The coke price of main refineries continued to rise, and the local coke price decreased significantly
The overall supply of the market is still tight this week. The negative electrode material market and electrode market have strong support for petroleum coke, and the price of low sulfur petroleum coke continues to rise. Due to the high price of raw materials for a long time, the cost capital pressure is large, the enthusiasm for receiving goods decreases, the local refining inventory continues to increase, and the coke price drops sharply. This week, the coke price of Sinopec's refineries generally rose by 30-100 yuan / ton, and the coke price of most refineries of PetroChina continued to rise by 100-580 yuan / ton. The coke price of CNOOC refinery was temporarily stable, and the local coke price fell by 50-700 yuan / ton.
Analysis on Influencing Factors of market price this week
Medium and high sulfur petroleum coke
1. In terms of supply, Sinopec's refineries along the river are generally affected by the market situation of refined oil, and most of them reduce production. At present, the refining cost of local refineries is high, and the supply of petroleum coke continues to decrease. However, due to the fact that the coking price in the early stage is generally higher than that of Sinopec and imported coke, the enthusiasm for receiving goods in the downstream is the same, the inventory increases slightly, and the delivery situation of local refineries has improved after the coke price continues to decline; The price of petrochemicals in Xinjiang and Urumqi will be increased by about 150 yuan in late May. It is expected that the import price of petrochemicals in Urumqi will be increased by about 100 yuan in May. In addition, the price of petrochemicals in Urumqi will be increased by about 100 tons in May.
2. In terms of demand, due to the continuous high price of raw petroleum coke in the aluminum carbon market and the great financial pressure of enterprises, they mostly purchase on demand, which forced the price of high-priced petroleum coke to decline. As of April 21, the price of locally refined petroleum coke continued to decline, the shipment of refineries began to improve, and the price of some types of coke rebounded.
3. In terms of ports, imported coke was concentrated in Shandong Port this week, and the inventory increased compared with last week; Affected by the sharp decline of domestic coking price, the downstream inquiry of imported sponge coke decreased significantly, the shipment was general, and the coke price was temporarily stable. In terms of low sulfur coke, the price of low sulfur petroleum coke in refineries in Northeast China of PetroChina continues to rise by 300-580 yuan / ton. Affected by the shutdown and maintenance of coking units in some refineries, low sulfur coke resources continue to be in short supply, and the coke price is strong. This week, Jilin Petrochemical raised the price of petroleum coke by 100 yuan / ton, and the petroleum coke trading of the plant was good. The bidding price of Liaohe Petrochemical Petroleum Coke rose by 580 yuan / ton this week, and the negative electrode material enterprises were actively purchasing. This week, the price of petroleum coke in CNOOC's refineries remained stable in an all-round way. Last week, the price of Taizhou Petrochemical rose sharply. This week, the price stability was mainly based on the implementation of early orders, and Huizhou Petrochemical delivered and traded at a stable price this week. Binzhou Zhonghai asphalt and Zhoushan Petrochemical coking units were shut down for maintenance.
This week, the overall shipment of petroleum coke in the local refining market was general, and the price of petroleum coke in Shandong refinery fell sharply. Due to the continuous high price of local coking, especially low sulfur coke, the downstream aluminum carbon enterprises have great receiving pressure, most of the costs are upside down, the enterprise capital pressure is large, and the enthusiasm for receiving goods is reduced, forcing the price of refinery coke to fall sharply. Among them, the price of low sulfur coke generally fell by 400-700 yuan / ton, and the price of medium and high sulfur coke generally fell by 50-200 yuan / ton. The supply of coke in Northeast China continues to rise. The price of low sulfur coke along the river will be reduced by 200 yuan / ton. As of April 21, there were 19 routine maintenance times for local refining and coking units. This week, some refineries reduced production, and no new coking units were opened or shut down. As of Thursday, the daily output of refined petroleum coke was 25750 tons, and the operating rate of refined coking was 48.72%, a decrease of 0.57% compared with last week. As of Thursday, the mainstream of low sulfur coke (with sulfur content of about 1.0%) from local refineries had a turnover of about 6350-6800 yuan / ton, and the mainstream of medium sulfur coke (with sulfur content of 2.0% - 3.0%) had a turnover of 4150-4850 yuan / ton; High sulfur coke (with sulfur content of 4.0%) was sold for 3500-4350 yuan / ton.
As of April 21, there were 24 conventional maintenance times for coking units. This week, some refineries reduced production, and there were no new coking units opened or shut down. As of Thursday, the national daily output of petroleum coke was 63200 tons, and the coking operation rate was 50.70%, a decrease of 0.80% compared with last week.
This week, the downstream negative electrode materials and electrode market had a good demand for petroleum coke, supporting the continued rise of low sulfur coke prices; Due to the high price of raw petroleum coke in downstream aluminum carbon enterprises, the pressure of enterprise capital is large, and the enthusiasm of receiving goods is reduced, which forces the price of high-priced petroleum coke to decline.
This week, the main refinery petroleum coke shipped well, and the inventory is still low; Due to the high coke price and the lack of downstream receiving, local refineries purchase on demand, and the overall petroleum coke inventory continues to increase.
The crude oil price remains high. Due to the impact of the epidemic, the demand for refined oil decreases, the operating rate of coking units in the country continues to decline, the supply of petroleum coke market is still tight, and the overall demand for petroleum coke in the downstream is still there. Therefore, Baichuan Yingfu expects that the market price of low sulfur coke will remain strong next week, and the price of medium and high sulfur petroleum coke will continue to rise at a high level, with a range of about 100 yuan / ton.