[SMM Analysis] Strong Raw Material Cost Support, Anode Material Prices Remain Stable This Week

This week, anode material prices remained stable. On the cost side, due to downstream demand staying at a relatively high level, refineries experienced good sales with low inventory levels, prompting many to further raise their quotations. Low-sulphur petroleum coke prices continued to rise. Oil-based green needle coke, affected by the release of new capacity, saw a slight surplus in supply, leading some companies to slightly lower prices. Graphitisation outsourcing demand remained sluggish, and tolling businesses, constrained by electricity costs, found it difficult to further reduce prices, resulting in weak graphitisation prices.

On the demand side, downstream customers continued to exhibit a rush for stockpiling, maintaining strong demand for anode materials, with production and sales of anode materials at high levels. Currently, overall anode material prices are already at a relatively low range, while raw coke prices have risen significantly compared to earlier periods, leading to an increase in theoretical costs for anode materials. As a result, anode material producers generally showed strong sentiment to maintain stable prices. Meanwhile, downstream customers, aiming to secure purchases, largely refrained from pushing prices down further. Consequently, anode material prices have reached a stalemate and are expected to remain stable in the near term.