For the Quarter Ending June 2025
North America
• The price index of petroleum coke (FOB US Gulf) in North America averaged USD 1,610/tonne as of the end of Q2 2025, increasing about 3.2% compared to Q1. The increase was driven by significant demand from aluminum smelters and steelmakers.
• Why did the price of Petroleum Coke change in July 2025?
In July, Petroleum Coke prices slightly declined due to easing construction activity post-peak season and weaker-than-expected exports to India. The moderate retreat followed a Q2 peak in May.
• Demand from the aluminum sector remained firm, while petroleum coke use in steel manufacturing was stable. Exporters benefited from a tight supply across Asia.
• No major disruptions were observed in US port logistics, but rail congestion toward export terminals added to some delivery delays.
• Petroleum Coke Demand Outlook for Q3 remains neutral-to-weak amid sluggish buying appetite from Southeast Asia and a seasonal lull in U.S. construction.
• The Petroleum Coke Production Cost Trend remained steady, with stable feedstock (vacuum residue) prices, although elevated energy and labor costs put mild pressure on margins.
• Petroleum Coke Spot Prices might see slight correction in Q3 2025 due to oversupply from the Gulf Coast and dampening overseas orders.
• Petroleum Coke Price Forecast: Prices are likely to soften by 1.5–2.5% in early Q3 unless stronger Indian demand materializes.
Europe
• The Petroleum Coke Price Index in Europe (FOB Black Sea/Russia) dropped 2.1% in Q2 2025, settling around USD 1,450/tonne in late June. Weak intra-European demand and lower bulk shipments from Russia contributed to the fall.
• Why did the price of Petroleum Coke change in July 2025?
July witnessed continued weakness as Russian-origin material faced reduced takers in Turkey and Southern Europe amid environmental constraints and muted steel sector restocking.
• Turkey—the region’s largest importer—significantly cut down purchases in May–June due to surplus inventory and restricted cement sector activity.
• Freight rates from Russian ports remained favorable; however, uncertain Black Sea transit conditions and rising EU scrutiny on carbon-intensive inputs added hesitation among buyers.
• Petroleum Coke Demand Outlook in Q3 2025 stays bearish, especially from cement and refractory sectors as most mills operate below capacity.
• The Petroleum Coke Production Cost Trend in Russia was largely unchanged, though margin pressures emerged from tighter domestic logistics and currency volatility.
• Petroleum Coke Spot Price competitiveness deteriorated due to increased availability and weak tender activity from Mediterranean buyers.
• Petroleum Coke Price Forecast: European prices may drop further by 1–2% in Q3 unless Turkish buying revives or EU restocking accelerates.
Asia-Pacific
• The Petroleum Coke Price Index in APAC (CFR South Korea) declined by 3.8% quarter-on-quarter, reaching USD 1,380/tonne by late June 2025. The downtrend reflected subdued demand and ample Chinese-origin material in the region.
• Why did the price of Petroleum Coke change in July 2025?
July opened with oversupply conditions, particularly in South Korea and Taiwan, leading to aggressive spot-level price corrections. Lower-than-expected feedstock demand in Korean steel plants also impacted import interest.
• Weak downstream steel production and lower operating rates among carbon black manufacturers kept procurement tepid across Northeast Asia.
• No major port congestion reported, but rising ocean freight from China to South Korea (by 4.7% in June) reduced landed margin competitiveness.
• Petroleum Coke Demand Outlook for Q3 2025 appears muted, with Chinese exports continuing to dominate while buyers remain cautious amid uncertain industrial growth.
• The Petroleum Coke Production Cost Trend in Chinese refiners was flat, with stable feedstock costs, but pressure from rising inventories continues to limit profitability.
• Petroleum Coke Spot Price offers from Chinese producers were heard at USD 1,330–1,350/tonne CFR in early July—down USD 20–30/tonne from June average.
• Petroleum Coke Price Forecast for Q3 indicates further downward bias, potentially dipping by another 2–3% unless regional consumption improves.
For the Quarter Ending March 2025
North America
During Q1 2025, Petroleum Coke prices in North America, particularly in the USA, followed a robust bullish trajectory, contrasting sharply with the marginal 1% decline observed in Q4 2024. After starting January with tight supply and muted demand from the downstream silicon metal sector, prices gradually surged throughout the month, supported by constrained spot market availability, adverse weather conditions disrupting logistics, and an overall bullish sentiment despite low seasonal demand.
February witnessed price stabilization initially at USD 400/MT FOB USGC but rebounded significantly by the fourth week, climbing by 4.9%, driven by the return of Chinese and Indian buyers post-Lunar New Year, heightened demand from the aluminum and steel industries, and narrowing pet coke discounts relative to coal. The bullish trend persisted into March, with prices marking a 4.6% rise in the first week alone.
Strong trading activity, low inventories, and steady refinery shipments kept supply tight, while competitive freight costs and growing downstream demand—particularly from aluminum and carbon-consuming sectors—propelled prices further. Overall, Q1 2025 marked a significant recovery and upward shift from the subdued pricing environment seen in Q4 2024.
APAC
In Q1 2025, the Petroleum Coke market in the APAC region, particularly South Korea, witnessed a strong upward trend in prices, primarily driven by supply tightness and solid downstream demand, despite fluctuations in feedstock crude oil values. Prices began at USD 362/MT in January and steadily surged to March for Calcinated Pet Coke CFR Busan. The quarter opened with tight supply from China, limited spot availability, and high freight charges due to pre-holiday congestion. Despite muted demand from the silicon metal sector, bullish momentum persisted due to aggressive stockpiling ahead of the Spring Festival.
February saw enhanced demand from the aluminum and steel sectors, boosted by the return of Indian and Chinese buyers. Stable prices early in the month gave way to a 6.9% surge by its end, supported by narrowing market discounts and lower freight charges. In March, although crude oil costs dropped, a renewed uptick in demand from carbon-consuming sectors like aluminum and steel pushed prices further, with a 7.7% surge in the final week.
Compared to Q4 2024, where the market was buoyed by seasonal construction and industrial recovery, Q1 2025 maintained a stronger, supply-driven bullish trajectory.
Europe
The European Petroleum Coke market witnessed a bullish trajectory in Q1 2025, with prices rising steadily throughout the quarter. Starting at USD 396/MT in January, prices remained firm amid tight supply conditions and limited spot availability, despite subdued downstream demand, particularly from the silicon metal and construction sectors. However, rising freight charges and strong cost-push factors from crude oil initially supported price stability. In February, bullish sentiment gained momentum as downstream aluminum and steel sectors showed heightened procurement activity, further boosted by the return of Chinese and Indian buyers. Although feedstock crude oil prices declined, narrowing discounts and aggressive international demand triggered a price rebound, culminating in a 4% surge by the end of February. March sustained this momentum, driven by robust trading and inventory drawdowns. Although feedstock prices fell further, improved shipment volumes and a stable US supply supported market stability. Compared to Q4 2024, when prices dropped 1% due to weak sentiment and alternative fuel competition, Q1 2025 marked a sharp reversal, characterized by high demand, shrinking discounts, and a bullish overall trend.
South America
In Q1 2025, the South American Petroleum Coke (Pet Coke) market, particularly in Brazil, exhibited a robust bullish trend, contrasting the marginal decline seen in Q4 2024. Prices surged consistently from January through March, primarily due to tightened supply conditions stemming from reduced exports by U.S. suppliers, planned coking unit shutdowns, and heightened freight rates driven by logistical disruptions. Beginning at USD 432/MT in January, prices climbed by early March, marking a nearly 14% increase over the quarter. While the demand from sectors like silicon metal remained weak, strong consumption from downstream aluminum and steel industries fueled the uptrend. Aluminum producers resumed full operations post-holiday, while steel output rose, increasing procurement activity. Although falling feedstock crude oil prices intermittently eased manufacturing costs, the narrowing discount between Pet Coke and coal maintained price competitiveness. Improved global trading post-Chinese New Year and intensified purchasing from Indian and Chinese buyers further elevated demand. By quarter-end, even with moments of price stability, rising crude prices and resilient downstream demand led to another sharp price hike, cementing a bullish quarterly performance for Pet Coke in Brazil.
For the Quarter Ending December 2024
North America
Petroleum Coke prices in North America have declined by 1% during the fourth quarter of 2024 as compared to the third quarter.
The US Pet Coke prices experienced a downtrend in October 2024 despite the high demand from the downstream construction industry. This downtrend was attributed to the widening gap between the competitive fuels due to provided high discounts even surpassing the discount to Russian coal reached a significant 41 percent due to lower coal prices. Despite rising feedstock crude oil prices, pet coke market sentiments have declined.
In November, the uncertainty surrounding China's proposed ban on pet coke imports and the absence of Chinese buyers have further exerted downward pressure on the market. Sluggish US economic conditions and tepid post-election end-user demand have further dampened domestic Pet Coke consumption. However, the prices rebounded during December amid the high performance of the downstream aluminium and steel industry after the removal of the tax policy by China which has surged the demand for Pet Coke.
APAC
The fourth quarter of 2024 for Petroleum Coke in the APAC region has been characterized by increasing prices, followed by the previous quarter. Due to the rebound in the downstream cement and aluminum sector in November 2024, the sales volume of Pet Coke has surged simultaneously. Post-National Day holiday has increased consumer sentiments from the downstream construction sector which created an upward pressure on the overall market. Additionally, there was a shortage of spot goods in the market, and supply remained tight due to the typhoon in China which has further affected the supply chain dynamics. In December, the significant discounts offered on Petcoke attracted renewed interest from major buyers in China, India, and Türkiye, revitalizing market activity. This surge in demand was further amplified by robust performance in the downstream aluminum and steel industries, driven by the removal of certain tax policies. Concurrently, the tight supply situation, coupled with increased transaction orders, compelled manufacturers to revise their offerings upwards, reflecting the tightening market conditions.
Europe
The European Petroleum Coke market experienced a price decline of 1% during the fourth quarter of 2024 compared to the previous quarter. In October, despite strong demand from the downstream construction industry, German Pet Coke prices trended downwards. This decline was primarily attributed to increased competition from other fuels. Significant discounts were offered on alternative fuels amid heightened competition, coupled with lower coal prices, which exerted downward pressure on Pet Coke prices. Furthermore, despite rising feedstock crude oil prices, market sentiment surrounding Pet Coke remained bearish. In November, the market faced further downward pressure due to uncertainty surrounding China's proposed ban on Pet Coke imports. The absence of Chinese buyers significantly impacted global Petroleum coke demand. However, in December, Pet Coke prices rebounded. This resurgence was driven by a surge in demand from the downstream aluminum and steel industries following the removal of certain tax policies by China. This policy changes significantly boosted demand for Pet Coke, driving prices upwards. Not only the demand, but the supply of Pet Coke from the USA to Europe has remained tight.
South America
The South American Petroleum Coke market experienced a slight decline in prices during the fourth quarter of 2024, marking a 1% decrease compared to the preceding quarter. In October, despite robust demand from the construction sector, Brazil's Pet Coke prices faced downward pressure. This downturn was primarily attributed to heightened competition from alternative fuels from coal. This competitive advantage, coupled with declining coal prices, eroded Pet Coke's market share. Despite rising feedstock crude oil prices, which typically exert upward pressure on production costs, market sentiment surrounding Pet Coke remained bearish. November witnessed a further decline in prices. The uncertainty surrounding China's proposed ban on Pet Coke imports significantly impacted the market, as Chinese buyers largely withdrew from the global market. However, a price rebound occurred in December. This resurgence was driven by a significant surge in demand from the downstream aluminum and steel industries. The removal of certain tax policies by China spurred increased activity in these sectors, leading to a sharp rise in Pet Coke demand in the global market.
For the Quarter Ending September 2024
North America
The third quarter of 2024 for Petroleum Coke in North America has been marked by a decreasing to stable price trend. Firstly, excess supply levels and weak demand have created a buyer's market, leading to a price decrease during July 2024. This trend has been further exacerbated by a substantial drop in demand from the construction sector, a key consumer of Petroleum Coke.
In the USA, which has experienced the most significant price changes, a cautious approach from buyers and an on-demand procurement strategy have helped maintain a balance between supply and demand, preventing significant price fluctuations during August 2024. The transportation sector has experienced a surge in prices due to the hurricane season ongoing strikes, which have normally led to higher commodity costs. However, this trend has been offset by persistent discounts offered by sellers during September which kept the prices unchanged.
Additionally, there was a notable decrease of 7% from the previous quarter in 2024. The quarter-ending price for Petroleum Coke Calcinated Grade FOB USGC in the USA stood at USD 382/MT, indicating a consistent stable trend in pricing throughout the quarter.
APAC
The third quarter of 2024 for Petroleum Coke in the APAC region has been characterized by decreasing prices, followed by an uptrend. In July 2024, the ongoing trade disruptions and logistical issues have impacted the supply chain, contributing to an upward pressure on prices. Moreover, floods and port closures in China caused by the rainy season have significantly impacted trade flows. However, In August 2024, a significant reason for the price decline has been the global economic slowdown, leading to reduced demand for petroleum coke across industries. Additionally, the weakening coking coal market has reduced the competitiveness of pet coke as a carbon source, further limiting its demand. Furthermore, a resumption of production and the continued arrival of imported Petroleum Coke indicated sufficient domestic supply in September 2024 due to port inventory clearance which led to a bearish market trend. The quarter-ending price for Petroleum Coke (Calcined) Ex-Shanghai in China was USD 285/MT, underlining the persistent downward trajectory in the pricing environment.
Europe
In Q3 2024, the Petroleum Coke market in Europe experienced a period of marginal declining prices, with the Netherlands witnessing the most significant price changes. Despite, Petroleum Coke discounts having somewhat dropped, they were reasonably priced and provided some potential to the market during July 2024. Various factors influenced this trend, including ample supply levels, heavy discounts, and disruptions in the transportation sector due to ongoing conflicts and weather-related issues which somewhat counterbalance the prices. The decrease in demand, particularly in the construction sector, along with the decline in coal prices, contributed to the softening of Pet Coke prices in August 2024. While some blenders will stay open through August, product promotion and purchases have slowed down until early September due to holidays in Europe. Notably, there was a slight decline of 1% in prices between the first and second half of the quarter. The quarter-ending price for Petroleum Coke Calcined FD Rotterdam in the Netherlands stood at USD 374/MT, underscoring the prevailing negative pricing environment marked by stability and decreasing prices.
South America
In Q3 2024, the Petroleum Coke market in South America experienced a period of stability with a marginal decline in prices. Despite an uptrend in feedstock crude oil prices, the Brazilian Petroleum Coke market remained resilient during July 2024 due to high discounts provided by the manufacturers. However, the re-imposition of sanctions on Venezuela, a significant pet coke exporter, initially caused a drop in exports. The market has marginally experienced a supply shortage, potentially due to hopes of exemptions for pet coke which offset the declining trend during August 2024 and led to a cautious approach from buyers in September 2024. The market saw this downward trend continue from the previous quarter in 2024, recording a -6% change. The latest quarter-ending price for Petroleum Coke Calcined Grade CFR Santos in Brazil stood at USD 425/MT, underscoring the market's stable sentiment and consistent pricing dynamics. Overall, the pricing landscape for Petroleum Coke in South America during Q3 2024 can be characterized as maintaining a steady and balanced trajectory.
FAQs
1. What is the current price of Petroleum Coke in July 2025?
As of early July, prices are approximately USD 1,610/tonne FOB US Gulf, USD 1,450/tonne FOB Black Sea (Russia), and USD 1,380/tonne CFR South Korea, depending on grade and sulfur content.
2. Who are the top Petroleum Coke producers in the United States?
Leading U.S. producers include Valero Energy, Marathon Petroleum, Phillips 66, and CITGO. These companies supply both domestic and international markets.
3. Why did Petroleum Coke prices fall in APAC during Q2 2025?
Prices declined due to excess Chinese supply, weaker steel demand in Korea, and spot-level competition from alternative low-sulfur fuels.
4. What factors could influence Petroleum Coke prices in Q3 2025?
Demand recovery in India or Turkey, coal price movements, shipping rates, and changes in steel/aluminum output will be key drivers in Q3.
