Regarding raw material prices, this month saw a significant increase in coal pitch prices. By the end of the month, modified pitch prices had risen to 4,600-4,700 yuan/ton, representing a 21.57% increase. Medium-temperature pitch prices increased by 24.48% to 4,550-5,000 yuan/ton. The rise in coal pitch prices was supported by both higher raw material coal tar prices and strong cost support, as well as low operating rates of coal pitch factories, resulting in low supply. These dual factors supported the upward movement of coal pitch prices. Downstream procurement sentiment gradually improved, increasing cost pressures on coal-based needle coke manufacturers. In terms of low-sulfur oil slurry, market prices continued to rise this month, reaching 4,350-4,750 yuan/ton at the end of the month. Downstream demand for low-sulfur oil slurry was good, and prices continued to increase, with expectations for further price hikes. Cost pressures on oil-based needle coke enterprises continued to grow.
On the downstream side, the anode material market operated well this month, with active raw material procurement. However, due to excessively high raw material prices in the middle to late part of the month, the mindset of anode material producers towards raw material procurement changed. Raw material inventories for anode materials accumulated around the middle to late March, and raw material procurement volumes may slow down in the short term. Negotiations for large raw material orders may be delayed until the middle or late March. The overall demand outlook for the anode material market is positive. In the graphite electrode market, operations were relatively stable this month, with overall production maintained at rigid demand levels. Due to rising raw material prices, graphite electrode prices increased, with mainstream UHP600 prices ranging from 19,000 to 19,500 yuan/ton. Recently, sentiment in the end-user steel market has been generally weak, and graphite electrodes are only operated to meet rigid demand. Raw material procurement is also replenished on an as-needed basis, and improvements are unlikely in the short term.
Overall, the needle coke market performed well this month, with robust downstream demand and rising raw material prices. Needle coke prices increased accordingly and stabilized towards the end of the month. It is expected that needle coke prices will remain stable in the short term.
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