SunSirs: China Petroleum Coke Market First Rose and Then Fell in January

According to the commodity analysis system of SunSirs, the market for locally refined petroleum coke in January first rose and then fell, with a slight overall increase. The mainstream average price of sulfur products in petroleum coke from major domestic refineries was 2,691.75 RMB/ton on January 30, up 3.6% from 2,598.25 RMB/ton on January 1.

Cost aspect: The international crude oil market fluctuated and rose in January: The crude oil market was affected by multiple positive factors such as the impact of the US winter storm on supply and the escalation of geopolitical tensions in the Middle East. The core driving force was the significant short-term supply disturbance, coupled with the rebound of geopolitical risk premiums, and the concentrated release of bullish sentiment in the market. The crude oil market continued to rise. The crude oil market directly affects the domestic refined oil market, and domestic gasoline and diesel prices have risen accordingly.

Supply side: In January, the market for refined petroleum coke first rose and then fell; In early January, downstream carbon and negative electrode enterprises still had support for petroleum coke, with good market trading and a continuous rise in the local refining petroleum coke market; The market for petroleum coke in the middle of the month has fallen, with average trading in the local refining market. Refinery shipments have slowed down, and refineries are actively reducing prices for sales; In the latter half of the month, the local refining market saw positive shipments and active market transactions, supporting the rise in coke prices for some refineries.

On the demand side: According to SunSirs market monitoring analysis system, the domestic silicon metal market saw a slight increase in January, with a price of 9,650 RMB/ton on January 30th, up 0.31% from 9,620 RMB/ton on January 1st. Some industrial silicon giants in certain regions still have plans to continue reducing production for maintenance, and the overall market production has been lowered. The overall supply pressure in the metal silicon market is not significant, and factories have no obvious plans to reduce inventory. The demand for petroleum coke market in the silicon industry still exists.

In January, the market for medium and high sulfur calcined coke saw a slight increase. Recently, the market for medium and high sulfur calcined coke has remained stable, and downstream demand has remained stable. Most companies have already sold new orders next month.

Aluminum prices remained strong in January. According to the Commodity Market Analysis System of SunSirs, as of January 30, 2026, the average price of aluminum ingots in the East China market in China was 24,666.67 RMB/ton, an increase of 9.76% from the market average price of 22,473.33 RMB/ton on January 1. Before the Spring Festival, downstream processing enterprises gradually took a break, and the traditional off-season of consumption combined with high prices suppressed their purchasing willingness. Aluminum ingot warehouses continued to accumulate (as of January 28, domestic warehouses were about 796,000 tons, nearly 800,000 tons compared to last week's cumulative inventory of 28,000 tons, higher than the same period last year), and spot prices widened against futures contracts, highlighting downstream wait-and-see sentiment. Downstream aluminum uses carbon as the main demand in the petroleum coke market.

As the Spring Festival approaches, some refineries have planned to stockpile before the holiday. In addition, downstream purchasing sentiment is generally average, which limits support for the petroleum coke market. Market entry is cautious, and it is expected that the petroleum coke market will mainly consolidate in the near future.

If you have any enquiries or purchasing needs, please feel free to contact SunSirs with support@sunsirs.com.