【Carbon Materials】Review of China's Carbon Material Market

Petroleum Coke Market

During the past week (April 6–11), China's petroleum coke market saw active shipments, though downstream buyers remained cautious, and prices fluctuated slightly.

Low-sulfur coke prices were mostly stable. Due to reduced supply, low-sulfur coke from CNOOC increased by RMB 20–120/ton, while PetroChina's prices remained stable, with overall market trading sentiment moderately positive. Next week, Daqing Petrochemical and Jinxi Petrochemical will undergo maintenance, reducing low-sulfur coke supply. Despite macroeconomic pressures causing some buyers to wait and see, the tight supply has driven a steady-to-slightly-firm market tone. Prices of some low-sulfur coke may rise by RMB 50–300/ton.

Overall, petroleum coke prices in mainstream markets are expected to remain largely stable next week, with certain refiners possibly pushing prices up by RMB 20–50/ton.

Calcined Petroleum Coke Market

Last week (April 6–11), prices in the high-quality calcined petroleum coke market slightly rebounded. Raw material prices increased by RMB 20–270/ton, pushing up production costs and further squeezing profit margins. High-quality calcined petroleum coke prices rose by approximately RMB 100/ton.

Sales in the mid-to-high sulfur segment remained steady. Demand from the anode materials sector was relatively strong, with adequate order volumes and robust operations from leading enterprises supporting the market. The prebaked anode market remained stable with operating rates above 70%, and terminal restocking activity was moderate. The calcined petroleum coke market is expected to remain stable this week, with localized slight increases.

Coal Tar Pitch Market

Last week (April 6–11), coal tar pitch prices faced sluggish negotiations. The price of raw coal tar showed a declining trend, dragging down coal tar pitch prices. Downstream buyers took this opportunity to press for lower prices. Although spring maintenance is ongoing and several companies remain offline post-holiday, reducing supply and offering some support to the market, sellers' room for price concessions is limited. Nevertheless, buyer pressure remains strong, leading to minimal new transaction volumes and a supply-demand stalemate. In the short term, prices are expected to trend downward slightly, with limited declines.

Needle Coke Market

Last week (April 6–11), prices in the needle coke market remained stable. Demand from the anode materials sector was fair, with a slight increase in output. Raw materials were mainly drawn from inventory, with replenishment based on immediate need. Mainstream prices for graphitized coke were RMB 7,000–9,000/ton; raw coke was priced at RMB 5,900–6,700/ton.

On the supply side, output saw a minor decline, with mainstream producers maintaining stable production, primarily fulfilling existing orders. On the demand side, anode material orders remained decent and production stable. However, oversupply has led to intense market competition. Anode material prices remain under pressure, with limited profitability, and raw material restocking is still demand-driven. Demand from the graphite electrode sector remained weak and steady, with procurement based on rigid demand. Overall, needle coke prices are expected to remain stable this week.

Graphite Electrode Market

Last week (April 6–11), graphite electrode prices in China held steady. Mainstream prices for 400mm ultra-high power electrodes were RMB 15,000/ton; high power 400mm electrodes also stood at RMB 15,000/ton, while regular power 400mm electrodes were priced at RMB 14,300/ton.

On the supply side, major producers operated stably, producing based on orders. On the demand side, sentiment in terminal markets was mixed. EAF steel mills maintained moderate production activity and purchased cautiously as needed. Prices in the graphite electrode market are expected to remain weakly stable this week.

Carburant Market

Last week (April 6–11), the carburant market in China remained stable, with end-user rigid demand still insufficient.

For calcined coal-based carburants, raw anthracite prices fluctuated, and market transactions were average. Steel mill purchasing enthusiasm remained weak, and some companies faced inventory pressure, keeping prices mostly steady.

For graphitized carburants, prices of low-sulfur petroleum coke raw materials rebounded, increasing production costs. Downstream buyers continued to purchase on demand. Market supply remained abundant. The calcined petroleum coke and graphitized carburant segments are largely influenced by costs, with limited favorable factors. Given the current supply-demand dynamics, carburant prices are expected to remain stable in the short term.

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