Supply-Demand Tight Balance Intensifies, Ample Upward Momentum for Petroleum Coke in the Short Term [SMM Analysis]

Published: Oct 31, 2025 21:45

Save

Overall, the petroleum coke market currently shows a pattern of tightening supply and increasing demand. At the month-end to early-month period, restocking needs for some enterprises became prominent. Coupled with expectations of higher prebaked anode prices in November boosting purchasing enthusiasm, SMM expects upward momentum for petroleum coke prices to persist in the short term.

SMM News on October 31:

This week, the petroleum coke market saw continued active trading, with smooth shipments from refineries and strong purchasing enthusiasm from downstream sectors, leading to a broad-based price increase. For major refineries, CNOOC's refineries witnessed active participation in bidding, with petroleum coke prices rising significantly by 150-600 yuan/mt, and current prices concentrated in the range of 4,200-4,700 yuan/mt. Notably, Zhoushan Petrochemical is expected to undergo maintenance, and affected by supply reduction, its price rose 600 yuan/mt WoW. PetroChina's refineries in north-east China experienced tightening low-sulphur petroleum coke supply, with good shipment performance; prices remained largely stable WoW, and current petroleum coke prices are concentrated at 3,846-4,410 yuan/mt. Additionally, Dagang Petrochemical in north China raised its petroleum coke price by 180 yuan/mt WoW to 4,330 yuan/mt. According to SMM, petroleum coke prices in north-east China are still expected to rise, with Fushun Petrochemical, Jilin Petrochemical, Jinxi Petrochemical, and Daqing Petrochemical projected to increase prices by 100-200 yuan/mt starting November 1. Sinopec focused on volume shipments WoW, with petroleum coke prices rising slightly within 100 yuan/mt. For local refineries, daytime trading activity was strong, and petroleum coke prices continued to climb. As of today, the average price of petroleum coke from local refineries was about 2,918 yuan/mt, up 5% WoW from last Friday.

For imported coke, driven by continuous domestic price increases and strong downstream purchasing enthusiasm, imported coke prices also rose. Port shipment pace accelerated, inventory continued to decline, and traders, after smooth shipments, showed strong bullish sentiment and reluctance to sell, leading to limited spot cargo sales at ports, with the market dominated by small-lot transactions.

Supply side, the tightening trend in the petroleum coke market intensified WoW, with an increase in the number of enterprises under maintenance among both major and local refineries: among major refineries, Lanzhou Petrochemical, Guangzhou Petrochemical, and Luoyang Petrochemical remained under maintenance, while Yunnan Petrochemical newly joined the maintenance list WoW; among local refineries, two units—Lanjiao Petrochemical and Tianhong Petrochemical—were newly shut down for maintenance. Coupled with production declines at some enterprises, domestic petroleum coke supply further contracted, supporting price increases.

Demand side, prebaked anode enterprises maintained good operating rates, and recent new capacity additions brought some incremental demand; calcined petroleum coke enterprises saw product prices rise due to raw material cost pass-through, with moderate shipment performance; the negative electrode material market had sufficient downstream orders. Multiple downstream sectors contributed to demand growth, effectively absorbing the market impact of supply contraction. Additionally, as winter stockpiling commenced in north-west China approaching winter, petroleum coke demand increased further.

Overall, the petroleum coke market currently shows a pattern of tightening supply and increasing demand. At the month-end to early-month period, restocking needs for some enterprises became prominent. Coupled with expectations of higher prebaked anode prices in November boosting purchasing enthusiasm, SMM expects upward momentum for petroleum coke prices to persist in the short term.

petcoke

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.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

17 hours ago

Fed Governor Milan Pushes for Over 100 Basis Points Cut, Contradicts Barkin on Caution

Federal Reserve Governor Milan pointed out that it is necessary for the US Fed to cut interest rates by more than 100 basis points this year. At the same time, he is very much looking forward to the performance of Kevin Warsh as Fed Chairman. However, Richmond Fed President Barkin emphasized that monetary policy must remain cautious until inflation fully pulls back to the target level, thereby ensuring the stability of the labour market.

17 hours ago

Democratic Senators Demand Delay in Fed Nomination Amid Criminal Investigation

All 11 Democratic members of the US Senate Banking Committee jointly sent a letter to the committee's chairman, Tim Scott, requesting that all nomination processes for the prospective Fed Chairman, Kevin Warsh, be postponed until the criminal investigation into current Fed Chairman Powell and other board members is concluded. However, Scott stated that Warsh's confirmation was a done deal.

17 hours ago

Fed to Keep Large Banks' Capital Levels Unchanged, Postpones Stress Test Reforms Until 2027

The US Fed has announced that it will maintain the capital levels of large banks unchanged during the upcoming stress test cycle (corresponding to the 2026 cycle). At the same time, the US Fed is planning multidimensional reforms to this annual test, aiming to enhance its transparency. The US Fed's Vice Chair for Supervision, Bowman, revealed that adjustments to the stress capital buffer requirements for large banks will be postponed until 2027. This move is intended to provide the US Fed with sufficient time to evaluate potential flaws that may be exposed in its testing models when assessing banks' financial conditions under simulated economic downturn scenarios.

17 hours ago