Calcined Coke Weak Downstream Demand Weighs on Shipments
**Calcined Coke: Weak Downstream Demand Puts Shipment Under Pressure**
**Market Overview**
**On November 28, the market average price for calcined petroleum coke was 3,710 RMB/ton, down 13 RMB/ton from the previous working day, a decrease of 0.35%.** The low-sulfur calcined coke market remained stable today, with steady prices for low-sulfur green coke. However, downstream market demand remained weak, offering few positive factors for the low-sulfur calcined coke market. Mainstream transactions were largely stable. Shipments in the medium-high sulfur calcined coke market were average today. Downstream enterprises maintained a wait-and-see attitude, purchasing cautiously. Prices for calcined coke at individual enterprises were under pressure and adjusted downward by 50-100 RMB/ton.
**Transaction Prices in Major Regional Markets**
**Today's Prices**
**Low-sulfur calcined coke** (using Jinxi and Jinzhou petroleum coke as raw material) saw mainstream transaction prices between 5,850-6,100 RMB/ton. Low-sulfur calcined coke (using Fushun petroleum coke as raw material) had mainstream ex-factory transaction prices of 6,400-6,500 RMB/ton. Low-sulfur calcined coke (using Liaohe and Binzhou CNOOC petroleum coke as raw material) saw mainstream transaction prices of 5,350-5,700 RMB/ton.
**Medium-high sulfur calcined coke** (S 3.0%, no requirements for trace elements) previously had a mainstream contract price of 2,900 RMB/ton ex-works, cash; the mainstream price under negotiation today is 2,900 RMB/ton ex-works, cash. Medium-high sulfur calcined coke (S 3.5%, no requirements for trace elements) previously had a mainstream contract price around 2,750-2,850 RMB/ton ex-works, cash; the mainstream price under negotiation today is 2,750-2,850 RMB/ton ex-works, cash. Medium-high sulfur calcined coke (S 3.0%, Vanadium 400) previously had a contract price of 3,950-4,050 RMB/ton, cash; the price under negotiation today is 3,950-4,050 RMB/ton ex-works, cash.
**Supply Side**
The national daily commercial supply of calcined coke was 28,154 tons today, with an operating rate of 57.95%. The market supply of calcined coke remained stable compared to the previous working day.
**Upstream Market**
**Petroleum Coke:** Sinopec refineries maintained stable prices and shipped goods smoothly today. Negative electrode orders in the Yangtze River region still provided support, and shipments of anode-grade coke generally faced no pressure. Jingmen Petrochemical is expected to primarily produce anode-grade coke next month. In North China, Luoyang Petrochemical mainly shipped anode-grade coke for aluminum use. Demand in South China was temporarily stable, with Guangzhou Petrochemical mainly producing mid-to-low sulfur coke. In Northwest China, Tahe Petrochemical shipped goods outside Xinjiang, primarily received by aluminum carbon plants. CNPC refineries maintained stable prices and fulfilled orders today. Refineries in Northeast China shipped normally, with generally low inventory levels. In North China, Dagang Petrochemical continued shipments based on orders. Refineries in Northwest China maintained stable prices, with transactions primarily received by aluminum carbon plants. CNOOC refineries shipped goods based on orders today.
**Downstream Market**
**Graphite Electrodes:** This month marks the heating season, and air pollution has worsened in some regions, leading to environmental restrictions on enterprise production. Some enterprises have reduced calcination production by 50%-70%, while other processes remain largely unaffected. Production at major mainstream plants showed no significant changes. Supply in the graphite electrode market slowed slightly, but shaped green bodies remain stable at some enterprises, with sufficient semi-finished product inventory.
**Electrolytic Aluminum:** Profits of China's industrial enterprises above the designated size fell significantly year-on-year from January to October, reflecting a weakening of overall operational vitality in the industrial sector and indicating slightly increased operational pressure on downstream enterprises. The spot aluminum price declined.
**Anode Materials:** The anode material market operated steadily today. Market feedback indicates that downstream demand remains strong, with some enterprises reporting sufficient orders. The overall operating rate of anode material enterprises this week increased compared to last week. However, as the anode material market remains in a state of structural overcapacity, the possibility of price increases for anode materials in the short term is low.
**Later Market Forecast**
The raw material side presents negative factors for the low-sulfur calcined coke market, and downstream demand remains sluggish. Low-sulfur calcined coke prices are expected to be weak and stable. Trading in the medium-high sulfur calcined coke market is stable, with downstream purchases mainly based on steady, need-based procurement. Calcined coke prices are expected to fluctuate within a narrow range.