Raw Material Petroleum Coke Prices Stabilize Prebaked Anode Market Operates Steadily [SMM Prebaked Anode Weekly Review]

Published: Mar 20, 2025 18:42

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SMM March 20 Update: Raw Material End: In the petroleum coke market, overall performance improved during the week, with petroleum coke prices consolidating at high levels, especially in the latter half of the week when prices slightly improved. Specifically, CNOOC's refinery auctioned petroleum coke prices were significantly reduced WoW, with adjustments ranging from 400-640 yuan/mt, and current ex-factory prices are at 3,700-5,200 yuan/mt. PetroChina's northeastern region partially adopted a price protection sales policy for petroleum coke, with prices continuing to decrease this week by 150-300 yuan/mt, and current ex-factory prices are at 4,260-4,800 yuan/mt. Sinopec's petroleum coke prices remained largely stable. Local refineries saw a slight improvement in shipments, with downstream enterprises showing increased procurement enthusiasm and more inquiries, and the average price of local refinery petroleum coke was about 2,491 yuan/mt, down 0.28% from last Thursday. In the coal tar pitch market, prices weakened this week, with the average price as of Thursday at 4,538 yuan/mt, down 2.85% from last Thursday. Overall, the decline in petroleum coke and coal tar pitch prices led to weaker cost support for prebaked anodes. Supply Side, prebaked anode enterprises maintained stable production throughout the year based on orders. On the demand side, the operating capacity of China's aluminum industry steadily increased, although the growth was limited, it positively boosted the market demand for prebaked anodes. Brief Comment: During the week, downstream procurement sentiment in the petroleum coke market warmed up, ending the downward trend of petroleum coke prices and turning to stabilization or even a slight rebound. According to SMM data, as of March 20, the cost of prebaked anodes in China was about 5,455 yuan/mt, a 2.25% decrease from last Thursday. SMM understands that the current market situation remains unclear, with downstream enterprises' tentative restocking providing some support, but overall, just-in-time procurement still dominated. The momentum for a rise in petroleum coke prices was insufficient, and the market still needed to observe the specific stockpiling situation of downstream enterprises. Although petroleum coke prices had softened recently, enterprises still faced significant production pressure in consuming their previous inventories, leading to poor profitability. This week, both supply and demand for prebaked anodes showed minor fluctuations, while the cost side, mainly the petroleum coke market, was expected to consolidate at high levels, with prebaked anode prices remaining largely stable in the short term. 》Click to view SMM Aluminum Industry Chain Database

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

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