For the Quarter Ending December 2025
North America
• In the USA, the Petroleum Coke Price Index rose by 3.95% quarter-over-quarter, driven by exports.
• The average Petroleum Coke price for the quarter was approximately USD 61.33/MT, reflecting regional dynamics.
• Petroleum Coke Spot Price firmed mid-quarter as export competition increased while domestic inventories stayed adequate.
• Petroleum Coke Price Forecast indicates modest near-term upside from export demand and Price Index stability.
• Petroleum Coke Production Cost Trend eased as gas prices fell, enabling calciners to trim offers.
• Petroleum Coke Demand Outlook balanced; Asian tendering offsets weaker domestic fuel-burn, keeping Price Index range-bound.
• Petroleum Coke Price Index showed holiday volatility as thin trading and logistics constraints reduced liquidity.
• Major US Gulf Coast calciners ran high utilization, supporting exports and limiting domestic spot surplus.
Why did the price of Petroleum Coke change in December 2025 in North America?
• Export enquiries from India and China offset weaker US burn in December, stabilizing FOB prices.
• Lower natural gas and residual fuel costs reduced calcination expenses, enabling sellers to trim offers.
• Holiday-thinned trading and end-year logistics constrained liquidity, prompting sporadic seller discounting and price weakness briefly.
APAC
• In South Korea, the Petroleum Coke Price Index rose by 9.54% quarter-over-quarter, driven by imports.
• The average Petroleum Coke price for the quarter was approximately USD 589.67/MT, reflecting CFR Busan.
• Supply disruptions and Ulsan outage tightened availability, boosting Petroleum Coke Spot Price and seller leverage.
• Port efficiency and freight moves will influence near-term Petroleum Coke Price Forecast for CFR Busan.
• Eased crude residues reduced input costs, affecting the Petroleum Coke Production Cost Trend across calciners.
• Robust battery anode demand and industrial runs underpin the Petroleum Coke Demand Outlook despite seasonality.
• Inventory drawdowns and selective exporter allocations supported the Petroleum Coke Price Index, firming CFR offers.
• Import reliance with 60 percent domestic output keeps market sensitive to seaborne flows and exporters.
Why did the price of Petroleum Coke change in December 2025 in APAC?
• U.S. sanctions tightened fuel-grade cargoes, reducing available seaborne volumes and firming CIF offers to buyers.
• Battery-material capacity expansion increased calcined coke demand, drawing prompt cargoes and tightening Busan prompt availability.
• Seasonal cement slowdown moderated restocking, while steady imports and port efficiency kept immediate pressure balanced.
Europe
• In Germany, the Petroleum Coke Price Index rose by 0.4% quarter-over-quarter, reflecting supply and industrial demand.
• The average Petroleum Coke price for the quarter was approximately USD 420.00/MT, per CFR Hamburg market reporting.
• Balanced imports and port operations kept the Petroleum Coke Spot Price contained despite Petroleum Coke Production Cost Trend increases.
• Domestic consumption resilience underpinned the Petroleum Coke Demand Outlook, supporting the Petroleum Coke Price Index despite softer construction activity.
• Short-term Petroleum Coke Price Forecast indicates range-bound movement as terminal inventories remain comfortable and freight tightens.
• Crude price dynamics influence the Petroleum Coke Production Cost Trend, though landed CFR components moderated by freight easing.
• Export flows from Gulf and Colombia helped stabilise the Petroleum Coke Price Index and spot availability at Hamburg.
• Rail disruptions and terminal congestion can tighten supply and lift the Petroleum Coke Price Index in localized episodes.
Why did the price of Petroleum Coke change in December 2025 in Europe?
• Improved seaborne arrivals and navigable Rhine water kept imports steady, moderating landed cost pressure for German buyers.
• Firm clinker burn and steady heavy industry demand supported offtake despite modest crude softening in December.
• Port operations stability and adequate terminal inventories limited supply shocks while freight remained slightly elevated.
South America
• In Brazil, the Petroleum Coke Price Index rose by 2.98% quarter-over-quarter, reflecting stronger US supply.
• The average Petroleum Coke price for the quarter was approximately USD 588.00/MT, reflecting import parity dynamics.
• Petroleum Coke Spot Price remained range-bound amid steady freight and ample US-origin import availability flows.
• Petroleum Coke Price Forecast models show modest oscillations, with occasional downward adjustments from excess inventories.
• Petroleum Coke Production Cost Trend stayed stable as refinery output and freight influenced landed costs.
• Petroleum Coke Demand Outlook remains neutral, supported by cement and metals but limited by inventories.
• Petroleum Coke Price Index responded to US export offers and freight stability, capping significant upside.
• Import terminal inventories at Santos provided five weeks cover, reducing prompt tightening and limiting rallies.
Why did the price of Petroleum Coke change in December 2025 in South America?
• Improved U.S. import arrivals and stable freight increased landed availability, easing prompt market tightness pressure.
• Domestic industrial demand remained steady but inventory builds reduced urgency, limiting seller pricing power significantly.
• Panama Canal transit delays raised freight premiums, but port operations remained smooth, muting cost pass-through.
For the Quarter Ending September 2025
North America
• In the USA, the Petroleum Coke Price Index fell by 12.8% quarter-over-quarter, reflecting weak exports.
• The average Petroleum Coke price for the quarter was USD 59.00/MT, anchored by Gulf netbacks.
• Petroleum Coke Spot Price remained volatile as Gulf Coast loadings and freight influenced short-term assessments.
• Petroleum Coke Price Forecast suggests recovery as constrained coke generation and firm aluminum demand persist.
• Petroleum Coke Production Cost Trend tightened as crude feedstock firmness raised calcination and handling costs.
• Petroleum Coke Demand Outlook remains steady for aluminum anodes, with cement and steel exports softer.
• Petroleum Coke Price Index reflected inventory builds, tariff uncertainty, and shifting refinery yields reducing output.
• Petroleum Coke Spot Price sensitivity to freight, hurricane risks and grade premia sustained price differentials.
Why did the price of Petroleum Coke change in September 2025 in North America?
• Export demand to India and Brazil tightened Gulf Coast availability, supporting upward pressure during quarter.
• Refinery yields lowered petcoke output as light crude runs reduced green coke generation, limiting supply.
• Inventory drawdowns at key terminals combined with freight dynamics and tariff uncertainty changed international competitiveness.
APAC
• In South Korea, the Petroleum Coke Price Index rose by 7.31% quarter-over-quarter, reflecting firmer demand.
• The average Petroleum Coke price for the quarter was approximately USD 577.67/MT, with modest fluctuations.
• Petroleum Coke Spot Price saw intramonth swings, pressured by ample imports yet supported by shortages.
• Petroleum Coke Price Forecast indicates modest upside risk into Q4 as inventories tighten slightly near-term.
• Petroleum Coke Production Cost Trend rose due to firmer crude and higher calcination energy costs.
• Petroleum Coke Demand Outlook remains stable, driven by aluminum anode demand and cement consumption domestically.
• Petroleum Coke Price Index fluctuations tracked Busan inventory draws, freight shifts and exporter pricing adjustments.
• China and UK supplier flows continued, but tariff and freight uncertainties could alter procurement economics.
Why did the price of Petroleum Coke change in September 2025 in APAC?
• A temporary restocking cycle in Korea drew inventories lower, tightening immediate busan availability and raising bids.
• Freight and logistics eased slightly but exporter price adjustments and selective premium grade shortages supported offers higher.
• Weaker downstream procurement weeks earlier left uneven demand; recent balanced inflows reversed that, sustaining the late-September rally.
Europe
• In Germany, the Petroleum Coke Price Index rose by 3.55% quarter-over-quarter, driven by tight imports and logistics.
• The average Petroleum Coke price for the quarter was approximately USD 418.33/MT, reflecting CFR Hamburg constraints and buying
• Petroleum Coke Spot Price remained range-bound as Hamburg congestion and freight volatility supported broader Price Index stability.
• Petroleum Coke Price Forecast models indicate modest upside risk from sustained feedstock pressure and constrained import availability.
• Petroleum Coke Production Cost Trend reflects upstream crude and calciner energy costs, keeping offers firm despite muted demand.
• Petroleum Coke Demand Outlook remains steady from aluminum anode and electrode users, while steel activity exerts downward pressure.
• Price Index movements were cushioned by adequate inventories, yet export demand and rail disruptions intermittently tightened prompt supplies.
Why did the price of Petroleum Coke change in September 2025 in Europe?
• Hamburg port congestion, rail disruptions and berth closures restricted throughput, tightening prompt supply, supporting CFR.
• Steady aluminum anode and electrode demand sustained uptake despite weaker steel sector, tempering downward pressure.
• Upstream feedstock and freight firmness, plus tariff uncertainty, elevated landed costs and discouraged speculative buying.
South America
• In Brazil, the Petroleum Coke Price Index fell by 8.78% quarter-over-quarter, driven by tighter imports.
• The average Petroleum Coke price for the quarter was approximately USD 90.00/MT, reflecting mixed flows, contract volumes.
• Petroleum Coke Spot Price saw volatility as CFR Santos supply balanced burn, supporting Price Index.
• Petroleum Coke Demand Outlook firm from aluminum and cement, underpinning imports and Price Index resilience.
• Petroleum Coke Production Cost Trend tracked crude and freight, elevating calcination costs, pressuring Price Index.
• Petroleum Coke Price Forecast indicates near-term stability, upside risk if kiln demand and imports tighten.
• Moderate bonded warehouse inventories absorbed shipments, while export allocations and port queues influenced CFR offers.
• Domestic calciner utilization below optimal; tariff headlines elevated risk premia, tightening Petroleum Coke Spot Price.
Why did the price of Petroleum Coke change in September 2025 in South America?
• Robust cement kiln runs increased burn rates, tightening prompt availability and supporting higher CFR offers.
• Steady US-origin shipments maintained baseline supply, yet tariff uncertainty and BRL swings preserved risk premia.
• Crude-linked calcination and freight costs eased slightly, but import dependence kept landed costs pressured buyers.
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.
