Weekly Review | There is still demand for downstream stocking and replenishment, and petroleum coke prices continue to push up
This week (2024.1.12-2024.1.18) the petroleum coke market has good shipments, and refinery petroleum coke prices continue to push up. As the Spring Festival approaches, long-distance downstream aluminum carbon companies have entered the market to purchase, and there are many inquiries in the market. In addition, refinery petroleum coke inventories have been low for a long time, and shipments are acceptable. Coke prices continue to push up; the shipment speed of imported petroleum coke has increased significantly recently. , Port petroleum coke inventories continued to decrease. As of January 18, 2024, the average petcoke market price was 1,858 yuan/ton, an increase of 30 yuan/ton from last week, an increase of 1.64%.
This week, petcoke prices at most refineries owned by Sinopec continued to push up by 20-50 yuan/ton; coke prices at some refineries owned by PetroChina continued to push up by 50-140 yuan/ton; petcoke prices at refineries owned by CNOOC remained stable overall; local refinery prices continued to rise. The overall trading volume of the petroleum coke market is acceptable, and the price of petroleum coke continues to rise by 20-200 yuan/ton.
As for Sinopec, petcoke shipments from its refineries are good, and the price of petcoke from most refineries continues to rise by 20-50 yuan/ton. As the Lunar New Year is approaching, some long-distance companies have begun to stock up and replenish their stocks. The overall market demand for petcoke is acceptable. In addition, the coking units of some refineries have been shut down for maintenance and production has been reduced, which has reduced the supply of petroleum coke in the market, which is good for coke prices. The shipments of medium-sulfur petroleum coke in the coastal areas are stable, the trading volume of high-sulfur petroleum coke in East China is acceptable, and the trading volume of high-sulfur petroleum coke in South China is Shipments are stable. Maoming Petrochemical's petroleum coke maintains all its own use. The trading volume of medium and high sulfur petroleum coke in Shandong Province in North China is stable, and the shipment of high sulfur petroleum coke in northwest China is stable. This week, the petroleum coke market in the northwest region of PetroChina has maintained stability and is mainly exported. The continuous increase in Shandong coke prices has benefited the petcoke transactions of Gansu Yumen and Lanzhou Petrochemical. The price has slightly increased by 50 yuan/ton this week; the petroleum coke market in Xinjiang has been affected by Due to environmental inspections and weather effects, the overall demand for petroleum coke in Xinjiang from downstream aluminum plants, silicon metal and silicon carbide plants has weakened. Yunnan Petrochemical's petroleum coke in southwest China will be shipped this week as 2#B, and the early inventory is mainly for self-use. The overall low-sulfur petroleum coke market shipments this week are acceptable. In the first quarter, some refineries in the Northeast region have maintenance plans. In addition, the duration of petroleum coke production reductions in some refineries has not yet been determined. The downstream demand for raw material low-sulfur petroleum coke is still there. There is support for low-sulfur coke prices in the short term. PetroChina's northeastern region's Daqing, Fushun, Jinxi, Jinzhou, and Jilin Petrochemical Petroleum Coke shipment performance was acceptable after the price increase last week, and the overall price rose by 140 yuan/ton again this week. Liaohe Petrochemical Petroleum Coke has not yet invited bids this week; large ports in North China The bidding price of petrochemical petroleum coke rose slightly by 70 yuan/ton this week; the coke prices of various refineries of CNOOC this week were mainly stable and transitional. After the domestic coke price continued to rise, it stimulated the recovery of imported low-sulfur coke shipments, and the new round of overseas low-sulfur coke bidding prices rose month-on-month.
This week, the overall shipments of the local refined petroleum coke market are acceptable, and the price of petroleum coke continues to rise by 20-200 yuan/ton. From a specific analysis, the Lunar New Year is approaching, and downstream companies are preparing and replenishing their stocks before the holiday, and are highly motivated to purchase in the market. In addition, refinery petroleum coke inventories are at low levels, and refineries have no pressure to ship, and coke prices continue to push up; but as Petroleum coke prices in local refineries have continued to rise, and some downstream aluminum carbon companies have fallen into losses. Downstream companies have gradually become more wait-and-see and are becoming more cautious in receiving goods. Local coke prices have gradually stabilized. The shipment of medium-high sulfur petroleum coke in the Northeast region is acceptable, and the coke price in the Northeast region should be raised; the Jin'ao Science and Technology petroleum coke in the coastal region is shipped as 4#A, and the coke price rose slightly during the week; the pressure on the shipment of asphalt coke in the Northwest region has not yet been determined Significantly eased, downstream enthusiasm for receiving goods is still average. As of January 18, there are currently 4 regular maintenance operations of local coking units. This week, a new 400,000-ton/year coking unit of Zhenghe Petrochemical has been shut down for maintenance. In addition, the daily output of some refineries fluctuates; the daily output of local petroleum coke is 40,088 tons. , the operating rate of local coking is 75.25%, a decrease of 0.38% from last week; the mainstream transaction price of low-sulfur coke (about S0.5%) is about 2450-2600 yuan/ton, and the mainstream price of medium-sulfur coke (about S2.5%) is about 2450-2600 yuan/ton. The transaction price of high-sulfur and high-vanadium coke (sulfur content around 6.0%) is 1,050-1,200 yuan/ton, and the mainstream transaction price of asphalt coke in northwest China is 2,150-3,800 yuan/ton.
The average daily shipment volume of major ports this week was 36,360 tons, with 76,500 tons arriving at the port. The total port inventory was 4.1237 million tons, a month-on-month decrease of 2.01%.
Recently, the number of new ships arriving at the port has been small, and coupled with the downstream stocking and replenishment, the shipment speed of imported petroleum coke has accelerated, and the petroleum coke inventory at the port has been gradually reduced. Sponge coke market: Domestic petroleum coke prices continue to rise, downstream companies have more inquiries in the market, imported sponge coke shipments continue to accelerate, traders are bullish, and imported coke prices continue to rise this week. In terms of pellet coke: The demand for high-sulfur fuel coke in the southern fuel market and the northwest silicon carbide market this week is acceptable, and the high-sulfur pellet coke market has performed stably. Recently, due to changes in the situation in the Red Sea, the shipment of petroleum coke from the Yanbu refinery in Saudi Arabia has been subject to certain restrictions; The market demand for medium and low sulfur pellet coke is stable, and the coke price remains stable. Formosa Plastics Coke: According to Baichuan Yingfu, Formosa Plastics Petrochemical has delayed the start of the coking unit and the February petroleum coke bidding time is yet to be determined. There is still a gap in the supply of Formosa Plastics coke market, spot resources are tight, and prices are running steadily.