Calcined petroleum coke, with its high carbon content, low sulfur, and low impurities, plays a vital role in modern manufacturing, especially in the aluminum and steel industries.

【Petroleum Coke】Prices in Shandong Decline, Downstream Mainly Purchasing on Just-Needed Basis

Entering the second half of the month, petroleum coke refineries in Shandong actively shipped to reduce inventories. Prices of medium- and high-sulfur coke showed mixed changes, with refineries' shipment speed generally moderate, prices mostly falling rather than rising. Local refineries' low-sulfur coke prices were influenced by major refineries, showing slight upward movement.

1. Petroleum Coke Prices in Shandong Mostly Falling, Refineries' Shipments Moderate

Table 1. Price Changes of Various Grades in Shandong During the Period
(Unit: CNY/ton)

As of November 17, the average prices of petroleum coke in Shandong were as follows: 2A at 4,244 CNY/ton, 2B at 3,755 CNY/ton, 3A at 3,536 CNY/ton, 3B at 3,360 CNY/ton, 3C at 3,152 CNY/ton, 4A at 2,420 CNY/ton, and 4B at 1,734 CNY/ton.

The low-sulfur coke prices of local refineries were influenced by major refineries, shipments were smooth, and prices rose slightly. The main reason is that downstream enterprises' purchasing demand still exists. Demand in the traditional low-sulfur carbon sector is weak, maintaining mainly just-needed purchases, but orders in the anode field are ample, supporting low-sulfur coke prices. The low-sulfur coke market saw active trading. Meanwhile, medium- and high-sulfur coke prices were generally downward. Market demand was weak, and combined with increased production of medium- and high-sulfur coke, the aluminum carbon market—affected by environmental policies—had prebaked anode operating rates mostly around 77.5%, insufficient to support medium- and high-sulfur coke prices.

2. Weekly Petroleum Coke Production in Shandong Increases, Up 4.3%

Table 2. Shandong Petroleum Coke Production Changes (Unit: 10,000 tons)

As shown in the table, during the period, Shandong's total production increased week-on-week. In the past two weeks, Wanda Tianhong and Huaxing Petrochemical's coking units totaling 3.2 million tons/year delayed resumption of production, with no delayed units under shutdown or maintenance. Therefore, in terms of production changes, major refineries' output changed little, while local refineries' production increased. Shandong's weekly production (November 10–16) reached 199,000 tons, up 8,200 tons week-on-week, a 4.3% increase.

Figure 1. Sample Inventory and Price Trend of Shandong Refineries in 2025 (Unit: 10,000 tons; CNY/ton)

Data Source: Oilchem

Sample inventories of refineries increased slightly. As of November 17, local refinery inventories in Shandong increased, with a week-on-week rise of 9.65%, and overall shipment speed slowed. However, port inventories were effectively being drawn down, decreasing week by week, which is favorable for petroleum coke market shipments. As of November 17, the average price of petroleum coke in Shandong was 3,240 CNY/ton, up 10 CNY/ton week-on-week, an increase of 0.31%.

3. Downstream Purchasing on Demand, Shandong Petroleum Coke Expected to Fluctuate Narrowly by Month-End

Looking ahead, as of the end of November, it is expected that Lanjiao Petrochemical's delayed coking unit with 1.4 million tons/year will resume production and output coke, with no other delayed units under maintenance or shutdown. Overall supply is expected to increase, and inventories are slowly drawn down. By the end of the month, inventory increase is expected to be around 2,000–3,000 tons.

Figure 2. Shandong Petroleum Coke Price Forecast for November (Unit: CNY/ton)

Data Source: Oilchem

As month-end approaches, downstream sentiment is cautious, mainly maintaining just-needed purchases. It is expected that major market prices will remain largely stable, while local refinery prices will adjust according to the market. Prebaked anode enterprises' operating rates may decline due to environmental factors, providing moderate support to medium- and high-sulfur coke prices. It is expected that the low-sulfur coke price range in Shandong will be 4,150–4,450 CNY/ton; medium-sulfur coke 3,000–3,600 CNY/ton; high-sulfur coke 1,600–2,200 CNY/ton.

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