【Petroleum Coke】Recent Slight Increase in Chinese Domestic Market

As of October 28, it shows a slight increase in Chinese petroleum coke market. In Shandong, the price of domestic petroleum coke reached 1,478.50 yuan/ton, up 0.34% from 1,473.50 yuan/ton on October 21.

Cost Factors: Recent crude oil prices have generally risen, influenced by the tense geopolitical situation in the Middle East, which has positively impacted international oil prices. Additionally, crude oil supply remains tight, with OPEC+'s reduction of 2.2 million barrels per day continuing until the end of November. Some oil-producing countries have also indicated compensatory production cuts, contributing to supply constraints and driving up international oil prices. Furthermore, localized economic improvements in Asia have eased market fears regarding demand, bolstering the international oil market. Finally, a decrease in U.S. crude oil inventories has further supported the oil market.

Supply Side: The downstream demand for domestic petroleum coke is currently being supported by essential stocking. Prices are influenced by various indicators, showing mixed trends. There is a limited supply of low-sulfur petroleum coke at ports, with low inventory levels leading to increased market inquiries.

Demand Side: Supply from silicon manufacturers in Inner Mongolia, Ningxia, Shaanxi, and Shandong remains stable. In Yunnan, the focus is primarily on fulfilling prior orders, keeping supply-side prices generally stable at low levels. The demand for petroleum coke from the metal silicon sector is currently moderate, offering limited support to the petroleum coke market.

Recently, the market for medium-sulfur calcined petroleum coke has remained stable, with limited downstream demand. Most companies are focusing on pre-selling orders for the next month, while downstream players are mainly adopting a wait-and-see approach. 

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