Manish Gulati, Executive Director of HEG , said graphite electrode prices have remained stable for the past two quarters, driven by steady demand trends and a balanced market. “Prices have been quite flattish between the April-June quarter of 2025 (Q1FY26) and the July-September quarter of 2025 (Q2FY26),” he said, adding that the stability reflects current conditions in global steel production, which has seen a marginal 1.5% decline this year.

Gulati expects a demand recovery in the coming quarters as steel production picks up, especially from electric arc furnaces (EAFs), which are key consumers of graphite electrodes. He stated that around 11–12 new EAFs are under construction, adding nearly 20 million metric tonne of steel capacity over the next 12–18 months, which should boost futur

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