China GPC (Graphitized Petroleum Coke) Price Report for November 2025

I. Latest Prices of Main Specifications (as of November 25)

Domestic Market

• 98.5% Fixed Carbon (FC), Sulfur (S) ≤ 0.05% : 10,000-12,000 yuan/ton (East China), weekly WoW +100 yuan/ton
• 98.5% FC, S ≤ 0.1% : 9,500-10,500 yuan/ton, weekly WoW flat
• 98% FC, S ≤ 0.3% : 9,000-9,800 yuan/ton, month-to-date +200 yuan/ton

International Market

• China FOB (Free On Board) : 1,350-1,600 USD/ton (varies by sulfur content)
• Europe CIF (Cost, Insurance and Freight) : 1,600-1,800 EUR/ton

II. Monthly Price Trend

Price Range

• Early Month (November 1) : 9,000-11,000 yuan/ton
• Mid-Month (November 15) : 9,500-11,500 yuan/ton (+500 yuan/ton)
• Late Month (November 25) : 10,000-12,000 yuan/ton (+500 yuan/ton, month-to-date +1,000 yuan/ton)

Growth Analysis

III. Price Differences by Specification

IV. Analysis of Price-Influencing Factors

1. Supply Side

• Raw Material Shortage : Prices of low-sulfur petroleum coke (raw material for graphitization) continued to rise, with the average price in November reaching 4,000-5,500 yuan/ton.
• Capacity Constraints : Limited capacity of graphitization furnaces, high energy consumption (about 10,000 kWh/ton), and stringent environmental regulations.
• Regional Concentration : Main production capacity is located in Shandong, Henan, and Shanxi provinces. The operating rate in November was approximately 65%, a 5% decrease from October.

2. Demand Side

• Steel Industry : Increased proportion of electric arc furnace steel production drove a 15% growth in demand for high-end carburizers.
• Foundry Industry : Stable demand for auto and mechanical castings supported mid-range GPC consumption.
• Anode Materials : Surge in demand for special GPC used in lithium battery anodes, with prices exceeding 15,000 yuan/ton.

3. Cost Factors

• Raw Material Cost : Accounts for about 53% of total costs (low-sulfur petroleum coke: 4,000-5,500 yuan/ton).
• Energy Cost : Electricity accounts for about 35% (industrial electricity price: 0.6-0.8 yuan/kWh).
• Processing Fee : Graphitization processing fee is approximately 2,500-3,000 yuan/ton.

V. Market Characteristics & Trends

Market Characteristics

• Obvious Differentiation : Low-sulfur premium GPC (S ≤ 0.1%) is in short supply with firm prices; high-sulfur products have sufficient supply and stable prices.
• Cautious Transactions : Downstream users purchase on demand with strong wait-and-see sentiment.

Market Outlook

• Short-Term (Early December) : Prices will remain at a high level with fluctuations of ±200 yuan/ton, supported by raw material prices.
• Mid-Term (Mid-December – January 2026) : Prices may decline slightly by 5-8% as some new production capacity is released.