【Graphitized Carburant】Cooling Demand: A Dynamic Outlook on Price Trends Amid Weak Demand

According to recent research, the price for graphitized carburant with specifications of C≥98.5%, S≤0.05%, and particle size of 1–5mm in ton bags currently stands at approximately RMB 3500–3600/ton (incl. tax) in North China, and RMB 3600–3700/ton (incl. tax) in East China.

Raw Material Market: The petroleum coke market has remained relatively stable in trading. The average price of major petroleum coke is RMB 3349/ton, an increase of RMB 8/ton from the previous trading day. Refineries under Sinopec are supplying according to demand, while prices of low-sulfur coke in Northeast China have risen by around RMB 50/ton. Refineries under CNOOC are mostly fulfilling earlier contract orders. The local refinery market showed mixed performance today, with coke prices adjusting steadily within a range of RMB 20–150/ton. The average local refinery coke price is RMB 2644/ton, up RMB 77/ton from the previous day. These developments are providing moderate support for petroleum coke prices, and some refineries may still see slight increases in the short term. Overall, raw material prices are providing some cost support to graphitized carburant.

Demand Side: Continuous declines in steel mill and social inventories have improved the fundamentals of the steel market. Steel prices are seeing small upward adjustments, steel mill profitability has temporarily rebounded, and hot metal output continues to rise. Theoretically, this should benefit graphitized carburant demand. However, in practice, steel mills remain cautious in replenishing raw materials. The recovery pace is slower than expected, and procurement of graphitized carburant remains conservative, thereby putting pressure on market prices.

Outlook: In the short term, with demand recovering slowly, the graphitized carburant market is expected to maintain a consolidation trend, with prices staying relatively stable or experiencing minor fluctuations. Significant price surges or drops are unlikely. In the long term, with the development of sectors such as new energy vehicles, demand for steel is expected to rise further, thereby driving growth in graphitized carburant demand. This would help optimize market supply structure and provide sustained support to prices.

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