Main Refinery Low – Sulfur Coke Prices Down Part of The Coking Price Mixed

01 Market Overview

The overall trading of the petroleum coke market was normal this week. The price of CNOOC low-sulfur coke fell by 650-700 yuan/ton, and the price of some low-sulfur coke in the Northeast of PetroChina fell by 300-780 yuan/ton. Sinopec’s medium and high-sulfur coke prices remained stable; The price of petroleum coke in local refineries was mixed, with a range of 50-300 yuan / ton.

02 Analysis of factors affecting market prices this week

03 Medium and high sulfur petroleum coke

1. In terms of supply, this week, the coking unit of Sinopec’s Yangzi Petrochemical started to produce coke, some refineries along the Yangtze River continued to operate at low load, and the overall shipment of petroleum coke was not under pressure. This week was stable. The Karamay Petrochemical coking unit will be shut down for maintenance on May 20. The supply of petroleum coke in Xinjiang has decreased, which is good for other refineries to ship petroleum coke. The supply of petroleum coke in local refineries continued to increase this week. Phase I), Boxing Yongxin coking unit started to produce coke, Huahang Energy coking unit started construction but did not produce coke, only Zhongtian Haoye Phase II coking unit provided maintenance. 2. In terms of demand, the profits of the downstream electrolytic aluminum industry continue to shrink, the superimposed raw material petroleum coke price continues to be high, and the downstream aluminum carbon enterprises are under great cost pressure. The downstream began to lower the price, which is bad for the coke price; the market demand for electrodes and recarburizers is stable, and the market for metal silicon is general. 3. In terms of ports, the high-sulfur coke that arrived at the port this week is mainly high-sulfur coke, and the stock of petroleum coke at the port continues to increase; the price of petroleum coke in local refineries has begun to stabilize, and the enthusiasm for receiving goods from downstream has increased compared with last week, and imported sponge coke has been exported. The goods have improved. Currently, the petrocoke port price in Venezuela is 1950-2050 yuan / ton, and the price of low-sulfur coke imported from Indonesia and other countries is still relatively strong. In terms of low-sulfur coke, the market price of low-sulfur petroleum coke this week was stable and down, with a downward adjustment range of 300-700 yuan/ton; the market for low-sulfur coke used for aluminum and carbon was not very enthusiastic, and some refineries had increased inventories and were affected by low-sulfur coke. The price of low-sulfur coke in local refining continues to decline. This week, the price of some coke in the refineries in the Northeast region of PetroChina has fallen. The price of petroleum coke in CNOOC’s refineries has dropped significantly. The Binzhou Zhonghai coking unit is expected to release coke by the end of May. Zhoushan Petrochemical coking unit is expected to be out of coke around June 10.

Shipments in the local refined petroleum coke market were differentiated this week. The shipments of low- and medium-sulfur petroleum coke were relatively good. Some coke prices continued to increase by 30-100 yuan/ton. The shipments of medium- and high-sulfur petroleum coke were average, and coke prices continued to fall by 50-300 yuan. Yuan / ton. The downstream electrolytic aluminum market is weak, superimposed near the end of the month, the cost pressure of downstream carbon enterprises is still relatively large, and more purchases are based on demand; however, due to the current shortage of low-sulfur petroleum coke resources in the local refining market, the downstream is forced to accept high prices. Refinery inventories are still at a low level; recently, there are many imported high-sulfur coke resources, and the market has abundant supply of high-sulfur coke. The refinery’s high-sulfur coke shipments are under pressure, the overall inventory is high, and coke prices have fallen. As of May 26, there were 10 routine maintenance times for the local coking unit. This week, the first phase of Boxing Yongxin and Panjin Baolai coking units started to produce coke, and the second phase of Zhongtian Haoye was shut down for maintenance. As of this Thursday, the daily output of petrochemical coke was 29,150 tons, and the operating rate of local coking was 55.16%, an increase of 0.57% from last week. As of this Thursday, the ex-factory mainstream transaction price of low-sulfur petroleum coke (sulfur around 1.5%) was 5800-6300 yuan/ton, and the ex-factory mainstream transaction price of medium-sulfur petroleum coke (sulfur 2.0-3.0%) was 4400-5180 yuan/ton, high-sulfur petroleum coke ex-factory mainstream transaction price was 4400-5180 yuan/ton. The ex-factory mainstream transaction price of petroleum coke (about 4.5% sulfur) is 2300-3350 yuan/ton.

04 Supply Side

As of May 26, there are 16 routine maintenance times for the coking unit. This week, the second phase of Zhongtian Haoye and the coking unit of Karamay Petrochemical were shut down for maintenance. The coking unit has not started to produce coke. As of this Thursday, the national daily output of petroleum coke was 66,450 tons, and the coking operating rate was 53.55%, an increase of 0.04% from last week.

05 Demand Side

The price of the main low-sulfur coke continues to be high, and downstream enterprises are under great pressure to receive goods and purchase more on demand; the price of electrolytic aluminum has dropped to around 20,000 yuan, and the price of raw material petroleum coke continues to be high. Procurement is required, and the enthusiasm for receiving goods is general; the market for electrodes and carburizers has stable demand for petroleum coke.

06 Inventory

This week, the petroleum coke market inventory remained at the median level. The main low-sulfur coke was shipped in general, and the inventory continued to rise. The local refineries’ shipments were differentiated. The medium and low-sulfur petroleum coke shipments were good. Goods in general, high inventory.

 

07 Market Outlook

With the increase in the supply of low-sulfur coke, Baichuan Yingfu expects that the price of low-sulfur petroleum coke will continue to remain weak and stable next week, and some low-sulfur coke prices will make up for the decline; the shipment of medium-sulfur petroleum coke will be stable, and some anode materials will be purchased Medium-sulfur coke is used as a raw material, and high-sulfur coke has a large supply in the market recently. However, after the continuous reduction of coke prices in the previous period, shipments have improved. The superimposed market is on petroleum coke, so Baichuan Yingfu expects that the price of high-sulfur coke will remain stable next week. Part of the adjustment is expected to be 50-100 yuan / ton.

 

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Post time: May-30-2022