In terms of coal pitch, the market followed a trajectory of “rise‑fall‑rebound”, with its price centre higher than at the month’s start. Current mainstream quotes are RMB 5,000‑5,600/ton for modified pitch and RMB 5,000‑5,500/ton for medium‑temperature pitch. In early‑month trading, tender prices for feedstock high‑temperature coal tar generally climbed on solid cost support, lifting expectations for higher new‑order prices. Mid‑month saw a notable drop in coal tar prices, weakening cost support. Downstream buyers adopted a wait‑and‑see attitude and pressed for lower prices, dragging down new‑order negotiations and triggering a clear market pullback. In late August, tight coal‑tar supply triggered a sharp price rebound. Deep‑processing enterprises faced steep cost pressure and strong price‑hike intentions. Coupled with improved export conditions and concentrated month‑end monthly‑order negotiations among downstream players, new‑order quotes moved steadily upward. Overall, the coal pitch market completed a cost‑driven bottom‑out rebound, while ample spot supply capped price gains to some extent. Looking ahead, solid coal‑tar cost support and stable anode demand are expected to leave further upside potential for coal pitch in September.
For slurry oil, the market kept climbing this month, continuously strengthening cost support for needle coke. Escalating geopolitical risks in the Middle East pushed international crude oil prices higher amid volatility, lifting low‑sulfur slurry oil prices accordingly. Current mainstream offers stand at RMB 5,800‑6,300/ton. Premium low‑sulfur slurry oil is in tight supply and posted sharp monthly price increases. Coke producers only conducted phased restocking of feedstocks and maintained existing operating rates. Raw‑material costs kept squeezing corporate profit margins. Slurry oil prices are forecast to fluctuate at high levels going forward.
On the downstream side, needle‑coke demand showed divergent performance this month. For green coke, anode‑material producers maintained robust purchasing appetite, and major leading players maintained fast pick‑up rhythms, sustaining solid procurement demand for needle‑coke green coke. For calcined coke, graphite‑electrode manufacturers saw weakened production enthusiasm with softened willingness to restock calcined coke. Nevertheless, overall calcined‑coke supply remained low, sustaining a dynamic supply‑demand balance.
Looking to September, petroleum‑based green coke producers in Northeast China are expected to resume operations in early September, bringing modest supply increments. Low‑sulfur slurry oil feedstock is projected to fluctuate at high levels, delivering firm cost support and reinforcing producers’ price‑holding sentiment. Anode enterprises still need to consume existing raw‑material inventories and will remain cautious when purchasing high‑priced feedstocks. Meanwhile, constrained profit margins among graphite‑electrode end‑users will dampen large‑scale restocking motivation. All things considered, needle‑coke prices still have upside room in September, yet spot transaction price increases will be limited.
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