HEG is all in. But will the graphite cycle cooperate?

Graphite electrodes don't make for glamorous headlines like lithium or semiconductors. But without them, the steel industry would be a bit rusty. They're critical to modern steelmaking, used in cleaner electric arc furnaces (EAFs), which use electricity to melt scrap steel. In this niche market of only four to five major players globally (outside China), one of them is from India. Noida-based HEG is among the largest graphite electrode manufacturers in the world which makes nearly 70 per cent of its business from exports.

This article was originally published on March 29, 2025.