China: UHP graphite electrode prices to strengthen in Nov’25

• Rising pet coke costs support graphite electrode tags
• Weak EAF steel demand may limit further price gains

Mysteel Global: Chinese prices of ultra-high-power (UHP) graphite electrode will probably strengthen overall in November, supported by the firming prices of raw materials, Mysteel’s recent report on the market predicts.

Domestic UHP electrode prices stayed flat for most of the time in October before rising at the end of the month, Mysteel’s survey showed.

As of 31 October, prices of 350-mm diameter UHP graphite electrodes in East China’s Jiangsu province stood at RMB 15,300/tonne (t) ($2,147/t), higher by 2% from a month earlier, while that of 600-mm diameter electrodes in the province also gained 1.2% m-o-m to reach RMB 16,900/t, both excluding the 13% VAT, according to Mysteel’s assessment.

The steady increases in the prices of petroleum coke — a major raw material for graphite electrode production — provided solid cost support for the electrode market, Mysteel Global noted. Entering November, domestic petroleum coke suppliers are still actively raising their offering prices, market sources observed.

For example, prices of sponge coke offered by Daqing Petrochemical, a branch of China National Petroleum Corporation in Northeast China’s Daqing region, came in at RMB 4,220/t by 31 October, up by RMB 110/t or 2.7% m-o-m, and as of 5 November, prices moved higher by another RMB 250/t to RMB 4,470/t, according to Mysteel’s tracking.

The rising costs will press electrode producers to defend their selling prices rigorously, given the fact that most of them are still on the brink of losing money.

However, the price growth will be restricted by the likely decline in electrode demand among domestic electric-arc-furnace (EAF) steelmakers, the report suggests, citing the cooled producing activity among mini-mills that are suffering wide margin losses at present.

By 5 November, the average loss on rebar sales incurred by the 64 independent EAF mills under Mysteel’s tracking was RMB 164/t.

Note: This article has been written in accordance with a content exchange agreement between Mysteel Global and BigMint.