Coke for Electrode

Coke for Electrode Market Outlook

The global electrode coke market is projected to reach approximately USD 15 billion by 2035, with a compound annual growth rate (CAGR) of around 5% from 2025 to 2035. This growth is driven primarily by the increasing demand for graphite electrodes in steel production, as well as the rise in electric arc furnace (EAF) steelmaking processes globally. With the shifting focus towards sustainable production and the urgency to reduce carbon emissions, industries are favoring electric arc processes, naturally increasing the demand for electrode coke as a vital raw material. Moreover, advancements in technology and innovation in refining processes are expected to enhance the quality of the electrode coke produced, making it more desirable for industrial applications. The growing automotive and aerospace sectors, which require high-performance materials, further boosts the electrode coke market. Additionally, the rise in the construction and manufacturing sectors in emerging economies is anticipated to play a significant role in propelling market growth.

Growth Factor of the Market

The electrode coke market is witnessing robust growth due to various factors that highlight its importance across numerous industries. A significant factor is the increasing production capacities in the steel and aluminum sectors, where electrode coke is a critical feedstock. As many countries strive to enhance their infrastructure and industrial capabilities, there has been a marked rise in steel and aluminum consumption. Additionally, the shift towards more environmentally friendly production methods such as electric arc furnaces has contributed to the increasing demand for high-quality needle coke, a key type of electrode coke. Furthermore, the expansion of the electric vehicle (EV) industry is influencing the demand for graphite electrodes, thereby positively affecting the electrode coke market. This rise in demand for high-performance carbon products is primarily due to the need for lightweight and efficient materials that enhance energy efficiency. As technological advancements in refining processes improve the quality and yield of electrode coke, it aligns with the increasing need for high-quality materials in carbon and steel production. Moreover, the growing demand for renewable energy sources also contributes to the demand for electrode coke in energy storage applications, further diversifying its market potential.

Key Highlights of the Market

• The electrode coke market is anticipated to grow at a CAGR of 5% from 2025 to 2035.
• Needle coke is expected to dominate the product type segment due to its high performance in electric arc furnaces.
• The steel industry remains the largest application segment, driven by increasing demand for steel production.
• Asia Pacific is projected to hold the largest share of the electrode coke market, due to expanding industrial activities in countries like China and India.
• Technological advancements in refining processes are expected to enhance the quality and yield of electrode coke contributing to market growth.

By Product Type

Needle Coke:

Needle coke is the most sought-after type of electrode coke, primarily used for manufacturing graphite electrodes. The growing production of steel through electric arc furnaces has propelled the demand for needle coke significantly, due to its unique properties such as low thermal expansion and high conductivity. The needle coke market is characterized by high-quality specifications required to ensure optimal performance in EAF applications. The production of needle coke has been influenced by advancements in technology that allow for more efficient refining processes, leading to improved product consistency and performance. Additionally, the rising demand for high-performance materials, particularly in the automotive and aerospace sectors, has solidified needle coke's market position as a critical feedstock for various applications.

Sponge Coke:

Sponge coke is another vital type of electrode coke, which offers a lower density compared to needle coke. It is generated during the delayed coking process and has applications in various sectors, including the production of aluminum and carbon products. The demand for sponge coke has been stable, driven by its cost-effectiveness and versatility in different applications. With the increasing focus on sustainability and recycling, sponge coke is also being utilized in alternative energy solutions, adding to its market appeal. The flexibility of sponge coke in blending with other types of petroleum and carbon products makes it an attractive option for manufacturers looking to optimize their production processes.

Shot Coke:

Shot coke is characterized by its irregular spherical shape and is produced during the coking process. Although it has lower quality compared to needle and sponge coke, it finds utility in certain applications such as the production of carbon bricks and electrodes. The market for shot coke is not as extensive as that of needle or sponge coke, primarily due to its limited application scope. However, it continues to hold significance in sectors where lower-grade carbon materials are acceptable. The demand dynamics for shot coke are closely tied to the overall performance of the petroleum and coal coke markets, as well as the associated industries that utilize carbon-based materials.

Honeycomb Coke:

Honeycomb coke is a specialized form of coke that is predominantly used for its structural properties in various applications, particularly in the production of carbon anodes for aluminum smelting. The unique honeycomb structure of this coke type offers improved surface area and porosity, enhancing its performance in high-temperature applications. The demand for honeycomb coke is expected to grow in line with the expansion of the aluminum industry, as manufacturers seek out materials that can withstand the rigors of high-temperature environments. The increasing focus on aluminum production, driven by the lightweight requirements of the automotive and aerospace sectors, further solidifies honeycomb coke's relevance in the electrode market.

Purified Coke:

Purified coke is characterized by its high purity levels, making it suitable for applications requiring minimal impurities, such as in the production of advanced carbon materials. The growing demand for high-quality carbon products, particularly in specialized applications, has fueled the market for purified coke. Producers are increasingly investing in refining technologies that can enhance the purity levels of coke, thereby meeting the stringent requirements of various industries. The trend towards sustainability and the reduction of emissions has driven manufacturers to seek out purified coke options, contributing to its market growth. The versatility of purified coke allows it to be used in a multitude of applications, further enhancing its market appeal among manufacturers.

By Application

Steel Industry:

The steel industry is by far the largest application segment for electrode coke, primarily due to its critical role in the manufacturing of graphite electrodes utilized in electric arc furnaces. The demand for steel continues to rise as infrastructure projects and construction activities gain momentum globally. The shift towards more sustainable steel production methods, such as electric arc furnaces, has reinforced the dependence on electrode coke, particularly needle coke, which is essential for producing high-quality graphite electrodes. As countries invest heavily in renewable energy and electric vehicles, the steel industry's reliance on efficient and sustainable production methods will ensure a steady demand for electrode coke in the coming years.

Aluminum Industry:

The aluminum industry also represents a significant application segment for electrode coke, particularly in the production of carbon anodes used in electrolytic cells. As global aluminum production continues to rise, driven by its lightweight and corrosion-resistant properties, the demand for electrode coke is expected to grow correspondingly. The ongoing advancements in aluminum smelting technologies are further enhancing the efficiency of production processes, leading to an increased need for high-quality electrode coke. Moreover, the trend towards more energy-efficient and environmentally friendly aluminum production methods is likely to propel the demand for specialized coke products in this sector.

Graphite Electrodes:

Graphite electrodes are essential components in various industrial processes, particularly in electric arc furnaces used for steel production. The increasing demand for steel and the rising usage of electric arc furnace technology are driving the need for high-quality graphite electrodes, which in turn boosts the electrode coke market. The importance of graphite electrodes is underscored by their role in enabling efficient and cost-effective steel production, making them crucial for manufacturers aiming to optimize operations. As the steel industry evolves and adapts to new challenges, the demand for high-performance graphite electrodes sourced from electrode coke will remain strong.

Carbon Products:

The production of various carbon products, such as carbon black and activated carbon, also contributes to the electrode coke market. The demand for these products is driven by their widespread applications across multiple industries, including automotive, electronics, and environmental sectors. With the increasing focus on sustainability, manufacturers are seeking out materials that can support reduced environmental impact, making electrode coke an attractive option for producing carbon-based products. As industries strive for higher performance and efficiency, the versatility of electrode coke in producing a range of carbon products will further cement its importance in the market.

Others:

The "Others" category encompasses a range of applications where electrode coke materials are utilized beyond the primary sectors mentioned above. This includes uses in the manufacturing of specialty chemicals, coatings, and lubricants. The diverse applications of electrode coke in various industrial processes contribute to its overall market demand, as manufacturers increasingly adopt alternative materials to optimize their production capabilities. The continuous exploration of new applications for electrode coke, alongside the innovation in refining processes, is expected to create further opportunities for growth in this segment.

By Distribution Channel

Direct Sales:

Direct sales constitute a crucial distribution channel for electrode coke, allowing manufacturers to sell their products directly to end-users, which often include steel and aluminum producers. This channel provides advantages such as better pricing control, improved customer relationships, and the ability to understand customer needs and preferences more deeply. By eliminating intermediaries, direct sales can also lead to reduced costs for both producers and buyers, enhancing the overall competitiveness of electrode coke in the market. As industries increasingly seek reliable suppliers that can meet their specific quality standards, direct sales are expected to continue playing a significant role in the electrode coke market.

Indirect Sales:

Indirect sales encompass various distribution methods such as wholesalers, distributors, and agents that facilitate the sale of electrode coke to end-users. This channel is particularly beneficial in reaching a broader customer base, especially in regions where direct sales may not be cost-effective or feasible. The indirect sales approach allows manufacturers to leverage established networks and relationships within the industry, providing access to diverse markets and customer segments. As the global demand for electrode coke continues to rise, the indirect sales channel is likely to grow in prominence, ensuring manufacturers can effectively distribute their products to meet market needs.

By Ingredient Type

Petroleum Coke:

Petroleum coke, a key ingredient in the production of electrode coke, is derived from the oil refining process. Its quality can significantly influence the performance of the final product, making it a critical component in electrode manufacturing. The demand for petroleum coke is driven by its wide-ranging applications in the steel and aluminum industries, as well as in the production of carbon products. As industries seek to enhance their production capabilities and achieve more sustainable operations, the reliance on high-quality petroleum coke will continue to grow, solidifying its importance in the electrode coke market.

Coal Coke:

Coal coke is another important ingredient type for electrode coke, produced by heating coal in the absence of air. It is utilized primarily in metallurgical processes, and its unique properties make it suitable for certain applications. The market for coal coke is influenced by the availability of raw materials and the increasing focus on environmental sustainability. As industries strive to reduce their carbon footprint, there is a growing emphasis on using cleaner and more efficient production methods, impacting the demand for coal coke in the electrode market. The dynamics of coal coke production and usage continue to evolve in response to industry trends.

Pitch Coke:

Pitch coke is produced from the carbonization of coal tar pitch and is known for its high carbon content. This ingredient type is crucial in the manufacturing of high-performance electrode products, particularly in the production of graphite electrodes. The demand for pitch coke is closely linked to the growth of the aluminum and steel industries, as manufacturers seek out materials that can deliver optimal performance in high-temperature applications. As the need for advanced materials continues to rise, pitch coke is expected to play a vital role in meeting the demands of various industrial applications.

Needle Coke:

As previously discussed, needle coke is a specialized and high-quality type of electrode coke that is essential for producing graphite electrodes used in electric arc furnaces. The demand for needle coke is primarily driven by the steel industry's shift towards electric arc furnace technology, which requires high-performance materials to ensure optimal efficiency and output. The increasing focus on sustainable steel production methods has further underscored the importance of needle coke, as industries aim to minimize their environmental impact while maximizing production capabilities. The continued innovation in refining processes is expected to enhance the supply and quality of needle coke, contributing to its market growth.

Others:

The "Others" category includes various alternative ingredient types used in the production of electrode coke. This segment may encompass different blends and formulations employed by manufacturers to optimize their production processes or meet specific customer requirements. The diversity of ingredient types in electrode coke production reflects the evolving needs of industries seeking tailored solutions for their carbon material demands. As manufacturers explore innovative combinations and formulations, the "Others" category is likely to expand, contributing to the overall growth of the electrode coke market.

By Region

The electrode coke market is poised for significant growth across various regions, with Asia Pacific projected to dominate the global market, accounting for approximately 45% of the total share by 2035. China, in particular, stands out as a major player in this region due to its extensive steel production facilities and strong demand for aluminum. China's commitment to increasing its electric arc furnace capacity is expected to further boost the consumption of electrode coke, especially needle coke, as industries prioritize efficiency and sustainability in production processes. The CAGR for the Asia Pacific region is expected to be around 6% during the forecast period, driven by industrial growth and infrastructural developments.

North America and Europe are also significant markets for electrode coke, collectively accounting for nearly 35% of the global market share. The United States is a key contributor in North America, with its well-established steel and aluminum industries, while Europe is witnessing a steady increase in demand for high-quality electrode coke, driven by advancements in production technologies. The focus on reducing carbon emissions and transitioning towards renewable energy in these regions is further expected to invigorate the electrode coke market. While Africa and Latin America are relatively smaller markets, they show potential for growth due to rising industrialization and development initiatives aimed at boosting local production capacities.

Opportunities

As the global economy transitions towards more sustainable practices, the electrode coke market is poised to capitalize on several opportunities. One significant opportunity lies in the increasing demand for electric vehicles and renewable energy solutions, which require advanced materials that can efficiently store and transfer energy. This shift towards electric mobility and clean energy sources is likely to drive the demand for high-performance materials such as graphite electrodes, which rely on electrode coke. Manufacturers have the opportunity to innovate and develop new products that cater to these emerging markets, positioning themselves as leaders in providing sustainable solutions. Additionally, the ongoing advancements in refining processes present opportunities for producers to improve the quality and efficiency of electrode coke production, meeting the growing demands of industries while optimizing their operations.

Another avenue for growth in the electrode coke market is the expansion into emerging economies, where industrialization and infrastructure development are gaining momentum. Countries in Asia, Africa, and Latin America are investing heavily in enhancing their steel and aluminum production capabilities, creating a burgeoning market for electrode coke. Manufacturers can seize this opportunity by establishing strategic partnerships and distribution networks in these regions, ensuring a steady supply of electrode coke to meet the increasing demand. Furthermore, the rising focus on recycling and sustainability within the industry offers additional growth prospects, as manufacturers explore ways to incorporate recycled materials and reduce their environmental impact, thus appealing to eco-conscious consumers.

Threats

While the electrode coke market presents various growth opportunities, it is not without its challenges. One of the significant threats facing the market is the fluctuating prices of raw materials, particularly petroleum and coal. As global supply chains experience disruptions and geopolitical tensions arise, the cost of sourcing raw materials can become unpredictable. This volatility can impact the overall production costs for electrode coke manufacturers and lead to pricing instability in the market. Additionally, as industries shift towards more sustainable practices, there is a growing emphasis on finding alternative materials to traditional electrode coke, which could pose a threat to market share for conventional producers. The competitive landscape is also intensifying, with new entrants exploring advanced technologies and innovative products that may disrupt traditional market dynamics.

Furthermore, environmental regulations and compliance requirements are becoming increasingly stringent, requiring manufacturers to adapt their processes to meet evolving standards. Non-compliance can lead to significant penalties and reputational damage, posing a threat to established companies in the electrode coke market. As industries face mounting pressure to reduce emissions and enhance sustainability, the ability to navigate these regulatory landscapes will be critical for manufacturers to maintain their competitive edge. Thus, while the growth potential of the electrode coke market is promising, stakeholders must remain vigilant to address these threats effectively.

Competitor Outlook

• GrafTech International Ltd.
• Orrion Chemicals
• Carbide Industries LLC
• Shell Chemicals
• Phillips 66
• Koch Industries, Inc.
• BP p.l.c.
• Asbury Graphite Mills, Inc.
• Seadrift Coke L.P.
• Coca-Cola Consolidated, Inc.
• Fangda Carbon New Material Co., Ltd.
• Shandong Binhua Rubber & Plastics Machinery Co., Ltd.
• China National Petroleum Corporation (CNPC)
• China Shenhua Energy Company Limited
• Jiangxi Carbon Graphite Co., Ltd.

The competitive landscape of the electrode coke market is characterized by several key players that dominate the industry. Companies such as GrafTech International Ltd. and Orrion Chemicals have established themselves as leaders in producing high-quality electrode coke, continuously investing in technological advancements that enhance their production capabilities. GrafTech, for instance, is renowned for its innovative approaches in developing needle coke, positioning itself as a critical supplier for the steelmaking industry. Meanwhile, Orrion Chemicals focuses on the production of specialty cokes, catering to niche markets that require specific quality standards. These companies leverage their extensive experience and expertise to maintain a competitive advantage, ensuring their products meet the rigorous demands of various applications.

Other notable players, such as Shell Chemicals and Phillips 66, bring a wealth of expertise from the oil and gas sector, allowing them to integrate their operations effectively and produce electrode coke as a byproduct of refining processes. Their extensive supply chains and global reach enable them to cater to diverse markets, ensuring a consistent supply of electrode coke to meet the growing demand. Additionally, companies like Koch Industries, Inc. and BP p.l.c. are actively exploring opportunities for sustainable practices, investing in cleaner production technologies to minimize their environmental footprint while maintaining profitability.

Emerging players such as Fangda Carbon New Material Co., Ltd. and Jiangxi Carbon Graphite Co., Ltd. are also making significant inroads into the market, particularly in Asia. These companies are capitalizing on the burgeoning industrial demand in emerging economies by offering competitively priced products tailored to local market needs. Their agility and adaptability in production methods have allowed them to capture a share of the electrode coke market, challenging established players. The continued expansion of these companies underscores the dynamic nature of the electrode coke market, where innovation and sustainability will be critical in shaping future competition.

• 1 Appendix

  • 1.1 List of Tables
  • 1.2 List of Figures

• 2 Introduction

  • 2.1 Market Definition
  • 2.2 Scope of the Report
  • 2.3 Study Assumptions
  • 2.4 Base Currency & Forecast Periods

• 3 Market Dynamics

  • 3.1 Market Growth Factors
  • 3.2 Economic & Global Events
  • 3.3 Innovation Trends
  • 3.4 Supply Chain Analysis

• 4 Consumer Behavior

  • 4.1 Market Trends
  • 4.2 Pricing Analysis
  • 4.3 Buyer Insights

• 5 Key Player Profiles

  • 5.1 BP p.l.c.
    • 5.1.1 Business Overview
    • 5.1.2 Products & Services
    • 5.1.3 Financials
    • 5.1.4 Recent Developments
    • 5.1.5 SWOT Analysis
  • 5.2 Phillips 66
    • 5.2.1 Business Overview
    • 5.2.2 Products & Services
    • 5.2.3 Financials
    • 5.2.4 Recent Developments
    • 5.2.5 SWOT Analysis
  • 5.3 Shell Chemicals
    • 5.3.1 Business Overview
    • 5.3.2 Products & Services
    • 5.3.3 Financials
    • 5.3.4 Recent Developments
    • 5.3.5 SWOT Analysis
  • 5.4 Orrion Chemicals
    • 5.4.1 Business Overview
    • 5.4.2 Products & Services
    • 5.4.3 Financials
    • 5.4.4 Recent Developments
    • 5.4.5 SWOT Analysis
  • 5.5 Seadrift Coke L.P.
    • 5.5.1 Business Overview
    • 5.5.2 Products & Services
    • 5.5.3 Financials
    • 5.5.4 Recent Developments
    • 5.5.5 SWOT Analysis
  • 5.6 Koch Industries, Inc.
    • 5.6.1 Business Overview
    • 5.6.2 Products & Services
    • 5.6.3 Financials
    • 5.6.4 Recent Developments
    • 5.6.5 SWOT Analysis
  • 5.7 Carbide Industries LLC
    • 5.7.1 Business Overview
    • 5.7.2 Products & Services
    • 5.7.3 Financials
    • 5.7.4 Recent Developments
    • 5.7.5 SWOT Analysis
  • 5.8 Asbury Graphite Mills, Inc.
    • 5.8.1 Business Overview
    • 5.8.2 Products & Services
    • 5.8.3 Financials
    • 5.8.4 Recent Developments
    • 5.8.5 SWOT Analysis
  • 5.9 GrafTech International Ltd.
    • 5.9.1 Business Overview
    • 5.9.2 Products & Services
    • 5.9.3 Financials
    • 5.9.4 Recent Developments
    • 5.9.5 SWOT Analysis
  • 5.10 Coca-Cola Consolidated, Inc.
    • 5.10.1 Business Overview
    • 5.10.2 Products & Services
    • 5.10.3 Financials
    • 5.10.4 Recent Developments
    • 5.10.5 SWOT Analysis
  • 5.11 Jiangxi Carbon Graphite Co., Ltd.
    • 5.11.1 Business Overview
    • 5.11.2 Products & Services
    • 5.11.3 Financials
    • 5.11.4 Recent Developments
    • 5.11.5 SWOT Analysis
  • 5.12 China Shenhua Energy Company Limited
    • 5.12.1 Business Overview
    • 5.12.2 Products & Services
    • 5.12.3 Financials
    • 5.12.4 Recent Developments
    • 5.12.5 SWOT Analysis
  • 5.13 Fangda Carbon New Material Co., Ltd.
    • 5.13.1 Business Overview
    • 5.13.2 Products & Services
    • 5.13.3 Financials
    • 5.13.4 Recent Developments
    • 5.13.5 SWOT Analysis
  • 5.14 China National Petroleum Corporation (CNPC)
    • 5.14.1 Business Overview
    • 5.14.2 Products & Services
    • 5.14.3 Financials
    • 5.14.4 Recent Developments
    • 5.14.5 SWOT Analysis
  • 5.15 Shandong Binhua Rubber & Plastics Machinery Co., Ltd.
    • 5.15.1 Business Overview
    • 5.15.2 Products & Services
    • 5.15.3 Financials
    • 5.15.4 Recent Developments
    • 5.15.5 SWOT Analysis

• 6 Market Segmentation

  • 6.1 Coke for Electrode Market, By Application
    • 6.1.1 Steel Industry
    • 6.1.2 Aluminum Industry
    • 6.1.3 Graphite Electrodes
    • 6.1.4 Carbon Products
    • 6.1.5 Others
  • 6.2 Coke for Electrode Market, By Product Type
    • 6.2.1 Needle Coke
    • 6.2.2 Sponge Coke
    • 6.2.3 Shot Coke
    • 6.2.4 Honeycomb Coke
    • 6.2.5 Purified Coke
  • 6.3 Coke for Electrode Market, By Ingredient Type
    • 6.3.1 Petroleum Coke
    • 6.3.2 Coal Coke
    • 6.3.3 Pitch Coke
    • 6.3.4 Needle Coke
    • 6.3.5 Others
  • 6.4 Coke for Electrode Market, By Distribution Channel
    • 6.4.1 Direct Sales
    • 6.4.2 Indirect Sales

• 7 Competitive Analysis

  • 7.1 Key Player Comparison
  • 7.2 Market Share Analysis
  • 7.3 Investment Trends
  • 7.4 SWOT Analysis

• 8 Research Methodology

  • 8.1 Analysis Design
  • 8.2 Research Phases
  • 8.3 Study Timeline

• 9 Future Market Outlook

  • 9.1 Growth Forecast
  • 9.2 Market Evolution

• 10 Geographical Overview

  • 10.1 Europe - Market Analysis
    • 10.1.1 By Country
      • 10.1.1.1 UK
      • 10.1.1.2 France
      • 10.1.1.3 Germany
      • 10.1.1.4 Spain
      • 10.1.1.5 Italy
  • 10.2 Asia Pacific - Market Analysis
    • 10.2.1 By Country
      • 10.2.1.1 India
      • 10.2.1.2 China
      • 10.2.1.3 Japan
      • 10.2.1.4 South Korea
  • 10.3 Latin America - Market Analysis
    • 10.3.1 By Country
      • 10.3.1.1 Brazil
      • 10.3.1.2 Argentina
      • 10.3.1.3 Mexico
  • 10.4 North America - Market Analysis
    • 10.4.1 By Country
      • 10.4.1.1 USA
      • 10.4.1.2 Canada
  • 10.5 Coke for Electrode Market by Region
  • 10.6 Middle East & Africa - Market Analysis
    • 10.6.1 By Country
      • 10.6.1.1 Middle East
      • 10.6.1.2 Africa

• 11 Global Economic Factors

  • 11.1 Inflation Impact
  • 11.2 Trade Policies

• 12 Technology & Innovation

  • 12.1 Emerging Technologies
  • 12.2 AI & Digital Trends
  • 12.3 Patent Research

• 13 Investment & Market Growth

  • 13.1 Funding Trends
  • 13.2 Future Market Projections

• 14 Market Overview & Key Insights

  • 14.1 Executive Summary
  • 14.2 Key Trends
  • 14.3 Market Challenges
  • 14.4 Regulatory Landscape

Segments Analyzed in the Report

The global Coke for Electrode market is categorized based on

By Product Type

• Needle Coke
• Sponge Coke
• Shot Coke
• Honeycomb Coke
• Purified Coke

By Application

• Steel Industry
• Aluminum Industry
• Graphite Electrodes
• Carbon Products
• Others

By Distribution Channel

• Direct Sales
• Indirect Sales

By Ingredient Type

• Petroleum Coke
• Coal Coke
• Pitch Coke
• Needle Coke
• Others

By Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

Key Players

• GrafTech International Ltd.
• Orrion Chemicals
• Carbide Industries LLC
• Shell Chemicals
• Phillips 66
• Koch Industries, Inc.
• BP p.l.c.
• Asbury Graphite Mills, Inc.
• Seadrift Coke L.P.
• Coca-Cola Consolidated, Inc.
• Fangda Carbon New Material Co., Ltd.
• Shandong Binhua Rubber & Plastics Machinery Co., Ltd.
• China National Petroleum Corporation (CNPC)
• China Shenhua Energy Company Limited
• Jiangxi Carbon Graphite Co., Ltd.