Needle coke industry is a primary raw material that finds its significant application in the production of steel, aluminum, stainless steel, silicon metals, and some other ferrous as well as non-ferrous metals. Needle coke also finds its key applications in the manufacturing of lithium-ion batteries that are in high demand in the automotive industry. Petroleum needle coke is mainly preferred by steel and battery manufacturers. This is because the battery and steel manufacturers working on the EAF technique only work on high-quality needle coke, ultra-high purity (UHP) for the production of lithium-ion battery anodes, and graphite electrodes. The growth of the needle coke market can be attributed to a steady surge in demand for lithium-ion battery anodes to be used in lithium-ion batteries coupled with high demand for graphite electrodes across the steel industry. The steel industry witnessed a growth rate of approximately 4% in 2018 in terms of production as compared to the previous year. Along with this, the share of electric arc furnace (EAF) route of steel production is increasing as compared to that of BOF, and this is further expected to provide impetus to the demand for graphite electrodes, thus influencing the growth of global needle coke market. The needle coke market is a very concentrated market consisting of approximately ten giant players. GrafTech International Ltd. and Phillips 66 Company are the leading manufacturers active in the needle coke market.

月份原煤产量3.34 亿吨，同比下降1.2%，日均原煤产量1114 万吨，环比增加86 万吨/天。国家统计局公布， 2020 年6 月份全国规模以上原煤产量3.34 亿吨，同比下降1.2%，降速比上月扩大1.1 个百分点，6 月份日均原煤产量1114 万吨，环比5 月上涨86 万吨/天。1-6 月累计产量18.1亿吨，同比增加0.6%。

煤炭板块近期快速上涨，主要原因是板块估值低处于长周期底部，在市场情绪 回暖和风格变化下，容易催化弹性反弹行情。上周大涨过后，板块的 P/B 和相 对 P/E 估值依然处于历史低位，从周期趋势、行业 ROE 水平以及分红角度看， 板块的估值吸引力依旧，推荐盈利逻辑向好、高分红低估值的价值型龙头公司。

在新冠疫情冲击下（压力测试），煤价底部已探明（469元/吨），且5月至今已累计反弹114 元/吨（+24.3%）。近期国家能源集团更是由于煤源紧张暂停现货销售，“迎峰度夏”期间煤价上涨动力强劲。

国际煤价筑底，煤价触底盘整：2016年以来，受国内供给侧改革政策影响，国际油价与国内煤价相关性大幅下降，仅为25%。国际煤价已跌至成本线附近，国际主要矿商扩产意愿较低，并无大规模资本开支计划。