SMM, September 30:
According to customs statistics, China's total petroleum coke imports in August 2026 reached 1.5717 million mt, up 6.71% MoM and up 52.53% YoY. The average import price for the month was $283.21/mt, down 5.90% MoM but up 42.27% YoY. Cumulative petroleum coke imports in China from January to August totaled 11.151 million mt, up 3.93% YoY.
The August market exhibited a typical divergence of "rising volumes and falling prices." On one hand, with the September-October peak season approaching and traders anticipating higher prices ahead, the willingness to stock up in advance was released in a concentrated manner, pushing imports to climb further from the already high level of 1.47 million mt. On the other hand, the concentrated arrival of low-priced, high-sulphur cargoes from the US, with the single-country share surging to 42.23%, created a significant dilution effect on the overall average price, pulling down the central level of import prices.
The source structure of August imports was reshaped once again compared with July, presenting a pattern of "US surging, Russia and Brazil pulling back, the Middle East absent, and Europe filling the gap."
Key structural changes:
1. The US stood out as the dominant supplier, with its single-country share surging to 42%. US imports in August reached 663,700 mt, up 66.32% MoM, with its share jumping from 27.09% in July to 42.23%, the highest concentration level of the year. Amid consolidating international oil prices, overseas market quotes from the US Gulf offered a certain cost advantage, stimulating domestic traders to engage in concentrated procurement of high-sulphur resources from the US Gulf. The top five source countries (the US, Russia, Brazil, Canada, and Romania) together accounted for 1.2184 million mt, or 77.52% of the total. The combined share of the US and Russia was approximately 58%, a notable rebound from 49% in July.
2. Russia, Brazil, and Canada all pulled back. Russia supplied 253,100 mt (down 21.68% MoM), as attacks on Russian refineries continued to compress exports of medium- and high-sulphur coke. Brazil supplied 130,300 mt (down 28.14% MoM), Canada 105,300 mt (down 34.51% MoM), and Argentina 58,700 mt (nearly halved MoM). The low-sulphur resources that arrived in a concentrated manner in July receded this month, reflecting a natural pullback after the completion of earlier high-priced orders.
3. Romania entered the top five for the first time, with European sources filling the gap. Romania supplied 66,100 mt in August at an average price of $530.88/mt, mainly low-sulphur, high-quality coke, marking its first entry into the top five source countries this year. Belgium supplied 37,300 mt ($344.36/mt), Poland 25,100 mt, and Spain 19,500 mt ($500.00/mt), all of which saw arrivals. High-specification European cargoes formed a new supplementary channel.
4. Middle Eastern sources were nearly absent. In August, only Oman delivered 50,000 mt (down 37.50% MoM). Saudi Arabia, the UAE, and Kuwait all had no recorded cargo arrivals, with the impact of shipping disruptions in the Strait of Hormuz fully evident in the August data. Saudi Arabia had delivered 54,500 mt in July, further highlighting the widening supply gap from the Middle East in August.
5. Colombia resumed arrivals. Its 51,500 mt ($245.88/mt) returned to the list of major sources after a one-month hiatus. Kazakhstan supplied 21,500 mt and Azerbaijan 32,800 mt, both remaining at low levels. In terms of sulphur content structure, August imports of petroleum coke with sulphur content below 3% stood at approximately 640,300 mt, up 104,600 mt or 19.51% MoM, accounting for 40.74% of total monthly imports and hitting a new high for the year for the second consecutive month (36.4% in July). Cumulative imports of petroleum coke with sulphur content below 3% reached 3.2736 million mt in January-August, accounting for 29.3%, a continued rise from the level of around 26% in H1, reflecting strong rigid demand support for high-quality cargoes from the prebaked anode and anode material sectors. Imports of high-sulphur petroleum coke (other uncalcined petroleum coke) stood at 931,400 mt in August, accounting for 59.26%.
The average import price in August was $283.21/mt, down $17.77/mt or 5.90% MoM from July. By country, the price structure showed a pattern of divergence between high and low prices with an overall pullback. Low-priced cargoes remained at low levels: Oman averaged $146.64/mt, Canada $162.13/mt, Taiwan, China $166.03/mt, the US $214.29/mt, and Russia $247.57/mt. Low-priced, low-sulphur cargoes saw rare price increases: Kazakhstan surged $61.79/mt MoM to $367.97/mt, and Brazil rose $15.72/mt MoM to $542.84/mt. High-priced, low-sulphur cargoes pulled back slightly: Argentina fell $27.99/mt MoM to $535.75/mt. Romania entered the high-price range, with an average price of $530.88/mt, filling the gap in European low-sulphur supply. The larger share of low-priced, high-sulphur cargoes, combined with weaker prices for some high-sulphur grades, jointly dragged down the overall average price level.
In terms of product structure, cumulative imports of low-sulphur petroleum coke (sulphur content below 3%) reached 3.2825 million mt in January-August 2026, accounting for 29% of total imports, a further rise from the level of around 26% in H1. Imports of high-sulphur petroleum coke (other uncalcined petroleum coke) stood at 7.8684 million mt, accounting for 70%. In August alone, imports of low-sulphur petroleum coke reached 640,300 mt, hitting a new high for the year for the second consecutive month, up 19.51% MoM from July, and accounting for 40.74% of total monthly imports (36.4% in July). The continued rise in the share of low-sulphur petroleum coke reflects strong rigid demand support for high-quality, low-sulphur cargoes from the downstream prebaked anode and anode material sectors. Imports of high-sulphur petroleum coke remained relatively stable due to the filling of supply from US and Russian resources, but its share declined passively. August petroleum coke imports showed a pattern of rising volumes, falling prices, and US dominance: imports surged both YoY and MoM to 1.5717 million mt, a new high for the year, while the average price pulled back 5.90% to $283.21/mt. In terms of source countries, the US alone accounted for a soaring 42.23% share, with European origins such as Romania newly filling the gap, while Middle Eastern supply was nearly cut off. The share of low-sulphur petroleum coke rose to a record high of 40.74%, further intensifying product differentiation. Looking ahead, the boost to imports from stockpiling in advance for the September-October peak season has already materialized, and with rising freight costs and recovering domestic supply, imports are expected to pull back in September-October. The market's main theme has shifted from tight supply to a tug-of-war between peak-season demand and cost constraints, and the product differentiation pattern—with tight supply of high-sulphur cargoes coexisting with firm demand for low-sulphur material—is likely to persist into Q4.
