【Graphite Electrode】Exports Decline Again in October with Larger MoM Drop

According to customs data, China's graphite electrode export volume in October 2024 was 22,500 tons, a month-on-month (MoM) decrease of 14.50% and a year-on-year (YoY) decrease of 0.25%. Following the MoM decline in September, October saw an even larger drop, reflecting some weakness in the recent export market.

Analyzing the reasons for the expanded export decline this month, the main cause can be attributed to weaker-than-expected overseas demand.

l On one hand, frequent geopolitical conflicts globally have increased international market uncertainties, making many overseas buyers more cautious and scaling back their procurement plans, leading to a marginal decline in China's graphite electrode export demand.

l On the other hand, historical data shows that October is usually a month when export volumes decline MoM due to seasonal factors and the purchasing cycle in the international market.

Overall, from January to October 2024, China's total graphite electrode export volume still reached 248,500 tons, remaining almost flat compared to the same period last year, with a slight increase of 0.09%.

By country, Russia, Iran, and Turkey ranked as the top three destinations for China's graphite electrode exports.

• Exports to Russia were 2,500 tons, a MoM decrease of 22.66%.

• Exports to Iran were 1,700 tons, a MoM decrease of 59.51%, showing a sharp drop in demand.

In contrast, the Turkish market showed some growth potential, with exports to Turkey reaching 1,200 tons, a MoM increase of 34.62%.

Additionally, traditional export destinations such as Mexico, UAE, South Korea, and India also showed varying degrees of demand decline.

Despite recent challenges in the export market, China's graphite electrode exports have maintained relatively stable performance. The slowdown in October export growth is temporary. Based on baseline and high-frequency data analysis, the YoY growth rate of China's graphite electrode exports in November and December is expected to rebound further, with the growth rate likely to turn positive.

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