Petroleum Coke Market Update: China’s Upward Trend Continues Amid Strong Demand March 21, 2025

China Petroleum Coke Market: Upward Momentum with Price Hikes
During the week of March 16-21, China’s petroleum coke market witnessed a robust uptrend, driven by heightened downstream procurement activity and smooth refinery shipments. Major state-owned refineries saw low-sulfur coke prices adjust downward by 240-420 RMB/ton, while medium- and high-sulfur prices continued to fall by 100-200 RMB/ton. Specifically, PetroChina’s Northeast China operations extended price cuts for low-sulfur coke by an additional 300 RMB/ton, while CNOOC’s low-sulfur coke prices stabilized between 3,780-3,950 RMB/ton, with the lowest transaction at 3,450 RMB/ton.

Local refineries, or “teapot refineries,” demonstrated mixed trends: low-sulfur prices were pressured by state-owned peers, while medium- and high-sulfur coke auction prices improved. Market analysts anticipate this upward trajectory to persist in the upcoming week, with projected price increases of 100-200 RMB/ton.

Calcined Petroleum Coke Market: Stability with Regional Weakness
The calcined petroleum coke segment remained largely stable, though low-sulfur products faced downward pressure, with prices dropping by 200 RMB/ton due to raw material cost fluctuations. Medium- and high-sulfur calcined coke prices remained resilient, supported by sustained demand from the silicon metal industry. However, general cargo markets saw tepid performance, with new orders lagging and观望（观望）prevailing among buyers, leading to modest declines.

Recarburizer Market: Cost-Driven Weakness
The recarburizer market exhibited divergent trends. While煅煤增碳剂（coal-based recarburizer）prices weakened due to abundant supply and competitive pressure,煅烧焦增碳剂（calcined coke-based recarburizer）saw sharp declines driven by falling low-sulfur petroleum coke costs. Graphitized recarburizers, however, benefited from improved downstream procurement sentiment following previous price drops, with some regional prices rebounding. Overall, market sentiment remains cautious, with expectations of continued weakness.

Global Context and Future Outlook
China’s petroleum coke market dynamics reflect broader global trends, including fluctuations in crude oil prices and supply chain disruptions. The recent strengthening of downstream industries, such as steel and aluminum, has bolstered demand, while environmental regulations and import competition（e.g., U.S., Canadian, Russian sponge coke）continue to shape the landscape. Moving forward, market participants will closely monitor international oil price trends and policy shifts to navigate potential volatility.