【Needle Coke】 Analysis of Import and Export and Demand Data in H1 2024

1. Analysis of Needle Coke Import and Export Data

From January to May 2024, China's import volume of petroleum-based needle coke was approximately 45,300 tons, an increase of 11.97% year-on-year. The import volume of coal-based needle coke was 44,000 tons, an increase of 14.69% compared to the same period in 2023. In the first half of 2024, the demand for anode materials warmed up, leading to good demand for anode coke. Some companies have increased their anode coke varieties to adapt to market changes, with positive market feedback, resulting in a slight increase in imports. 

Export market: Statistics show that from January to May 2024, China exported about 11,900 tons of needle coke, mainly to registered places like Shandong and Shanghai, and to countries such as Russia, India, and Japan.

2. Analysis of Needle Coke Demand Data

The performance of anode materials was good in the first half of 2024. At the beginning of the year, there was insufficient stocking mentality, with most companies consuming previously accumulated raw material inventory. Starting in mid-March, raw material inventory fell to a low level. Coupled with the simultaneous rise in production and sales of new energy vehicles and the frequent occurrence of favorable market policies, the end market rebounded, leading to an increase in orders for high-end power batteries. This boosted the demand for high-end anode materials. Major manufacturers significantly increased their procurement of needle coke, leading to active trading and manufacturers starting to actively raise prices. The price increase continued until late May, with raw coke prices cumulatively rising by around 200 yuan/ton. By the end of June, needle coke manufacturers reported fewer inquiries, and anode material procurement stabilized. Statistics show that in the first half of 2024, the actual demand for needle coke for anode materials was about 380,000 tons.

The graphite electrode market performed averagely in the first half of the year. The operating rate of terminal electric arc furnaces remained at medium-low levels. To maintain their profit levels, companies severely pressured the prices of graphite electrodes, leading to low market enthusiasm and weak supply and demand. Procurement of raw material needle coke was mainly on-demand, with insufficient support for the prices of calcined coke. Statistics show that in the first half of 2024, the demand for needle coke for graphite electrodes was about 180,000 tons.

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