August 21 news
According to the commodity analysis system, this week's domestic refinery petroleum coke market showed a mix of increases and decreases, with an overall downward trend. As of August 21, the price of petroleum coke in the Shandong market was 3,229.50 CNY/ton, down 3.90% from 3,464.50 CNY/ton on August 17.
This week, international crude oil prices have surged significantly. As of the 21st, WTI crude oil has risen to $86.83 per barrel, while Brent crude oil has reached $93.78 per barrel. The root cause of the sharp rise in oil prices is the intensification of geopolitical tensions in the Middle East. On August 17th, the 60-day conflict memorandum of understanding between the United States and Iran officially expired, with neither side willing to renew it. Negotiations broke down completely due to disagreements over control of the Strait of Hormuz, dashing previous market expectations for a de-escalation. Concerns over shipping safety and fears of supply disruptions have spread, leading to a substantial increase in crude oil market prices.
This week, domestic refining companies in China have been actively shipping petroleum coke, with some enterprises lowering their prices. Additionally, the price changes of petroleum coke from some refineries have been significantly influenced by changes in specifications. This week, imported petroleum coke has arrived at the ports, and the ports continue to operate in inventory clearance mode.
Market Forecast: On the supply side, as previously shut-down refining plants gradually resume operations, the supply of petroleum coke is likely to increase. Additionally, with continued arrivals of imported petroleum coke, the overall market supply will rise, providing limited support to the petroleum coke market. On the cost side, sustained increases in international crude oil prices continue to bolster the Chinese petroleum coke market. On the demand side, downstream carbon manufacturers, pressured by rising costs and order uncertainties, are adopting a cautious purchasing stance and mostly opting for on-demand procurement. Meanwhile, the negative electrode material industry maintains high operating rates, supporting prices for low-sulfur petroleum coke. Moreover, planned increases in pre-baked anode production capacity may boost demand for petroleum coke. Overall, in the short term, petroleum coke prices are likely to remain relatively stable within a narrow range.
