Market review of petroleum coke, calcined coke, prebaked anodes, graphite electrodes, negative electrode materials, and cathode carbon blocks on September 4th

Petroleum coke market

On September 4th, the average market price of petroleum coke was 2,675 yuan/ton, up 19 yuan, or 0.72%, from the previous business day. Prices of medium- and high-sulfur coke at some major refineries continued to rise, while orders for low-sulfur coke were generally filled. Local refineries generally maintained low inventories, boosting downstream demand, pushing prices up by 10-100 yuan/ton at some refineries. The coking operation rate was 63.75%, down 0.79% from the previous business day. Downstream aluminum carbon and anode material companies maintained a steady pace of petroleum coke purchases. Petroleum coke prices are expected to remain largely stable tomorrow.

Calcined coke market

On September 4th, the average market price of calcined petroleum coke was 3,097 yuan/ton, up 5 yuan/ton, or 0.16%, from the previous business day. Low-sulfur calcined coke saw weak trading, with prices generally stable. Trading in the medium- and high-sulfur calcined coke market was fair, with some companies raising prices due to cost pressures. Upstream petroleum coke prices increased. Downstream demand for graphite electrodes, electrolytic aluminum, and anode materials was generally weak. Low-sulfur calcined coke prices are expected to remain firm, while medium- and high-sulfur calcined coke prices are expected to remain stable, driven primarily by order execution.

Prebaked anode market

On September 4th, the spot reference price of prebaked anodes in China was 4,975 yuan/ton, up 2 yuan/ton from the previous day. Petroleum coke prices were stable with some increases, while coal tar prices were relatively stable, but cost pressures remained. The prebaked anode industry's operating rate was approximately 75%, demonstrating good capacity utilization, but profits have narrowed compared to previous periods. The downstream electrolytic aluminum industry is experiencing mixed production increases and decreases, indicating strong demand for prebaked anodes in the future. The spot reference price of prebaked anodes is expected to remain stable with a slight increase tomorrow.

Graphite electrode market

On September 4, 2025, the average market price of graphite electrodes was 15,883 yuan/ton, stable compared to the previous business day. Downstream market demand has yet to significantly release, and steel mills are bidding for relatively low demand. Graphite electrode companies are slow to sign contracts, and under pressure to meet shipment targets, they are not enthusiastic about production. Upstream raw material prices are stable, and the needle coke market is currently stable. Steel mill operating rates are showing a slight downward trend, slowing graphite electrode consumption. Major companies are primarily focused on stabilizing market conditions, and we predict that mainstream graphite electrode prices will remain stable over the next business day.

Anode material market

Trading in the anode material market remained stable today, with downstream demand showing only modest performance and no significant increase in inquiries. The current high concentration of the anode material market has limited the market share available to small and medium-sized enterprises. To maintain a basic operating rate and secure stable cash flow, some small and medium-sized enterprises are still using low-price strategies to secure limited orders. This "low-price competition" market dynamic is unlikely to change in the short term, and as a result, anode material prices remain low.

Cathode carbon block market

On September 4th, cathode carbon block prices in China remained generally stable. The average price in North China for the 30% market was 7,600 yuan/ton, and the average price for the 50% market was 8,300 yuan/ton. The average price for SM (first-baked product) was 14,000 yuan/ton, and the average price for SM (second-baked product) was 16,100 yuan/ton.

Prices for low-sulfur calcined coke, a raw material, remained firm, and the coal tar pitch market remained stable, providing reasonable cost support. Cathode carbon blocks are primarily used for aluminum smelter overhauls and new production, and downstream aluminum smelters continue to demand them. Cathode carbon block prices are expected to remain stable with minimal price fluctuations.