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As of March 25, the price of refined petroleum coke in Shandong market was 1657.50 yuan/ton, down 2.50% from 1700 yuan/ton on March 18.
Cost side: Recently, the international crude oil market rose first and then fell, due to the support of geopolitical tensions in the Middle East in the early stage, coupled with the expected production reduction of oil-producing countries is also an important factor to support oil prices, the trend of international oil prices rose. Late-stage data on weak U.S. gasoline demand and reports of a U.N. draft resolution calling for a ceasefire in Gaza weighed on oil prices.
Supply side: Recently, the shutdown and production reduction of refinery coking units have increased one after another, and the supply has been relatively reduced, which is good for the petroleum coke market. The sulfur content of petroleum coke in some refineries has increased, and the price of petroleum coke varies with the sulfur content. Imported sponge coke has arrived in the port one after another, the shipment speed is average, and the port inventory has risen.
Demand side: As of March 21, the number of domestic silicon metal furnaces was 318, and the overall furnace opening rate was about 42%, a weekly decrease of 7 units. Some silicon companies have resumed work or plan to resume work due to preferential electricity prices, but the overall willingness to start construction is still weakened by cost pressures. At present, the procurement demand for petroleum coke for silicon metal is average.
Recently, the overall market of medium sulfur calcined coke has risen, and some anode factories have begun to purchase calcined coke one after another, and calcined coke shipments have improved.
Recently, aluminum prices have risen, the traditional consumption season is approaching, and downstream demand may improve. The operating rate of aluminum profiles, aluminum cables, aluminum strips, aluminum foils, primary aluminum alloys, and recycled aluminum alloys is gradually picking up with the resumption of production and work, and the spot transactions are expected to improve in the later period. At present, downstream aluminum carbon enterprises have limited support for the demand for petroleum coke, and on-demand procurement is the mainstay.
Market outlook: At present, the coking unit of the refinery has been overhauled, and the supply of petroleum coke in the local refining has decreased, which is good for the petroleum coke market, but the imported petroleum coke has arrived in Hong Kong one after another, and the inventory of petroleum coke in the port has increased. On the whole, it is expected that the price of refined petroleum coke will be consolidated in the short term.