Throughout the course of 2014, calcined coke, coal tar pitch and anode prices have increasingly come under downward pressure due to lower raw material prices, reduced demand as a result of smelter curtailments in world ex. China, and a worsening economic climate in China. These have all have served to exacerbate the country's burgeoning oversupply issues.

Executive summary i

Chapter 1

1.1 Introduction 1-1

1.2 The outlook for primary aluminium to 2019 1-4

      1.2.1 Primary aluminium demand to 2019 1-5

      1.2.2 Primary aluminium supply to 2019 1-6

      1.2.3 Regional primary aluminium demand and supply to 2019 1-7

      1.2.3.1 Africa 1-7

      1.2.3.2 Asia ex. China 1-7

      1.2.3.3 Australasia 1-8

      1.2.3.4 Central and South America 1-9

      1.2.3.5 China 1-9

      1.2.3.6 Europe 1-10

      1.2.3.7 North America 1-10

Chapter 2 2-1

Green and calcined petroleum coke 2-1

      2.1 Introduction 2-1

      2.2 The demand for calcined coke 2-2

      2.2.1 Calcined coke demand by end use segment 2-2

      2.2.1.1 The aluminium industry 2-2

      2.2.1.2 The steel industry 2-6

      2.2.1.3 The pigment industry 2-6

      2.2.1.4 Other end users 2-8

      2.3 Green and calcined coke supply 2-9

      2.3.1 The regional outlook for calcined coke supply 2-9

      2.3.1.1 Africa and the Middle East 2-9

      2.3.1.2 Asia and Australasia 2-13

      2.3.1.3 Central and South America 2-16

      2.3.1.4 China 2-18

      2.3.1.5 Europe 2-20

      2.3.1.6 North America 2-21

      2.4 Market balance and price outlook 2-22

      2.4.1 Recent developments 2-22

Chapter 3 3-1

Coal tar pitch 3-1

      3.1 Introduction 3-1

      3.2 The demand for coal tar pitch 3-2

      3.2.1 Aluminium industry 3-2

      3.2.2 Carbon and graphite industry 3-5

      3.2.3 Other end use segments 3-7

      3.3 Coal tar availability and coal tar pitch supply 3-10

      3.3.1 Trends in the metallurgical coke industry 3-10

      3.3.1.1 Iron and steel production 3-10

      3.3.1.2 Non coke based steel production 3-10

      3.3.1.3 Coke consumption in blast furnaces 3-11

      3.3.1.4 Metallurgical coke supply outlook 3-12

      3.3.1.5 Focus on non-recovery technology 3-15

      3.3.2 The regional outlook for coal tar and pitch production 3-17

      3.3.2.1 China 3-18

      3.3.2.2 India 3-23

      3.3.2.3 Middle East 3-24

      3.3.2.4 Other Asia 3-24

      3.3.2.5 North America 3-25

      3.3.2.6 Central and South America 3-27

      3.3.2.7 Europe 3-27

      3.3.2.8 Australasia 3-28

      3.3.2.9 Africa 3-31

      3.3.2.10 Trade flows in coal tar pitch 3-31

      3.3.3 Global coal tar pitch capacity and production 3-32

      3.4 Coal tar pitch market balance and price outlook 3-34

      3.4.1 Recent developments 3-34

      3.4.2 Price outlook , 3-36

Chapter 4 4-1

Anodes 4-1

      4.1 Introduction 4-1

      4.2 Prebaked anodes 4-2

      4.2.1 The regional outlook for third party anode demand 4-2

      4.2.1.1 North America 4-4

      4.2.1.2 Europe 4-5

      4.2.1.3 Africa and the Middle East 4-6

      4.2.1.4 Central and South America 4-7

      4.2.1.5 Asia ex. China 4-7

      4.2.1.6 CIS 4-7

      4.2.1.7 China 4-8

      4.2.2 Prebaked anode supply 4-10

      4.2.2.1 World ex. China 4-10

      4.2.2.1.1 Stand alone suppliers 4-10

      4.2.2.1.2 Integrated producers 4-12

      4.2.2.2 China 4-12

      4.2.2.2.1 Domestic suppliers 4-12

      4.2.2.2.2 Chinese trade patterns 4-16

      4.3 Anode paste 4-17

      4.3.1 The anode paste market 4-17

      4.4 The outlook for the third party anode market 4-19

      4.4.1 Anode supply/demand balance 4-19

      4.4.2 Anode pricing arrangements 4-19

      4.4.3 The outlook for anode prices 4-23

Chapter 5 5-1

Cathodes 5-1

      5.1 Introduction 5-1

      5.2 Global cathode block demand 5-2

      5.2.1 Cathode block potlife 5-3

      5.2.2 Tonnes per pot cycle 5-3

      5.2.3 Cathode block consumption by region 5-4

      5.3 Global cathode block supply 5-8

      5.4 The cathode block market 5-11

Appendix A A-1

Industrial and economic outlook, 2014-2019 A-1

      A.1 Introduction A-1

      A. 1.1 Evolution of industrial production forecasts A-4

      A.2. Industrial production, autos and construction A-5

      A.2.1 China's headline growth masks divergence A-5

      A.2.1.1 Expect policy easing to remain targeted at priority sectors A-6

      A.2.2 Indian recovery intact as BJP grows stronger A-6

      A.2.3 Lower oil prices - more opportunities than challenges A-7

      A.2.3.1 Lower prices boost spending power and allow reform A-7

      A.2.3.2 Lower prices also cut revenue, deter investment and curb growth A-7

      A.2.3.3 Net effect on global economic is positive A-8

      A.2.4 IP improves in September but mood darkens in Japan A-8

      A.2.5 Thailand downturn has bottomed out A-9

      A.2.6 US industry's improvements ease investor ills A-10

      A.2.6.1 Durable goods contribute to strong Q3 2014 GDP growth A-10

      A.2.7 Construction activity picks up pace in Mexico A-11

      A.2.8 Brazil's miners dig its industry out of a hole A-11

      A.2.9 Eurozone industry enters into recession A-12

      A.2.9.1 Eurozone construction sector recovery is still a long way off A-13

      A.2.10 Turkish industry shows sign of resilience in risky environment A-14

      A.2.11 Q3 US autos output growth rockets A-15

      A.3. Exchange rates A-19

      A.3.1 Broad-based gains for the broad dollar index A-19

      A.3.2 Euro is suffering from weak fundamentals A-19

      A.3.3 RMB appreciation could be checked by US$ strength A-19

      A.3.4 BRL reacts to Brazil's election results A-19

      A.3.5 Fuel reforms not enough to arrest rupee decline A-20

      A.4. Macroeconomic outlook A-21

      A.4.1 China: Economy hit by real estate downturn A-21

      A.4.2 India: Recovery intact but economy needs more support A-21

      A.4.3 Indonesia: Challenges remain despite 5%+ GDP growth A-22

      A.4.4 Japan: Another dose of QQE but growth still subdued A-22

      A.4.5 Korea: Stimulus measures to boost domestic economy A-23

      A.4.6 Malaysia: GDP growth stable, but momentum slowing A-23

      A.4.7 Thailand: Army coup brings peace but headwinds remain A-24

      A.4.8 Vietnam: Maturing local economy means stable growth A-24

      A.4.9 USA: Investment growth to rebound A-25

      A.4.10 Brazil: Pick-up not expected till 2015 A-25

      A.4.11 Mexico: Trade links and reform agenda to spur growth A-26

      A.4.12 Eurozone: Growth will be muted for years to come A-26

      A.4.13 Germany: Russia crisis hits business confidence A-26

      A.4.14 Italy: Needs to do more to boost competitiveness A-27

      A.4.15 Central and Eastern Europe: Exposure to Russia dents export sector A-27

      A.4.16 Russia: Ukraine crisis hits growth prospects A-28

      A.4.17 Turkey: Rebalancing towards its export sector A-28

      A.4.18 Middle East: non-oil sector will lead growth A-29

      A.4.19 North Africa: Recovery expected following political upheavals A-29

      A.4.20 Other Africa: Strong potential, but major constraints A-30

      A.5. Macroeconomic scenarios A-32

      A.5.1 Upside: US recovery takes off A-32

      A.5.2 Downside: Ukraine tensions escalate A-32

      A.6. Macroeconomic stastistics A-34

Appendix B B-1

Technical summary B-1

      B.1 The production of green coke B-1

      B. 1.1 Delayed coking B-2

      B.1.2 Fluid bed coking B-2

      B.2. The calcined coke production process B-4

      B.2.1 The rotary kiln process B-5

      B.2.2 The rotary hearth process B-5

      B.2.3 Shaft kiln B-6

      B.3. Applications of calcined coke B-8

      B.3.1 The aluminium industry B-8

      B.3.2 The EAF steel industry B-9

      B.3.3 The recarburiser industry B-9

      B.3.4 The TiO_2 industry B-9

      B.4. The coal tar distillation process B-11

      B.5. The pre-baked anode production process B-12

      B.6. Soderberg Technology B-13

      B.7. Inert Anode Technology B-14

      B.7.1 Inert Anodes B-14

      B.7.2 Materials for inert anodes B-14

      B.7.3 Inert anode developments B-15

      B.8. Other revolutionary technologies B-17

Appendix C C-1

Coking and calcining capacity C-1

Appendix D D-1

Green and calcined coke trade patterns D-1

Appendix E E-1

Cathode block demand E-1

Appendix F F-1

Ownership of world smelting capacity F-1

Appendix G G-1

Regional definitions G-1

Appendix H H-1

Historical prices H-1

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