What drives the price divergence between needle coke and other petroleum coke grades in graphite anode production?

What drives the price divergence between needle coke and other petroleum coke grades in graphite anode production?
The 2026 Hormuz crisis exposed structural pricing differences within graphite feedstocks. Pre-calcined needle coke prices jumped 23% in RMB terms while non-needle petroleum coke rose only 1.2%. This divergence stems from supply chain rigidity: needle coke requires oil slurry feedstock and serves high-end anodes and electrodes with direct cost pass-through. Non-needle coke has more diversified sourcing and buffers. China's dependence on Middle Eastern crude for oil slurry means crude price spikes hit needle coke first. Domestic oil slurry prices rose 18% year-to-date and stayed elevated even during the April-July ceasefire, indicating structural tightness in carbon feedstock supply that will persist into 2027.