How does cracked naphthalene fraction impact anode coating material economics?

How does cracked naphthalene fraction impact anode coating material economics?
Cracked naphthalene fraction plays a pivotal role in the profitability of anode coating material producers, especially those pursuing vertical integration. Xinde New Materials' integrated model produces roughly 2.43 tons of cracked naphthalene fraction per ton of anode coating material. In 2021, this byproduct contributed 66.05 million yuan in sales, representing 13.43% of total revenue. The financial impact is substantial: integration adds about 6,732 yuan per ton of coating material from cracked naphthalene fraction sales, which offsets the higher self-produced coumarone resin costs versus external purchase. Net profit per ton improves by approximately 1,802 yuan, a 35% uplift. The byproduct's price correlates positively with crude oil, providing a natural hedge against rising ethylene tar costs. Producers can also time sales based on oil price expectations, as seen in 2020 when low prices led to inventory accumulation rather than distress selling.