In October 2024, China's petroleum coke import volume and prices both declined, but signs of market recovery were evident [SMM Analysis]

SMM, November 25: According to customs data, in October 2024, China's petroleum coke imports were 761,200 mt, down 30.55% MoM and 31.60% YoY. The estimated import price of petroleum coke in October was $139.78/mt, down 5.09% MoM and 27.24% YoY. In 2024, the cumulative import volume of petroleum coke in China was approximately 11.3554 million mt, down 17.25% YoY.

From the perspective of import types, in 2024, the ratio of petroleum coke with sulfur content <3% to other uncalcined petroleum coke was approximately 27:73. The import volume of "uncalcined petroleum coke with sulfur content <3%" reached 3.0809 million mt, down 9.07% YoY, while the import volume of "other uncalcined petroleum coke" reached 8.2745 million mt, down 19.94% YoY.

From the perspective of import sources, in October 2024, the main countries/regions from which China imported petroleum coke were Canada, Saudi Arabia, and the US, with import volumes of 164,400 mt (22%), 134,300 mt (18%), and 113,400 mt (15%), respectively.

From the perspective of import prices, in October 2024, petroleum coke import prices mainly declined, with the average import price in October being $139.78/mt, down 5.09% MoM and 27.24% YoY. In the month, petroleum coke was imported from a total of 19 countries/regions, with 9 countries showing continuous import volumes. Notably, import prices from the UK and Taiwan showed significant declines.

Overall, in October 2024, the import volume of petroleum coke slightly declined. Entering November, the domestic low-sulfur imported petroleum coke market performed well, coupled with tight port spot cargoes, driving up the prices of low-sulfur imported petroleum coke at ports. Recently, the domestic petroleum coke market has shown signs of recovery, with port petroleum coke inventory continuously decreasing and traders' sales improving. According to SMM, since October, importers' buying sentiment in the overseas market has improved. Despite the previous decline in import volumes, the market rebound and the positive attitude of importers have injected confidence into the market. SMM expects that petroleum coke import volumes will rebound.