An aluminum enterprise in Shandong has adjusted the benchmark tender price for prebaked anodes in May 2025, with a decrease of 266 yuan/mt MoM. Meanwhile, a major domestic prebaked anode sales company has also lowered its sales prices, with a MoM decline of 466 yuan/mt. The performance of the raw material side has become a key factor in market fluctuations. Prices of petroleum coke and coal tar pitch have both declined. According to SMM data, as of May 9, the comprehensive cost of prebaked anodes in China had dropped to 4,985 yuan/mt, a significant decrease of 7.08% from April 7. The easing of cost-side pressure has supported the industry's profitability: Based on a one-month production cycle, despite prebaked anode enterprises still operating at a loss, the theoretical loss amount has narrowed by approximately 103 yuan/mt MoM, indicating clear signs of market recovery. Currently, the petroleum coke market is experiencing a tug-of-war between sellers and buyers. On the one hand, an increase in the number of refineries undergoing maintenance has provided bottom support for prices. On the other hand, the persistent sluggishness in downstream procurement enthusiasm and strong wait-and-see sentiment have led to significant downward pressure on petroleum coke prices. SMM expects petroleum coke prices to continue their downward trend in May, thereby exerting a sustained impact on the cost side of prebaked anodes. Considering the aforementioned factors, SMM expects prebaked anode prices to remain in the doldrums next month.
[SMM Analysis: MP Achieves Record High Rare Earth Production in Q1, Faces Challenges in Strategic Transformation] In Q1 2025, MP Materials achieved a significant breakthrough in rare earth production. The company's Pr-Nd oxide production in Q1 reached 563 mt, a record high, up 36% QoQ from the previous quarter. This achievement was mainly attributed to process optimization and improved mine operational efficiency, particularly MP's sustained high production.
National Bureau of Statistics (NBS): CPI in April decreased by 0.1% YoY and increased by 0.1% MoM