【Graphite Electrode】Market Remains Stable Amid Cost Pressure and Demand Dynamics

On November 20, China's graphite electrode market operated steadily. Prices for ultra-high-power graphite electrodes φ450 were 14,000 CNY/ton, and φ600 were 16,200 CNY/ton, with downstream demand showing moderate growth.

In the downstream sector, the average operating rate of 87 independent electric arc furnace steel mills in China stood at 71.43%, up 1.34 percentage points from the previous week but down 1.76 percentage points year-on-year. Regionally, significant declines were observed in Northeast and Northwest China, slight increases in Southwest China, and notable increases in Central China. The blast furnace operating rate of 247 steel mills was 82.08%, down 0.21 percentage points from last week but up 2.41 percentage points year-on-year. The capacity utilization rate of blast furnace ironmaking was 88.58%, up 0.71 percentage points from last week and 0.57 percentage points year-on-year. However, profits remain bleak, with blast furnace rebar losing 164.27 CNY/ton and electric furnace operations losing 237.17 CNY/ton, limiting the momentum for further price increases in ultra-high-power electrodes.

On the raw material side, Daqing green coke prices rose by 80 CNY/ton, while Yida needle coke prices remained stable. Rising raw material costs have further pressured the production of ultra-high-power graphite electrodes. Despite weak downstream demand and balanced supply and demand dynamics, the cost pressure supports prices, which are expected to remain stable in the short term.

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