【Petroleum Coke】Inventory Position, Prices Stabilize

Market Overview: On March 7th, Chinese market average price for petroleum coke was 1,887 yuan/ton, down by 2 yuan/ton from the previous working day, a decrease of 0.11%. Currently, the transaction focus for major refineries remains stable, with individual refineries under PetroChina in the northeast region adjusting their coke prices upwards, and some local refinery coke prices fluctuating by 20-80 yuan/ton.

On the side of Sinopec, the shipment of petroleum coke from its refineries is still acceptable, with only one refinery increasing its coke price by 30 yuan/ton. In the South China region, high sulfur petroleum coke shipments are stable, with Maoming Petrochemical using all its petroleum coke in-house, Guangzhou Petrochemical mainly producing #4B, and Beihai Refinery producing #4A. In North China, shipments of medium and high sulfur petroleum coke are stable, with Cangzhou Refinery shipping #3C/#4A coke, and Shijiazhuang Refinery shipping #4A coke. Under PetroChina, refineries in the northeast region are currently performing well in shipments, with Daqing Petrochemical slightly increasing its coke price by 50 yuan/ton; Dagang Petrochemical in North China maintains stable pricing for protective sales; and the petroleum coke market in the Northwest region is currently stable, with overall low refinery inventories. CNOOC's refineries are maintaining stable pricing for order shipments. Related graphitized petroleum coke products for reference.

Local refineries currently show average transactions in the petroleum coke market, with some prices fluctuating. There is still downstream purchasing demand, supporting some coke prices to increase by about 20-50 yuan/ton, while other manufacturers lack the momentum to raise prices, adjusting downwards by 30-80 yuan/ton for transitional adjustment. Short-term local refinery coke prices are expected to remain stable overall, with some manufacturers adjusting prices flexibly due to their own indicators. Market fluctuations: Tianhong Chemical's petroleum coke sulfur content has risen to around 3.15%.

For imported coke, recent port shipments of sponge coke are average, with traders focusing on fulfilling orders; demand for shot coke remains decent downstream, with the market shipping smoothly.

Supply Side

As of March 7th, there are 12 maintenance events at national coking units, with the national petroleum coke daily production at 86,458 tons, and the coking operation rate at 68.18%, a decrease of 0.23% from the previous working day.

Demand Side

Downstream aluminum carbon enterprises still have demand for petroleum coke, mainly purchasing on an as-needed basis; the supply-demand relationship in the negative electrode material market has not seen significant improvement, with the overall capacity utilization rate remaining low, leading to limited demand for raw materials; the graphite electrode downstream is operating at a low level, with a subdued trading atmosphere, and the market is currently stabilizing; the silicon carbide industry and the southern fuel market still have demand for high sulfur shot coke.

Market Forecast: The petroleum coke market transaction performance is average, with the downstream aluminum carbon market still having demand for petroleum coke, and most enterprises maintaining just-in-time purchases. Therefore, it is expected that the petroleum coke market prices will overall remain stable in the short term, with limited upward space for low-priced petroleum coke, and high-priced petroleum coke may see a decline in prices, by 10-50 yuan/ton. The shot coke market has stable shipments, and prices are expected to remain stable in the short term. Contact us to learn more about the petroleum coke market.