[SMM Aluminum Flash News] Recently, the vessel "Furui," loaded with prebaked anode cargo, successfully departed from the bulk cargo terminal of the Binzhou Port Area of Bohai Bay Port, Shandong Port, marking the successful addition of a new high-value-added cargo category to Binzhou Port's bulk and breakbulk business. The launch of this new cargo category was an important achievement in the deepening strategic cooperation between Binzhou Port and Sunstone Global Supply Chain, and also a key step for the port to break through its traditional cargo source structure and optimize its business layout, which is of great significance for enhancing the port's comprehensive service capabilities and strengthening its competitiveness in the regional market.

SMM News on June 12: Raw Material Side: In the petroleum coke market, the shipment performance of refineries remained generally average during the week, with petroleum coke prices showing an overall weak and stable trend. Specifically, this week, the prices of petroleum coke under CNOOC were mainly on a downward trend, with declines ranging from 30 to 100 yuan/mt. The current price range is 3,170-3,200 yuan/mt. Binzhou Petrochemical is still under maintenance and has not provided a quote, while the port quote for Huizhou coke has dropped by 50 yuan/mt. In the northeast region under PetroChina, refinery shipments were stable during the week, and petroleum coke prices transitioned smoothly, with the current price range at 3,350-3,700 yuan/mt. It was also learned that Dagang Petrochemical's petroleum coke price through bidding declined slightly by 50 yuan/mt during the week. For Sinopec, the trading of petroleum coke at its refineries was generally average, and prices at some refineries increased slightly during the week, with increases concentrated within 50 yuan/mt. Among local refineries, shipments were relatively stable, and petroleum coke prices fluctuated, with daily adjustments mostly within 100 yuan. Currently, downstream enterprises are still mainly restocking based on immediate needs, with no significant growth in overall demand. It is expected that petroleum coke prices will maintain a generally stable with slight fall trend in the short term. According to SMM data, the average price of petroleum coke at local refineries is approximately 2,230 yuan/mt, down about 1.13% MoM. In the coal tar pitch market, prices declined this week. As of Thursday, the average price of coal tar pitch was 3,748 yuan/mt, down 6.21% MoM. Overall, the cost side of prebaked anodes continues to loosen. From the supply perspective, prebaked anode enterprises continue to adopt a "produce based on sales" strategy. This week, the industry's operating rate remained stable, with no significant fluctuations in production schedules. Market supply maintained a dynamic balance, with no significant increases or decreases. In terms of demand, with the southward shift of aluminum capacity in Shandong and regional adjustments in electrolytic aluminum capacity, overall capacity is operating smoothly. Brief Commentary: This week, the raw material market for prebaked anodes performed weakly, with cost support continuing to weaken. According to SMM data, as of June 12, the cost of prebaked anodes in China was approximately 4,631 yuan/mt, down 0.74% MoM. The decline in raw material prices has significantly improved corporate profitability, with the industry's real-time profit expanding to over 300 yuan/mt. Currently, the industry's operating rate remains high, and downstream demand is stable. In the short term, prebaked anode prices will remain stable. However, due to the short-term difficulty in changing the weak trend in the raw material market, it is expected that prebaked anode prices will lack upward momentum next month. Continuous attention should be paid to changes in supply and demand and price trends in the industry chain. 》Click to view SMM's aluminum industry chain database

SMM, June 5: Raw material side: In the petroleum coke market, the performance of refinery shipments was generally average after the holiday, with prices stabilizing or declining. Specifically, the prices of petroleum coke under CNOOC mainly declined this week, with drops concentrated at 100 yuan/mt, and the current price range is 3,200-3,300 yuan/mt. Binzhou Petrochemical is still under maintenance and has not provided a quote. The shipments of refineries under PetroChina in the north-east China region were stable during the week, with petroleum coke prices mainly declining, though a few refineries saw slight price increases. The current price range is 3,350-3,700 yuan/mt. It was also learned that petroleum coke prices in north-west China were stabilizing or declining, with adjustments within 300 yuan/mt. For Sinopec, the trading of petroleum coke at its refineries was generally average, with prices at some refineries continuing to fall during the week. Among local refineries, shipment performance varied, with downstream buyers purchasing as needed, leading to generally average market trading. Prices at some refineries stopped falling and saw slight increases, but overall, petroleum coke market prices remained relatively weak. According to SMM data, the average price of petroleum coke at local refineries was approximately 2,255 yuan/mt, down about 0.53% MoM. In the coal tar pitch market, prices declined this week. As of Thursday, the average price of coal tar pitch was 3,997 yuan/mt, down 1.96% MoM. Overall, the cost side of prebaked anodes continued to loosen. From the supply perspective, prebaked anode producers continued the strategy of "produce based on sales." This week, the industry's operating rate remained stable, with no significant fluctuations in production schedules. Market supply maintained a dynamic balance, with no notable increases or decreases. On the demand side, with the southward shift of aluminum capacity in the Shandong region and regional adjustments in aluminum capacity, overall capacity operated steadily. Brief comment: The raw material markets for prebaked anodes performed poorly this week. According to SMM data, as of June 5, the cost of prebaked anodes in China was approximately 4,665 yuan/mt, down 1.16% MoM, with the support from the raw material side continuing to loosen. The decline in costs effectively improved the profitability of enterprises, with most producers now profitable, though profit margins are limited, generally remaining at a slim level within 100-200 yuan/mt. From the perspective of market prices, prebaked anode prices in June generally showed a stable to slightly declining trend: The tender price of a large aluminum plant in Shandong remained stable MoM in June; a large domestic prebaked anode sales company lowered its sales prices, with a MoM decline of 142 yuan/mt. Currently, the industry's operating rate is high, and demand is performing well, with prebaked anode prices expected to remain stable in the short term. However, given the weak trend in the raw material market, which is unlikely to improve in the short term, prebaked anode prices may still show a weakening trend in Q3. In the future, it will be necessary to continuously monitor the changes in supply and demand and price trends in the prebaked anode and its raw material markets. 》Click to view the SMM Aluminum Industry Chain Database

Overall, some refineries completed maintenance and resumed production this week, leading to an increase in supply, particularly for medium- and high-sulphur petroleum coke. Coupled with the wait-and-see attitude of downstream enterprises in the petroleum coke market at month-end, market trading activity has weakened, and petroleum coke prices have fallen continuously. Despite the approaching holiday, downstream enterprises have not shown significant stockpiling behavior, still focusing on purchasing as needed. In general, the petroleum coke market currently lacks significant supportive factors on both the supply and demand sides, and prices are expected to remain weak in the short term.

SMM, May 29: Raw Material Side: In the petroleum coke market, refinery shipments showed mediocre performance, and downstream enterprises were cautious in their purchasing sentiment, leading to a continuous decline in refinery petroleum coke prices. Specifically, this week, CNOOC's petroleum coke prices mainly declined, with drops ranging from 100-150 yuan/mt, and the current price range is 3,300-3,400 yuan/mt. Binzhou Petrochemical is still under maintenance and has not provided a quote. PetroChina's refineries in the northeast region had relatively ordinary shipments during the week, with sufficient supply, and petroleum coke prices remained stable, with the current price range at 3,350-3,650 yuan/mt. It was also learned that Dagang Petrochemical reduced its prices by 200 yuan/mt during the week. Sinopec's refineries had ordinary trading in petroleum coke, with prices dropping by 60-220 yuan/mt during the week. For local refineries, downstream enterprises had a strong wait-and-see sentiment during the week, and refinery shipments were poor, leading to a continuous decline in petroleum coke prices. According to SMM data, the average price of petroleum coke at local refineries is approximately 2,267 yuan/mt, with a week-on-week (WoW) decline of about 6%. In the coal tar pitch market, prices continued to rise this week. As of Thursday, the average price of coal tar pitch was 4,077 yuan/mt, up 4.58% WoW. Overall, the cost side of prebaked anodes continued to loosen. From the supply perspective, prebaked anode enterprises continued the strategy of "produce based on sales." This week, the industry's operating rate remained stable, with no significant fluctuations in production schedules. Market supply maintained a dynamic balance, with no significant increases or decreases. On the demand side, with the southward shift of aluminum capacity in Shandong and regional adjustments in aluminum capacity, overall capacity operated smoothly. Brief Commentary: The raw material market for prebaked anodes showed differentiation during the week. Petroleum coke prices continued to weaken, while coal tar pitch prices extended their gains. According to SMM data, as of May 29, the cost of prebaked anodes in China was approximately 4,742 yuan/mt, down 3.23% WoW, with the support from the raw material side continuing to loosen. Some refineries resumed production after maintenance ended during the week, increasing the supply of medium- and high-sulphur petroleum coke. Coupled with the wait-and-see attitude of downstream enterprises in the petroleum coke market at month-end, market trading activity declined, and petroleum coke prices continued to fall. Although the holiday was approaching, downstream enterprises did not show significant stockpiling activities, maintaining purchasing as needed. Overall, there was no obvious positive support on both the supply and demand sides of the petroleum coke market, and it is expected that petroleum coke prices will continue to weaken in the short term. Affected by the continued weakness in the raw material market, prebaked anode prices are expected to decline in June, with a drop of 150 yuan/mt. In the future, it is necessary to continue to monitor the supply and demand changes and price trends in the prebaked anode and its raw material markets. 》Click to view SMM's aluminum industry chain database

From April 28, 2025, to May 4, 2025, SMM recorded a total of 23 domestic enterprise-won PV module projects that week. The winning bid prices for PV modules were concentrated in the range of 0.66-0.85 yuan/W, with a weekly weighted average price of 0.75 yuan/W, representing an increase of 0.06 yuan/W compared to the previous week. The total procurement capacity for the winning bids was 43.33 MW, a decrease of 927.59 MW compared to the previous week.