February Petrocoke Market Trends: First Decline, Then Rise

February 28 news

According to the commodity analysis system, the price of petroleum coke from local refineries in February first fell and then rose, with a slight overall increase. The average price of mainstream medium-sulfur petroleum coke products from major local refineries in China was 2,705.75 CNY/ton on February 28, up from 2,691.75 CNY/ton on February 1, representing an overall increase of 0.52%.

On the cost side: In February, international crude oil prices experienced volatile upward movements. In the short term, international crude oil prices will continue to fluctuate in response to developments in U.S.-Iran negotiations and localized geopolitical risks. Geopolitical premiums remain the core pricing factor, and high volatility is expected to persist.

Supply side: In February, the domestic petroleum coke market first declined and then rose. In the early part of February, refineries mainly focused on inventory clearance before the holiday, but as logistics gradually came to a halt, the price of petroleum coke continued to decline. After the holiday, the domestic petroleum coke market generally increased, with refineries experiencing good sales. The prices of petroleum coke from refineries fluctuated, with some refineries adjusting their specifications, leading to changes in coke prices. Downstream buyers were active, with some companies restocking after the holiday, which supported the petroleum coke market.

On the demand side: According to analysis from the market monitoring system, China’s metallurgical-grade silicon prices generally declined in February. As of February 28, the price stood at 9,540 CNY per ton, down from 9,650 CNY per ton on February 1—a drop of 1.14% overall. In February, one major industrial silicon plant in Northwest China reduced production by half, and all production facilities in Sichuan Province were completely shut down. Under pressure from falling prices, the industry’s operating rate has declined, and supply continues to contract. Meanwhile, the silicon industry still maintains demand for petroleum coke in the market.

In February, the market for medium and high sulfur calcined coke remained stable. Recently, most companies in China have been fulfilling contracts, and the prices of medium and high sulfur calcined coke have mainly remained stable.

In February, aluminum prices fluctuated and declined. According to the commodity market analysis system, as of February 28, 2026, the average price of aluminum ingots in East China was 23,406.67 CNY per ton, a decrease of 5.11% from the average price of 24,666.67 CNY per ton on February 1. After the Spring Festival, the industrial atmosphere was poor, with downstream operating rates remaining low. The operating capacity of electrolytic aluminum remained high, and aluminum ingot social inventory continued to increase. The demand for petcoke in the downstream aluminum carbon industry was mainly driven by rigid demand.

Outlook: Currently, the trading of petroleum coke from local refineries in China is good, with downstream enterprises actively purchasing, which supports the petroleum coke market. It is expected that the price of petroleum coke may rise slightly in the near future.