【Calcined Petroleum Coke】Market Watch: Supply Tightens, Prices May See Modest Increase

During the week of April 4–10, 2025, the domestic calcined petroleum coke (CPC) market saw lukewarm trading activity.

• For low-sulfur CPC, raw coke prices remained generally stable with slight increases. However, downstream demand showed no significant improvement, and mainstream transaction prices remained low. A few producers raised offers by RMB 200/ton due to previous raw material cost pressure.

• For medium-to-high sulfur CPC, actual shipments were average. High-spec CPC was mainly sold based on orders, while regular-grade CPC saw stable prices amid upstream cost support but slower downstream purchasing.

As of April 10:

• Low-sulfur CPC average price: RMB 5,400/ton (unchanged WoW)

• Sulfur 3.0% regular-grade CPC: RMB 2,550/ton (unchanged WoW)

• Sulfur 3.0%, vanadium <400ppm: RMB 3,600/ton (unchanged WoW)

• Sulfur 3.5% regular-grade CPC: RMB 2,400/ton (unchanged WoW)

• Sulfur 3.5%, vanadium <400ppm: RMB 3,500/ton (unchanged WoW)

Market Outlook

• Raw materials: The U.S. tariff hike on China and the expectation of more refinery maintenance could further tighten raw coke supply. Downstream demand persists, supporting the petroleum coke market. Prices are expected to increase slightly next week.

• Supply & demand: Low-sulfur CPC market oversupply is likely to persist, while supply-demand imbalance in the mid-high sulfur segment remains.

Forecast Summary

• Low-sulfur CPC: Tightening raw coke supply is expected to drive a raw coke price increase next week. CPC prices may rise by RMB 50–80/ton.

• Mid-high sulfur CPC: With steady trading and tightening supply, prices may rise slightly by around RMB 50/ton based on inventory and cost.

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