Calcined Petroleum Coke Market Remains Stable on April 10, 2025

Summary
On April 10, 2025, China’s calcined petroleum coke market averaged 3,370 CNY/ton (≈460.68 USD/ton), unchanged from the previous trading day. Low-sulfur calcined coke saw steady trading as producers accelerated inventory reduction, though upward price momentum remained limited. Medium-high sulfur calcined coke maintained stable prices due to steady demand from aluminum carbon and anode materials sectors.

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Low-Sulfur Calcined Coke: Price Divergence by Raw Material Source

Low-sulfur calcined coke prices varied significantly based on feedstock origins:

• Jinxi/Jinzhou petroleum coke-based: 5,200–5,500 CNY/ton (≈711.44–752.35 USD/ton);
• Fushun petroleum coke-based: 6,300–6,500 CNY/ton (≈861.21–888.55 USD/ton);
• Liaohe/Binzhou Zhonghai petroleum coke-based: 5,300–6,000 CNY/ton (≈724.91–820.20 USD/ton).

Producers prioritized inventory reduction, but weak downstream demand and insufficient cost support kept prices flat.

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Medium-High Sulfur Calcined Coke: Stable Demand Supports Prices

Medium-high sulfur calcined coke prices held steady with balanced supply-demand dynamics:

• Sulfur 3.0% (standard): 2,550–2,650 CNY/ton (≈348.59–362.36 USD/ton);
• Sulfur 3.5% (standard): 2,350–2,450 CNY/ton (≈321.25–335.16 USD/ton);
• Sulfur 3.0% + Vanadium <400: 3,500–3,700 CNY/ton (≈478.45–505.79 USD/ton).

Aluminum carbon and anode material industries provided stable consumption, though downstream buyers maintained cautious purchasing.

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Upstream and Downstream Market Dynamics

Upstream Petroleum Coke: Supply Tightens Amid Refinery Maintenance

• Sinopec: Restored production at Qilu Petrochemical (Shandong), while Jinan Refinery began shutdowns on April 12; South China’s Beihai Refinery halted operations.
• CNPC: Jinxi Petrochemical (Northeast) started maintenance, and Daqing Petrochemical reduced output.
• Local Refineries: Prices fluctuated narrowly, with high-sulfur “pellet coke” gaining traction due to tariff adjustments.

Downstream Sectors: Mixed Performance

• Graphite Electrodes: Prices remained weak (14,200–22,100 CNY/ton, ≈1,942–3,022 USD/ton) amid tepid steel industry demand.
• Electrolytic Aluminum: Prices rose to 19,911 CNY/ton (≈2,722.94 USD/ton) driven by inventory drawdowns and policy support.
• Anode Materials: Oversupply persisted, keeping prices low despite stable orders.

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Market Outlook: Stability with Narrow Fluctuations

• Low-sulfur coke: Likely to stabilize with partial upward adjustments due to tightening supply from refinery maintenance.
• Medium-high sulfur coke: Expected to hold steady, supported by aluminum carbon demand but constrained by weak graphite electrode markets.

Key Drivers to Watch:

1. Refinery maintenance schedules impacting petroleum coke supply.
2. Downstream industries’ procurement strategies amid economic policy shifts.
3. Global trade dynamics, particularly for high-sulfur coke imports.

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