【Needle Coke】 India's Demand for Needle Coke Set to Surge

India's demand for needle coke is rapidly increasing, mainly driven by the booming electric vehicle (EV) market in the country.

Market Demand Growth Background:

India is an emerging market for electric vehicles.

In the first half of 2023, India's EV market sales reached 48,000 units, achieving a staggering 137% year-on-year growth.

The demand for power batteries has soared alongside the growth of the EV market. As an essential raw material for producing power batteries, needle coke has a promising application outlook. Needle coke as raw material, the graphite electrodes with high electrical and thermal conductivity are primarily used in short-process electric arc furnaces for steelmaking.

Factors Driving Needle Coke Demand:

• Increased Power Battery Demand: The expansion of the EV market has led to a rise in the production demand for power batteries, thereby driving the demand for needle coke.

• Dominance of Coal-based Needle Coke: India has vast coal resources, and coal-based needle coke holds a dominant position in the Indian needle coke market, further promoting overall demand.

India's Coal Resource Situation:

India's proven coal reserves amount to 187.93 billion tons, providing abundant raw materials for the production of coal-based needle coke.

Despite India's coal production reaching 922 million tons in 2022, the scale of the mining industry is limited. This production level is not considered high and may impact the supply of coal-based needle coke to some extent, thereby further exacerbating the demand for needle coke, especially imported needle coke.

In conclusion, India's demand for needle coke is increasing with the rapid development of its EV market. Based on market growth trends, power battery demand, and coal resource conditions, it can be inferred that India's demand for needle coke will continue to maintain a strong growth trajectory.

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