【Carburant】Mid-Year Market Review: Rise First, Then Fall — Weak Outlook for the Second Half of 2025

【Carburant】Mid-Year Market Review: Rise First, Then Fall — Weak Outlook for the Second Half of 2025

Carburant prices rose first and then declined, while demand remained lackluster.

In the first half of 2025, China's calcined coal carburant market showed a steady downward trend. The main reasons were insufficient support from raw materials, profit pressure on downstream steel mills, weak production enthusiasm, and lackluster exports. Demand performance was poor, and low-price competition was evident.

The price of calcined petroleum coke carburant in China experienced a rise followed by a decline in the first half of 2025. In January and February, domestic low-sulfur petroleum coke was sold smoothly, and prices continued to rise. From March onward, favorable factors weakened, prices declined, and enterprises faced pressure in sales.

In the first half of 2025, the price of graphitized petroleum coke carburant also showed a rise followed by a fall. In January and February, raw material prices continued to rise, allowing enterprises to push up prices with cost support. However, later on, the support from raw materials weakened, downstream demand remained weak, trading atmosphere cooled, and transaction prices continued to decline.

In the first half of the year, prices of raw materials such as anthracite and petroleum coke fluctuated significantly, resulting in considerable cost impact on carburants.

Carburant exports declined in the first half of the year. From January to May, China's total carburant exports were 146,100 tons, down 8.36% year-on-year. Major export destinations included India, South Korea, and Japan.

Looking ahead to the second half of 2025, petroleum coke prices are expected to rise first and then fall. The calcined coke market is unlikely to see significant improvement, and market demand will likely remain weak. The domestic steel market may continue to fluctuate weakly, and carburant demand shows no sign of improvement. It is expected that China's carburant market will remain weak in the second half of 2025.

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