Raw Material Market Continues to Rise, Strong Cost-Side Support for Prebaked Anode [SMM Prebaked Anode Weekly Review]

Publicado: Jan 23, 2025 16:09

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[SMM Prebaked Anode Weekly Review: Raw Material Market Continues to Rise, Strong Support from Prebaked Anode Cost Side] During the week, the price increases of raw materials such as petroleum coke and coal tar pitch boosted the continuous increase in prebaked anode costs. According to SMM data, as of January 23, the cost of prebaked anodes in China was 4,606 yuan/mt, up 1.67% from last Thursday. During the week, the price of petroleum coke was supported by reduced supply, and as the Chinese New Year holiday approached, downstream carbon enterprises actively stockpiled, driving petroleum coke prices to rise continuously. Coupled with the stable operation of supply and demand for prebaked anodes, the price support for prebaked anodes was significantly strengthened.

SMM January 23 News:
Raw Material Side: In the petroleum coke market, downstream carbon enterprises actively stockpiled this week, with strong demand from anode material plants. Coupled with low refinery inventory levels and frequent refinery maintenance plans, petroleum coke prices continued to rise. Specifically, petroleum coke prices at CNOOC refineries saw a wide increase this week, with an adjustment range of 250-580 yuan/mt, and current quotations at 3,700-4,200 yuan/mt. PetroChina's refineries in north-east China maintained low inventory levels with good sales, and petroleum coke prices remained largely stable during the week, with current quotations at 3,210-3,750 yuan/mt. At Sinopec, refinery sales were good during the week, and petroleum coke prices saw a slight increase, with adjustments mostly within 100 yuan. Additionally, local refineries also reported good sales, with petroleum coke prices continuing to rise, mainly driven by reduced supply and increased downstream demand. As the Chinese New Year holiday approaches, downstream carbon enterprises actively stockpiled, further supporting price increases. Currently, the average price of petroleum coke at local refineries has reached approximately 2,108 yuan/mt, up 4.1% from last Thursday. Overall, the petroleum coke market exhibited a dual trend of tight supply and rising demand, and prices are expected to remain at a relatively high level in the short term.

In the coal tar pitch market, prices slightly strengthened during the week. As of Thursday, SMM data showed the average price of coal tar pitch at 3,778 yuan/mt, up 3.33% from last Thursday. Overall, the cost-side support for prebaked anodes strengthened this week.

Supply Side: Prebaked anode enterprises organized production throughout the year based on orders. According to SMM, most prebaked anode enterprises maintained stable production during the week, though some enterprises faced operational restrictions due to environmental protection factors. While operating rates slightly declined, they remained at a high level.

Demand Side: Domestic aluminum operating capacity remained largely stable, and demand for prebaked anodes in the domestic market was relatively stable.

Brief Comment: The increase in raw material prices for petroleum coke and coal tar pitch during the week boosted the cost of prebaked anodes. SMM data showed that as of January 23, the cost of prebaked anodes in China was 4,606 yuan/mt, up 1.67% from last Thursday. The price of petroleum coke was supported by reduced supply during the week, and as the Chinese New Year holiday approaches, downstream carbon enterprises actively stockpiled, driving petroleum coke prices higher. Coupled with stable supply and demand dynamics for prebaked anodes, price support for prebaked anodes significantly strengthened. Moving forward, attention should be paid to the production and operation of prebaked anodes and downstream aluminum enterprises.

》Click to View the SMM Aluminum Industry Chain Database

Declaração sobre a Fonte de Dados: Com exceção das informações publicamente disponíveis, todos os demais dados são processados pela SMM com base em informações publicamente disponíveis, comunicação de mercado e com base no modelo de base de dados interna da SMM. São apenas para referência e não constituem recomendações para a tomada de decisão.

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