The domestic market for ultra-high-power Φ450mm graphite electrodes currently remains stable with a slightly bullish trend.

The domestic market for ultra-high-power Φ450mm graphite electrodes currently remains stable with a slightly bullish trend. The ex-factory price (including tax) for mainstream products of this specification has stabilized at 16,500–16,800 yuan per metric ton, and the market is currently in a transitional phase characterized by a tug-of-war between “strong support from the cost side” and “a gradual recovery on the demand side.”

From a cost perspective, prices for core raw materials such as petroleum coke and needle coke have continued to climb, significantly pushing up the production cost curve for graphite electrodes. This not only provides effective support for current price levels but also substantially limits the scope for downward adjustments, offering intrinsic support for a relatively strong market outlook. Faced with ongoing cost pressures, graphite electrode manufacturers are strongly committed to maintaining prices; many have already implemented price increases for new orders, and overall pricing remains relatively firm.

On the demand side, as electric arc furnace steel mills gradually resume production, rigid restocking demand is being released in an orderly manner, and market inquiries and transaction activity have picked up compared to earlier periods. Regarding exports, graphite electrode shipments have rebounded compared to the first quarter; although they still lag behind last year’s levels, signs of marginal improvement in external demand are becoming increasingly clear, which is having a positive impact on market sentiment domestically.

Overall, driven by the combined effects of high cost support, a gradual recovery in exports, and a moderate rebound in domestic demand, the graphite electrode market is showing a slight upward trend in the short term. In the near term, persistently high raw material prices are expected to remain the key factor driving market dynamics. With a relatively solid floor for prices, market confidence is likely to continue improving.

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