Driven by sharp rises in coal tar prices, coal-based needle coke faced climbing production costs and widespread offer hikes. Coke producers were firm on prices, and most orders were pre-booked. One East China plant plans to start operation in mid-month.
Current prices:
- Calcined oil-based needle coke: RMB 9,050–12,200/tonne
- Raw coal-based & oil-based needle coke: RMB 7,400–8,200/tonne
Import & Export
- Japanese coal-based needle coke: USD 830/tonne
- South Korean coal-based needle coke: USD 1,120/tonne
- Japanese oil-based needle coke: USD 1,300–1,400/tonne
- UK calcined coke: USD 1,250–1,350/tonne; anode-grade coke: USD 840–1,080/tonne Overseas suppliers are negotiating prices, with expected increases of USD 50–80/tonne.
Coal Tar Pitch
Coal tar pitch prices surged sharply this week with upward new offer intentions. Tight coal tar supply and rising raw material costs created heavy cost pressure for deep-processing plants, leading to strong reluctance to sell and cautious price hikes for new orders.
- Modified pitch: RMB 5,550–7,300/tonne
- Medium-temperature pitch: RMB 5,500–8,500/tonne
Supply was constrained by raw material shortages and unit maintenance; operating rates dipped and spot supplies shrank while inventories stayed low. Downstream prebaked anode producers maintained pre-holiday stocking demand and active purchasing. However, rapid price spikes fueled caution and slowed buying activity. For the next cycle, coal tar cost support will persist and coal tar pitch will remain in short supply. Bullish sentiment dominates; new offers are likely to keep rising and coal tar pitch prices are expected to trend strong.
FCC Slurry Oil
Slurry oil kept rising on strong cost support. Escalating US-Iran tensions pushed international crude prices higher. As of Sep 10 close: Brent benchmark at USD 107.63/bbl (+12% week-on-week); WTI at USD 102.48/bbl (+12%), boosting market bullishness. No new plant start-ups or shutdowns, but some refineries halted external sales, tightening spot availability. Demand for medium-high sulfur slurry oil recovered from local refinery coking units. Steady rigid demand came from needle coke and blended asphalt sectors, providing solid demand backing. Trading activity picked up and refinery inventories fell week-on-week to low levels. For next week, crude prices will remain volatile at high levels driven by geopolitics. Supply-demand fundamentals stay supportive. Most refineries retain slurry oil for internal use, keeping spot supply tight. Slurry oil prices are projected to climb further.
Downstream Market
Needle coke downstream consumption remained decent this week. For raw coke: The anode material market operated steadily. Major producers ran at high rates, and battery cell makers purchased as needed with solid production demand. However, sharp feedstock price hikes increased procurement pressure for anode manufacturers and slowed material intake. For calcined coke: Graphite electrode offers rose on cost pressure but only marginally; the market expects larger price increases. Electric arc furnace steel mills still suffered weak profits and kept low operating rates. They continued to push for lower prices and cut purchase volumes for calcined coke, resulting in limited actual deal volume.
Market Outlook
Raw material costs are expected to stay high, while downstream restocking remains cautious. New order performance needs monitoring. Overall, the needle coke market is forecast to stay firm at high levels in the coming cycle.
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