South Korea welcomes U.S. move to delay sanctions on Chinese graphite
Korean automakers and battery companies are “breathing a sigh of relief” at this decision, according to industry insiders. If the sanctions had been implemented as planned, domestic battery manufacturers would have faced a drastic sales drop as they are highly dependent on Chinese graphite.
Since graphite has been exempted from U.S. regulations for only two years, experts say domestic EV companies must move fast to adjust supply chains. SK On signed a graphite supply contract with U.S.-based Westwater in February, and POSCO Future M decided to import graphite from Australia’s Syrah Resources and Mozambique in March. “The reprieve is temporary, so if we do not build an EV supply chain without Chinese materials quickly, we could face a crisis again,” said Park Jae-beom, a senior researcher at the POSCO Research Institute.
https://www.chosun.com/english/industry-en/2024/05/06/HWWCGTJANRC3TM3VPT2GDOHLTU/
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