Today, the spot prices at major refineries remained stable, while the price fluctuations for coking coal at local refineries have narrowed somewhat.

On the Sinopec side, its refineries are shipping petroleum coke according to orders, with steady shipments of medium-sulfur petroleum coke in the Yangtze River region. Shipments of high-sulfur petroleum coke in the East China region remain reasonably stable, while transactions of high-sulfur coke in the South China region are also stable. In the North China-Shandong region, medium-to-high sulfur petroleum coke is being shipped steadily based on orders, and shipments of high-sulfur petroleum coke in the northwest region remain stable. Today, Liahe Petrochemical in the northeast region under CNPC continued its bidding for petroleum coke; in the North China region, Dagang Petrochemical’s November listed prices have slightly declined. Overall, the petroleum coke market in the northwest region remains stable, with refinery prices remaining unchanged for now. At CNOOC’s Huizhou Petrochemical in the South China region, coke prices remained stable this week, and refineries in the East China region operated generally at stable levels today.

On the local refinery side, today the market for petroleum coke from independent refineries has shown a trend toward stabilization. Some refineries that had previously offered petroleum coke at higher prices are now facing downward pressure on sales, causing coke prices to drop by 30 yuan per ton. Meanwhile, following recent consecutive price reductions and adjustments to their own operational targets, some refineries specializing in petroleum coke with sulfur content below 4.0% have seen a slight easing of sales pressure, with prices gradually rebounding by 10 to 30 yuan per ton. Today’s market fluctuation: The sulfur content of petroleum coke produced by Jingbo Petrochemical has dropped to around 3.3%.

Regarding imported coke, imported petroleum coke has been arriving at ports one after another. However, affected by the decline in domestic petroleum coke prices, the shipment rate of sponge coke has noticeably slowed down, leading to a gradual increase in overall petroleum coke inventories at ports. The market for pellet coke continues to see reasonably steady shipments.

The downstream carbon market for aluminum exhibits weak support from petroleum coke, with demand remaining largely driven by essential purchases. The negative electrode material market is characterized by strong wait-and-see sentiment, and buyer activity remains relatively subdued. Trading atmosphere in the graphite electrode sector is generally moderate, with prices broadly stable. In the silicon carbide industry, demand for high-sulfur pellet coke remains robust.

The overall trading performance in the petroleum coke market has been moderate. Market supply remains ample, and coupled with weak downstream demand, companies are primarily procuring goods on a need-based basis. However, as coke prices continue to decline, refineries’ pressure to sell inventory has eased somewhat. It is expected that petroleum coke prices will stabilize tomorrow, though some high-priced grades may still see a downward adjustment of 10 to 50 yuan per ton—though the magnitude of such adjustments will be limited. Spot supplies of imported pellet coke remain tight, and pellet coke prices are expected to stay stable in the interim.

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