Recent Market Trends for Petroleum Coke, Calcined Coke, and Graphitized Petroleum Coke

Due to ongoing tensions in the Middle East, the domestic markets for petroleum coke and its downstream products—calcined coke and graphitized products—have recently shown an overall upward trend and remained at high levels. The key driver is that geopolitical conflicts have pushed up international oil prices and import costs, which, combined with a recovery in domestic downstream demand, has collectively supported stronger prices.

The following is a detailed market analysis for each product category:

Upstream Raw Materials: Petroleum Coke

Strong cost support has driven prices up significantly. As of March 20, the domestic spot price for petroleum coke had risen to 3,660.75 yuan per ton, an increase of 45 yuan per ton from the previous day. Over the past month, prices have risen by 1,042.5 yuan/ton, a surge of 39.82%. The primary driver of this increase is the disruption of shipping through the Strait of Hormuz due to the Middle East situation, which has caused crude oil prices to climb, directly driving up the import costs of petroleum coke and fueling bullish market sentiment.

Intermediate Products: Calcined Petroleum Coke

Driven by rising raw material prices, calcined petroleum coke producers have generally raised their ex-factory prices to alleviate cost pressures. As of March 23, the price of 3.0 standard-grade calcined petroleum coke in Shandong stood at around 3,200 yuan/ton, while the price of graded material (S ≤ 3.0, Vanadium ≤ 400) reached 4,200 yuan/ton, marking a single-day increase of 200 yuan. However, it should be noted that downstream enterprises have shown limited acceptance of high-priced supplies and are adopting a cautious purchasing approach. The market currently presents a scenario where “costs are driving prices upward, but whether high-price transactions will materialize remains to be seen.”

Downstream Product: Graphitized Petroleum Coke

The cost-pass-through effect is becoming evident, and prices are trending upward. Prices for graphitized petroleum coke (commonly used as a carbon additive or anode material) are generally showing a firm upward trend, with the core driving force similarly stemming from cost support resulting from rising upstream raw material prices. Although downstream anode material manufacturers are primarily purchasing based on immediate needs, if tensions in the Middle East persist and lead to tight raw material supplies, prices are expected to remain more prone to rise than fall in the coming period.

In summary, the core driver of this market rally is the cost-driven increase triggered by geopolitical conflicts in the Middle East. The market is expected to maintain a relatively strong trend in the short term, and close attention should be paid to the future trajectory of international crude oil prices.