For coal tar pitch: Cost support remained strong this period, and sellers were eager to lift prices, yet downstream buyers stayed cautious, resulting in mostly stable prices with minor adjustments. As of now, modified pitch is mainly quoted at RMB 6,550–7,800/tonne, and medium-temperature pitch at RMB 6,500–7,350/tonne. In detail, feedstock coal tar stayed at high levels with modest fluctuations. Most deep-processing producers kept a cautious quoting stance; spot cargoes were limited and supply remained tight, supporting firm producer offers. Downstream buying was largely limited to rigid demand. Operating rates at prebaked anode plants edged lower while rigid demand from electrolytic aluminium provided a floor. Graphite electrode production stayed low with only order-based purchasing. Some electrode paste plants resumed production and scheduled runs flexibly as cost pressure eased. Few coal-based needle coke plants remained online, creating limited consumption. Overall, downstream buyers continued to bargain against high prices and maintained steady purchase rhythms. In summary, coal tar is projected to fluctuate narrowly at high levels in the short term. Backed by cost support and tight spot supply, coal tar pitch prices are expected to edge higher amid stability in the next period.
For slurry oil: Slurry oil enjoyed solid cost support and spot prices moved up slightly this period. Early in the week, a broad rally in crude oil strengthened cost fundamentals. Combined with tight spot availability, refiners raised offers and prompted downstream restocking. Later in the week, crude turned choppy and cost support weakened, but rising refined product prices and a mild uptick in coking operating rates continued to favour the market. Some refiners cleared low-priced cargoes early and lifted prices sequentially thereafter, pushing the overall transaction centre higher week on week. At the close on October 22, front-month Brent crude settled at USD 113.17 per barrel, up 3.01% from the prior Thursday; WTI crude was USD 99.47 per barrel, up 1.91%. Downstream coking operating rates were little changed, and rigid-demand buying underpinned slurry oil consumption. Pitch demand and prices remained weak, offering limited pull for slurry oil. Looking ahead to next week, ongoing tensions in the Middle East may keep international crude oscillating at elevated levels. Supply will stay low and rigid demand will underpin fundamentals; slurry oil prices are forecast to trend stronger in the next period.
On the downstream side: Downstream sectors for needle coke saw no material shifts this period. For green coke: Weaker procurement from cell manufacturers dragged down operating rates among anode material producers. Buyer appetite for needle coke softened, purchase rhythms slowed, new order releases were limited, and anode producers lagged in ramping output. For calcined coke: The graphite electrode market held steady with quiet trading; producers focused on fulfilling existing contracts.
For the next period: No major demand improvement for anode materials is on the horizon, and market turnover remains sluggish. The needle coke market is expected to hold stable at current high levels.
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