The Black Grit That Beat Bitcoin's Rally and Didn't Slump
- Graphite electrode prices soared on China’s clean-air push
- Founder of Graphite India sees wealth rise to $1.75 billion
China’s push for blue skies has caused an obscure steelmaking ingredient to fuel gains of as much as 2,600 percent since the start of 2017 for the few companies that supply it, minting at least one new billionaire.
The material is graphite, a form of carbon that has seen demand soar because of its use in electric-vehicle batteries and the lower-pollution steel mills that China is favoring to clean up its air. That double-whammy pushed shares of Graphite India Ltd. up more than 1,200 percent since January 2017, boosting the wealth of founder K.K. Bangur to about $1.75 billion, according to Bloomberg calculations. HEG Ltd. fared even better, rising more than 26-fold to add $1.4 billion of value for its owners including Chairman Ravi Jhunjhunwala.