Shares of non-Chinese graphite producers surged on Friday after the US announced anti-dumping duties of 93.5 per cent on imports from China of a mineral vital to batteries in electric vehicles.

Australia-listed Syrah Resources, the largest non-Chinese graphite miner, rose 22 per cent and Canada’s Nouveau Monde Graphite jumped 26 per cent as investors bet the duties could help them compete against dominant Chinese rivals. Novonix, a dual-listed Australian-US producer, gained 15 per cent, and South Korea’s Posco Future M was up 20 per cent.

The US commerce department on Thursday said it would impose a 93.5 per cent tariff on anode active materials from China, which covers graphite imports, after a group representing North American graphite producers called for an investigation into alleged Chinese dumping of the mineral.