China’s Petroleum Coke and Related Markets Weekly Report (March 23-28, 2025)

Petroleum Coke Market
Last week, China’s petroleum coke market saw stable trading with a slight price rebound. As month-end approached, downstream procurement slowed, but refinery shipments remained smooth. State-owned refineries led the rebound, with low-sulfur coke prices rising by RMB 50–190/ton, while mid-to-high sulfur grades saw modest gains. PetroChina raised low-sulfur coke prices by RMB 50/ton in Northeast China, and CNOOC’s low-sulfur coke traded at RMB 3,850–4,070/ton. Independent refineries reported mixed trends, with mid-to-high sulfur auction prices declining. The market is expected to maintain a steady upward trajectory this week, with gains of around RMB 100/ton.

Calcined Coke Market
Calcined coke prices stabilized overall, though low-sulfur grades fell sharply by RMB 200/ton due to cost pressures and weak terminal demand. Mid-to-high sulfur markets saw improved shipments, supported by steady anode production and resilient orders. With raw material prices rebounding, calcined coke is likely to stabilize in the near term.

Coal Tar Pitch Market
The coal tar pitch market remained stagnant. Raw material costs edged lower, dampening sentiment, while downstream buyers resisted high offers. Supply increased slightly as some plants resumed operations, but demand stayed subdued. Prices are expected to fluctuate narrowly in the short term.

Needle Coke Market
Needle coke prices held steady, with oil-based raw coke at RMB 6,400–6,500/ton and calcined coke at RMB 7,900/ton. Low-sulfur petroleum coke’s rally provided some support. Modified coal tar pitch prices dropped RMB 100/ton to RMB 4,400–4,500/ton, while low-sulfur slurry rose RMB 60/ton. Battery sector demand grew, but graphite electrode orders were tepid. The market may trend weakly stable this week.

Graphite Electrode Market
Graphite electrode prices declined by RMB 200–500/ton, with ultra-high-power (UHP) 400mm electrodes at RMB 16,000/ton. Weak steel demand and low mill utilization capped electrode consumption. Prices are likely to remain under pressure. Notably, Japan’s 95.2% anti-dumping duty on Chinese graphite electrodes, effective March 29, could reshape trade flows, though Indian producers like HEG and Graphite India may benefit from redirected demand.

Carburizer Market
Prices dipped further, with calcined coal carburizer averaging RMB 1,153/ton amid weak anthracite coal trends. Calcined petroleum coke carburizers also fell due to sluggish demand. The market is projected to stay soft.

Outlook
While petroleum coke and needle coke show resilience, graphite electrodes face headwinds from steel sector weakness. Policy shifts, like Japan’s trade measures, may inject volatility. The broader market hinges on raw material costs and downstream demand recovery.

: SunSirs, March 28, 2025
: Reuters, March 25, 2025
: TradeBrains, March 25, 2025
: ICICI Securities, March 26, 2025