【Petroleum Coke】Inventory Expected to Decline, Market Focused on Active Shipments

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】Inventory Expected to Decline, Market Focused on Active Shipments

In April, the overall trading performance of the petroleum coke market was moderate. Prices from major refineries remained relatively firm, while inventories were generally maintained at low levels. Local refineries experienced fluctuations due to shipment conditions, and the overall average price trended downward. As of April 20, the price of 3B petroleum coke was RMB 4,011/ton, down RMB 8/ton month-on-month, a decrease of 0.2%.

I. Domestic inventories showed an overall downward trend in April, with refinery inventories declining week by week

Figure 1. Refinery Inventory & Price Trend (2026)

From the perspective of domestic refinery sample inventories, as April approaches its end, peak refinery inventory reached 110,100 tons. Overall, refinery petroleum coke inventories showed a declining trend, with the average inventory level maintained around 92,700 tons.

In April, some refineries adjusted production, and earlier operating rate fluctuations occurred. Overall domestic refinery supply decreased, with inventory levels mostly maintained around 90,000 tons, showing a decline compared to March. The primary reason was the relatively large inventory at Zhejiang Petrochemical, where stock transfers were carried out this month, leading to a noticeable inventory reduction. Other refineries mainly focused on shipments. Downstream enterprises, influenced by market sentiment, remained cautious and adopted a wait-and-see approach to procurement. Petroleum coke prices fluctuated downward, impacting the market. As a result, on the inventory statistical dates, refinery shipment performance was affected, leading to inventory reductions.

As of April 16, total domestic refinery sample inventory stood at 67,200 tons, down 46,300 tons compared to the same period in March, representing a decrease of 40.79%.

From the port inventory perspective, as of April 16, total inventory at major domestic ports reached 3.9138 million tons, down 242,700 tons from the same period in March, a decrease of 5.84%. In April, influenced by fluctuations in domestic refinery prices, port shipments remained relatively smooth, with increased shipment volumes. Meanwhile, arrivals of imported petroleum coke declined, resulting in a decrease in spot inventories.

Figure 2.China Refinery Petroleum Coke Operating Rate & Inventory Trend

II. In April, raw material inventory days of prebaked anode enterprises fluctuated, with downstream maintaining rigid demand procurement

As of April 17, the average raw material inventory level of downstream enterprises decreased during the period. Affected by market sentiment, petroleum coke prices fluctuated, showing a trend of first declining and then rising within the cycle. Most downstream enterprises continued to prioritize the consumption of existing raw material inventories.

During this period, the average petroleum coke inventory days of major domestic prebaked anode enterprises adjusted to 27 days, an increase of 1.6 days compared to the same period in March, but a decrease of 0.4 days from the previous cycle. Downstream prebaked anode enterprises maintained relatively sufficient petroleum coke inventories with a wide variety of coke types. Future procurement plans are expected to remain focused on rigid demand, mainly sourcing from major refineries, supplemented by local refineries and imported petroleum coke.

III. Petroleum coke inventories are expected to decline, with the market focusing on active shipments

Based on current refinery operating conditions, overall supply is expected to decrease. Domestic refineries are actively promoting shipments to reduce inventories, with refinery sample inventories expected to remain in the range of 80,000–90,000 tons, indicating a continued downward trend.

On the imported coke side, major domestic ports are expected to receive approximately 150,000 tons, with arrivals anticipated from the United States, Russia, and other regions. On the demand side, procurement sentiment is improving, and market trading activity is increasing. Port inventories are expected to gradually decline to around 3.85 million tons.

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