【Carbon Market Weekly Review】Carburant Prices Fall by 50 RMB, Electrode Paste Faces Downward Risk, Carbon Electrodes

Carburant

Carburant market prices continued to weaken due to sluggish demand.

During the week of May 9–15, 2025, high-grade carburant prices slightly declined, while medium and low-grade carburant remained weak. The reference price for graphitized carburant was RMB 3,500/ton, down RMB 50/ton, with actual transaction prices ranging from RMB 3,200–3,700/ton.
Due to weak downstream demand and intense market competition, some enterprises are cutting prices to secure orders.
High-grade carburant supply remains normal, while most medium and low-grade carburant producers continue to operate at reduced rates.
It is expected that low-grade carburant transaction prices will remain weak; medium-grade carburant prices will continue to decline; and high-grade carburant raw material prices remain stable, with market average for graphitized carburant at RMB 3,200–3,700/ton.(Source: Baiinfo)

Carbon Electrode

Weak trading atmosphere; carbon electrode prices remain stable.

During the week of May 9–15, 2025, the carbon electrode market remained stable. Mainstream ex-factory prices ranged between RMB 7,500–8,100/ton, with an average market price of RMB 7,614/ton, unchanged from last week.
Some enterprises with lower inventory pressure mainly held prices steady, while others with higher inventory showed some room for price concessions.
In April, China's carbon electrode output increased by 21.97% month-on-month and 28.29% year-on-year.
With the polysilicon market price falling, carbon electrode demand remains limited.
Prices are expected to remain weakly stable next week.(Source: Baiinfo)

Prebaked Anode

Supported by aluminum prices, prebaked anode transactions expected to increase.

This week, the domestic prebaked anode market price remained stable, with transactions mainly fulfilling previous orders. In Shandong, prebaked anode prices ranged from RMB 5,204–5,915/ton, showing no significant fluctuation from the previous week.
Cost-side saw a slight decline, with raw petroleum coke prices showing a bifurcated trend.
Rigid demand from the electrolytic aluminum sector continues to support prebaked anode, boosting production enthusiasm among producers.
Supply to Yunnan increased, and Xinjiang Nongliushi Coal and Electricity Co., Ltd. launched a new project.
Aluminum ingot social inventories continued to decline, spot aluminum prices rose, and theoretical operating capacity of the aluminum industry expanded.
The prebaked anode market remains in a "weak and wait-and-see" tone, and prices are expected to remain within RMB 5,204–5,915/ton next week.(Source: Baiinfo)

Electrode Paste

Demand weakens, market shows downward trend.

During the week of May 9–15, 2025, mainstream electrode paste transaction prices were RMB 4,690/ton, stable from the previous week.
With ferroalloy production cuts, demand for electrode paste has weakened, causing the market to trend downward.
Calcium carbide industry operating rate increased, while ferrosilicon supply declined. Fluctuations in raw material prices offer limited cost support.
In the short term, electrode paste market prices are expected to remain weak with a risk of further price drops. Next week's expected price: RMB 4,690/ton.(Source: Baiinfo)

Needle Coke

Lack of positive support, needle coke prices decline.

This week, needle coke prices dropped: green coke ranged from RMB 5,476–6,300/ton, and calcined coke ranged from RMB 7,500–8,600/ton.
Petroleum-based needle coke producers are building inventories and cutting prices to clear stock.
Calcined coke faces a "quoted but not transacted" market. Coal-based needle coke producers are mainly producing green coke.
On the demand side, downstream procurement sentiment is average, with anode material companies reducing purchase frequency.
Needle coke prices are expected to decline by RMB 100–200/ton in the short term.(Source: Baiinfo)

Anode Materials

Anode materials trading shows little fluctuation, with no significant positive news in the market.

During the week of May 9–15, 2025, the reference price for lithium battery anode materials was RMB 33,030/ton, unchanged from last week. Mainstream prices:

1. High-end: RMB 43,000–65,000/ton

2. Mid-range: RMB 22,000–32,000/ton

3. Low-end: RMB 16,500–22,000/ton

Feedback from anode enterprises indicates that downstream battery cell factories show little interest in stockpiling and are mainly procuring on a just-in-time basis.
Although anode material demand is limited, promotional efforts at the terminal end may stimulate car-buying, potentially benefiting the entire value chain and releasing more demand.
Due to the lack of bullish factors, prices are unlikely to fall significantly, and are expected to remain low next week:

1. High-end: RMB 43,000–65,000/ton

2. Mid-range: RMB 22,000–32,000/ton

3. Low-end: RMB 16,500–22,000/ton

(Source: Baiinfo)

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