Japan’s cabinet approved a 95.2% anti-dumping duty on Chinese graphite electrode exports for four months, effective March 29. The decision follows a government probe, which, in an interim report last month, found China selling graphite electrodes—crucial for electric arc furnace steelmaking—at unfairly low prices, harming Japanese firms. The announcement triggered a surge in stock prices.
Japan’s graphite electrode market totals 60,000 tonnes, with China supplying 25% of the demand. Prices are set to rise from April 1, 2025, prompting Chinese producers to increase rates for high-power (HP) Grade graphite electrodes. Consequently, domestic HP-grade graphite electrode prices could surge by 7%, reflecting the growing cost pressures in the market.
Here are the stocks jumped up to 18% after Japan’s cabinet decision to impose a 95.2% anti-dumping duty on graphite electrode exports:
1. Graphite India Ltd
Graphite India Limited is engaged in the business of manufacturing graphite electrodes, graphite equipment, steel, glass-reinforced plastic (GRP) pipes, and tanks. The Company is also engaged in the generation of hydel power. The Company operates through two segments: Graphite and Carbon, and Others. With a market capitalization of Rs 9,846.93 crore, the shares were trading at Rs 504.00 per share, increased around 14 percent as compared to the previous closing price.
Graphite India, India’s largest graphite electrode producer and a global leader, has a 98,000 TPA capacity across plants in Durgapur, Nashik, and Nurnberg, Germany. With 60+ years of expertise, exports contribute less than half of its revenue. The company focuses on high-margin, large-diameter UHP electrodes while offering a full product range.
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2. HEG Ltd
HEG Limited is engaged in manufacturing and exporting graphite electrodes. The Company’s segments include Graphite electrodes (including other carbon products) and Power. The Graphite electrodes are used in steelmaking through the Electric Arc Furnace (EAF) route which is in steel making about 1.5-2.0 kg of graphite electrode.
With a market capitalization of Rs 9,387.39 crore, the shares were trading at Rs 486.45 per share, an increase around 18 percent as compared to the previous closing price. The company has long operated the world’s largest single-site graphite electrode plant, with a capacity of 80,000 tons per year. In early 2024, it expanded to 100,000 tons, becoming the third-largest producer in the Western world. With no new capacity announced elsewhere, it exports 65-70% of production to 35 countries, supplying top steelmakers. It also has an 80 MW captive power capacity.
Written by Abhishek Singh
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