The Graphite Control Act, which went into effect in December 2023, caused an initial decline in natural graphite exports. This was due to international customers building up large inventories in November and stricter export controls lengthening the approval process. Consequently, export volumes in December 2023 and January 2024 were significantly lower compared to previous years.

However, export volumes rebounded somewhat in February, although remaining below levels seen in previous years. Market recovery and inventory destocking are expected to drive increased demand in March.