SunSirs: The Price of China Refined Petroleum Coke was mainly Stable on June 22

According to the data of SunSirs, the price of petroleum coke products of domestic refineries is relatively stable, and the average price in Shandong market is about 1,138.5 RMB/ ton. On June 21, the petroleum coke commodity index was 88.55, unchanged from the previous day, down 43.09% from 155.59 (2018-01-25), the highest point in the cycle, and up 32.38% from 66.89, the lowest point on March 28, 2016. (Note: cycle refers to 2012-09-30 to now)

Analysis of Influencing Factors

Upstream: according to the monitoring of SunSirs, U.S. WTI crude oil was $37.12/ barrel at the beginning of last week, $39.05/ barrel at the end of last week, with a weekly increase or decrease of more than 5%; Brent crude oil was $39.72/ barrel at the beginning of the week, $41.51/ barrel at the end of the week, with a weekly increase or decrease of 4.80%. At the OPEC+ ministerial meeting, the assessment of the record production reduction agreement released a signal of increased implementation rate of production reduction, offsetting some emotional disturbance of demand concerns caused by COVID-19. Crude oil prices continued to fluctuate at high levels, and the naphtha drop was mostly affected by the sharp drop in crude oil prices last week.

Downstream: in terms of thermal coal, the market price continues to rise and the power is insufficient, but the inventory of six major power plants is now low, and there is still a demand for replenishment in the later stage. It is expected that the thermal coal price will be stable in the later stage. Carbon is well traded by the downstream electrolytic aluminum high support enterprises. In the short term, carbon price is still stable. Construction steel is affected by supply and demand, or a small decline trend. In terms of the supply and demand of petroleum coke, the atmosphere of market trading and investment is good, the enthusiasm of Sinopec's downstream receiving is fair, and the inventory of most refineries is mainly low. The petroleum coke market is running smoothly, and the manufacturer's delivery is good.

Industry: according to the price monitoring of SunSirs, there were 10 kinds of commodities in the list of commodity prices rising and falling in the 24th week of 2020 (6.15-6.19), among which there were 2 kinds of commodities with an increase of more than 5%, accounting for 12.5% of the number of commodities monitored in the sector; the top 3 commodities were WTI crude oil (7.69%), Brent crude oil (7.18%) and MTBE (2.18%). There were 6 kinds of commodities falling on a month on month basis, with naphtha (-1.69%), LNG (-0.80%) and diesel (-0.54%) as the top three products. Last week's average was up or down 1.32%.

Market F orecast

The price of cokes in the market is stable, and the market mainstream transaction price is stable. At present, after a long time of general price hike in the early stage of the refinery, the downstream now takes a cautious wait-and-see attitude. Comprehensively, it is expected that the later stage of the petroleum cokes market will be mainly stable, with some refineries' ups and downs mutually adjusting at the same time.

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