【Petroleum Coke】Price amplitude at 19.47%! Active market trading in Q1

Calcined petroleum coke, with its high carbon content, low sulfur, and low impurities, plays a vital role in modern manufacturing, especially in the aluminum and steel industries.

【Petroleum Coke】Price amplitude at 19.47%! Active market trading in Q1

Driven by supply-demand dynamics and the impact of overseas conflicts, the overall trading sentiment in the petroleum coke market remained positive in the first quarter, with prices of all grades fluctuating upward. Domestic supply continued to tighten, while downstream procurement sentiment remained acceptable. What trend will petroleum coke prices show in the second quarter?

Ⅰ. Petroleum coke price amplitude reached 19.47% in Q1, down 2.52 percentage points year-on-year

Petroleum coke price amplitude statistics table (RMB/t)

According to price data, domestic petroleum coke prices in Q1 2026 fluctuated between RMB 3,200–3,900/t, with supply-demand factors exerting increasing influence on market prices. On a quarterly basis, the average price of petroleum coke closed at RMB 3,482/t, down RMB 78/t quarter-on-quarter, a decrease of 2.19%, and down RMB 90/t year-on-year, a decrease of 2.52%. The volatility risk of petroleum coke prices slightly increased, with a market price amplitude of 19.47%.

Ⅱ. Active trading in the petroleum coke market, with transaction prices fluctuating upward

Petroleum coke market price trend over the past five years (RMB/t)

On a monthly basis, price amplitude remained within 3–13%. In January–February, market trading was relatively stable, with limited support from the demand side, and prices maintained a narrow downward trend. The lowest price appeared before the Spring Festival, when refineries actively reduced prices to destock, resulting in a relatively weak trading atmosphere and prices falling to RMB 3,205/t.

Starting from March, market activity increased, supported by improved downstream participation. Domestic supply declined, combined with bullish sentiment in the international market, leading to increased transaction volumes. The quarterly high price appeared at the end of March, with transaction prices rising to RMB 3,883/t.

Ⅲ. Driven by supply and demand, petroleum coke prices still have upward expectations

Petroleum coke spot price trend for the next three months (RMB/t)

It is expected that petroleum coke prices in the second quarter will mainly maintain a fluctuating upward trend. Domestic delayed coking units will enter maintenance cycles, leading to continued reductions in domestic supply. Imported petroleum coke will gradually arrive at ports and enter storage, keeping overall spot supply relatively stable, but structural imbalances will persist, with the proportion of medium- and low-sulfur resources continuing to increase. Procurement sentiment in the anode material market remains positive, while rigid demand from the traditional carbon sector will support market activity. With the arrival of the wet season, operating rates of downstream electrolytic aluminum enterprises will continue to increase, and silicon enterprises will show active procurement inquiries, providing stable support for petroleum coke shipments.

It is expected that petroleum coke prices will mainly fluctuate upward. The average monthly price of low-sulfur coke is expected to be around RMB 4,600/t, medium-sulfur coke around RMB 3,500/t, and high-sulfur coke around RMB 1,900/t.

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