Pet Coke Price Trend and Forecast

Pet Coke Regional Price Overview

Get the latest insights on price movement and trend analysis of Pet Coke in different regions across the world (Asia, Europe, North America, Latin America, and the Middle East & Africa).

 

Petroleum Coke Price Trend for the Q3 of 2024

Asia

In Asia, the petroleum coke market followed a similar trend of stability, with prices remaining relatively flat throughout the third quarter. The region’s market was supported by steady demand from the cement and aluminum sectors, although demand did not see significant growth. The decline in coal prices, similar to trends in Europe and North America, added pressure on petroleum coke consumption as buyers turned to coal as a more cost-effective alternative. Additionally, the Asian market did not experience significant supply disruptions, which helped maintain stable pricing during the quarter.
 

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China, a major player in the global petroleum coke market, saw a consistent flow of imports and domestic production, preventing any significant price fluctuations. The country’s industrial output, particularly in construction and manufacturing, remained steady, although not robust enough to drive major price movements in petroleum coke.

Europe

In Europe, the petroleum coke market entered a consolidation phase in July, marked by muted trade activity and stable pricing. Despite the re-imposition of US sanctions on Venezuela, a major supplier, the market remained relatively balanced due to sustained inflows of imports, albeit at discounted rates. Venezuela's export levels declined slightly, but the overall supply remained sufficient to meet demand. The European market also benefited from cheaper coal prices, which added pressure on petroleum coke consumption, as buyers found coal to be a more competitive fuel source.

The oversupply in the market, combined with weak demand from downstream sectors like cement and aluminum manufacturing, further stabilized prices. The freight costs in key shipping routes, particularly in the Amsterdam-Rotterdam-Antwerp (ARA) region, remained high but were offset by discounts offered by sellers, adding to the cautious sentiment in the market.

North America

In North America, the petroleum coke market also experienced relative stability during the third quarter. Despite disruptions in supply chains caused by weather-related events such as hurricanes and conflicts in key shipping lanes like the Red Sea, prices remained largely unchanged. Sellers were able to offer discounts to offset the increased freight costs, which helped maintain market equilibrium. Additionally, the decline in coal prices made petroleum coke a less attractive option for buyers, further limiting demand. This weakened demand, particularly from downstream sectors like cement and aluminum, contributed to the overall market stability.

The US petroleum coke market saw subdued demand throughout July and August, as buyers adopted a wait-and-see approach in light of economic uncertainties and rising interest rates. This cautious sentiment, coupled with oversupply conditions, kept prices stable, even as freight costs and logistical disruptions mounted. Despite the challenges, sellers refrained from reducing prices, choosing instead to maintain their current levels and wait for any potential market shifts. Furthermore, the decrease in crude oil prices during the first half of August helped lower production costs, adding to the market’s overall stability.

Analyst Insight

According to Procurement Resource, the price trend of Petroleum Coke is expected to showcase the fluctuations in the crude oil sector in the quarters ahead as well.
 

Pet Coke Price Trend for the Q2 of 2024

Asia

The pet coke price trend during the second quarter of 2024 was guided by the uprising geopolitical tensions and constant fluctuations in the prices of crude oil and natural gas in Asian countries. The market also witnessed the adoption of a wait-and-see approach by the consumer sector.

Initially, the on-spot orders were sufficient to drive the momentum of the market, but soon, the lack of bulk orders and a limited number of both domestic and overseas queries depreciated the overall dynamics of the market, resulting in a downtrend in the pricing patterns of pet coke.

Europe

The carried over stockpiles of pet coke from previous quarters and oversupply of the commodity during the second quarter of 2024. These high inventory levels met with limited procurement activities throughout the quarter, further raising the concerns of the traders. Additionally, the competitive pricing of overseas imports propelled the domestic market participants to lower their quotations for pet coke. The traders even had to assert offering substantial discounts on bulk purchases to relieve some pressure from the market, but it failed to exert any positive influence on the pricing trajectory of pet coke.

North America

The North American market of pet coke did not respond well to the fluctuations in the key drivers of the market in both domestic and overseas regions. The quarter struggled with high inventories, frail demand from the downstream industries, and heavy discounts added by the Venezuelan players. Further, the consistent rise in inflationary pressure and the significant surge in the cost of production amid the limited interest of consumers forced the manufacturing and trading sectors to reduce their operational rates.

However, the southward trail of the market was unaffected by these measures, and the prices continued to decline. The market players further quoted that the disruptions in the trading patterns caused by rising geopolitical tensions and changes in freight charges also contributed to the cautious approach of consumers and kept the prices of pet Coke in the red zone.

Analyst Insight

According to Procurement Resource, the price of Pet Coke is estimated to showcase oscillating sentiments in the next quarter as the key drivers of the market have not yet shown any growth.
 

Pet Coke Price Trend for the Q1 of 2024

Product	Category	Region	Price	Time Period
Pet Coke	Operating Costs, Logistics and Utilities	South America	689 USD/MT	March’24

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Asia

Pet coke or Petroleum coke prices remained steady in the Asian region. In the Chinese market, high inventory pressure kept the price trend downward tilted amidst declining downstream demands. Some occasional upticks in the price graph were attributed to the phases of increased order values or high demand in the Chinese market. In the Indian market, on the other hand, consumption was seen on the rise, especially from the cement industry.

India remained one of the top importers of pet coke as various cement-making firms underwent expansion, and the rapid infrastructure investments in the country, especially ahead of the general elections, supported the demands. As the US paused its sanctions on Venezuela till mid-April '24, it opened newer avenues for Indian pet coke importers. Competition in the Indian market also kept the prices in check as Oman's new refinery is shipping high sulfur coke at competitive prices with the USA.

Europe

The pet coke price trend was quite mixed in the European market. But at large the overall performance was underwhelming throughout the said period of the first quarter of 2024. Initially, the suppliers struggled to manage the existing stockpiles. Since the demands have been low for a long time now, the inventories started on a glutted note at the beginning of the quarter in January. This kept the prices wavering at the lower end in the early months. However, as some product movement shook the stocks a little, some restoration was seen in prices in the second half of the quarter. The overall market outlook remained subdued as the observed improvements were marginal. Conclusively, a bearish trend was witnessed.

North America

US Gulf Coast petroleum coke prices faced downward pressure in Q1 of 2024 due to increased competition from new production in other countries entering the market. High freight costs, particularly due to congestion in the Panama Canal, are expected to limit US Gulf coke exports to the Atlantic basin, where demand is lower. New supply from Mexico and Oman is anticipated to compete in this region, while Venezuela could increase exports if US sanctions remain paused. The Atlantic basin coke market will become more competitive with the entry of supply from Pemex's Olmeca refinery in Mexico. The maintenance shutdowns during this quarter did provide some cost support, but the supplies still remained high in the region.

Analyst Insight

According to Procurement Resource, the Pet Coke prices are likely to remain competitive in the coming quarter as well. A downfall has been seen in the global consumption of pet coke; this will keep the prices in check in the near future.
 

Pet Coke Price Trend for the October - December of 2023

Asia

The rising uncertainties in the cost of crude oil around the globe exhibited a significant influence on the Asian pet coke price trend. Since the advent of the quarter, the prices started their southwards journey as in order to maintain their profit margins, the Chinese steel and other basic metal industries reduced their production outputs. The major cause of this disturbance in the market is attributed to the rise in the imports of pet coke at Asian ports while its demand especially from the EV sector remained subdued.

However, on the other hand, the story of Indian pet coke price trend is completely opposite to what was observed in China. Leaving China in a second spot, India gained the status of the highest number of pet coke imports in 2023, indicating the robust industrial growth of the country. The Indian pet coke buyers showed a strong appetite that helped the traders in replenishing their stockpiles despite the volatility in the cost of crude oil and helped the pet coke price trajectory to face northwards.

Europe

The end phase of the last quarter of 2023 saw a dramatic drop in pet coke prices because of a slowdown in the European building industry. The rise in inflationary pressure in Germany exacerbated economic worries by reducing consumer demand, hurting the building industry, and influencing the consumption of pet coke.

The lack of indications of a construction rebound and a decline in new projects made the state of the market worse. As the inventories reached their saturation, the traders had to adopt destocking activities, thereby lowering the existing quoted price of pet coke.

North America

The challenges, such as low domestic consumption, warmer weather conditions, oversupply, and competitive pricing of crude oil and coal, were well translated into the pet coke price trend during the last quarter of 2023.

The region also faced the issue of excessive rates of production, which surpassed the existing demand for pet coke, which in turn forced the traders to reduce their profit margins. Furthermore, the rise in cheap imports from Asian countries increased the competition in the market and eventually led to the downward movement of pet coke prices.

Analyst Insight

According to Procurement Resource, the price trend of Pet Coke are expected to face some stability in the upcoming quarters, especially in the German market, as it is showing signs of revival.
 

Pet Coke Price Trend for the July - September of 2023

Asia

The sanctions on the export of crude oil from the majority of exporting nations by OPEC+ raised the cost of energy products that worked in favor of pet coke price trend. In the third quarter, the upswing in the pet coke prices was also a consequence of a substantial decline in the level of inventories, supporting the demand from the domestic as well as overseas downstream industries. The supply chains also worked efficiently during this time, helping the pet coke price trend to move in the rising direction.

Europe

A subtle decline in pet coke prices during the initial months of the third quarter was due to the high rates of inflation and fluctuations in the economic conditions faced by the traders. However, as the quarter progressed, the pet coke market dynamics shifted towards the positive side, and the pet coke price trend began to incline. In addition to this, the number of inquiries from international players also improved significantly along with the interest of the construction sector that gave the pet coke price graph its required momentum.

North America

The pet coke price trend in North America followed an exact opposite trajectory as compared to Asian and European countries. The key players in the pet coke market showcased only limited interest in the sector, and thus, the demand for pet coke experienced a noticeable fall. Due to this sluggish rate of procurement from the downstream industries, the inventories piled up causing the traders to lower their price quotation of pet coke.

Analyst Insight

According to Procurement Resource, the price trend of Pet Coke are expected to incline at a gradual pace as the downstream industries seem to support the rise in demand for pet coke.
 

Pet Coke Price Trend for the First Half of 2023

Asia

The downfall in the price trend of pet coke was caused by declining demand from the downstream industries in the first quarter of 2023. The feeble performance of the key sectors was a direct consequence of the shutting down of market activities due to the Lunar New Year holiday season in China.

The pet coke industry also slumped in South Korea; the Indian markets, however, witnessed a stable trend in prices. In the second quarter, the prices fluctuated on account of the falling cost of feedstocks and reduced procurement from the construction sector in the majority of Asian countries. In India, however, the trend surged with the growth in the construction and infrastructure sectors.

Europe

In European countries, due to high inflation, the construction sector faced numerous difficulties in maintaining its momentum, which in turn had an adverse effect on the price trend of pet Coke in the first quarter of 2023. This also hampered the spending budgets of the consumers, and with further disruptions in the supply of pet coke, the prices of pet coke found it difficult to grow.

North America

The shortage of labor, low demand, weak performance of the downstream industries, and sanctions on Russian imports proved to be the major challenges for the prices of pet coke in the first quarter of 2023. Along with this, in the second quarter, the failure of two major banks in the US and the economic crisis exerted huge financial pressure on pet coke prices, which fell gradually during this quarter.

Analyst Insight

According to Procurement Resource, the price trend of Pet Coke is expected to struggle due to low demand as the construction and related sectors are grappling amid the global economic crisis.
 

Pet Coke Price Trend for the Second Half of 2022

Asia

The Asian market witnessed a plunging trend for Pet Coke in the third quarter of 2022. The Chinese construction market remained slow because of state-imposed restrictions on movement and outdoor activities, limiting the market offtakes. Discounted crude oil supplies to India and China from Russia kept the upstream costs in check, thereby aiding the price decline. In Q4, the consistent rise in demand from the construction sector in India pushed up the prices a bit. Overall, the price trend for pet coke remained anchored in the Asian market.

Europe

Given the economic backlash and runaway inflation, the purchasing power of European consumers was severely affected. The consistent high prices led to the phenomenon of demand destruction causing the prices to decline despite high upstream costs. Eventually, the manufacturers were forced to actively participate in destocking to clear off the inventories. Many producers shut operations considering the harsh market conditions. Hence, the price trend for pet coke kept on a lower trajectory during H2 of 2022.

North America

The North American market mimicked the global outlook in terms of pet coke prices. Despite the high prices of crude oil, the prices of pet coke fell given the dwindling offtakes/inquiries in the market. The same market disbalance continued in the fourth quarter causing the price trend to decline as no new demand was seen.

Analyst insight

According to Procurement Resource, the price trend for pet coke are expected to remain unsettled in the coming months. As the demands from the construction sector rebound, the availability of crude oil at stable prices will likely affect the prices.
 

Pet Coke Price Trend For the Second Quarter of 2022

Asia

Towards the start of the said quarter, pet coke prices surged in the Asian market due to the volatile prices of crude oil globally. However, prices soon began to stabilize due to cheap imports from Russia. Slapped with sanctions, Russia sold its products to India and China at a discounted price. The price averaged 4461 RMB/MT in the Chinese domestic arena.

These weakened price trend for pet coke were also seen in the Indian domestic market, where the prices went from 22,473 INR/MT to 20,114 INR/MT. The lower prices breathe new life into the cement investors, thereby increasing their investment returns.

Europe

The prices weakened in the second quarter due to the buyers’ resistance to buying the stocks at higher prices. The sluggish demand from the construction sector and raised speculations about potential recession triggered the prices to fall in the European domestic market.

North America

In line with the global trend, the price trend for pet coke were on the lower end of the scale in the US domestic arena. The heightened supply due to increased refinery output amidst the low market demand caused the prices to crash. Per ton price of pet coke fell 10% M-O-M basis in June 2022, averaging around 254 USD/MT.
 

Pet Coke Price Trend For the First Quarter of 2022

Asia

On March 25, the price of petroleum coke in China increased dramatically. Shandong's average market price was 4,851.25 RMB/MT, up 1.46% from the previous day's price of 4,781.25 RMB/MT. At the moment, the overall pandemic in Shandong has had minimal influence; downstream carbon factories have resumed operations one by one, and the market for petroleum coke is strong, driving up prices. The price of the fuel is projected to climb further in the foreseeable future.

North America

From an average of 160 USD/MT in January 2022 to 180 USD/MT in February 2022, the US petroleum coke price rose to 200 USD/MT.  After falling by 33% from November 2021 to January 2022, the domestic price increased by 4% month over month in February.

In January, prices for petroleum coke and imported coal rebounded after falling during November and December 2021. Coal prices rose as a result of a ban on Indonesian coal exports and escalating tensions between Russia and Ukraine.
 

Pet Coke Price Trend For the Fourth Quarter of 2021

Asia

Prices of calcined coke in China increased by 20% Ex-Shanghai on a quarterly basis from Q3 to Q4 of FY21, indicating that the Asian Petroleum coke market had been steadily rising throughout the second half of FY21. Prices of calcined coke increased by about 90% from Q3 to Q4 on a CFR Visakhapatnam basis in India, following a similar trend.

Non-calcined Petroleum coke cost had also increased, with average prices stated at 120% more than the previous quarter. The imminent coal crisis, which was felt throughout China and South Asia for the majority of Q4, forced cement and metallurgical sectors to turn to Petroleum coke as an alternative.

Europe

In the last week of November, 6.5 % sulphur pet coke prices assessed on a CFR ARA basis fell by 6%, to 176 USD/MT. The trend reversal was short-lived, as pet coke prices began to rise in the second week of December, as energy consumption in Europe increased during the winter season, forcing coal prices to rise.

North America

Due to a lack of coal supply in Asia, demand for the compound increased in the second part of FY21, resulting in an increase in coal export prices. By mid-November, however, the pet coke to coal discount had narrowed as China's coal prices began to fall as a result of government intervention.

On a FOB USGC basis, the November end prices of 6.5% Sulphur Petroleum Coke were quoted at a 9.5% discount to API4 coal, down from 37% in October. However, prices rose again in December, as winter energy consumption in North America and Europe was typically higher, causing energy prices to rise.

Latin America

In South America, pet coke prices were cheap initially in 2021, but in December it jumped sharply due to market tight supply, Also, the demand rose in December due to the reviving of the market and oil and gas industry activities after the new COVID variant. The price was recorded at 380 USD/DMT.
 

Pet Coke Price Trend For First, Second and Third Quarters of 2021

Asia

The Asian market had a varied price and demand for this product; for example, demand was high in India, but low in China. In the first quarter of 2021, demand from the steel production industry remained low in China, and prices fell effectively due to consistent supply. Meanwhile, in India, strong demand from the cement production sector boosted the prices throughout the quarter, affecting retail cement prices. Several Petroleum coke behemoths raised their pricing, for example, RIL (Reliance Industries Ltd) raised its Petroleum rates from around 125 USD/MT to 150 USD/MT in the first quarter.

In the third quarter of 2021, the market in Asia saw conflicting sentiments. Prices fell at the start of the quarter as production rates increased and import activity improved. However, in the second part of the quarter, an extraordinary increase in its value was noticed, owing to a number of circumstances including Hurricane Ida's arrival on the US Gulf Coast and congestion at numerous Chinese ports.

In India, the supply chain interruption caused by Hurricane Ida, as well as congestion at China ports, resulted in a product supply deficit, which drove up the prices in the Indian market. Thus, in September, the price in India was 188.36 USD /MT, a slight increase of 22.41 USD/MT from July.

Europe

The European market saw a surge in Petroleum Coke shipments, particularly from Asia. As a result of the freezing storm, North America's production and exports remained stifled, Europe seized the opportunity to capture the region's market for this quarter. However, the Suez Canal crisis at the end of March temporarily impeded exports. Container shortages existed before to this crisis, but freight prices climbed significantly as a result of the Suez Canal crisis.

In Q3 2021, the European market prognosis for the compound saw an increasing trend in pricing, owing to low production rates and strong demand from downstream firms. Furthermore, the rise in feedstock crude oil prices, as well as exorbitant freight charges on Europe-Asia and Europe-US interoceanic trade routes, contributed to the price inflation of Petroleum Coke in Europe.

Because of the impact of Hurricane Ida, crude oil output struggled to recover during this time period, resulting in a shortage of the compound in the regional market, as Europe imports the majority of this product from the United States. In September, CFR Hamburg pet coke prices rose to 504 USD/MT, up 49 USD/MT from July.

North America

The production in North America was effectively halted as a result of the North American winter storm, as manufacturers experienced numerous challenges in operating their operations in such weather circumstances.

As a result of the winter storm, some facilities or refineries were forced to shut down and reduce production to nearly zero. More than 50,000 tonnes of output were anticipated to have been impeded as a result of the storm, which pushed up prices from 205 USD/MT in January 2021 to 220 USD/MT in March 2021.

With the restart of various plants around the region, positive hope began to hover around the end of March. Pet coke prices rose in the third quarter of 2021, owing to upstream crude oil price volatility. Furthermore, as part of a contingency plan ahead of Hurricane Ida, most oil and gas refineries around the Gulf Coast of the United States shut down their units in August, directly impacting the prices in Q3.

In addition, due to the pandemic, numerous refineries lowered their output, which was aided by lower jet fuel usage. In addition, the hurricane Ida compounded the crisis by driving up freight costs and disrupting supply chains, resulting in an enormous price increase. Thus, the FOB-US monthly average price was 515 USD /MT in September, up 45 USD /MT from July.

Latin America

According to GTT data, green Petroleum coke (GPC) exports increased to 55,300 MT in March from near-zero levels a year earlier, while imports more than doubled. On a CIF US Gulf basis, the price for 0.8 % sulphur coke close to Brazil's quality tripled in the last year, reaching a midpoint of 352.50 USD/DMT (dry metric tonne) last month, up from 132.50 USD/DMT in March 2020. Because global GPC supply had been extremely limited, the distributors were presumably holding part of the Brazilian coke for their own calcining operations.
 

Pet Coke Price Trend For the Year 2020

Asia

In comparison to Q3 2020, demand for Petroleum Coke in Asia increased significantly in Q4 2020. The cement industry's demand had risen as a result of continuous development projects in Southeast Asia, particularly China, Vietnam, and India.

Prices for calcined and non-calcined Petroleum Coke ranged from 200 to 240 USD/MT and 62 to 76 USD/MT, respectively, depending on quantity and distance from the import point. Due to an increase in building activities and increased demand from the steel, cement, and aluminum industries, market sentiment improved in Q4 2020. Due to a balance in demand and supply, pet coke prices were expected to remained constant in Q1 2021.

Europe

The demand throughout Europe remained strong. Due to insufficient demand in the country, exports from the Phillips 66 Company factory in the United Kingdom had surged. Furthermore, the majority of exports were sent to countries in Asia-Pacific. Because of the disparity in demand across Europe, the price of Pet Coke varied.

The price of HSR grade was 340-416 USD/MT, whereas the price of HSP grade was 1000-1200 USD/MT. In comparison to Q3 2020, pet coke prices increased by 3-5 %. The demand from the European region was predicted to increase in the coming months, and the prices were expected to climb as crude oil prices rose around the world.

North America

Prices in the United States began to rise in Q4 2020, owing to consistent increases in feedstock crude oil costs. The demand for the compound in the region has increased since Q3 2020, with non-calcined Pet Coke prices ranging from 60 to 72 USD/MT, while green Pet Coke prices had been trending upward and were traded between 67 and 73 USD/MT.

The margins increased, and demand from both the domestic and international markets was also increasing. Due to the rise in sweet crude prices, refineries with a higher Nelson Complexity Index saw a solid demand and larger profit margin, whereas sour crude prices increased somewhat. Prices were expected to rise in the coming months as a result of increasing demand from the region and the end-use industry.

Latin America

In 2020, the Brazilian market price of Pet Coke was recorded at 132.5 USD/MT. From October through December 2020, Brazil maintained consistent GPC exports to China, although shipments previous to 2020 were more erratic. Since the introduction of Covid-19, China's anode-grade coke supply was already reduced, with some indications that the decline may be structural as refiners limit coke production.

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