【Graphite Electrode】Price Increases in November

Recently, China's graphite electrode market has shown an overall upward trend, though the sustainability of this price rise remains uncertain. Taking the mainstream ultra-high-power (UHP) graphite electrode Φ450mm as an example, its current ex-factory tax-inclusive price is mainly in the range of 14,600–14,800 yuan/ton, showing only a slight increase compared with the previous month.

On the raw material side, cost support for prices remains relatively solid. Petroleum coke prices have been trending upward, maintaining a steady-to-strong momentum, with some local refineries having raised their quotations. In the northeastern region, coke prices have generally increased — Daqing Petrochemical, Fushun Petrochemical, and Jilin Petrochemical each raised prices by 100 yuan/ton, while Jinzhou Petrochemical and Jinxi Petrochemical increased by 120 yuan/ton. However, since graphite electrode producers' raw material inventories have continued to accumulate, the actual cost pressure has not been fully transmitted. This has provided some relief to manufacturers, granting them relatively greater flexibility in pricing.

On the demand side, market purchasing remains primarily driven by rigid demand. Although steel mills' procurement activity is acceptable, the procurement volumes are still at low levels, and order sizes have not shown significant growth. Amid widespread losses in the steel industry, most mills continue to operate under low-inventory strategies, purchasing only as needed. Supported by rising costs, the graphite electrode market shows a strong willingness to push prices higher, especially among leading enterprises. However, due to weak downstream demand and limited steel mill bidding, most purchases are sporadic restocking, and price increases remain modest.

From the perspective of market competition structure, leading enterprises continue to play a dominant role in price formation, benefiting from their scale advantages and stable sales channels. Overall, the current supply-demand relationship in the graphite electrode market remains temporarily balanced. In the short term, mainstream prices are expected to continue fluctuating within a narrow range.

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