Spectroscopic graphite electrode needle-shaped Coke conference call minutes

A teleconference was held today. The meeting revealed that the price of ultra-high-power graphite electrodes will continue to rise, at least until mid-March next year, only rising or not falling. It may even rise to the middle of next year. The anode material plant has been supporting for 2 months. One is to wait and see the price of raw materials. After half a year, it is still rising.

First, needle Coke:

1. Graphite electrode

40 % are used in negative electrode materials and 60 % is used in graphite electrodes (55 % of construction steel).

Graphite electrodes rose by 60,000 yuan in July. The price of ultra-high graphite electrodes has risen 10 times in half a year. After the demand for national strip steel was banned, the price of scrap steel plummeted and the cost of electric furnace steel fell. Now the cost of electric furnace steel is 100 yuan lower than that of converter steel(up to 700 yuan). Electric furnace steel production this year 100 million tons, an increase of 160,000 tons of graphite electrodes. There is a 30 % increase in domestic demand for graphite electrodes this year.

Graphite electrodes were previously lost throughout the industry and the production cycle was 5 months. Before the price increase, the cost of steel was 2 %, and now it is more than 10 %. Steel's profit now has a profit of 700 yuan for 1 ton of steel. Graphite electrode 200-300 yuan, steel companies still have profits.

Graphite electrode, high power consumption needle Coke 1 to 1.05; Ultra-high power 0.3 needle Coke; Ordinary consumption is only petroleum Coke.

Steel-making is based on high power, and needle-like Coke demand has increased by about 50 %.

The price of ultra-high power graphite electrodes will continue to rise, at least until the middle of March next year, only to rise. It may even rise to the middle of next year.

There will be a 30 % drop in the second half of next year, a 20 % drop in 19 years, and an average price of 50,000 yuan.

2. Needle-shaped Coke

At a price of 6,000 yuan in June, the oil system has a maximum of 25,000 to 28,000 yuan/ton. Some factories take goods from overseas and even 30,000 yuan and 1 ton.

International suppliers: 8 enterprises. Conoco (United States, United Kingdom 2); Japan; Pohang, South Korea. A total of more than 1 million tons.

Domestically: Shanxi Hongte, 30,000 tons, the fund breaks off production, do graphite electrode; Anshan has a production capacity of 40,000 tons, a production capacity of more than 10,000 tons, and a production volume of 30,000 tons this year; Guangdong Chemical Industry 30,000 tons of production capacity, 15,000 tons of production this year; Jinzhou Oil 6 plant, 30,000 tons of production; Shanxi 100,000 tons of production capacity, no sales. Shandong 50,000 tons of production capacity. Fangda Carbon's Xikomo, 51 % equity, reopened in June, with an estimated 10,000 tons for the year and 4-5 million tons for the next year. The actual domestic production capacity is 470,000 tons, most of which are idle production capacity. This year's domestic output is estimated at 80,000 tons. 30,000 tons is an oil system and 50,000 tons is a coal system.

The quality of domestic production is not good, it is not easy to use. To do graphite electrode joints, joints need to be imported, preferably oil, Japan is the best. Domestic needle Coke, low density, low thermal expansion coefficient, not as good as foreigners. Made in China and of unstable quality.

The technical barrier to needle Coke is very high.

Negative materials

1. Negative materials 2-2 .5 tons of coal needle Coke (5 times the price, 15-21 million tons) + Graphitization (18,000), 1 ton of negative material out is now close to 60,000 yuan. The price is about 70,000 yuan. Used to have a 30 % gross margin.

2. Negative material battery manufacturers have been accustomed to reducing prices, and price increases are generally not accepted; The cost of the negative material manufacturer is generally transmitted upstream (such as needle Coke and oil Coke mixed burning). The goal is to deliver 10 % of the price increase to the downstream battery plant and carry 10 % on its own.

3. Negative material needs 140,000 tons.

4. There is no delivery of needle Coke cash in stock now. Small and medium enterprises have a greater impact. Large enterprises, fir, and some inventory, inventory is not much. In the past year, the factory materials are rising prices, the negative stock is 1-2 months. So negative materials now have to raise prices by more than 10 %.

5. Graphite, silica (Panasonic to model 3), lithium titanate (silver), solid state

Graphite is now the mainstream, and Silicon and lithium titanate will begin to appear after 2020.

III. Questions and answers:

1. Silicon carbon negative domestic do well

There are 3-4 domestic, one is Shenzhen Beit Rui, Shanghai fir, and a Jiangxi company. The problem is that the amount has not yet been released. It is still a small-scale pilot R&D. Improve according to battery factory feedback. Equipment investment of 200 million, excluding infrastructure and land use.

2. The increased cost of graphite negative electrode enterprises

The negative material factory held up for 2 months, one is to wait and see the price of raw materials, half a year down, still soaring. One is that there was inventory before, but now the inventory is tight and the cost pressure is high. One is the negative material manufacturers and downstream to sign orders, old orders to complete, new orders and the battery factory to talk about the price. However, the battery factory has a reduction pressure from the vehicle factory. Not all to the battery manufacturer.

3. The negative electrode costs 5 % -7 % in the lithium battery.

4. Is there a difference between the needle Coke of the battery and the needle Coke of steel?

Negative materials can be used without needle-like Coke and petroleum Coke. However, without needle-shaped Coke graphite, the battery energy density cannot be raised, and the battery quality will have problems. Most negative material manufacturers now use needle Coke.

Steel mills need needle Coke and petroleum Coke. Superpower is best 100 % with needle Coke, carbon intensity, conductivity, thermal conductivity, and better steel quality.

The amount of steel mills is large and the number of negative manufacturers is small. Graphite electrodes are mainly for steel mills.

5. Listed companies corresponding to needle Coke

The only industrial production that can be achieved before the end of the year is Xicomo(Fangda Carbon(600516)); Baotailong(601011)(No research, industry experts do not think industrial production)

6. How to replace natural graphite negative electrode and artificial graphite negative electrode?

Natural graphite can also be used on batteries, and natural graphite is used in South Korea and Japan. The domestic BYD (002594) is made of natural graphite. Natural graphite on the power battery, the advantages of a long cycle cannot be reflected, the high-temperature performance is worse than artificial graphite.

Artificial graphite is increasing in price, and the control cost can be mixed with a little natural graphite (a small increase in price), but natural graphite will increase by 30-40 million in the graphitization process. Natural graphite is no problem in 3C products. Apple phones are all made of artificial graphite.

Natural graphite can be mixed with artificial graphite and can reduce certain costs. It can be used in the digital field.

7.2-2 .5 tons of needle Coke out of 1 ton of negative material

8. Negative materials are composed of needle-like Coke, with a needle-like Coke ratio of 50-60 % and Graphitization of 40-50 %

9. The negative material factory accounts for the battery factory for a general period of 3-6 months.

10. Half of the needle Coke is imported half of the domestic production; Foreign prices are also now 28,000-3, 000 yuan/ton.

11. Domestic needle Coke price of 25,000. Foreign 28,000 yuan-30,000 yuan to grab goods.

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