China’s anode grade coke (used in aluminum and steel industries) prices fell by up to $80/t m-o-m and were assessed at $650/t CIF China in November 2022. China is the largest producer of anode grade coke, also known as raw petroleum coke, which is a by-product of pet coke.
The aluminum industry generally uses anode coke with higher sulphur content of 3.5% maximum, but the steel industry uses calcined petroleum coke (CPC) with lower sulphur content of 1.5 -2% maximum.
Prices of Chinese anode coke with sulphur (S 2%) and (S 3%) also reduced but within a lower margin and were heard offered at around FOB $500-510/t and $440-450/t, respectively.
Demand for ultra-low/low-sulphur coke from the battery market in China, pushed by demand from the EV segment, remained firm compared to mid and high-sulphur coke. Apart from low-sulphur anode coke, demand for low-vanadium (V<200ppm) was also firm. Prices of these types of coke have been attracting higher premiums.
In India, IOCL hiked raw petroleum coke prices by INR 2,000/t ($24/t) in November on ex-refinery basis at Guwahati, Digboi and Koyali. However, the price was reduced nominally by INR 200/t at the Barauni and Bongaigaon refineries. It is expected that raw petroleum coke prices in the domestic market may see a correction this month, probably this week.
Key deals in global market
A 26,000 t cargo from the YPF refinery in Argentina with less than 1% S went to the US at CFR $798/t. A tender has also been floated this week.
A cargo from Petrobras with less than 1% S has found a US buyer at $698/t FOB.
A 10,000 t cargo from Dumai has gone to China at $805/t FOB, while another cargo of 10,000 t is on sale now.
A 33,000 t cargo from Oman has been bought by RAIN CII India at $520/t, while Goa Carbon has taken a Russian-origin GPC with sulphur less than 2% from China at $590/t CFR .
A cargo from Galveston refinery last month has reportedly gone to China for $240/t CFR.
CPC offers unchanged
Calcined petroleum coke (CPC), which is produced from RPC, is a form of highly electrically conductive, dense carbon with very low specific electrical resistance, and having fixed carbon of approximately 99.5%.
CPC 3.5% price in China was around $890-900/t FOB last month. However, no cargo was taken by either Vedanta or Hindalco.
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