【Carbon Market】Needle Coke "Riding the Waves," Graphite Electrodes "Holding Steady"

Weekly Price Briefing: The graphite electrode market remained stable with a slightly stronger tone, while needle coke prices rose modestly. With cost support and pre-holiday stocking demand interwoven, the graphite electrode market remained firm, with some specifications in tight supply.

According to the latest data, the domestic ultra-high power (UHP) graphite electrode market remains stable. The mainstream price of φ450 UHP graphite electrodes stands at RMB 14,800/ton, φ500 at RMB 15,300/ton, and φ550 at RMB 15,800/ton, with overall prices still holding firm.
This week, the petroleum coke market showed a steady-to-strong trend, with electrode production cost support strengthening. On the supply side, current petroleum coke prices are relatively high, reducing production enthusiasm among electrode manufacturers. Output is relatively low, with certain specifications still in tight supply.

01 Price Trend: Overall Stability, Some Specifications Tight

This week, the graphite electrode market overall remained stable. From mainstream pricing: φ450 UHP graphite electrodes were quoted at RMB 14,800/ton, φ500 at RMB 15,300/ton, and φ550 at RMB 15,800/ton.
Price differences exist among different specifications of graphite electrodes. For high power electrodes, φ300 and φ400 are mainly priced in the RMB 13,000–14,000/ton range, while φ500 is in the RMB 14,000–15,000/ton range.
The market showed a pattern of weak supply and demand. Although demand was average, cost support kept graphite electrode prices firm. The domestic market is expected to continue stable-to-strong next week.

02 Cost Support: Petroleum Coke Prices Steady-to-Strong

The raw material market continues to provide cost support for graphite electrodes. Recently, petroleum coke prices have shown a steady-to-strong trend, with electrode production cost support strengthening.
High petroleum coke prices reduced production enthusiasm among electrode producers, keeping output relatively low. This raw material firmness clearly restricted market supply for electrodes.
Rising costs directly pushed up electrode production expenses, with some small and medium-sized electrode producers facing cash flow pressure, forcing them to flexibly adjust production schedules according to orders, maintaining only minimum operating levels.

03 Supply Conditions: Some Specifications Still Tight

On the supply side, the current UHP graphite electrode market faces tight supply. Some specifications—mainly φ450 and φ500 UHP graphite electrodes—are in short supply, with suppliers holding firm quotations.
The main reason for the tight supply lies in high petroleum coke prices, reducing electrode production enthusiasm and keeping output low. This supply contraction supported price increases.
Overall market operating rates vary. Major producers maintain steady operation, while smaller plants seldom run at full capacity, generally keeping production lines at minimum operational levels.

04 Demand Situation: EAF Operating Rate Slightly Down

Demand remains flat, forming the main resistance to further price increases. According to survey, the average capacity utilization rate of 90 independent electric arc furnace (EAF) steel mills nationwide was 55.26%, down 0.48 percentage points week-on-week.
The average operating rate of the same 90 EAF steel mills was 71.92%, down 1.29 percentage points week-on-week, indicating a slight decline in domestic demand.
Ahead of the National Day holiday, some enterprises showed mild stocking demand, which may ease supply-demand contradictions. Such pre-holiday stocking could provide certain market support.

05 Needle Coke Market: Prices Slightly Up

As a key raw material for graphite electrodes, the needle coke market recently showed slight price fluctuations. On August 18, 2025, China's green needle coke market fluctuated slightly. One major needle coke producer actively shipped green coke, raising prices by RMB 50/ton, while other enterprises temporarily maintained stable pricing, executing existing orders.
Downstream graphite electrode demand remains just-in-need, while the calcined coke market purchases as needed, with prices stable. This differentiated performance reflects the complex situation in the needle coke market.
Although needle coke prices rose, the increase was relatively limited, indicating insufficient upward momentum. Downstream enterprises' limited ability to absorb high-priced resources capped the upside potential of needle coke prices.

06 Market Outlook: Cost Support Still Strong,
Pre-Holiday Stocking May Boost Demand

Looking ahead, supported by high costs, the UHP graphite electrode market is expected to remain stable-to-strong in the short term. With the National Day holiday approaching, some enterprises may show mild stocking demand, easing supply-demand contradictions.
The logic of cost support remains intact, as raw material prices are easier to rise than fall. However, the pace of demand recovery still needs observation: if pre-holiday stocking demand is released, graphite electrode prices could gain some support.
Overall, the weak supply and demand pattern in the UHP graphite electrode market may persist. Under cost-driven forces and the release of pre-holiday stocking demand, the UHP graphite electrode market is expected to remain stable-to-strong next week.
For needle coke, prices are expected to continue a mild upward trend in the short term. On the supply side, with more coal-based needle coke producers resuming operations, market supply is expected to increase. On the demand side, Q1 anode material orders remain decent, keeping needle coke demand strong, while graphite electrodes will continue just-in-need procurement.
Electrode producers' production enthusiasm remains low, output limited, with certain specifications still in tight supply.
Considering the approaching National Day holiday, some enterprises may stock modestly, easing supply-demand contradictions. Market participants should closely monitor raw material price changes and EAF operating rates, as these factors will determine the ultimate direction of the graphite electrode market in the near term.

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