【Graphite Electrode】In-Depth Market Analysis at the End of April

【Graphite Electrode】In-Depth Market Analysis at the End of April

I. Overall Market Summary

On April 30, prices of graphite electrodes across all specifications showed zero change, with the market fully stabilizing at current levels. There were no upward or downward fluctuations in the domestic market. Supply and demand remained in a stalemate, steel mills maintained a slow procurement pace, and the industry entered a phase of stable observation.

II. Detailed Breakdown by Specification

1. Regular Power Graphite Electrodes (RP)

Prices across all sizes remained unchanged, ranging from RMB 13,950 to 17,400/ton.

· Small sizes (300–400mm): stable at the lower range of RMB 13,950–14,200/ton

· Large sizes (500–600mm): firm support at RMB 14,700–15,050/ton
Rigid demand from EAF steel mills remains stable, with steady low-price transactions and no pressure to reduce prices for sales.

2. High Power Graphite Electrodes (HP)

Prices across all sizes remained stable, ranging from RMB 15,700 to 19,100/ton.

· Mainstream sizes (400/450/350mm): uniformly priced at RMB 15,700/ton

· Large sizes (650/700mm): remain firm at higher levels of RMB 18,100–19,100/ton
Demand from high-power EAF and special steel production remains steady, with strong producer willingness to maintain prices.

3. Ultra High Power Graphite Electrodes (UHP)

Prices across all specifications remained unchanged, ranging from RMB 16,700 to 18,100/ton.

· 350/400/450mm: uniformly priced at RMB 16,700/ton

· 500/550/600mm: RMB 17,000–18,100/ton
As core materials for ultra-high-power EAFs, transactions are mainly based on long-term contracts, and spot market fluctuations are minimal.

III. Core Market Logic

1. Stable Upstream Cost Support

Yesterday, the petroleum coke market showed slight fluctuations and differentiation, with mixed movements in anode-grade coke, while needle coke prices remained stable. Overall, production costs of graphite electrodes did not change significantly, providing no impetus for price adjustments.

2. Weak Downstream Demand in Off-Season

EAF operating rates in the steel industry remain low. Steel mills are purchasing in small batches based on immediate needs, without large-scale restocking, which limits upward price momentum. At the same time, limited steel mill profitability constrains their acceptance of higher raw material prices, resulting in price stagnation under a supply-demand stalemate.

3. Loose Supply-Demand Structure

Domestic graphite electrode producers maintain stable operating rates, and market supply remains sufficient. There are no production cuts aimed at supporting prices, and the market lacks the foundation for a unilateral price surge in the short term.

4. Stable Specification Price Structure

Large sizes ＞ UHP ＞ HP ＞ RP. The premium structure by specification remains stable over the long term, with no price inversion or disorder, indicating a healthy market structure.

IV. Market Outlook

1. Short Term (1–2 weeks)

Prices are expected to remain flat with minimal fluctuations, moving in line with slight changes in steel production rates and needle coke costs, with limited potential for significant increases or decreases.

2. Medium to Long Term

With the recovery of EAF production and the arrival of the peak steel season, large-size UHP electrodes are expected to lead the rebound and price increase, while smaller RP electrodes may follow more weakly.

3. Raw Material Linkage

Price movements of petroleum coke and needle coke will directly impact graphite electrode production costs and determine the future price direction.

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