SunSirs: China Petroleum Coke Market continued to Decline (June 12-18)

According to the commodity analysis system of SunSirs, the price of Petroleum coke of the local refiner continued to decline last week. On June 18, the average price of Shandong market was 1,756.50 RMB/ton, down 5.26% from the price of 1,854.00 RMB/ton on June 12.

On June 18, the Petroleum coke commodity index was 136.62, unchanged from yesterday, down 66.57% from the cycle's highest point of 408.70 (2022-05-11), and up 104.25% from the lowest point of 66.89 on March 28, 2016. (Note: The cycle refers to the period from September 30th, 2012 to the present)

Last week, the price of Petroleum coke produced by local refineries continued to decline. Local refineries actively discharged their stocks. The downstream was in a strong wait-and-see mood, and the trading was average. At present, the port Petroleum coke inventory is high and the shipment is active, but the terminal just needs replenishment, and the overall trade is general.

Last week, the international crude oil market fluctuated and rose. Mainly due to unexpected retail growth in the United States in May, supported by positive employment data, the expectation of the Federal Reserve ending its interest rate hike process has strengthened. The significant increase in processing capacity of Chinese refineries has boosted oil prices.

The price of calcined coke remained basically stable last week. The basic situation of metal silicon is still poor, the starting situation has improved, and the demand side has not improved significantly. The inventory is high, and the top of the price of metal silicon is under pressure. As of June 18, the average price of 441# metal silicon in the Spot market was 13,610 RMB/ton. The downstream electrolytic aluminum market is fluctuating, and there is a trend of inventory depletion in the electrolytic aluminum society. Inventory depletion is evident, with an average price of 18,553.33 RMB/ton as of June 18th. Downstream enterprises have a strong wait-and-see attitude and low enthusiasm for receiving goods, with on-demand procurement being the main focus.

Petroleum coke analysts of SunSirs believe that: at present, domestic Petroleum coke is in sufficient supply. In addition, imported Petroleum coke is in high inventory, and the shipment is active. Local refining Petroleum coke is in average delivery. Refineries actively arrange the inventory. Downstream enterprises are in a strong wait-and-see mood, and have low enthusiasm for receiving goods. They mainly purchase on demand. It is expected that the local refining of petroleum coke in the near future will be dominated by weak points.

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