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.
For the Quarter Ending June 2024
North America
In Q2 2024, the Petroleum Coke market in North America experienced a notable decline, primarily driven by various market dynamics and external influences. The quarter saw a confluence of factors including high inventory levels, sluggish demand from downstream sectors, and huge discounts from Venezuela. Inflationary pressures played a significant role, with both selling and input cost inflation reaching their lowest levels in six months. Additionally, the overall market sentiment remained cautious due to geopolitical uncertainties and economic concerns.
Focusing on the USA, which witnessed the most significant price fluctuations, the overall trend leaned towards a bearish market. Seasonality and demand fluctuations, particularly from the construction sector, contributed to this downward trajectory. The correlation in price changes highlighted a consistent decrease, influenced by high port inventories and lower shipping costs which exerted downward pressure on prices.
Concluding the quarter, the price settled at USD 389/MT for Petroleum Coke Calcinated Grade FOB USGC, USA. This consistent decrease suggests a negative pricing environment, reflecting challenges in stabilizing the market amidst fluctuating supply and demand dynamics.
APAC
The APAC region has experienced a notable increase in Petroleum Coke prices during Q2 2024, driven by various significant factors. Primarily, the geopolitical tension and supply risks in upstream crude oil and natural gas markets have led to higher production costs for Calcined Petroleum Coke during April 2024. Nonetheless, buyers have adopted cautious procurement strategies, focusing on immediate needs rather than bulk purchases, which has contributed to a balanced market dynamic. This surge in costs has been compounded by disruptions in refinery operations due to maintenance shutdowns, which have reduced the overall supply of Petroleum Coke in the market during May 2024. Scheduled maintenance shutdowns at coking units in Fuhai United and Zhenghe Petrochemical have reduced domestic production of petroleum coke in China. Coinciding with the maintenance shutdowns, existing petroleum coke storage at refineries was recorded to be low. Focusing on South Korea, the market has seen the most pronounced price changes in the region. The overall pricing trend for Petroleum Coke in South Korea during Q2 2024 reflects a stable to bullish trend yet cautiously optimistic environment, despite the seasonal downturn in demand from downstream industries. The quarter witnessed a 7% price increase compared to the same period last year, highlighting a positive sentiment driven by improved economic conditions and strategic stockpiling before the peak consumption season.
Europe
In Q2 2024, the Petroleum Coke market in Europe has experienced a significant downtrend, driven largely by several critical factors. The quarter has been marked by an oversupply of Petroleum Coke relative to demand, exacerbated by high inventory levels and subdued procurement activity. Competitive pricing from foreign markets, particularly from exporters offering substantial discounts, has further pressured local market prices. This pricing strategy, alongside aggressive marketing tactics, has led to a bearish sentiment throughout the quarter. Focusing on Germany, which has seen the most pronounced price fluctuations, several trends emerge. The overall market environment has been negative, with prices reflecting a stark 43% decline compared to the same quarter last year. From the previous quarter in 2024, prices dipped by 24%, indicating an ongoing struggle to stabilize market value amid persistent supply surpluses and low demand. The latest quarter-ending price for Calcined Petroleum Coke in Germany, recorded at USD 361/MT CFR Hamburg, encapsulates this negative pricing environment. These consistent decreases reflect an overall challenging period for the Petroleum Coke market, driven by high supply and competitive pricing strategies that have significantly eroded market stability.
South America
In Q2 2024, the South American region witnessed a significant decline in Petroleum Coke prices, with Brazil experiencing the most notable changes. This quarter has been characterized by a multitude of factors influencing market prices. The overall trend in the region has been negative, with Q2 2024 alone, prices dropped by 17% from the previous quarter, indicating a continued downward trajectory. The factors have contributed to this pricing environment, including sluggish demand from downstream industries, excess supply level from Venezuelan discounts and cautious market sentiment. Additionally, the re-imposition of sanctions on key exporting countries has impacted imports, further driving prices down. Oil exports have already decreased by 38% MoM as a result of the impact, nevertheless, there might be opportunities for exceptions for specific goods. However, the available supply of Pet Coke was enough to cater to the subdued demand. The Brazilian market, in particular, has been impacted by these factors, resulting in the quarter-ending price of USD 431/MT for Petroleum Coke Calcined Grade CFR Santos. Overall, the pricing environment for Petroleum Coke in Q2 2024 has been predominantly negative, reflecting a challenging market landscape characterized by declining prices and uncertainty.
