【Ultra-High Power Graphite Electrode】November Domestic Market Outlook

In October, the domestic ultra-high power graphite electrode market first remained stable and then experienced an upward trend. Steel mill tender prices showed a slight increase. Due to pre-holiday stocking, adjustments in steelmaking processes, and declining finished steel profit margins, transaction volume dropped to some extent in October, and overall market activity remained moderate. With the contradiction between rising petroleum coke prices and shrinking demand becoming more prominent, how will the ultra-high power graphite electrode market perform in November?

1. Review of Ultra-High Power Graphite Electrode Prices

In October, the ultra-high power graphite electrode market remained generally stable. Current prices are:

• φ450 ultra-high power graphite electrode: 15,300 RMB/ton

• φ500 ultra-high power graphite electrode: 15,800 RMB/ton

• φ550 ultra-high power graphite electrode: 16,300 RMB/ton

Based on steel mill tender results, prices saw a slight increase in October on top of the rise realized at the end of September.

2. Rising Raw Material Prices Drive Electrode Costs Upward

Regarding raw material performance, petroleum coke prices rose for the second consecutive month in October, with the monthly average increasing by 84 RMB/ton, up 2.06% month-on-month. Although coal tar pitch prices showed a slight decline, its cost weight within electrode production is relatively limited, resulting in overall electrode production costs continuing to increase. Additionally, it is understood that petroleum coke prices still have an upward expectation in November, and suppliers are increasingly inclined to raise prices.

3. Weak Finished Steel Profitability May Reduce Electrode Demand

Based on theoretical calculations, both long-process and short-process steelmaking are experiencing various degrees of losses, leading to reduced production enthusiasm among enterprises. Coupled with environmental protection restrictions in some regions, production pace is slowing, and output is expected to decline.

From another perspective, due to cost reduction needs, adjustments in refining time and refining ratio have occurred for certain steel grades with differing steelmaking processes, affecting procurement pace of graphite electrodes. Therefore, a decline in ultra-high power graphite electrode demand is highly probable.

4. Export Price Decline May Weigh on Export Volume

In terms of graphite electrode exports, approximately 30,600 tons of furnace electrodes were exported in September 2025, up 12.29% year-on-year. Total export volume from January to September reached 266,800 tons, up 6.13% year-on-year.

Looking at export pricing, the average export price of graphite electrodes in 2025 remains lower than that in 2024. Domestic graphite electrode prices showed an upward trend in September–October, while the average export price in September dropped 4.33% compared with August. According to cost theory, taking φ500 ultra-high power graphite electrode as an example, graphite electrode pricing is currently at a breakeven margin. Export prices are lower than domestic prices, which may hinder export order fulfillment and constrain export volume.

5. Conclusion and Outlook

At the end of October, graphite electrode prices increased, but some steel mills had already completed tendering before the rise, and the actual increase did not meet expectations. Strong petroleum coke pricing continues to push electrode costs higher; the proportion of loss-making products has narrowed, but profits have not yet turned positive. Suppliers maintain strong price-increase sentiment. It is expected that domestic ultra-high power graphite electrode prices still have room for an upward trend in November, but it will be necessary to closely monitor downstream steel mill production conditions.

(Source: Mysteel)

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