Novonix, Others File Petition to Probe China's Alleged Export of 'Artificially Cheap' Graphite into US

MT Newswires Live12-19

Novonix (ASX:NVX) joined a group of American battery materials producers in filing a petition to the US Department of Commerce and the International Trade Commission to probe China's alleged export of synthetic graphite, according to a Thursday filing with the Australian bourse.

The American Active Anode Material Producers (AAAMP) claims that China is hurting the US graphite industry by exporting "artificially cheap battery-grade graphite" and "denying North American producers a fair opportunity to enter the market."

AAAMP is comprised of four members of the North American Graphite Alliance, including Novonix, along with two additional graphite anode material producers in the US.

If the investigation proves conclusive, the Department of Commerce will assess the need to impose further tariffs on Chinese exports. China currently has over 95% market share for battery-grade graphite, per the filing.

Novonix's shares were down nearly 2% in recent Thursday trade.

Price (AUD): $0.59, Change: $-0.01, Percent Change: -1.67%

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