Shipping differentiation of petroleum coke market, two-way adjustment of coke price
Market overview
This week, the overall shipment of petroleum coke market was divided, and the demand of downstream electrode market was good, driving the price of low-sulfur petroleum coke up sharply; The pre-baked anode was re-priced in February, and the price fell sharply. The financial pressure of the downstream aluminum carbon enterprises increased, adding to the current abundant supply of high-sulfur petroleum coke in the market, and the downstream procurement was mainly based on demand. The price of low-sulfur petroleum coke was negative. This week, the coke price of individual refineries of Sinopec increased by 20-50 yuan/ton, the coke price of some refineries of CNPC increased by 30-400 yuan/ton, the price of petroleum coke of some refineries of CNOOC increased by 250-500 yuan/ton, and the price of petroleum coke of most local refineries decreased by 30-70 yuan/ton.
Analysis of influencing factors of petroleum coke market this week
In terms of medium-high sulfur petroleum coke, first, the petroleum coke shipments of Sinopec's refineries were stable, and the medium-high sulfur petroleum coke shipments in Shandong were stable, and the inventory of each refinery was still at a low level; The high-sulfur petroleum coke in South China is shipped smoothly; The shipment of medium and high sulfur petroleum coke market in North China is stable. Yanshan Petrochemical Company will ship according to 4 # B, Cangzhou Refinery will ship according to 3 # C and 4 # A petroleum coke, and Shijiazhuang Refinery will ship according to 4 # B. 2、 All refineries in the northwest region of CNPC delivered goods without pressure this week, with low inventory. The coke price of Lanzhou Petrochemical continued to rise slightly by 70 yuan/ton this week. The bidding price of Urumqi Petrochemical in February rose significantly on a month-on-month basis. Dushanzi Petrochemical's petroleum coke was shipped at 3 # C. The latest bidding price of Yunnan Petrochemical's high-sulfur coke in the southwest continued to push up this week, and some low-sulfur petroleum coke was on sale. 3、 The overall shipment of petroleum coke from local refineries is under pressure, and the overall supply of petroleum coke in the market is abundant. Downstream enterprises have a heavy wait-and-see attitude and mainly purchase on demand. With the continuous decline of local coking prices, downstream enterprises have successively entered the market to purchase, and local coking prices have begun to stabilize. 4、 The delivery speed of ports in Shandong continues to accelerate, but the source of imported petroleum coke continues to come, and the storage of petroleum coke in the port is at a high level for a long time, and the trend continues to increase; After the year, some import traders began to dump goods at low prices in order to mobilize funds, and the overall delivery speed of imported sponge coke was accelerated. In terms of low-sulfur petroleum coke, the overall shipment of low-sulfur coke market was good this week. With the continuous increase of downstream construction, the demand for replenishment remained; At present, the high cost of low-sulfur coke in the port has led to rare transactions, which is good for the price of low-sulfur coke in domestic refineries. In terms of market details this week, the overall increase in coke prices of refineries this week was dominated by an increase of 200 yuan/ton in the price of petroleum coke from Daqing and Fushun petrochemical companies in Northeast China this week; Jinxi and Jinzhou Petrochemical increased the coke price by 300 yuan/ton this week; Jilin Petrochemical plans to raise the coke price by 340 yuan/ton this week; Liaohe Petrochemical's latest bidding price this week rose by 30 yuan/ton on a month-on-month basis; The bidding price of Dagang Petrochemical in North China increased by 400 yuan/ton on a month-on-month basis this week. The price of Binzhou CNOOC asphalt and Taizhou petrochemical coke under CNOOC increased by 250-500 yuan/ton this week. Zhoushan and Huizhou petrochemical companies maintained stable export sales this week, and the shipment was OK.
This week, the shipment of local refining coke market was under pressure, and the price of refinery coke mostly fell by 30-70 yuan/ton. In detail, the refined oil market performed well this week, with miners and infrastructure projects returning to work after the holiday, the preparation for rural spring farming began, the terminal demand for diesel fuel gradually increased, the price of diesel fuel rose rapidly, gasoline was just needed, the overall operating load of the local refinery was still high, and the market supply was sufficient; The downstream pre-baked anode price was re-priced in February, and the price fell sharply. The downstream aluminum carbon enterprises were under increased financial pressure and were cautious in receiving goods. However, with the continuous decline of local coking prices, and the low inventory of downstream raw petroleum coke, they successively entered the market for procurement; In addition, at present, the storage of petroleum coke in the port has remained high for a long time, and some traders have started to dump the stock at a low price in order to activate their funds, which has impacted the coking price. As of February 9, there were 5 regular overhauls of coking units in the region. There were no new coking units opened or shut down in the petroleum coke market this week, and the daily output of petroleum coke in individual refineries was adjusted. As of this Thursday, the daily output of local refining petroleum coke was 37460 tons, and the operating rate of local coking was 72.33%, an increase of 0.03% over the previous week. As of this Thursday, the turnover of low-sulfur coke (about S1.5%) and medium-sulfur coke (within S3.0%) were about 4000-4200 yuan/ton and 2650-3360 yuan/ton respectively; High-sulfur high-vanadium coke (with sulfur content of about 5.0%) was sold at 1700-1950 yuan/ton in the mainstream.
Supply side
As of February 9, there were 9 routine overhauls of coking units nationwide, and there were no new coking units started or stopped this week, and the daily output of petroleum coke in some refineries was adjusted. As of this Thursday, the daily output of petroleum coke in China was 85770 tons, and the coking operating rate was 71.65%, 0.19% higher than that of last week.
Demand
At the beginning of the month, the downstream pre-baked anode was re-priced, and the price fell sharply. The pressure on the aluminum carbon enterprises was increased, and the purchasing enthusiasm was reduced, and more purchases were made on demand; The electrode market supply gradually recovered, and the demand for low-sulfur petroleum coke increased; The overall demand for negative electrode materials, carburetors and silicon metal is stable.
Inventory
This week, the domestic petroleum coke market was divided, the low sulfur petroleum coke shipments were good, and the medium and high sulfur market shipments were under pressure, but most refineries still had preliminary contracts to be executed, and the overall refinery petroleum coke inventory was still at the middle and low levels; The delivery speed of the port accelerated this week, but due to the large number of ships arriving at the port, the storage of petroleum coke in the port remained high.
Aftermarket forecast
Low-sulfur petroleum coke: the downstream procurement enthusiasm is good, and the superimposed market supply is tight. Baichuan Yingfu expects that the low-sulfur coke market will maintain stable delivery next week, and some coke prices will continue to increase by about 100-200 yuan/ton. Medium and high sulfur petroleum coke: the stock of raw petroleum coke of downstream enterprises is relatively low. With the continuous decline of local coking prices, the enthusiasm of downstream enterprises to purchase in the market increases. Baichuan Yingfu expects that the price of medium and high sulfur petroleum coke will remain stable next week, and some coke prices will be adjusted by about 100 yuan/ton.