Petroleum coke is mainly used to make graphite electrodes, with key downstream applications in aluminum electrolysis, electric vehicles, and steelmaking. Due to its high carbon content, petroleum coke is widely used as electrode material in electric arc furnace (EAF) steel production.

【Petroleum Coke】Brief Analysis of the Petroleum Coke Market in March 2025

1. Petroleum Coke Market Overview

In March, the petroleum coke market exhibited a steady downward trend, with a supply-demand tug-of-war. Among major suppliers, Sinopec's quotations remained stable, while PetroChina's prices were temporarily stable this week but expected to decline. CNOOC increased supply this week, leading to continuous declines in transaction prices. In the independent refinery sector, petroleum coke supply in Shandong was relatively tight due to maintenance and other factors. The demand side engaged in bargain hunting, improving transaction sentiment compared to the previous period. Downstream buyers made phased, concentrated purchases at lower prices, leading to an overall rebound in the Shandong petroleum coke market.

This week, the average price of petroleum coke in Shandong's independent refineries was ¥2,516/ton, down ¥131/ton from last week's average price, a 4.95% decrease. The national average price of petroleum coke was ¥3,294/ton, down ¥157/ton, a 4.55% decline from last week.

Regarding operating rates, many domestic refineries remained shut down this week, while operational refineries maintained stable workloads. The average operating load of domestic coking units was 60.82%, down 0.7% from last week. Sinopec's average coking unit operating load was 71.31%, unchanged from last week. PetroChina's average coking unit operating load was 60.17%, unchanged from last week. CNOOC's average coking unit operating load was 74.4%, unchanged from last week. The average operating load of independent refinery coking units nationwide was 52.28%, down 1.43% from last week. The average operating load of Shandong independent refinery coking units was 47.57%, down 1.47% from last week. Other independent refineries had an average operating load of 60.77%, down 1.33% from last week.

Production figures by region:

1. Shandong: 14.9 million tons

2. Northeast: 16.7 million tons

3. South China: 17.5 million tons

4. East China: 11.6 million tons

5. North China: 12.3 million tons

6. Central China: 16.9 million tons

7. Northwest: 15.1 million tons

2. Regional Market Analysis

Northeast China

The petroleum coke market in the Northeast remained stable.

• Liaohe Petrochemical: 

The weekly average price was ¥3,000/ton, unchanged from last week, with a loading fee of ¥6/ton. The sulfur content was about 0.8%, ash 0.5%-0.6%, volatile matter 10%-11%, and water deduction 7%.

• Jinxi Petrochemical:

1#B Petroleum Coke: Rail freight weekly average price: ¥3,100/ton (unchanged). Truck freight weekly average price: ¥3,150/ton (unchanged). Large customers receive discounts. Sulfur content <0.5%, ash <0.3%, volatile matter 10%, water deduction 4%. Major buyers include Chalco, export markets, and self-calcination. Current daily production: 900 tons (self-use 200 tons, Chalco supply 100 tons).

• Daqing Petrochemical:

1#A Petroleum Coke: Weekly average price ¥3,400/ton (unchanged). Sulfur content 0.38%, ash 0.1%, volatile matter 10%. Main customers: carbon enterprises in nearby regions. Daily production: 350 tons.

North China

The North China petroleum coke market remained stable.

• Cangzhou Refinery:

3#B Petroleum Coke: Weekly average price ¥2,830/ton (unchanged). 4#A Petroleum Coke: Weekly average price ¥2,710/ton (unchanged). Loading fee ¥13/ton, pump fee ¥1/ton. Sulfur content 2%, ash <0.2%, volatile matter 10%, water deduction 5%, vanadium 200PPM. Daily production: 700 tons.

• Dagang Petrochemical:

1#A Petroleum Coke: Latest quotation ¥3,380/ton (unchanged). Loading fee ¥10/ton, sulfur 0.4%, ash 0.3%, volatile matter 12%, water deduction 8%, vanadium 200PPM. Daily production: 400 tons.

South China

The South China petroleum coke market remained stable.

• Maoming Petrochemical:

4#B Petroleum Coke: Weekly average price ¥1,580/ton (unchanged). Miscellaneous fees ¥20/ton, sulfur 5.8%, ash 0.3%, volatile matter 9%, factory water deduction 6%. Major buyers: railway contract users. Daily production: 2,000 tons (self-use 500 tons).

East China

The East China petroleum coke market remained stable.

• Zhoushan Petrochemical (CNOOC):

2#B Petroleum Coke: Weekly average price ¥2,800/ton (unchanged), large discounts available. Sulfur 0.8%-1.0%, ash 0.3%, volatile matter 8%-11%. Daily production: 1,400 tons.

Shandong Independent Refinery Market

• Xinxian Huaxiang Petrochemical: Latest price ¥1,750/ton, sulfur 3.0%, ash 0.3%, volatile matter 10%, daily production 200 tons.

• Shandong Haihua Group: 3#B Petroleum Coke price ¥2,300/ton, sulfur 2.5%, ash 0.3%, volatile matter 10%, daily production 400 tons.

3. Market Outlook

Regarding supply, crude oil prices are unlikely to show a unilateral trend next week, and new cycle price adjustments are expected to be stagnant, offering little policy support. Demand for gasoline remains weak, while diesel demand shows no significant improvement in the short term.

From a refinery operation perspective, multiple units are still awaiting restart, while some refineries have upcoming maintenance plans. Independent refineries in Shandong may see fluctuations in supply, with tight availability of high-specification coke and abundant standard-grade coke.

On the demand side, end-user industries are maintaining stable raw material consumption, while calcined petroleum coke demand remains limited. Downstream procurement is driven by necessity, and previous petroleum coke price rebounds have narrowed profit margins, further restraining purchasing interest.

Considering the ongoing supply-demand balance and approaching month-end, downstream markets are closely monitoring the future price trends of anode materials. Buyers are largely making purchases based on immediate needs. Next week, the petroleum coke market is expected to remain in consolidation.

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