After two months of seemingly unchanged prices, the Brazilian Pet Coke market finally witnessed a long-awaited downturn in early May xxxx. This shift was primarily driven by heavy discounts and a dynamic coal market which widened the gap between Coal and Pet Coke margins. This dramatic difference in pricing made Pet Coke a much more attractive option for buyers in the Brazilian market.
The market of Pet Coke in Brazil witnessed a slump after the Easter holiday due to the typical decreased activity during this period. Additionally, heavy discounts offered by Venezuela further contributed to the market downturn. This influx of competitively priced Venezuelan Pet Coke likely impacted demand for products and hence with a drop of x.xx, the prices settled at USD xxx/MT Petroleum Coke Calcined Grade CFR Santos on xxth May xxxx. Adding fuel to the fire falling freight rates further enhanced the deal...
