【Graphite Electrode】Weak Exports, Recovering Domestic Demand...Push Prices Higher?

【Graphite Electrode】Weak Exports, Recovering Domestic Demand — Can "High Costs" Continue to Push Prices Higher?

Recent survey data show that the current ex-factory price (including tax) of mainstream ultra-high power (UHP) Φ450mm graphite electrodes is stable at RMB 16,000–16,500 per ton, up RMB 600–700 per ton compared with the beginning of the month. The graphite electrode market is currently in a phase where "high cost support" and "moderate demand recovery" are in a tug-of-war, with overall prices showing a steady but slightly upward trend.

From the cost side, prices of major raw materials such as petroleum coke, needle coke, and pitch are all on an upward trend.This cost pressure is directly transmitted to the production stage of graphite electrodes, not only preventing price declines but also laying a solid foundation for subsequent market stability and potential increases. Driven by rising raw material costs, graphite electrode prices have also been adjusted upward, and in order to ease cost pressure, suppliers' quotations remain generally firm.

On the demand side, electric arc furnace (EAF) steel mills are resuming operations in a concentrated manner, with most EAF mills expected to complete resumption in March. The increase in operating rates of steel mills has directly driven a wave of rigid restocking demand, making market trading activity in March significantly more active than in February. In contrast to the recovery in domestic demand, the export market is facing challenges. Recently, due to regional conflicts, exports of graphite electrodes from China to Iran and the United Arab Emirates have been affected. Some of the goods originally intended for export may flow back into the domestic market, increasing domestic supply pressure.

Overall, under the background of "strong costs" and "weak exports," the graphite electrode market is benefiting from a moderate recovery in domestic demand, showing a slight upward trend. In the short term, high raw material prices will continue to provide support to the market.

Chinese Domestic Market Price of UHP Graphite Electrodes on March 19, 2026

Notes:

1. The above-listed UHP graphite electrode prices are weighbridge-based prices including tax, excluding transportation and manual handling costs;

2. The above-listed prices include the electrode body, nipples, and simple packaging. Packaging is non-containerized; special requirements are subject to negotiation;

3. The above-listed prices are based on cash payment; other payment methods are subject to negotiation;

4. The above-listed specifications represent the main indicators of UHP graphite electrodes. For other indicators, please refer to national standards; prices for other specifications of the same grade are subject to negotiation;

5. Due to instability in some resources, the above prices are for reference only.

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