The Ministry of Commerce of China proposed strengthening graphite export regulations last October, which was implemented on December 1st, 2023. Graphite is a vital material for cathodes, electrodes from which a conventional current flows out, that affects the efficiency of lithium-ion batteries utilized in electric vehicles. The material is divided into two types: synthetic and natural. Following the 2022 study by the International Energy Agency, approximately 80% of the world’s natural graphite mining is produced in China. Along with synthetic graphite, high-purity graphite was added to the controlled lists, and graphite exports function under a process where the Ministry of Commerce allows licenses for every single export. Although it is a limitation rather than an absolute prohibition, various corporations are concerned since China, the world’s largest graphite manufacturer, implemented considerable regulations that are expected to have an adverse impact on the industry. Last January, Bloomberg News noted, “After a rush to buy ahead of the deadline saw them surge to more than 45,000 tons in November.” Moreover, the Japanese newspaper Mainichi Shimbun reported that Japanese auto manufacturers working on electric-powered cars that utilize graphite as a crucial ingredient, such as Toyota Motor Corporation, Mitsubishi Chemical Corporation, and NISSAN Motor Corporation, are diversifying their supply chains in various ways in response to China’s regulations. Meanwhile, a commodity market analysis agency called Benchmark Mineral Intelligence commented, “More than 300 new graphite mines need to be built before 2035 to meet the demand for electric vehicles and energy storage batteries,” implying that the race for graphite will not stop in compliance with China’s graphite export control.