Category

Countries

Pet Coke Prices Show  Stability  in USA and Europe, Asian Market Observe Bearish Trend
Pet Coke Prices Show  Stability  in USA and Europe, Asian Market Observe Bearish Trend

Pet Coke Prices Show Stability in USA and Europe, Asian Market Observe Bearish Trend

  • 06-Oct-2023 1:33 PM
  • Journalist: Patrick Knight

In the last week of September 2023, the global Petroleum Coke (Pet Coke) market experienced varied price trends, with stability prevailing in the USA and Europe, while the Asian market faced a bearish situation. The fluctuating feedstock and crude Oil costs were the key drivers behind this price trajectory. In the USA, Pet Coke prices remained remarkably stable throughout the week, creating a balanced environment for industry participants. Demand for the product held steady, albeit at a moderate pace. However, the downstream construction sector in the USA saw a downturn due to inflationary pressures and macroeconomic factors, leading to a lack of fresh orders in this challenging economic climate. The Pet Coke market in Europe also remained stable, with prices showing no significant fluctuations. The equilibrium between demand and supply was crucial in supporting this price trend. Additionally, stable global market prices, including imports from overseas, such as the USA, contributed to price stability. As a result, by the end of the week, the price of Pet Coke Calcined CFR Hamburg (Germany) was hovering around USD 640 per metric ton.

Conversely, the Chinese market witnessed a notable 3.7% decline in Pet Coke prices during the same week. This decrease was primarily attributed to ongoing fluctuations in the international crude oil market, which had created uncertainty and pressure on energy demand expectations, subsequently impacting oil prices. With a hint of possible rate hikes shortly, the Federal Reserve's decision to maintain unchanged interest rates further dampened enthusiasm in the energy sector. Active imports of Pet Coke continued, albeit briskly, contributing to a slight reduction in inventory levels at domestic ports, although they remained relatively high. Meanwhile, maintenance work on coking equipment led to a surplus supply of ground refining Pet Coke, which, combined with high inventory levels, exerted downward pressure on prices. The local refining Pet Coke index exhibited significant fluctuations, causing Pet Coke prices to shift constantly. Downstream enterprises, wary of the volatile market conditions, showed a moderate interest in hoarding, further contributing to the declining price of Pet Coke.

The Pet Coke market in South Korea saw a significant 4% price decline during the week. This mirrored the broader trend in the Asian market, particularly in China, a major supplier to South Korea. The decrease in prices was attributed to the availability of cheaper imports from China. However, despite the price drop, demand from the downstream construction industry in South Korea remained stable, indicating a consistent need for this essential product. The market also witnessed increased inventories, mainly due to competitive import pricing. Consequently, by the week's end, the price of Calcinated Pet Coke Ex Busan stabilized at approximately USD 222 per metric ton.

Related News

March 2024 Witness Steady US Petroleum Coke Market Against Venezuela Discounts
  • 02-Apr-2024 2:16 PM
  • Journalist: Peter Schmidt
The Market of Petroleum Coke in China Remains Stable Ahead of the Lunar New Year
  • 21-Feb-2024 2:33 PM
  • Journalist: Robert Hume
TotalEnergies Texas refinery experiences shutdown shortly after resuming operations
  • 09-Feb-2024 6:55 PM
  • Journalist: Jacob Kutchner
Germany Leads European Pet Coke Market to Stability with Tepid Trading Fundamentals
  • 17-Jan-2024 2:40 PM
  • Journalist: Bob Duffler