Downstream Demand Weakens, Traders' Sales Performance Poor: China's Petroleum Coke Imports Continue to Decline in July 2024 [SMM Analysis]

SMM, August 22: According to customs data, in July 2024, China's petroleum coke imports were 1.2598 million mt, down 0.14% MoM, up 16.82% YoY. The estimated import price of petroleum coke in July was $156.97/mt, down 5.17% MoM, down 7.85% YoY. In 2024, China's cumulative petroleum coke imports totaled approximately 8.6721 million mt, down 19.43% YoY.

By import source country, in July 2024, the main sources for China petroleum coke imports were the United States, Russia, and Colombia, with import volumes (import shares) of 434,500 mt (34%), 250,200 mt (20%), and 139,800 mt (11%), respectively.

Regarding import prices, in July 2024, the import price of petroleum coke slightly decreased, with an average import price of $156.97/mt, down 5.17% MoM, down 7.85% YoY.

Overall, in July 2024, the import volume of petroleum coke continued to decline, mainly due to weak domestic downstream demand and the high prices of imported petroleum coke being difficult for the market to accept. Under these circumstances, the sales performance of import traders was unsatisfactory, leading to further price declines and reduced profit margins. Due to the uncertain market outlook, the enthusiasm for receiving goods from the overseas market also significantly decreased. SMM expects this trend to remain unchanged in the short term, with petroleum coke import volumes likely to continue their current downward trend.