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shutdowns create unseasonal uptick in synthetic graphite prices ","coking-shutdowns-create-unseasonal-uptick-in-synthetic-graphite-prices","article/coking-shutdowns-create-unseasonal-uptick-in-synthetic-graphite-prices",{"_uid":557,"date":558,"tags":559,"editor":566,"content":576,"excerpt":691,"featured":51,"reporter":692,"_editable":696,"component":697,"seo_title":553,"categories":698,"visibility":705,"author_company":49,"featured_image":706,"seo_description":691,"author_full_name":49,"author_job_title":49,"formattedDate":711,"formattedArticleDate":712},"93741853-6438-4c97-b4ca-1bd0456cd61b","2024-04-11 00:00",[560,563],{"slug":561,"name":562},"china","China",{"slug":564,"name":565},"graphite-prices","Graphite prices",[567],{"slug":568,"name":569,"content":570},"didi-bostock","Didi Bostock",{"job_title":571,"image":572,"bio":574,"linkedin":575},"Editor - Energy Transition & Economics",{"filename":573},"https://a.storyblok.com/f/287943243085208/512x512/2c5ca5c1a3/didi-bostock.jpeg","Didi is the Energy Transition & Economics Editor at Benchmark, covering a broad range of markets across the energy transition. His remit spans from downstream sectors such as BESS and EVs, through to midstream such as new technologies and battery production, to upstream critical minerals mining. He also leads on financial analysis across these supply chains, alongside in-depth policy analysis.\n","https://www.linkedin.com/in/didi-bostock-656342198/",{"type":577,"content":578},"doc",[579,586,601,614,619,624,629,634,641,646,651,656,661,666,671,676,681,686],{"type":580,"attrs":581,"content":582},"paragraph",{"textAlign":49},[583],{"text":584,"type":585},"Needle coke prices saw an unseasonal uptick between February and March thanks to Chinese coking facilities staying shut after the Spring Festival. ","text",{"type":580,"attrs":587,"content":588},{"textAlign":49},[589,591,599],{"text":590,"type":585},"“We would expect coking capacity to come back online after Spring Festival when a lot of facilities opt to undertake seasonal maintenance, but this mostly hasn’t happened in 2024,” said ",{"text":592,"type":585,"marks":593},"Adam Megginson",[594],{"type":595,"attrs":596},"link",{"href":597,"uuid":49,"anchor":49,"target":49,"linktype":598},"mailto:amegginson@benchmarkminerals.com","url",{"text":600,"type":585},", Benchmark analyst. ",{"type":580,"attrs":602,"content":603},{"textAlign":49},[604,606,612],{"text":605,"type":585},"Pre-calcined pitch needle coke DDP China rose 1.1% to reach RMB 4,800 per tonne ($662), according to ",{"text":607,"type":585,"marks":608},"Benchmark’s Synthetic Graphite Price Assessment",[609],{"type":595,"attrs":610},{"href":611,"uuid":49,"anchor":49,"target":49,"linktype":598},"https://www.benchmarkminerals.com/price-assessments/synthetic-graphite/portal/",{"text":613,"type":585},". Pre-calcined pet needle coke DDP China went up 1% month-on-month in March to RMB 4,950 per tonne ($683).",{"type":580,"attrs":615,"content":616},{"textAlign":49},[617],{"text":618,"type":585},"The rise in these synthetic graphite inputs contributed to a 0.5% month-on-month increase in Benchmark’s LiB Anode Coke Price Index, which tracks price movements across all low sulphur coke types. ",{"type":580,"attrs":620,"content":621},{"textAlign":49},[622],{"text":623,"type":585},"These figures contrast to the market situation this time last year when needle cokes fell by 3.6% and 3.8% month-on-month and Benchmark’s LiB Anode Coke Price Index also dropped by 5.2% as supply came back online after Spring Festival.",{"type":580,"attrs":625,"content":626},{"textAlign":49},[627],{"text":628,"type":585},"2024’s rises in needle cokes are the result of lower supply rather than any increase in downstream demand. March prices for pre-calcined pet coke, less affected by supply disruptions, remained stable month-on-month at RMB 3,000 per tonne ($414).",{"type":580,"attrs":630,"content":631},{"textAlign":49},[632],{"text":633,"type":585},"“Without the shutdowns, we expect needle coke prices would have either remained flat or fallen again,” said Megginson.",{"type":635,"attrs":636,"content":638},"heading",{"level":637,"textAlign":49},4,[639],{"text":640,"type":585},"Is needle coke about to consolidate? ",{"type":580,"attrs":642,"content":643},{"textAlign":49},[644],{"text":645,"type":585},"The coking shutdowns are a deliberate response by producers to falling prices. Pre-calcined pet needle and pitch needle coke are now down 38.9% and 36% year-on-year respectively. ",{"type":580,"attrs":647,"content":648},{"textAlign":49},[649],{"text":650,"type":585},"Megginson says that shutdowns are expected to continue until prices rise significantly. However, industry consolidation in needle coke is still not imminent. ",{"type":580,"attrs":652,"content":653},{"textAlign":49},[654],{"text":655,"type":585},"“Consolidation is a natural consequence of continued low prices and a market that is saturated with producers. So far the market has seen limited consolidation, but recent trends indicate this could begin to take place,” said Megginson.",{"type":635,"attrs":657,"content":658},{"level":637,"textAlign":49},[659],{"text":660,"type":585},"Why needle coke is more vulnerable to price drops",{"type":580,"attrs":662,"content":663},{"textAlign":49},[664],{"text":665,"type":585},"Weak downstream demand has been the biggest contributor to needle coke price declines over the last year. ",{"type":580,"attrs":667,"content":668},{"textAlign":49},[669],{"text":670,"type":585},"However, factors specific to the synthetic graphite industry are also playing a role.",{"type":580,"attrs":672,"content":673},{"textAlign":49},[674],{"text":675,"type":585},"First, needle coke buyers are increasingly switching to pet coke, a cheaper input for synthetic graphite. ",{"type":580,"attrs":677,"content":678},{"textAlign":49},[679],{"text":680,"type":585},"In addition, needle coke producers tend to be larger players that can remain in operation for longer during low prices, meaning supply is slow to cut back in response to price signals. ",{"type":580,"attrs":682,"content":683},{"textAlign":49},[684],{"text":685,"type":585},"This contrasts to the situation with pet coke, dominated by smaller players that are more responsive to unfavourable market conditions. Pet coke prices have been relatively stable the last month for the reason that players had already moderately tightened supply.  ",{"type":580,"attrs":687,"content":688},{"textAlign":49},[689],{"text":690,"type":585},"The needle coke shutdowns indicate that this segment is now finally starting to bring itself in line with market conditions despite a structural tendency to oversupply.","Needle coke prices saw an unseasonal uptick between February and March thanks to Chinese coking facilities staying shut after the Spring Festival. “We would expect coking capacity to come back online after Spring Festival when a lot of facilities opt to undertake seasonal maintenance, but this mostly hasn’t happened in 2024,” said Adam Megginson, Benchmark […]",[693],{"slug":568,"name":569,"content":694},{"job_title":571,"image":695,"bio":574,"linkedin":575},{"filename":573},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"93741853-6438-4c97-b4ca-1bd0456cd61b\", \"id\": \"\"}-->","article",[699,702],{"slug":700,"name":701},"critical-minerals","Critical Minerals",{"slug":703,"name":704},"graphite","Graphite","private",{"id":49,"alt":707,"name":707,"focus":707,"title":707,"source":707,"filename":708,"copyright":707,"fieldtype":709,"meta_data":710,"is_external_url":51},"","https://a.storyblok.com/f/287943243085208/abea704b68/bm-priceupdate2.png","asset",{"alt":707,"title":707,"source":707,"copyright":707},"Apr 11, 2024","11th April 2024",[],[],1789982577354]