针状焦主要应用于电炉炼钢用石墨电极、锂电池、核电、航天等领域。2009年之后，随着针状焦各下游行业逐步复苏，全球针状焦需求量迅速回升。同期，全球针状焦行业巨头为操控价格而均未大幅扩张产能，从而使得全球针状焦市场供应持续紧张。2011年，全球针状焦供给缺口达19万吨，同比增长110%。而在全球最主要的针状焦消费国中，中国针状焦市场供应紧张情况最为显著。

　　作为全球最大的钢铁生产国，中国一直保持巨量的针状焦需求，且近年来随着国内石墨电极行业产品结构持续优化，超高功率石墨电极比重不断增加，针状焦需求量增速明显加快。同期，由于中国针状焦生产企业数量少，技术基础薄弱，普遍存在稳定生产及产品质量控制方面的技术障碍，中国针状焦产能增长缓慢，针状焦产品供应缺口不断拉大。 2009-2011年，中国针状焦需求量从16.1万吨增长到38.0万吨，年复合增长率达53.6%。同期，中国针状焦年产能仅从13.0万吨增长到13.2万吨。由于绝大部分新涉足针状焦业务企业存在诸多技术障碍，且行业内企业产能增长有限，预计未来2年中国针状焦市场供应紧张局面将会延续。


　　由于中国是富煤少油的国家，煤系针状焦原料供应充足，且相关技术较为成熟，故国内现有针状焦产能以及拟在建针状焦项目绝大部分属于煤系针状焦，油系针状焦项目占比偏小。同时，从需求方面看，大规格超高功率石墨电极产品目前已成为石墨电极行业发展重点，而油系针状焦因自身成分特征更适合制备该产品，因此，中国针状焦市场又呈现出结构性供需失衡的特点。未来，随着供给缺口加大，油系针状焦将成为中国针状焦行业新的投资热点。

　　本报告除介绍全球及中国针状焦行业发展情况外还重点介绍了ConocoPhillips、Seadrift，JX、C-Chem、MC、Petrocokes及 Indian Oil等7家国外企业以及宏特化工、锦州石化和中钢热能等12家中国企业的针状焦业务。

　　ConocoPhillips是全球最大的油系针状焦生产商，针状焦产能为37万吨/年，近年来公司产能基本保持稳定。公司是全球油系针状焦价格的主导者之一，2009年至今，公司主导了全球范围内针状焦产品的两次涨价。

　　Seadrift 是全球第二大油系针状焦生产企业，针状焦产能达15万吨/年，公司是2012年全球针状焦涨价的推动者。2010年，公司被美国最大的石墨电极生产企业GTI收购，成为其子公司。根据母公司GTI的规划，公司远期产能将达24-25万吨/年。

　　C-Chem是新日铁集团旗下一家专业生产碳素制品的公司，是全球最大的煤系针状焦生产商。近年来，公司通过产能扩建有力地提升了针状焦产能，2012年公司针状焦产能达17万吨/年。

　　宏特化工是中国首家实现工业化生产煤系针状焦的企业，为满足国内需求公司于2008年开始兴建10万吨煤系针状焦项目，该项目于2011年4月投入试运行。2012年，公司针状焦产能达15万吨/年。

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Needle coke is primarily applied in graphite electrode for electric furnace steelmaking, lithium batteries, nuclear power, aerospace, etc.. Since 2009, the global demand for needle coke has quickly rebounded in the wake of recovery of its downstream sectors. In the same period, the global needle coke giants haven’t substantially expanded capacity in order to manipulate prices, which has caused sustained tension supply in the world’s needle coke market. In 2011, the supply gap amounted to 190 kilotons, a YoY rise of 110%, and among the world’s most important consumers of needle coke, China showed the tightest supply situation.

As the world’s largest steel producer, China has always maintained a huge amount of demand for needle coke, and in recent years, along with the continuously optimized product mix of Chinese graphite electrode industry as well as the ever rising proportion of ultra-high power graphite electrode, the demand growth of needle coke has significantly accelerated. During the same period, due to the small number of needle coke manufacturers, weak technological strength and the prevalence of technical obstacles in terms of production stabilization and product quality control, China’s needle coke capacity has seen slow growth, accompanied by a widening supply gap of needle coke products. In 2009-2011, China’s demand for needle coke rose from 161 kilotons to 380 kilotons, with a CAGR of 53.6%, while the annual capacity only grew to 132 kilotons from 130 kilotons. Since there are many technical hurdles for the vast majority of enterprises newly involved in the needle coke business, combined with the limited capacity growth, it is expected that the Chinese needle coke market in the next two years will continue the tight supply situation.


China abounds in coal but lacks oil, with adequate supply of raw materials for coal-based needle coke and more mature related technology, therefore, the overwhelming majority of the existing domestic needle coke capacity and the planned or under-construction needle coke projects pertain to the coal-based needle coke, and oil-based needle coke project occupies a small proportion. In terms of the demand, large size, ultra high power graphite electrode products have already become a development priority for the graphite electrode industry, and the oil-based needle coke is more suitable for the preparation of this product by virtue of compositional characteristics. Therefore, the needle coke market in China has once again presented a structural imbalance between supply and demand. In the future, as the supply gap widens, oil-based needle coke will prove to be a new investment hotspot for the needle coke industry in China.

In addition to the development of global and China needle coke industry, this report also highlights needle coke business of seven foreign companies, i.e. ConocoPhillips, Seadrift, JX, C-Chem, MC, Petrocokes and Indian Oil, as well as twelve Chinese peers such as Shanxi Hongte Coal Chemical Industry Co., Ltd., Jinzhou Petrochemical Company and Sinosteel Anshan Research Institute of Thermo-energy Co.,Ltd.

ConocoPhillips is the world’s largest manufacturer of oil-based needle coke, with stable capacity of needle coke recently, about 370 kilotons per year. Being one of the deciders of global oil-based needle coke prices, it has managed two price hikes of needle coke products worldwide since 2009.

As the world’s second largest producer of oil-based needle coke and a promoter of the year 2012 global needle coke price inflation, Seadrift has needle coke capacity of 150 kilotons annually. In 2010, it was acquired by the largest USA-based graphite electrode producer GTI; according to the parent company’s plan, Seadrift will achieve an annual capacity of 240-250 kilotons in the long run.

C-Chem, a professional carbon product manufacturer affiliated to the Nippon Steel Corporation, is the world’s largest coal-based needle coke producer. In recent years, its needle coke capacity has been effectively enhanced via expansion to 170 kilotons in 2012.

As China’s first coal-based needle coke manufacturer that realizes industrialization, Shanxi Hongte Coal Chemical Industry embarked on the construction of the 100-kiloton coal-based needle coke project from 2008 so as to meet domestic demand. In April 2011, this project was put into trial operation; in 2012, the needle coke capacity reached 150 kilotons/a.