Global Pet Coke Prices Observe Mixed Trend Due to Oscillating Demand
- 03-Apr-2023 4:12 PM
- Journalist: Bob Duffler
In the second last week of March 2023, the Global Pet Coke market observed mixed sentiments. In North America, South America, and Europe price of products increased owing to the increase in feedstock Crude Oil prices and high demand dynamics. However, in Asia, the price of Pet Coke declined during this period due to low demand from overseas and tightened supply in the market.
As the price of feedstock Crude Oil increased by approximately 5% this week, the price of Petroleum Coke Fuel Grade 4.5 percent Sulphur increased by 1.4% in the United States, while the price of Petroleum Coke Calcined Grade increased by 0.2 percent. This week, demand from the downstream cement industry remained steady despite ample supply on the market. After the labor shortage in the USA, the demand is improving very slowly. Brazil imports the majority of its Pet Coke from the United States. Hence the import of Pet Coke in the domestic market was directly impacted by overseas prices.
Pet Coke's price rose by about 0.5 percent in Europe. During this period, the product's supply and demand were nearly constant. Furthermore, prices of Pet Coke were anticipated to increase more during this period under the influence of summer seasonal demand, but demand was not as much as expected by traders. Additionally, the increased price of feedstock Crude Oil and Natural Gas supported the price trend for the product.
In Asia, this week, the price of Pet Coke increased in some countries like India, while in other countries like South Korea and China, the price of Pet Coke declined during this timeframe. In China, the demand from the downstream construction sector was low. However, the supply of Pet Coke was high as Pet Coke production in China returned to its normal level after lifting the COVID restrictions and CNY uncertainties. However, this week, the price of Pet Coke in India increased by 11% due to the steady supply and moderate to high demand from the downstream cement industry. Also, the feedstock Crude Oil cost expanded by around 8% in the Indian market.
According to ChemAnalyst, the price of Pet Coke in the global market may increase in the first half of April 2023, as the price of feedstock Crude Oil may continue to affect the product pricing.