Needle coke mainly finds application
in graphite electrode for electric steelmaking and in areas of lithium battery,
nuclear power, aerospace, etc. Since 2009, the global demand for needle coke
has shoot up in the wake of the gradual recovery in the industrial downstream.
During the same period, the world’s industrial magnates have taken no actions
to expand their capacities in a massive scale, out of consideration for holding
precedence in prices, leading to lingeringly strained supply all over the world
with the supply-demand gap in 2012 hitting 100,000 tons. In particular, China
was the most distinctive with the short supply gapping 120,000 tons among the
world’s leading needle coke consumers.
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As the largest steel producer in the
world, China has been maintaining huge demand for needle cokes. Moreover,
ultra-high power graphite electrode is occupying increasing proportion as a
result of continuously optimizing product structure in the graphite electrode industry,
which, in turn, further fuels the demand for needle cokes. At the same time,
China has smaller amount of needle coke enterprises which feature weak
technological base and are huddled by the uncertainty of stable production and
product quality.
Thus, the needle coke capacity in
China has seen slow growth with the supply gap increasingly widening. In
2009-2012, China’s demand for needle coke soared from 161,000 tons to 360,000
tons with the CAGR of 30.8% while the annual capacity surged from 130,000 tons
to 240,000 tons with the CAGR of 22.7%. Given that most new industrial players
encounter technical huddles and that industrial veterans witness limited
capacity growth, the supply shortage is projected to go on in the upcoming two
years.
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