Weekly Market Report on China’s Carburizer and Related Industries (March 2-7, 2025)

1. Calcined Coal Carburizer Market
During the week of March 2-7, prices for certain grades of calcined coal carburizer in China continued to decline. Market transactions remained sluggish, with slight inventory accumulation observed among producers due to a persistent supply-demand imbalance. While costs for calcined coke remained elevated, driven by high raw material expenses, price adjustments for calcined coke carburizers faced resistance. In the graphitized carburizer segment, stable raw material prices and increased terminal demand led to minor price reductions by some manufacturers. Overall, the carburizer market is expected to stabilize in the near term.

2. Calcined Coke Market
China’s calcined coke market saw weakened trading activity this week. Low-sulfur calcined coke prices followed the downward trend of raw material low-sulfur petroleum coke, with sluggish terminal procurement dampening market sentiment. In contrast, mid-to-high sulfur calcined coke prices remained stable, supported by robust demand from the prebaked anode sector and steady orders from the anode materials industry. However, profit margins for anode material producers remained under severe pressure, leading to cautious purchasing behavior. In East China, prices for standard-grade calcined coke dropped by 100 yuan/ton, reflecting broader market caution. Despite potential further declines in raw material costs, calcined coke producers are expected to prioritize profit recovery, keeping prices largely steady.

3. Petroleum Coke Market
China’s petroleum coke market experienced price declines due to lackluster downstream demand. Low-sulfur petroleum coke transactions weakened, with Sinopec refineries implementing price cuts to stimulate sales. However, downstream sectors such as graphite electrodes and anode materials maintained a wait-and-see approach. Increased imports and rising inventories further pressured the market, with low-sulfur coke prices projected to fall by 50–500 yuan/ton next week. In the local refinery market, both low- and mid-high sulfur coke prices declined by 10–250 yuan/ton, driven by high inventories and slow sales. Mid-high sulfur coke may see additional adjustments of 30–300 yuan/ton in the coming week.

Outlook

• Carburizers: Prices are likely to stabilize amid balanced supply-demand dynamics and cautious producer strategies.
• Calcined Coke: Market stability hinges on raw material trends and downstream demand recovery, particularly in the anode sector.
• Petroleum Coke: Continued weak demand and import pressures may drive further price corrections.

This report reflects the interplay of cost pressures, inventory levels, and cautious market sentiment shaping China’s carburizer and related industries.