【Calcined Petroleum Coke】Market Turmoil: Low-Sulfur Losses, 

Mid-to-High-Sulfur Profit Challenges

Market Overview During the past week (Feb 14–Feb 20, 2025), the domestic calcined petroleum coke market operated steadily. Prices of low-sulfur petroleum coke rose slightly, while mid-to-high-sulfur petroleum coke prices fluctuated.

This week, some low-sulfur calcined petroleum coke (CPC) producers adjusted their prices upward amid rising raw material costs and active market inquiries. In the mid-to-high-sulfur segment, market transactions were moderate, with some companies beginning negotiations for future orders. Given cost pressures, calcined petroleum coke producers remain cautious about long-term order pricing.

As of February 13:

• Average price of low-sulfur calcined petroleum coke: 7,200 RMB/ton, up 1,450 RMB/ton (25.22%) from the previous week.

• Average price of 3.0% sulfur general calcined petroleum coke: 3,200 RMB/ton, up 800 RMB/ton (33.33%).

• Average price of 3.0% sulfur, vanadium <400PPM calcined petroleum coke: 4,500 RMB/ton, up 1,000 RMB/ton (28.57%).

• Average price of 3.5% sulfur general calcined petroleum coke: 3,000 RMB/ton, up 750 RMB/ton (33.33%).

• Average price of 3.5% sulfur, vanadium <400PPM calcined petroleum coke: 4,400 RMB/ton, up 1,200 RMB/ton (37.50%).

Low-Sulfur calcined petroleum coke

The mainstream prices of low-sulfur calcined petroleum coke remained stable this week, while the pace of raw material cost increases slowed. Downstream inquiries gradually increased.

Supply: Supply volumes of low-sulfur calcined petroleum coke decreased compared to the previous week. Price adjustments lag behind the rise in raw material costs, prompting some companies to reduce production loads under cost and inventory pressure.

Demand: Graphite electrode manufacturers maintained just-in-time restocking due to slow steel plant restarts, showing low acceptance for high-priced low-sulfur calcined petroleum coke. The aluminum cathode market maintained stable operations, supporting consistent demand.

Market: Although some enterprises adjusted prices upward, downstream demand recovery remained weak. Despite increased inquiries, actual transaction prices lagged, with only small-scale restocking orders concluded.

As of Thursday, February 20:

• Low-sulfur calcined petroleum coke (using Jinxi, Jinzhou petroleum coke): 7,000–7,500 RMB/ton.

• Low-sulfur calcined petroleum coke (using Fushun petroleum coke): 8,100–8,300 RMB/ton.

• Low-sulfur calcined petroleum coke (using Liaohe, Binzhou CNOOC petroleum coke): 7,000–7,500 RMB/ton.

Mid-to-High-Sulfur calcined petroleum coke

The mid-to-high-sulfur calcined petroleum coke market showed slight loosening in transaction sentiment this week, with cost pressures driving price increases of 200–800 RMB/ton.

Supply: Production of mid-to-high-sulfur calcined petroleum coke decreased slightly. Amid limited shipment acceleration and ongoing cost pressures, some enterprises reduced output to balance supply and demand.

Demand: Aluminum production increased slightly, supporting stable demand for long-term orders. Anode manufacturers maintained cautious restocking with small-scale orders, reflecting a wait-and-see approach.

Market: While procurement intentions improved slightly, overall shipments remained sluggish. Prices for long-term orders increased by around 800 RMB/ton, with market orders largely subject to price negotiations.

As of Thursday, February 20:

• 3.0% sulfur, no trace element requirements: ~3,200 RMB/ton.

• 3.5% sulfur, no trace element requirements: 2,900–3,200 RMB/ton.

• 3.0% sulfur, vanadium <600PPM: 3,600–3,800 RMB/ton.

• 3.0% sulfur, vanadium <500PPM: 4,200–4,600 RMB/ton.

• 3.0% sulfur, vanadium <400PPM: 4,300–4,700 RMB/ton.

• 3.0% sulfur, high-end export grade (strict trace element control): Price subject to negotiation.

Exports No new export transactions were reported this week due to high domestic calcined petroleum coke prices.

Supply

• Low-Sulfur calcined petroleum coke: Supply volumes decreased this week. Price adjustments continued to lag behind raw material increases, leading some companies to lower production.

• Mid-to-High-Sulfur calcined petroleum coke: Production volumes decreased, with limited shipment acceleration. Cost pressures and profit losses discouraged acceptance of low-priced orders, prompting voluntary production cuts.

Demand

• Low-Sulfur calcined petroleum coke: Graphite electrode manufacturers maintained just-in-time restocking amid slow steel plant restarts. The aluminum cathode market remained stable, supporting consistent demand.

• Mid-to-High-Sulfur calcined petroleum coke: Aluminum production increased slightly, sustaining demand through long-term orders. Anode manufacturers maintained cautious small-scale restocking.

Costs Petroleum coke market performance varied. Supply of low-sulfur coke from major refineries remained tight, driving slight price increases. However, local refineries faced slower-than-expected shipments due to high previous prices, prompting some price reductions.

Profitability

• Low-sulfur calcined petroleum coke (using Fushun, Jinzhou, Jinxi petroleum coke): ~100 RMB/ton loss.

• Mid-to-high-sulfur calcined petroleum coke: ~300 RMB/ton loss.

Inventory calcined petroleum coke inventories increased slightly compared to the previous week.

Outlook

• Raw Materials: Domestic supply shows no signs of immediate recovery, offering price support. However, continuous price increases exacerbate downstream caution, slowing shipments. Low-sulfur petroleum coke prices are expected to rise moderately next week, while mid-to-high-sulfur prices may stabilize or decline by 10–100 RMB/ton.

• Supply and Demand: Low-sulfur calcined petroleum coke is likely to face slight oversupply next week. Mid-to-high-sulfur calcined petroleum coke supply-demand imbalances persist.

Conclusion

• Low-Sulfur calcined petroleum coke: Prices rose slightly, but weak downstream demand offers limited support. Prices are expected to stabilize next week.

• Mid-to-High-Sulfur calcined petroleum coke: Raw material support remains weak, slowing price increases. Prices for previously signed monthly orders are likely to hold steady,with market order prices fluctuating within a narrow range.

(Source: Baiinfo)

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