According to customs data, China's petroleum coke imports in March 2025 reached 1.1252 million tonnes, down by 4.63 per cent M-o-M but up 10.64 per cent Y-o-Y. The estimated import price of petroleum coke in March was USD 159.6 per tonne, up 4.68 per cent M-o-M and 1.91 per cent Y-o-Y. The cumulative import volume of petroleum coke in China in 2025 was approximately 3.5193 million tonnes, up 5.53 per cent Y-o-Y.
In terms of importing countries, the main sources of China's petroleum coke imports in March 2025 were the US, Venezuela, and Russia, with import volumes (import shares) of 352,900 tonnes (31 per cent), 220,600 tonnes (20 per cent), and 170,600 tonnes (15 per cent), respectively.
From the perspective of import prices, the import price of petroleum coke in March 2025 was mainly on the rise, with the average import price at USD 159.6 per tonne, up 4.68 per cent M-o-M and 1.91 per cent Y-o-Y. There were 18 source countries/regions for petroleum coke imports this month, with 17 countries showing continuous import volumes. Among them, import prices from Germany, Romania, and Argentina saw significant increases, with the maximum increase exceeding USD 130 per tonne.
In Q1 2025, although China's petroleum coke imports showed a M-o-M decline, they still maintained YoY growth, highlighting the resilience of domestic market demand. Affected by adjustments in fuel oil tariffs and tax rebate policies, domestic refineries faced rising costs, putting pressure on the profitability of delayed coking units and significantly expanding maintenance scales, leading to a continuous contraction in domestic petroleum coke supply. Meanwhile, port inventories continued to decline, intensifying supply-side pressure. On the demand side, downstream markets performed actively in Q1. The operating rate of prebaked anode enterprises steadily rebounded, and holiday stockpiling demand boosted purchasing enthusiasm. The negative electrode material market, supported by strong order performance, combined with concentrated stockpiling during the Chinese New Year holiday and price increase expectations driven by policy factors, saw significant growth in demand for petroleum coke. Both supply and demand sides provided a solid foundation for petroleum coke imports, and traders performed well in LME purchases.
Entering Q2, refinery maintenance further increased, and domestic supply continued to decline. However, with the arrival of previously shipped goods, port petroleum coke inventories began to enter a buildup cycle. Demand-side performance was weak, with downstream enterprises lacking purchasing motivation, and US-China trade frictions also cooled traders' buying sentiment, creating a strong wait-and-see atmosphere. However, considering shipping schedules and the arrival of previous orders, SMM expects petroleum coke imports in Q2 to still increase M-o-M. In the long term, with the continuation of trade frictions and further adjustments in domestic market supply and demand, subsequent petroleum coke imports are expected to decline.
Note: This article has been issued by SMM and has been published by AL Circle with its original information without any modifications or edits to the core subject/data.
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