As for coal tar pitch, the domestic market showed an overall downward trend in July 2026, with signs of a rebound toward the end of the month. As of now, the mainstream price for modified asphalt ranges from 4,690 to 5,250 yuan per metric ton, while the mainstream price for medium-temperature asphalt ranges from 4,700 to 5,000 yuan per metric ton. Looking specifically at this month, the core contradiction in the coal tar pitch market lies in the coexistence of downward cost support and pressure from ample supply. The price of coal tar, a key raw material, trended downward during the month, with bearish factors on the cost side clearly dominating. At the same time, operating rates for coal tar deep processing increased, leading to ample supply. Downstream demand, however, remained stable, with buyers purchasing only to meet essential needs and exhibiting a strong sentiment to drive down prices for coal tar pitch. As a result, inventories continued to accumulate, dragging prices down throughout the month. Downstream sectors such as anodes and electrodes exerted severe downward pressure on prices. The only slight positive factor was the increase in the number of operating coal-based needle coke producers, but its scale was limited and insufficient to offset the overall bearish pressure. Looking ahead, the raw material coal tar is expected to remain stable with a slight downward bias early in the month and trend upward later. While demand for anodes may rebound, the limited recovery in downstream sectors will constrain upside potential. The coal tar pitch market in August is projected to see overall stability with minor adjustments in the first half of the month, followed by expectations of an upturn in the latter half.
Regarding oil slurry, this month’s market followed a “down-up-down” pattern. At the beginning of the month, falling crude oil prices and a decline in coking plant operating rates, coupled with refineries offering discounts to move inventory, drove prices lower; in the middle of the month, a rebound in crude oil prices coupled with a recovery in demand halted the decline and pushed prices higher; in the latter part of the month, escalating geopolitical tensions were offset by sluggish coking demand, limiting price gains; and at month-end, as geopolitical tensions eased and crude oil prices plummeted, oil slurry prices fell again. Looking ahead to August, amid high volatility in geopolitical tensions, cost factors will remain the core variable; additionally, with demand expected to pick up, oil slurry prices are projected to see modest upside potential.
On the downstream front, the graphite electrode market operated steadily this month. With electric arc furnaces currently in their summer shutdown period, shipments of graphite electrodes have been moderate, and demand for raw materials from this sector remains primarily driven by essential needs. Regarding anode materials, production rates have seen a slight increase, driven by the energy storage and new energy vehicle sectors, and demand for needle coke continues to be strong. It is expected that demand for needle coke from the anode materials sector will remain robust in the near term.
Looking ahead to August, the tight supply-demand balance is expected to persist. With positive demand for anodes and ongoing restocking needs for graphite electrodes at the beginning of the month, the needle coke market is projected to remain stable with a slight increase next month, with prices expected to range between 50 and 150 yuan per metric ton. Overseas needle coke prices are expected to rise by 20 to 50 U.S. dollars per metric ton.
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