Market Situation: 2025.11.21-2025.11.27

Low-Sulfur Coke: PetroChina's various indicator petroleum coke prices remain predominantly stable. Refineries are currently fulfilling orders, with inventories maintained at medium to low levels; thus, no immediate inventory pressure is observed. CNOOC conducts a new round of low-sulfur coke auctions, where all prices are adjusted downward, with decreases ranging from 120 to 200 yuan per ton. Some refineries are experiencing inventory pressure.

High-Sulfur Coke: Sinopec's medium and high-sulfur coke prices are mostly stable. Prices for certain grades used in anode materials and prebaked anodes increase, within a range of 20 to 90 yuan per ton. Sporadic transactions for standard high-sulfur material decrease by approximately 80 yuan per ton, following the general market trend.

Calcined Coke: This week, prices for standard quality low-sulfur calcined coke experience minor adjustments. S 0.35% calcined coke is priced between 6350-6600 yuan/ton, while S 0.5% calcined coke is priced between 5800-6400 yuan/ton. Low-sulfur green coke prices remain stable, and consequently, calcined coke prices are primarily steady, tracking the raw material costs. Some standard quality calcined coke prices decrease by around 50 yuan per ton in line with market movements. As the month-end approaches, calcined coke producers focus mainly on executing contractual orders, while new orders from downstream customers are being secured progressively. Demand from the graphite electrode and graphite cathode sectors remains moderate, with procurement being predominantly need-based.

Graphite Electrode: Domestic graphite electrode market prices maintain stability this week. UHP (Ultra High Power) grades are priced at 15800-18500 yuan/ton, HP (High Power) at 14700-15200 yuan/ton, and RP (Regular Power) at 13900-14700 yuan/ton. Regarding raw materials, petroleum coke prices remain at elevated levels, leading to persistently high production costs for graphite electrodes, which results in firm price quotations from suppliers. On the supply side, as the year-end approaches, there is a concentration of deliveries for export orders, and suppliers continue to exhibit a tendency to hold back sales. On the demand side, steel mills have been facing poor profitability recently, which dampens their production enthusiasm and leads to a weakening in demand. Overall, the domestic graphite electrode market is expected to operate steadily with some consolidation in the short term.

Steel Mills: The average operating rate of 90 independent electric arc furnace (EAF) steel mills nationwide stands at 69.13%, remaining unchanged from the previous week but representing an increase of 0.79 percentage points compared to the same period last year. By region, slight increases are observed in North China and Southwest China, while minor decreases are seen in East China, South China, and Central China; other regions remain flat. The average capacity utilization rate is 52.73%, reflecting an increase of 1.16 percentage points week-on-week but a decrease of 0.78 percentage points year-on-year. Regionally, slight increases are noted in North China, South China, and Southwest China, minor decreases occur in East China and Central China, and other regions show no significant change.

(Source: Longzhong Information)