Weakening cost support, demand resilience persists; anode raw material coke prices in short-term stalemate [SMM Lithium Battery Anode Raw Material Market Weekly Review]

SMM, September 24:

This week, low-sulphur petroleum coke prices remained largely stable, while oil-based needle coke continued its firm trend. On the cost side, low-sulphur residual oil eased from earlier highs, and slurry oil prices also edged lower. However, the cost pressure from the sharp rise in raw material prices earlier has been fully reflected at the refinery level. Theoretical processing margins for delayed coking at Shandong independent refineries turned negative, providing bottom support for coke prices. On the demand side, anode material production schedules continued at peak-season levels, with steady restocking demand. Overall, with demand fluctuating at highs and cost support remaining elevated, prices were largely stable this week. Looking ahead, if crude oil continues to pull back, raw material cost support may weaken, but high-level demand will to some extent offset downward price pressure. Low-sulphur petroleum coke and oil-based needle coke prices are expected to enter a short-term stalemate.

SMM New Energy Research Team

Wang Cong 021-51666838

Ma Rui 021-51595780

Feng Disheng 021-51666714

Lyu Yanlin 021-20707875

Zhang Haohan 021-51666752

Wang Zihan 021-51666914

Wang Jie 021-51595902

Chen Bolin 021-51666836

Xu Yang 021-51666760

Xu Mengqi 021-20707868

Hu Xuejie 021-20707858

Yang Le 021-51595898

Wang Zhaoyu 021-51666827

Li Yisha 021-51666730

Huang Chencong 021-51595860

Lin Ziya 021-5166-6902