China’s UHP graphite electrode prices to remain stable in Dec’25

• Electrode prices stable but domestic and export demand weakens
• High input costs keep prices firm despite bearish market conditions

Mysteel Global: Chinese prices for ultra-high-power (UHP) graphite electrodes are expected to remain stable in December on firm cost support, though demand for electrodes will likely weaken, Mysteel’s recent report on the market predicts.

Last month, domestic UHP electrode prices barely showed any fluctuation amid slowing trading activity, Mysteel’s survey showed.

By the end of November, the price of 350mm diameter UHP electrodes in East China’s Jiangsu province stood at RMB 15,300/tonne ($2,164/t) excluding the 13% VAT, while that for 600mm diameter electrodes in the province was RMB 16,900/t, both unchanged from a month earlier, according to Mysteel’s assessment.

The steady strengthening of the prices of raw materials used in graphite electrode production such as petroleum coke and coal tar pitch underpinned the electrode prices, as reported.

For example, the price of sponge coke offered by Daqing Petrochemical, a branch of China’s National Petroleum Corporation in Northeast China’s Daqing region, was at RMB 4,470/t as of November 28, higher by RMB 250/t or 5.9% on month, according to Mysteel’s tracking.

However, electric-arc-furnace (EAF) steelmakers are refusing to pay more when purchasing feed materials, especially when most mini-mills are still suffering losses on steel sales, as Mysteel reported.

By the end of November, the average loss on rebar sales incurred by the 64 independent EAF mills under Mysteel’s tracking was RMB 62/t.

Meanwhile, demand for UHP graphite electrodes from overseas buyers continues to wane, leading to the further decline in China’s electrode exports, Mysteel Global noted.

During October, China’s total graphite electrode exports dropped for the second straight month by a marked 8.2% from September to reach 28,100 tonnes, according to data released by the country’s General Administration of Customs.

Entering December, electrode demand is expected to weaken overall as more domestic EAF mills will stop operations to start annual maintenance, according to Mysteel’s report. This is expected to place downward pressure on domestic electrode prices, it warned.

Nevertheless, electrode producers will continue to defend their selling prices vigorously, as most are still on the brink of losing money due to the persistently high input costs, the report suggests.

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