Domestic Supply Is Tight and Demand Is Robust China's Petroleum Coke Imports in Terms of Volume and Price Both Increased at the Beginning of 2025 [SMM Analysis]

SMM March 23 Report: According to customs data, China's petroleum coke imports in January 2025 were 1.2142 million mt, up 23.53% MoM and up 3.33% YoY; the estimated import price for January was $150.87/mt, up 10.25% MoM and up 3.02% YoY. In February 2025, China's petroleum coke imports were 1.1799 million mt, down 2.82% MoM and up 3.24% YoY; the estimated import price for February was $152.47/mt, up 1.06% MoM and down 8.35% YoY. The cumulative total of China's petroleum coke imports in 2025 was about 2.3941 million mt, up 3.28% YoY. In terms of importing countries, the main sources of petroleum coke imports to China in 2025 were the US, Russia, Venezuela, and Saudi Arabia, with import volumes (import share) at 823,700 mt (34%), 344,500 mt (14%), 178,900 mt (7%), and 159,600 mt (7%) respectively. In the first two months of 2025, petroleum coke imports performed well, with a slight increase in total exports compared to last year. Since Q1 2025, although petroleum coke imports have been increasing, due to reduced domestic supply and significantly increased downstream demand, port inventories of petroleum coke continued to decline. The short-term shortage of domestic petroleum coke is unlikely to change, with strong downstream demand, making the overall domestic market still somewhat dependent on petroleum coke imports. However, since Q1, overseas market bidding prices for petroleum coke have remained high, suppressing the sentiment of domestic traders, though it remains moderate. In the short term, domestic petroleum coke supply will remain tight, and imports will stay at a high level to meet domestic demand.