing is a small, specialized corner of U.S. industry that punches far above its size. The plants in this code turn petroleum coke, coal-tar pitch and other carbon feedstocks into engineered parts that almost nobody sees but that heavy industry cannot run without: the giant graphite electrodes that carry the current inside electric steel furnaces, the carbon brushes that transfer power inside electric motors, the ultra-pure specialty graphite used to make semiconductors and solar wafers, carbon fibers for aircraft, and — the fastest-growing frontier — synthetic graphite anode material for lithium-ion (rechargeable) batteries.

The whole U.S. industry generated only about $4.0 billion in shipments in 2022 [1] and employs fewer than 10,000 people [2]. But investors care for reasons out of proportion to that footprint. First, it is a "picks-and-shovels" play on bigger themes — recycled ("green") steel, electric vehicles, semiconductors, aerospace and defense. Second, it sits at the center of a U.S.–China supply-chain fight: China dominates graphite, and Washington has spent 2025–2026 trying to build a domestic alternative with grants, tariffs and export-control drama. Third, it is deeply cyclical, which creates the boom-and-bust pricing that active investors hunt for.

• Public-market route: a handful of listed names — mostly not pure U.S. plays. The one U.S.-listed pure-play in graphite electrodes (GrafTech, NYSE: EAF) is currently distressed; the battery-anode names (e.g., Novonix, Nasdaq: NVX) are pre-profit growth stories; the rest is embedded inside larger materials companies.
• Private route: much of the domestic capacity — the newest anode plants and the specialty-graphite and carbon-brush makers — is privately held, foreign-owned, or funded through Department of Energy (DOE) grants, project finance and offtake contracts rather than public shares.

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2. What it is and how it's structured

In scope (NAICS 335991). Establishments primarily making carbon, graphite and metal-graphite brushes and brush stock; carbon or graphite electrodes for thermal and electrolytic uses; carbon and graphite fibers; and other carbon/graphite/metal-graphite products such as electrical contacts, lighting carbons, heat shields and machined specialty-graphite parts [3].

What it excludes (and where those activities live). The boundaries matter, because the "carbon and graphite economy" is much larger than this one code:

• Mining natural graphite — a mined mineral, not a manufactured product — is NAICS 212390 (Other Nonmetallic Mineral Mining). The U.S. has essentially no active graphite mines; the United States mined no natural graphite in 2025 and remained 100% net-import reliant, consuming an estimated 71,000 metric tons valued at $128 million [4].
• Carbon black and activated carbon are chemicals, in NAICS 325 (chemical manufacturing), not here. Carbon black is classified and regulated as a chemical-manufacturing process [5].
• Carbon or graphite gaskets are the one explicit Census cross-reference — they sit in NAICS 339991 (Gasket, Packing, and Sealing Device Manufacturing) [3].
• Making steel in electric arc furnaces — the largest customer of this industry — is NAICS 3311 (iron and steel mills).
• Weaving carbon fiber into fabric or laying it up into finished composite parts (aircraft structures, wind blades) is classified with plastics/composites and aircraft-parts codes; only the raw fiber is counted here.

How the products are made. Graphite electrodes are highly engineered conductors. Producers combine petroleum or pitch needle coke with binders, form the material, bake and graphitize it at extreme temperatures, and machine the finished electrode and connecting pin. A UHP (ultra-high-power) electrode and pin take about six months to manufacture [6]. Carbon fiber has a different production chain: high-performance fiber is manufactured from polyacrylonitrile ("PAN"), whose principal feedstock is acrylonitrile. Fiber is oxidized, carbonized, surface-treated and sized, then sold as fiber or internally converted into fabrics, prepregs and finished composite structures. Hexcel, for example, internally consumed 60%–65% by value of the carbon fiber it produced in both 2024 and 2025, meaning establishment shipment data do not cleanly measure stand-alone carbon-fiber output [7].

Ownership mix. This is an oligopoly of a few large, capital-intensive plants rather than a fragmented trade. The 2022 Economic Census counted just 150 firms operating 179 establishments [1][2]. Many of the biggest U.S. sites are subsidiaries of foreign multinationals (France's Mersen, Germany's SGL Carbon and Schunk, Japan's Tokai Carbon and Resonac, Toray's Zoltek). The rest are a mix of one U.S.-listed pure-play, divisions of large diversified U.S. companies, and privately held specialists. Significant private or closely held U.S. participants include employee-owned Amsted Graphite Materials [8] and Asbury Advanced Materials [9]. Superior Graphite was historically private, but ExxonMobil agreed in 2025 to acquire selected assets, technology and offices, including operations in Kentucky and Illinois [10].

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3. How big it is

Our federal ground-truth figures (U.S. Census Bureau):

How to read the concentration. The HHI (a standard 0–10,000 measure of market concentration; under 1,500 is "unconcentrated" by U.S. antitrust guidelines) is only 703 at the national firm level, and the top four firms hold about 42% of revenue [1]. So at the level of the whole code it looks moderately competitive. But that understates reality in the individual product segments — global graphite-electrode supply, for example, is a tight club of roughly a dozen producers worldwide.

Undercount caveat. Treat ~$4.0 billion as a floor for the broader carbon-and-graphite economy, for two reasons. (1) Several large U.S. carbon/graphite operations are buried inside bigger corporate parents whose primary Census code is elsewhere, so their output is not fully captured here. (2) The battery-anode build-out is newer than the data — plants like Novonix (Tennessee), Anovion (Georgia/New York) and Syrah (Louisiana) were pre-revenue or just ramping when the 2022–2023 statistics were collected, so the industry's fastest-growing piece is barely in the numbers yet. Federal small-business rules treat firms with 900 or fewer employees as small in this code [11] — a high threshold that reflects how capital- and labor-intensive these plants are.

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4. The investable universe

There are few clean public pure-plays, and most of them are listed abroad or are one product line inside a larger company. The table below groups the main names by what they actually make. Tickers, scale and valuation belong in this section and Section 10 only.

Private and other owners. Much of the strategically important U.S. capacity is not on a public exchange:

• Anovion (private) — described as the only qualified U.S. source of battery-grade synthetic graphite in commercial production, expanding in New York and building ~35,000 t/yr of new anode capacity with DOE support [18][14].
• Syrah Resources (ASX: SYR) — its Vidalia, Louisiana plant is the first large-scale natural-graphite anode producer in the U.S. (~11,250 t/yr) [14].
• Superior Graphite (private, Chicago) — long-established specialty carbon/graphite maker; ExxonMobil agreed in 2025 to acquire selected assets [10].
• Morgan Advanced Materials (London: MGAM), Schunk and Helwig Carbon (private) — carbon brushes and electrical carbon.
• POCO (a subsidiary of Entegris) and Mersen — the go-to specialty graphite for semiconductor and electrical-discharge machining (EDM) tooling [13][15].

Upstream needle-coke supply. The petroleum-needle-coke market is tighter than the electrode market. GrafTech identifies four producers outside China — Phillips 66, GrafTech's Seadrift operation, Petrocokes Japan/Sumitomo and ENEOS — with approximately 750,000 metric tons of capacity at year-end 2025. Seadrift's 140,000 metric tons represented nearly one-fifth of that total. New capacity is constrained by capital intensity, feedstock requirements, process knowledge and permitting [6].

Bottom line for allocators: apart from GrafTech (a distressed cyclical) and the pre-profit anode names, exposure to this industry mostly comes as a slice of a bigger materials, semiconductor or aerospace company, or through private/project-level investment.

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5. How the money works

This is a capital-intensive, cyclical process manufacturing business, so the economics run on the classic manufacturing levers — capacity utilization, input-cost spreads and the industrial cycle — not on rate bases or same-store sales.

A consumable, "razor-and-blade" tie to steel. Graphite electrodes — the largest product by revenue — are literally consumed in the furnace: a typical alternating-current furnace consumes three electrodes every eight to ten operating hours, averaging about 1.7 kilograms of electrode per metric ton of EAF steel [6]. Although electrodes represent less than 2% of a typical EAF steelmaker's production cost, no commercially available substitute matches graphite's combination of conductivity and high-temperature performance [6]. That makes electrode demand a fairly direct function of electric-arc-furnace (EAF) steel output, and it gives producers a recurring replacement stream rather than one-time equipment sales.

The margin is a spread over needle coke. The dominant raw material is needle coke (a premium grade of petroleum or coal-tar coke), which is roughly 60% of the cost of an electrode [19]. So a producer's profitability is essentially the spread between the electrode price and the needle-coke cost. GrafTech's inflation-adjusted average electrode price from 2006 through 2025, excluding legacy long-term agreements, was approximately $6,200 per metric ton, while the average spread over petroleum needle coke was about $4,000 per metric ton. The comparable trough price in 2016 was approximately $3,000 per metric ton; its 2025 realized price was approximately $4,100 per metric ton, down 13% from 2024 [6]. When electrode prices spike and coke lags (as in the 2017–2018 super-cycle) profits explode, and when electrode prices collapse while coke stays firm (2025) profits vanish. Vertical integration into needle coke is the industry's key cost moat — GrafTech is the only large electrode maker that makes most of its own needle coke, which is meant to protect its spread through the cycle [6].

The cycle is violent. The BLS producer-price index for this industry illustrates the volatility: the index rose from 177.8 in December 2017 to 291.5 in December 2018 (a 64% surge), then fell to 216.7 by December 2019 [20].

High fixed costs, long cycle, energy-hungry. Electrodes and specialty graphite are baked and graphitized at extreme temperatures over weeks to months, using enormous amounts of electricity. That means (a) operating leverage — utilization is everything, and idle plants bleed cash (GrafTech idled its St. Marys, Pennsylvania plant in 2024) — and (b) exposure to energy prices. Because output can't flex quickly, oversupply drives brutal price wars.

GrafTech's 2025 results illustrate the operating leverage. The company recorded $504.1 million of net sales, $501.5 million of cost of goods sold, a $15.7 million gross loss after inventory adjustments, and negative $9.1 million of adjusted EBITDA [6]. These results are not an industry-margin proxy — the company is electrode-heavy, vertically integrated into needle coke and carries company-specific utilization, inventory and financing issues — but they show what a down-cycle can do.

Contracts vs. spot. Producers try to dampen the cycle by locking in long-term, take-or-pay volume agreements with steelmakers, leaving the rest exposed to volatile spot pricing. GrafTech, for example, entered 2026 with roughly 65% of expected volume already committed in its order book [6].

The other segments earn differently:

• Specialty / semiconductor / aerospace graphite and carbon fiber are spec-driven, qualification-gated businesses. Parts are custom, customers certify a supplier over years, and switching is painful — so margins are higher and steadier than in electrodes, at the cost of long sales cycles.
• Carbon brushes are a steady, low-glamour replacement-parts business tied to the installed base of electric motors.
• Battery anode is, today, a build-it-and-subsidize-it business: heavy greenfield capital, DOE grants, and long-term offtake agreements with battery and automaker customers. Its central problem is that Chinese synthetic graphite is far cheaper, so Western plants need policy protection or a price premium to earn a return (see Sections 7 and 9).

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6. What drives demand

• Electric-arc-furnace steelmaking (the big one). The EAF method now makes more than 70% of U.S. crude steel, and EAF accounts for roughly 70% of U.S. graphite-electrode demand [21][22]. Approximately 96% of GrafTech's 2025 electrode sales went to EAF steelmakers [6]. GrafTech estimates that ex-China UHP demand averaged about 650,000 metric tons annually over the preceding three years and projects roughly 3% annual growth through 2030, based on announced EAF additions and greater production at existing mills [6]. The long shift from blast furnaces to scrap-based "green" steel — the Steel Manufacturers Association found EAF steelmaking produces approximately 75% lower Scope 1 and Scope 2 emissions than traditional U.S. blast-furnace steelmaking [23] — plus new EAF mills from Nucor, Steel Dynamics and others, is a structural tailwind for electrodes, even though pricing is cyclical.
• Electric vehicles and grid batteries. Graphite is the standard anode material in lithium-ion cells, and each battery needs a lot of it. This is the demand engine behind the new U.S. synthetic- and natural-graphite anode plants.
• Semiconductors and solar. Ultra-pure graphite is used inside the furnaces that grow silicon crystals and the tools that etch and deposit chips — so demand tracks semiconductor and solar-wafer capital spending [13].
• Aerospace and defense. Carbon fiber, carbon-carbon composites, rocket-nozzle and heat-shield materials, and aircraft brakes ride the aerospace build rate and defense budgets [7][15].
• Nuclear (emerging). Advanced and small modular reactor designs use nuclear-grade graphite as a moderator — a small but potentially high-value future market.
• Industrial electrification. Carbon brushes and electrical contacts track the installed base of motors, generators and rail traction.

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7. Regulation

For most of this industry the binding "regulation" is trade and industrial policy, not product regulation.

• China's dominance and export controls. China supplied 46% of U.S. natural-graphite imports during 2021–2024 and produced an estimated 82% of world natural graphite in 2025 [4]. China controls roughly 75% of natural-graphite production and dominates the downstream spherical-graphite processing used in anodes [24]. Effective November 8, 2025, China imposed new export controls on lithium batteries, cathode materials, artificial (synthetic) graphite anode materials and related equipment — then, a day later, temporarily eased licensing for U.S.-bound graphite shipments through November 27, 2026 [24]. This on-again/off-again control is now a first-order risk for anyone depending on Chinese material.
• U.S. tariffs on Chinese anode material — a whipsaw. In a case running through 2025–2026, the Commerce Department issued a final determination on February 11, 2026 setting combined anti-dumping and countervailing duties on Chinese active anode material at roughly 220% [25]. But duties only take effect if both Commerce and the U.S. International Trade Commission (ITC) rule affirmatively — and in a 2–1 vote (March 2026) the ITC ruled negative, finding the imports did not injure or prevent the establishment of a U.S. industry. The result: the duties were not imposed [26]. For domestic anode hopefuls this was a major setback, removing the price protection they had been counting on.
• Section 232 and critical-minerals policy (forward-looking). Graphite is on the U.S. critical minerals list, and policymakers have floated Section 232 national-security measures (including a possible import price floor) to support domestic supply [26]. Whether that materializes is a key swing factor for the anode segment.
• Ordinary industrial rules. Plants are subject to standard environmental and worker-safety oversight (air emissions from baking/graphitizing, coal-tar-pitch handling) under the EPA and OSHA — meaningful compliance cost, but not the sector's defining issue. OSHA lists a respirable-dust exposure limit for natural graphite [27]. GrafTech recorded $6.6 million of environmental-management, compliance and remediation spending in 2025, compared with $9.4 million in 2024 [6].

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8. Competitive dynamics and consolidation

A global oligopoly, now rationalizing. Graphite electrodes are made by roughly a dozen producers worldwide — GrafTech, Tokai Carbon, SGL Carbon, Resonac, Fangda Carbon (China), Graphite India and HEG among them. At year-end 2025, graphite-electrode capacity outside China was approximately 771,000 metric tons. GrafTech, Resonac, HEG, Graphite India and Tokai Carbon collectively represented about 75% of that capacity. GrafTech itself held about 23% of ex-China capacity [6]. China had approximately 800,000 metric tons of UHP capacity, although GrafTech believes more than half could not meet the standards required for the most demanding export applications [6]. After years of Chinese capacity growth and weak pricing, Western and Japanese producers are cutting back: Resonac announced closures of electrode units in China and Malaysia in 2025, and Tokai Carbon has been shrinking capacity in Japan and Europe [16]. Lower-cost Indian producers (Graphite India, HEG) are gaining share, and in September 2025 Graphite India bought roughly 6.8% of GrafTech on the open market — a possible signal of eventual consolidation [16].

The anode land-grab. In battery anodes the competitive picture is the opposite of a settled oligopoly: a subsidy-fueled land grab among a few would-be Western producers (Novonix, Anovion, Syrah and others), all racing to qualify material with battery makers while competing against far cheaper, heavily scaled Chinese supply [14][18]. Winners will be decided as much by policy and offtake contracts as by cost.

Specialty and fiber. In specialty graphite, carbon fiber and brushes, competition is about technical qualification and customer lock-in rather than price — a more stable, higher-margin world dominated by entrenched names (Entegris/POCO, Mersen, Toray, Hexcel, Morgan) [13][7][15].

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9. Risks

• Steel-cycle and pricing risk. Electrode prices are violently cyclical; the current down-leg drove GrafTech to a $219.8 million 2025 net loss and left it with approximately $1.1 billion of debt [6][12]. A prolonged trough can threaten the more leveraged players.
• Chinese overcapacity and dumping. Cheap Chinese electrodes and anode material pressure Western margins in both the mature and the emerging segments.
• Policy whiplash. The negative ITC vote shows that hoped-for protection can evaporate, undermining the investment case for domestic anode plants that assumed tariffs [26]. Conversely, China's export controls can tighten again at any time [24].
• Input-cost volatility. Needle-coke price and availability swing margins directly, and the needle-coke market itself is small and concentrated [19].
• Capital intensity and leverage. These are cash-hungry plants with long build times; a mistimed expansion in a downturn is dangerous.
• Technology substitution (longer-term). A shift toward silicon-rich anodes could reduce graphite content per battery over time, capping the anode growth story.
• Concentration. Both supplier and customer bases are narrow, so the loss of one large contract can move a producer's results materially.

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10. How to invest, and the outlook

Public-market routes (tickers and valuation live here):

• Pure-play, but distressed: GrafTech (NYSE: EAF) is the only U.S.-listed pure graphite-electrode play — a high-beta, high-leverage bet on an EAF-steel-and-electrode-price recovery. It is speculative given 2025 losses and ~$1.1 billion of debt [6][12].
• Growth, but pre-profit: Novonix (Nasdaq: NVX) is the clearest listed way to bet on U.S. battery-anode reshoring; it is pre-earnings and policy-dependent [14]. Syrah (ASX) and privately held Anovion are the other anode names [14][18].
• Diversified "graphite inside": Entegris (ENTG) for semiconductor graphite, Hexcel (HXL) and Toray/Syensqo for carbon fiber, and Mersen, SGL Carbon, Tokai Carbon, Resonac, Graphite India and HEG abroad give exposure to carbon/graphite as one line inside a larger, generally healthier business [13][7][15][16].

Private and other routes: because so much strategic capacity is private, foreign-owned or grant-funded, real exposure often comes through private equity, project finance, DOE-backed ventures, and long-term offtake/supply agreements rather than shares — the natural channel for the anode and specialty-graphite build-out [14][18].

Near-term drivers and outlook (forward-looking judgment):

• Electrodes: likely near a cyclical trough in 2025–2026, with a gradual recovery tied to rising EAF steel output and Western capacity cuts tightening supply [6][16]. Timing, not direction, is the debate.
• Battery anodes: the structural growth story, powered by EV demand, DOE grants and China de-risking — but its economics hinge on policy protection that the March 2026 ITC vote just weakened, making Section 232 measures the key catalyst to watch [14][26].
• Specialty/fiber: steadier compounding tied to semiconductor, solar, aerospace and defense capital cycles [13][7].

Net: a strategically important, government-favored industry with a compelling long-term reshoring thesis — but one whose near-term economics are punishing (electrode pricing) or unproven and policy-dependent (anodes). It rewards investors who respect the cycle and read trade policy closely.

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11. Commonly misunderstood

NAICS 335991 is not natural-graphite mining, and it is not the battery-graphite market. The United States produced no mined natural graphite in 2025, even though it had substantial downstream carbon and graphite manufacturing [4].

Carbon black is separate: it is classified and regulated as a chemical-manufacturing process (NAICS 325), not as NAICS 335991 carbon and graphite products [5].

Global electrode-capacity shares are not U.S. NAICS concentration. Those estimates generally exclude China and omit carbon fiber, brushes and specialty graphite. Conversely, broad commercial "graphite market" estimates commonly include mining, battery-anode processing or graphene, none of which maps cleanly to this manufacturing code.

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Sources

1. U.S. Census Bureau, 2022 Economic Census — Concentration ratios and receipts, NAICS 335991 (2022). Receipts, firm count, CR4/CR8/CR20/CR50 and HHI. https://www.census.gov/programs-surveys/economic-census.html
2. U.S. Census Bureau, County Business Patterns 2023, NAICS 335991 (2023). Establishments, employment, annual payroll. https://www.census.gov/programs-surveys/cbp.html
3. NAICS Association, NAICS Code 335991 — Carbon and Graphite Product Manufacturing (definition, index examples, cross-references) (2022). https://www.naics.com/naics-code-description/?code=335991
4. U.S. Geological Survey, Mineral Commodity Summaries 2026 — Graphite (Natural) (2026). U.S. import reliance, China market share, consumption. https://pubs.usgs.gov/periodicals/mcs2026/mcs2026.pdf
5. U.S. Environmental Protection Agency, Carbon Black Production Area Sources: National Emission Standards. https://www.epa.gov/stationary-sources-air-pollution/carbon-black-production-area-sources-national-emission-standards
6. GrafTech International Ltd., 2025 Form 10-K (SEC filing). Revenue, capacity, electrode economics, needle coke, order book. https://www.sec.gov/Archives/edgar/data/931148/000093114826000017/gti-20251231.htm
7. Hexcel Corporation, 2025 Form 10-K (SEC filing). Carbon-fiber operations, vertical integration, financials. https://www.sec.gov/Archives/edgar/data/717605/000119312526046377/hxl-20251231.htm
8. Amsted Graphite Materials, Company information. https://www.amstedgraphite.com/home/
9. Asbury Advanced Materials, Locations / facilities. https://www.asbury.com/about-us/locations/
10. Superior Graphite, Announces Agreement with ExxonMobil (2025). https://superiorgraphite.com/superior-graphite-announces-agreement-with-exxonmobil/
11. U.S. Small Business Administration, Table of Small Business Size Standards — NAICS 335991 (900 employees) (2023). https://www.sba.gov/document/support-table-size-standards
12. AInvest / stockanalysis.com, GrafTech (EAF) 2025 net loss and debt figures (2026). https://stockanalysis.com/stocks/eaf/
13. Entegris, POCO Materials / Semiconductor Graphite Grades (2025). https://poco.entegris.com/
14. NOVONIX Group, Update on Scaling U.S. Production of Synthetic Graphite Anode Materials (2025); and Fastmarkets, U.S. DOE issues $2.8bn in grants for domestic battery industry (Novonix, Anovion, Syrah). https://ir.novonixgroup.com/news-releases/news-release-details/novonix-provides-update-scaling-us-production-synthetic-graphite; https://www.fastmarkets.com/insights/us-department-of-energy-issues-2-8bln-in-grants-for-domestic-battery-industry/
15. Mersen, Company heritage and carbon-brush / graphite specialties (2025); Wikipedia, Mersen. https://us.mersen.com/en/products/carbon-brushes; https://en.wikipedia.org/wiki/Mersen
16. SNS Insider, Graphite Electrode Industry — market share and producer moves (GrafTech, Tokai, Resonac, Graphite India, HEG) (2025). https://www.snsinsider.com/blogs/graphite-electrode-industry
17. Fortune Business Insights, Top Carbon Fiber Manufacturers (Hexcel, Toray/Zoltek, Solvay/Syensqo) (2025). https://www.fortunebusinessinsights.com/blog/top-carbon-fiber-manufacturers-10965
18. Anovion / Fastmarkets, U.S. DOE battery-materials grants — Anovion 35,000 tpa synthetic-graphite anode capacity (2025). https://www.fastmarkets.com/insights/us-department-of-energy-issues-2-8bln-in-grants-for-domestic-battery-industry/
19. Grand View Research, Needle Coke Market Size & Share Report (2026); needle coke ≈60% of electrode cost. https://www.grandviewresearch.com/industry-analysis/needle-coke-market
20. U.S. Bureau of Labor Statistics, Producer Price Index — NAICS 335991 (via FRED). https://fred.stlouisfed.org/data/PCU335991335991
21. IMARC Group, United States Graphite Electrodes Market — U.S. market size (~$2.05bn in 2025), EAF ~70% of demand (2025). https://www.imarcgroup.com/united-states-graphite-electrodes-market
22. World Steel / industry data as summarized in graphite-electrode market research: EAF >70% of U.S. crude steel output (2025). https://www.imarcgroup.com/united-states-graphite-electrodes-market
23. Steel Manufacturers Association, Independent Study Validates That Steelmaking by Electric Arc Furnace Manufacturers in U.S. Produces 75% Lower Carbon Emissions. https://steelnet.org/independent-study-validates-that-steelmaking-by-electric-arc-furnace-manufacturers-in-u-s-produces-75-lower-carbon-emissions/
24. Herbert Smith Freehills Kramer, China imposes export controls on lithium batteries and artificial graphite anode materials (2025). https://www.hsfkramer.com/insights/2025-10/china-export-controls-lithium-batteries-and-artificial-graphite-anode-materials
25. ESS-News / Businesswire, U.S. Department of Commerce final determination — duties on Chinese battery-grade graphite (~220%) (Feb 2026). https://www.ess-news.com/2026/02/17/us-hikes-duties-on-chinese-battery-grade-graphite/
26. GraphiteHub, ITC Votes Negative on Chinese Active Anode Material — AD/CVD Duties Will Not Be Imposed (2026). https://graphitehub.com/itc-votes-negative-on-chinese-active-anode-material-ad-cvd-duties-will-not-be-imposed/
27. OSHA, Chemical Data — Graphite (Natural). Respirable-dust exposure limit. https://www.osha.gov/chemicaldata/665