【CPC Market Update】 Downstream Demand Weakens, Market Stable

Market Overview:

On June 5, the average price for calcined petroleum coke (cpc) was 2,231 RMB/ton, down 1 RMB from the previous day, a 0.04% decrease. Low sulfur calcined coke sales remain sluggish due to decreased downstream activity and weak demand, leading to high inventory levels and weak pricing. Medium to high sulfur calcined coke markets are stable with steady trading and sufficient supply, despite no profit improvement. A new 100,000-ton capacity in Hunan started production in early June, adding about 175 tons daily.

Regional Prices

Current Prices:

· Low Sulfur Calcined Coke:

• Jinxi, Jinzhou feedstock: 3400-3600 RMB/ton

• Fushun feedstock: 4460-4850 RMB/ton

• Liaohe, Binzhou feedstock: 3150-3400 RMB/ton

· Medium-High Sulfur Calcined Coke (3.0% S, no trace element requirements): Previous contract price: 2100 RMB/ton, Current price: 2050 RMB/ton

· Medium-High Sulfur Calcined Coke (3.5% S, no trace element requirements): Previous contract price: 1900-1950 RMB/ton, Current price: 1850-1900 RMB/ton

· Medium-High Sulfur Calcined Coke (3.0% S, 400 ppm V): Previous contract price: 2400 RMB/ton, Current price: 2350-2450 RMB/ton

Supply:

• Daily supply: 27,865 tons

• Operating rate: 65.90%

• Supply increased by 0.41% from the previous day

Upstream Market:

Petroleum Coke: Prices slightly decreased at some CNOOC refineries; local refineries saw minor price fluctuations (20-100 RMB/ton). Downstream demand is stable, with most refineries maintaining steady shipments and some adjusting prices flexibly based on sales and specifications.

Downstream Market:

1. Graphite Electrodes: Purchases are cautious, focusing on necessary tenders, with slow sales and varying prices. Mainstream companies maintain stable pricing.

2. Electrolytic Aluminum: Domestic capacity continues to increase, supplemented by overseas aluminum ingots, leading to ample supply and falling spot prices.

3. Anode Materials: Demand from downstream battery manufacturers is strong, with slight increases in shipments. However, intense competition and price pressure keep transaction prices low.

Market Outlook:

Given the sufficient supply and average demand, low sulfur and medium-high sulfur calcined coke markets are expected to remain stable in the short term.

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