The operating rate in the calcined coke market remained stable

Supply: Today’s daily supply of commercial calcined coke nationwide stood at 29,114 metric tons, with an operating rate of 55.54%. The operating rate in the calcined coke market remained stable today.

Upstream Market:

Petroleum Coke: Today, refineries under Sinopec maintained prices while shipping products. Shipments of anode coke remained stable in regions such as the Yangtze River Delta and East China. Recent strong orders for energy storage anode materials continue to provide support for the petroleum coke market, while demand for aluminum-grade carbon remains stable, with carbon coke moving at a steady pace based on demand. In the Northwest, Tahe Petrochemical maintained prices, primarily supplying aluminum-grade carbon within Xinjiang. Today, prices at refineries under PetroChina remained stable. In the Northeast, low-sulfur coke traded at steady prices, with downstream procurement demand still providing support, and shipments from various refineries performed reasonably well. In the Northwest, refinery coke prices held steady, with aluminum carbon products purchased to meet essential demand. Today, refineries under CNOOC shipped according to orders.

Downstream Market:

Graphite Electrodes: The market currently faces a dual situation of cost support and weak demand. Rising costs are primarily squeezing the profits of graphite electrode manufacturers, but downstream buyers’ purchasing capacity remains weak, slowing the downward price pass-through. The tug-of-war between supply and demand continues; while the mainstream market shows a strong willingness to support price increases, it is difficult to push the transaction price center upward. Today, the graphite electrode market remained stable and consolidated.

Electrolytic Aluminum: As the U.S. and Iran intensify their mutual military strikes in the Gulf region, international oil prices have risen. Meanwhile, inflation expectations in the U.S. have increased, leading to higher expectations for interest rate hikes and a rebound in the U.S. Dollar Index, while overseas aluminum prices have fallen. Due to these external factors, coupled with a narrowing decline in social inventories of aluminum ingots and continued ample market supply, spot aluminum prices have declined.

Anode Materials: Based on market feedback, downstream demand for anode materials continues to show a positive trend. Leading companies, supported by long-term, stable orders, have kept their production lines operating at high capacity utilization rates. In contrast, small and medium-sized anode manufacturers have a dispersed customer base and relatively unstable orders. They generally adopt a “production based on sales” strategy, flexibly adjusting production levels according to actual order volumes to manage risks associated with raw material and finished goods inventories.

Market Outlook: Raw material prices may continue to rise, providing solid cost support. Prices for low-sulfur calcined coke are expected to increase, while the market for medium- and high-sulfur calcined coke faces mixed factors, with prices expected to remain relatively stable.