【Graphite Electrodes】Intensifying Domestic Competition and External Pressure, Leading ...

【Graphite Electrodes】Intensifying Domestic Competition and External Pressure, Leading Enterprises Still Hold the "Steering Wheel" of Pricing

Recently, China's ultra-high power (UHP) graphite electrode market has continued to operate in a stable manner. According to survey data from the Lianye Materials platform, the current mainstream ex-factory price (including tax) for Φ450mm specifications is concentrated at RMB 15,500–15,700 per ton, slightly up from the beginning of the month, reflecting an overall pattern of "steady progress with stability."

On the cost side, upstream petroleum coke prices have risen moderately in recent days, providing certain cost support to graphite electrodes. However, as most electrode producers built up sufficient inventories earlier, raw material stocks remain at safe levels. In the short term, cost pressure has not yet been fully transmitted to the production end, allowing enterprises to retain some bargaining power and pricing flexibility.

From the demand perspective, downstream steel mills maintain rigid procurement strategies. Although purchasing activities remain continuous, individual order volumes are generally tight, with procurement characterized by low frequency, multiple batches, and small quantities. Against the backdrop of overall compressed profit margins in the industry, steel mills continue to strengthen capital efficiency management, widely adopting cautious strategies such as purchasing on demand and controlling inventory levels. In addition, internal market competition remains intense. Some small-sized electrode producers leverage flexible cost control to lower prices for shipment, further intensifying industry competition.

In terms of supply structure, the current market supply-demand relationship is generally balanced. Leading enterprises, relying on mature production capacity systems and established distribution networks, continue to maintain pricing leadership. Considering multiple factors comprehensively, mainstream graphite electrode prices are expected to maintain a narrow fluctuation range in the short term, with the overall market tone remaining primarily stable.

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