Industry Overview - The average market price of prebaked anodes reached 5638 CNY/ton on December 3, marking a significant increase of 5.82% from the previous day and achieving three consecutive days of price rises [1] - Since July, the cumulative increase in prebaked anode prices has exceeded 15% [1] - The price of petroleum coke is currently stabilizing at a high level, with the latest market average at 3115 CNY/ton, while some negative electrode coke prices continue to rise [1] - Raw material costs, including coal tar, are expected to remain high, contributing to a favorable environment for prebaked anode prices [1] - The demand for prebaked anodes is strong due to the continuous rise in electrolytic aluminum prices and stable increases in operating capacity, which has reached 44.14 million tons [1] - New production capacity from electrolytic aluminum enterprises in Xinjiang is expected to further increase the demand for prebaked anodes [1] Company Insights - Suotong Development is the world's largest commercial prebaked anode supplier, with a current production capacity of 3.46 million tons expected to reach approximately 5 million tons by the end of 2025, alongside negative electrode capacity of 80,000 tons and calcined coke capacity of 1.3 million tons [1] - Tianshan Aluminum has an annual production capacity of 600,000 tons of prebaked anodes, sufficient to meet the entire carbon anode demand of its current electrolytic aluminum capacity [2]