China Petroleum Coke Imports Rose 18.57% Year-on-Year in 2022, with Potential for Further Growth in 2023

SHANGHAI, Jan 30 (SMM) - According to customs data, China imported 1.22 million mt of petroleum coke in December 2022, down 37.22% MoM, but up 55.64% YoY. China's petroleum coke imports totalled 14.84 million mt in 2022, a year-on-year increase of 18.57%.

Imports of other uncalcined petroleum coke were 956,400 mt and accounted for 78% of the total imports in December 2022, which were mainly imported from the United States, Venezuela and Saudi Arabia.

The United States was still the top supplier, contributing 42% of China's petroleum coke imports, followed by Venezuela, accounting for 15%.

The surge in imports last year was mainly driven by the following factors: 1. Rising production costs due to soaring international crude oil prices discouraged domestic petroleum coke production. 2. Robust downstream carbon production spurred the demand for petroleum coke. 3.Import profits were lucrative. 

Domestic petroleum coke supply may fall in 2023 due to elimination of outdated capacity. Increasing carbon production will sustain the demand growth of petroleum coke. Therefore, the import volume of petroleum coke is expected to increase by 5%-10% in 2023.