According to the data of the bulk list of SunSirs, the price of petroleum coke of local refiners continued to decline last week. On December 25, the average price of Shandong market was 3,064.00 RMB/ton, down 7.40% from the price of 3,309.00 RMB/ton on December 19.

On December 25, the petroleum coke commodity index was 238.31, unchanged from yesterday, down 41.69% from the peak of 408.70 (2022-05-11) in the cycle, and up 256.27% from the lowest point of 66.89 on March 28, 2016. (Note: the cycle refers to the period from September 30, 2012 to now)

The price of petroleum coke in refineries dropped sharply last week. The local refineries delivered ordinary petroleum coke. The market supply of petroleum coke was sufficient. The refineries went out of stock and delivered at a reduced price.

Upstream: The international crude oil price rose, and the Federal Reserve suggested that the interest rate increase is far from over, and is not close to the end of monetary tightening. The persistent economic heat in the first half of December triggered the market's concern about the Federal Reserve's transition from "dove" to "eagle", which may disappoint the Federal Reserve's previous desire to slow down interest rate hikes. The market provided the basis for the Federal Reserve to curb inflation and maintain the path of monetary tightening, which triggered a general decline in risky assets. In addition, the overall economy was weak. The severe epidemic in Asia continued to drag down demand expectations. The outlook for energy demand was still not optimistic. Economic weakness depressed oil prices, which fell sharply in the first half of the month. In the second half of the month, in response to the price ceiling of the Group of Seven oil exports to Russia, Russia said it might cut oil production, tightening expectations to heat up the oil market. The news that the United States planned to store strategic oil reserves also brought good news to the oil market. In the second half of the month, international oil prices recovered their decline.

Downstream: the price of calcined coke decreased slightly last week; The metal silicon market price continued to decline; The price of electrolytic aluminum in the downstream rose by shock. As of December 25, the price was 18,803.33 RMB/ton; At present, downstream carbon enterprises are under great financial pressure and have a strong wait-and-see mood, mainly purchasing on demand.

The oil coke analysts of SunSirs believe that: the international crude oil rose last week, and the cost of oil coke was supported; At present, the domestic petroleum coke warehouse is at a high level. The refinery is willing to reduce the price for delivery in order to remove the inventory. The downstream has a general enthusiasm for receiving goods. The wait-and-see mood is strong, and the domestic logistics is recovering slowly. It is expected that the price of locally refined petroleum coke will continue to decline in the near future.

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