【Graphite Electrode】 Limited Bidding in September, Fierce Market Competition

Market Overview

As of September 11, 2024, the market prices for regular, high-power, and ultra-high-power graphite electrodes ranged from 13,700 to 21,900 RMB/ton,remaining stable compared to the previous day. The average market price was 15,313 RMB/ton, also unchanged. Most graphite electrode manufacturers are producing based on orders, primarily fulfilling those from long-term, high-quality customers. However, the presence of low-cost resources in the market and price pressure from downstream have dampened the production and sales sentiment, leading to stable transaction volumes.

Price Range

Mainstream prices for 300-600mm diameter graphite electrodes:

• Regular power: 13,700-15,200 RMB/ton

• High power: 14,200-16,700 RMB/ton

• Ultra-high power: 14,700-18,400 RMB/ton

• Ultra-high power 700mm: 21,200-21,900 RMB/ton

Upstream Market

• Low-Sulfur Petroleum Coke: PetroChina refineries in Northeast China maintained stable pricing and shipments, while prices at Dagang Petrochemical in North China rose by 20 RMB/ton. In Northwest China, refinery shipments remained stable with inventories at low levels.

• Low-Sulfur Calcined Coke: Prices for low-sulfur calcined petroleum coke (using Jinxi and Jinzhou petroleum coke as raw materials) ranged from 3,000-3,200 RMB/ton. Prices for calcined petroleum coke using Fushun petroleum coke were between 3,500-3,725 RMB/ton, and for calcined petroleum coke based on Liaohe and Binzhou CNOOC petroleum coke, prices ranged from 2,850-3,000 RMB/ton.

• Needle Coke: The Chinese needle coke market remains stable, with companies fulfilling orders. Recent fluctuations in slurry oil prices provided slight cost support. However, limited demand has led to lower-than-expected profits, and some companies are even running at a loss, maintaining a weak and stable market atmosphere.

Downstream Market

Operating rates at downstream steel mills remain low, limiting the consumption of graphite electrodes and reducing actual bidding activity. The expected demand surge for the "Golden September" period has yet to materialize.

Market Forecast

Due to weak profitability in the downstream market and low operating enthusiasm, demand for graphite electrodes remains modest. With limited positive support, the market is expected to remain stable, with mainstream transactions steady. In the short term, the graphite electrode market is likely to remain weak and stagnant.

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