【Calcined Petroleum Coke】Market Stalemate, Low-Sulfur Coke Prices May Continue to Decline

As of March 4, the average market price of calcined petroleum coke stood at 3,986 yuan/ton, remaining stable compared to the previous working day. Currently, the low-sulfur calcined petroleum coke market faces sluggish sales. Despite companies lowering their quotations, graphite electrode producers remain cautious, leading to a wait-and-see attitude and limited actual transactions. In the medium- and high-sulfur calcined petroleum coke market, mainstream prices have been adjusted downward due to insufficient support from the raw material side and the slow release of downstream demand. Under production and inventory pressures, some companies have lowered their quotations to attract more orders.

Main Regional Market Transaction Prices

• Low-sulfur calcined petroleum coke (using Jinxi and Jinzhou petroleum coke): 6,700–7,200 yuan/ton

• Low-sulfur calcined petroleum coke (using Fushun petroleum coke): 7,200–7,350 yuan/ton

• Low-sulfur calcined petroleum coke (using Liaohe and Binzhou CNOOC petroleum coke): approximately 6,800–7,200 yuan/ton

• Medium- and high-sulfur calcined petroleum coke (3.0% sulfur, no specific trace element requirements): previously 2,800–3,000 yuan/ton (cash), current negotiations remain at 2,800–3,000 yuan/ton (cash)

• Medium- and high-sulfur calcined petroleum coke (3.5% sulfur, no specific trace element requirements): previously 2,600–2,750 yuan/ton (cash), current negotiations remain at 2,600–2,750 yuan/ton (cash)

• Medium- and high-sulfur calcined petroleum coke (3.0% sulfur, 400 ppm vanadium): previously 4,100–4,500 yuan/ton (cash), current negotiations remain at 4,100–4,500 yuan/ton (cash)

Supply Situation

China's current commercial calcined petroleum coke daily supply is 25,604 tons, with an operating rate of 57.21%, holding steady compared to the previous working day.

Upstream Market

Petroleum Coke: Refineries under Sinopec are largely maintaining stable prices, but more coking unit shutdowns for maintenance are scheduled for March, including Beihai Refining, Jiujiang Petrochemical, and Gaoqiao Petrochemical, which is expected to reduce medium- and high-sulfur coke supply and keep prices firm. In North China, Shijiazhuang Refinery's 4B coke saw a price drop of 40 yuan/ton due to index fluctuations (5.5% sulfur, 400–500 ppm vanadium). Refineries under PetroChina in Northeast China, including Daqing Petrochemical, Fushun Petrochemical, Jinzhou Petrochemical, Jinxi Petrochemical, and Jilin Petrochemical, have started stabilizing prices. Liaohe Petrochemical reduced its price by 500 yuan/ton. Refineries in Northwest China are maintaining stable pricing. CNOOC refineries are currently conducting auctions with expected price declines.

Downstream Market

Graphite Electrodes: With rapid fluctuations in petroleum coke prices — a key raw material for graphite electrodes — market trends directly impact the baseline pricing for graphite electrode negotiations. As low-sulfur petroleum coke prices trend downward, graphite electrode producers are more cautious, keeping the market largely in a state of stability and stalemate.

Electrolytic Aluminum: Following the U.S. announcement of an additional 10% tariff on Chinese imports starting March 4 due to issues related to fentanyl, China's aluminum product exports face renewed restrictions, impacting market sentiment and driving spot aluminum prices down.

Anode Materials: With the gradual release of downstream demand from the new energy vehicle sector, inquiries and orders from battery manufacturers are increasing, boosting market activity for anode materials. Meanwhile, post-holiday increases in raw petroleum coke prices are providing some support for anode material prices, with some companies already raising their quotations.

Market Outlook

Given the declining low-sulfur petroleum coke prices, low-sulfur calcined petroleum coke prices are also expected to decrease. With insufficient support from the raw material side, some companies in the medium- and high-sulfur calcined petroleum coke segment are also lowering prices.

(Source: Baiinfo)

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