China's Cumulative Petroleum Coke Imports Exceeded 10 Million mt in 2025, Q3 Imports Expected to Drop Around 30% MoM [SMM Analysis]

SMM September 29:

According to customs data, China's petroleum coke imports in August 2025 totaled 1.0304 million mt, down 26.53% MoM but up 24.74% YoY. The estimated import price of petroleum coke in August was $199.06/mt, down 1.79% MoM but up 30.45% YoY. From January to August 2025, China's cumulative petroleum coke imports reached approximately 10.729 million mt, up 12.96% YoY.

By source country, China's main petroleum coke import origins in August 2025 were Russia (319,300 mt, 31%), the US (157,200 mt, 15%), and Saudi Arabia (110,300 mt, 11%).

On the import price front, petroleum coke import prices trended downward in August 2025, with the average import price at around $199.06/mt, down 1.79% MoM. Imports were sourced from 17 countries/regions, with 15 showing continuous import volumes: prices of petroleum coke from Azerbaijan, Indonesia, and Oman rose significantly, up over $130/mt MoM, while prices from Colombia and Argentina fell noticeably, down around $70/mt MoM.

In Q3 2025, both supply and demand in the domestic petroleum coke market worked in tandem, showing a clear recovery trend. On the demand side, stockpiling activity in the anode material industry improved significantly, coupled with reduced domestic supply of low-sulphur petroleum coke, driving strong performance for low-sulphur coke. Meanwhile, carbon used in aluminum production enterprises maintained just-in-time procurement, further boosting market sentiment. Led by the supply-demand gap for low-sulphur coke, domestic petroleum coke prices diverged from import averages, with low-sulphur coke leading price increases, port shipments improving noticeably, and inventory officially entering a destocking phase. On the import side, although improved domestic demand supported moderate buying sentiment among traders in the overseas market, factors such as shipping schedules constrained Q3 petroleum coke imports, which are expected to decline MoM from Q2, with SMM estimating a drop of 25%-30%.