SunSirs: China Petroleum Coke Market Fluctuated and Rose in December

According to the commodity analysis system of SunSirs, the market for locally refined petroleum coke fluctuated and rose in December. The mainstream average price of sulfur products in petroleum coke from major domestic refineries was 2,585.75 RMB/ton on December 30th, up 8.16% from 2,390.75 RMB/ton on December 1st.

Cost aspect: The international crude oil market fluctuated and declined in December. At the beginning of the month, OPEC+oil producing countries postponed production increases, and coupled with the slim possibility of reaching a geopolitical peace agreement, geopolitical factors led to an upward trend in crude oil prices; In the first half of the year, the regional situation eased slightly, the geopolitical risk premium subsided, and coupled with the weakening of US demand, the US tariff issue dragged down the global economy and demand expectations, leading to a decline in the international oil price market trend; The tense atmosphere of the US Venezuela situation continued in the latter half of the year, and the instability of the Russia Ukraine situation increased, making it difficult to dispel concerns about potential supply risks and leading to an increase in international oil prices; At the end of the month, Ukrainian and American leaders will hold new talks, easing geopolitical tensions and causing a decline in international oil prices.

Supply side: The market for petroleum coke in December fluctuated and rose; At the beginning of the month, downstream production enterprises still have demand for petroleum coke, with rigid procurement being the main focus. In addition, the benchmark price for pre baked anode procurement at a certain aluminum plant in Shandong has risen in December 2025, which is favorable for the petroleum coke market. The petroleum coke market has risen, but some graphite electrode enterprises are affected by the season and their production is hindered. There are plans to stop production, which may lead to a decrease in petroleum coke procurement; The market for petroleum coke in the first half of the year fell, and downstream customers were cautious in receiving goods, with a strong wait-and-see attitude. Refineries lowered prices to adjust shipments; In the latter half of the month, the petroleum coke market rose, and downstream aluminum carbon enterprises started operating well overall. The procurement of petroleum coke remained stable, and the demand for pre baked anodes remained relatively stable. The price of petroleum coke fluctuated and rose overall. Recently, there have been many ships arriving at the port, with high sulfur sponge coke being the most common. The shipping speed at the port is relatively slow, and the inventory of petroleum coke at the port has slightly increased.

On the demand side: In December, the overall production of metal silicon in the north and south regions is still polarized, and the dry season has arrived. The production in the south is at a low level, while there is a slight increase in production in the north. However, the overall production cost of metal silicon has increased, and some silicon companies have experienced cost inversion. Therefore, there is a clear reluctance to sell, and the willingness to sell at a discount is not strong, resulting in a stagnant supply performance. The demand for petroleum coke market in the silicon industry still exists.

The mid to high sulfur calcined coke market fell in December, and downstream markets severely suppressed the overall purchasing price of calcined coke. The downstream purchasing willingness of ordinary calcined coke was not high, and under the pressure of sales and inventory, the overall price declined.

The electrolytic aluminum market fluctuated and rose in December. As of December 30th, the average price of domestic aluminum ingots in the East China market was 22,491.67 RMB/ton, an increase of 3.46% from the market average price of 21,740 RMB/ton on December 1st. The social inventory of aluminum ingots continues to increase, and the market circulation of goods is abundant. Downstream aluminum uses carbon as the main demand in the petroleum coke market.

Downstream enterprises of petroleum coke are cautious in entering the market at the end of the month. Downstream aluminum carbon and negative electrode material enterprises still have purchasing intentions for petroleum coke, but their purchasing intentions are average. There may be stocking demand downstream after the holiday, and it is expected that the petroleum coke market will have an upward trend after the holiday.

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