According to the Commodity Analysis System of SunSirs, the price of refined petroleum coke in Shandong market stopped falling and rebounded last week. As of March 31, the price of refined petroleum coke in Shandong market was 1,675.00 RMB/ton, an increase of 1.06% from 1,657.50 RMB/ton on March 25.

Cost side: Last week, the international crude oil market fluctuated and rose, mainly due to market concerns about future supply expectations and risks. Russia's oil facilities were attacked, and production expectations decreased; Against the backdrop of OPEC+ production reduction in oil producing countries, the supply outlook is tightening; The number of active drilling rigs in the United States continues to decline, making it difficult to increase production in the future.

Supply side: Last week, the shutdown and maintenance of coking units in refineries, as well as production reduction, gradually increased, resulting in a relative decrease in supply, which is beneficial to the petroleum coke market; The sulfur content of petroleum coke in some refineries has changed, and the price of petroleum coke fluctuates with the increase of sulfur content; At present, the overall low level of petroleum coke storage in the refinery; Imported sponge coke continues to arrive at the port, with average shipping speed and an increase in port inventory.

On the demand side: As of March 28th, China has started operating 304 silicon metal furnaces, with an overall start-up rate of 40.53%, a decrease of 14 furnaces compared to last week. This week, the number of industrial silicon furnaces has continued to decline, and silicon companies in both the north and south have taken measures to stop production to cope with losses. Under pressure on industrial silicon prices, the willingness of silicon companies to start production has further weakened. At present, the demand for purchasing petroleum coke from metallic silicon is still acceptable, supporting the petroleum coke market.

Last week, the overall decline of sulfur calcined coke occurred. Recently, some negative electrode factories have started to purchase calcined coke one after another, and the shipment of calcined coke has improved. Currently, calcined coke enterprises are operating steadily, and the market supply is relatively sufficient.

Last week, aluminum prices fluctuated and rose, and electrolytic aluminum production remained relatively stable. Although there is an expectation of increased production in Yunnan, downstream consumption is gradually entering the peak season, and orders continue to recover. In the near future, the social inventory of aluminum ingots may enter a state of destocking, which will provide certain support for aluminum prices. Downstream aluminum carbon enterprises have weak support for petroleum coke demand, with on-demand procurement being the main focus.

Currently, the coking equipment in refineries is undergoing maintenance, resulting in a decrease in the supply of petroleum coke for local refining, which is beneficial to the petroleum coke market; But currently, downstream demand is limited, and the market maintains a focus on essential procurement; In addition, the continuous arrival of imported petroleum coke at the port has led to an increase in the storage of petroleum coke in the port. Overall, it is expected that the prices of refined petroleum coke in the near future will mainly consolidate.

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