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Consumption of graphite electrodes greatly increased in the Middle East
Steel companies in the Middle East and North Africa continue to benefit from rising steel prices in the global market, resulting great consumption of graphite electrodes. Although the price of electrodes in China has begun to fall, the high delivery costs have not significantly reduced the prices of Middle Eastern consumers.
The profitability of Turkish steel plants is still quite high and supports high levels of steelmaking capacity utilization. Turkey’s steel production in June was 3.35 million tons, showing an increase of 3% over the previous month.
It is worth noting that, considering the steady growth of steel production in North Africa and the Middle East, consumers have encountered difficulties in purchasing electrode products. In particular, the delivery time of graphite electrodes in China is more than two months. At the same time, although Turkish consumers have certain reserves, due to the uncertain prospects, steel manufacturers in North Africa have been cautious and did not hold large amounts of inventory. In addition, the delivery cost of graphite electrodes from China to North Africa has reached US$400/ton.
