Australia's Novonix soars on plans to boost US graphite output amid China tariff

Novonix

18/07/2025 02:44

** Novonix NVX.AX soars as much as 21.3% to A$0.57, highest since May 16

** Stock marks steepest intraday pct gain since end-November 2024; set for best weekly pct rise since late January 2021

** Battery materials and technology firm welcomes U.S. Commerce Department's move to impose 93.5% anti-dumping tariffs on Chinese graphite, taking the effective duties to 160%

** Plans to significantly increase U.S. graphite production

** CEO says, "It affirms our business strategy as well as the diversification strategy of our customers to source critical battery materials and components locally"

** Stock sees busiest session since January 20, with ~25 mln shares traded vs 30-day avg of 3.6 mln

** YTD, NVX falls 25.9%

 (Reporting by Anjali Singh in Bengaluru)

 ((anjali.singh2@thomsonreuters.com;))