This week, the price trend of anode raw material coke diverged [SMM Weekly Review of Lithium Battery Anode Raw Material Market]

Published: May 22, 2025 17:01

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[SMM Weekly Review of Lithium Battery Anode Raw Material Market: This week, the low-sulphur petroleum coke market was in the doldrums, with an average market price of 3,663 yuan/mt, down 6% WoW. Cost side, the prices of raw materials were relatively stable; supply and demand side, the shutdown and maintenance cycle of refineries gradually...]

SMM, May 22:

This week, the low-sulphur petroleum coke market was in the doldrums, with an average market price of 3,663 yuan/mt, down 6% WoW. Cost side, raw material prices were relatively stable. Supply and demand side, the shutdown and maintenance cycle of refineries was gradually coming to an end, with some refineries having already completed maintenance and resumed production, leading to sufficient supply. However, the demand side lacked growth momentum. Therefore, this week, low-sulphur petroleum coke prices continued to decline amidst a supply-demand mismatch. Looking ahead, on the supply side, with the gradual conclusion of refinery shutdown and maintenance periods, supply is expected to continue rising. On the demand side, influenced by the positive impact of tariff policy adjustments, market demand may see growth opportunities. Therefore, it is expected that in the coming period, low-sulphur petroleum coke prices will adopt a strategy of refusing to budge on prices.

The price of oil-based green needle coke remained stable. Due to tariff policy adjustments, oil-based green needle coke producers have turned more optimistic about the outlook for subsequent market demand. Coupled with the gradual improvement in the market supply-demand relationship, prices successfully stopped falling and stabilized this week, boosting market confidence. Looking ahead, if the cost side remains stable without significant fluctuations, and the pace of new capacity release in the oil-based green needle coke industry remains relatively moderate, it is expected that producers will continue to adopt a strategy of refusing to budge on prices.

SMM New Energy Research Team

Wang Cong 021-51666838

Ma Rui 021-51595780

Feng Disheng 021-51666714

Lv Yanlin 021-20707875

Zhou Zhicheng 021-51666711

Zhang Haohan 021-51666752

Wang Zihan 021-51666914

Wang Jie 021-51595902

Xu Yang 021-51666760

Xu Mengqi 021-20707868

Hu Xuejie 021-20707858

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