【Petroleum Coke】 Stable Shipments, Refinery Coke Prices Rising 

Market Overview

On July 15th, the average price of petroleum coke was 1,826 CNY/ton, up by 2 CNY/ton (0.11%) from the previous working day. Currently, some refineries in the northwest region under PetroChina have seen their coke prices decrease, while shipments of locally refined petroleum coke are relatively good, with price fluctuations ranging from 10 to 140 CNY/ton.Currently, Sinopec refineries are seeing stable trading. In East China, mid- and high-sulfur petroleum coke is being traded at stable prices, with Shanghai, Gaoqiao, and Yangzi Petrochemical selling according to #4B petroleum coke prices. In the Yangtze River area, Anqing Petrochemical and Hunan Petrochemical mainly supply anode materials with good sales, while Wuhan Petrochemical and Jiujiang Petrochemical primarily sell #3B and #3C petroleum coke at stable prices. Jingmen Petrochemical's coking unit is expected to start production on July 20th.

In PetroChina refineries, the overall trading in the northeast region's petroleum coke market remains stable. Liaohe Petrochemical is currently tendering, with slight price increases.In the northwest region, Lanzhou Petrochemical's petroleum coke prices have decreased by 50 CNY/ton, Yumen Refinery's #3A petroleum coke price has also decreased by 50 CNY/ton, and this week, Urumqi Petrochemical's #1A petroleum coke price has fallen by 50 CNY/ton. China National Offshore Oil Corporation (CNOOC) refineries' low sulfur coke is trading steadily.

Regarding local refineries, the market for locally refined petroleum coke is seeing good shipments with mostly rising prices. Downstream demand for petroleum coke remains stable, and refinery inventories are mostly low. Supported by just-in-time procurement from downstream needs, some petroleum coke prices have risen by 7-130 CNY/ton. However, some high-priced petroleum coke faces shipment pressure, and some refineries have increased sulfur content, leading to price decreases of 10-140 CNY/ton. For instance, the sulfur content in Shida Technology's petroleum coke has risen to around 4.1%, Panjin Bora's phase one petroleum coke to around 4.6%, Dongying Yatong's petroleum coke to around 3.4%, and Dalian Jinyuan's coking unit is now operational, expecting to produce coke on the 18th. Jin'ao Technology's coking unit is currently producing coke, sold as #4A.

Imports

For imported coke, the port sponge coke market is seeing weak but stable trading, with recent shipments being average. Demand for shot coke remains stable, and prices are holding steady.

Supply

As of July 15th, 13 coking units nationwide are under regular maintenance. The national daily production of petroleum coke is 84,491 tons, with a coking operation rate of 66.63%, up by 0.44% from the previous working day.

Demand

The downstream carbon market for aluminum remains weak, keeping demand for petroleum coke stable. The anode materials market has seen moderate new orders, with enterprises slightly reducing operational loads and mainly purchasing petroleum coke on an as-needed basis. The silicon carbide industry and the southern fuel market still have demand for high-sulfur shot coke. The graphite electrode market is quiet, with limited purchases of raw petroleum coke.

Market Outlook

The downstream market outlook remains generally weak, but there is still demand for petroleum coke, mainly through just-in-time procurement. The petroleum coke market is expected to maintain stable shipments tomorrow, with some low-priced petroleum coke having room for slight increases, with price fluctuations of 10-50 CNY/ton. The shot coke price is expected to continue its stable trend in the near future.

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