山東省の石油コークス精製業者は5月に積極的な出荷に注力したが、価格は大きく変動した。
地元の製油所の価格は市場価格に連動する。
・陽極原料の在庫量が多いと、中硫黄および高硫黄コークスの供給が制限されるだろう。山東省における予想価格帯・低硫黄コークス：
4,200～4,500元/トン
・
中硫黄コークス： 3,200～3,800元/トン
・ 高硫黄コークス：
1,550～2,200元/トン Grade 3A: 3,736 yuan/ton
· Grade 3B: 3,456 yuan/ton
· Grade 3C: 2,803 yuan/ton
· Grade 4A: 2,137 yuan/ton
· Grade 4B: 1,708 yuan/ton
Affected by mainstream refinery prices, low sulfur coke prices at local refineries edged down. Reasons:
· Downstream buyers only purchased for rigid demand.
· Demand in traditional low sulfur carbon sectors was weak.
· Anode material producers mostly consumed existing inventories, with only minor restocking, providing insufficient support for low sulfur coke prices.
Medium and high sulfur coke prices were mixed, with more declines than gains. Demand was sluggish, and faster port clearance of imported coke boosted available supply. In the aluminum carbon sector, prebaked anode producers held about one month of raw material inventory, so they were unreceptive to high raw material prices, causing frequent price fluctuations at refineries and weighing on medium and high sulfur coke markets.
2. Weekly Petroleum Coke Output in Shandong Falls 0.09%
During the monitoring week, total output in Shandong decreased month on month. No delayed coking units were shut for maintenance or restarted in the past two weeks; refinery operations were stable with only minor output adjustments at individual facilities.
· Mainstream refineries: output decreased.
· Local refineries: output steady.
Weekly output (May 8–14): 214,700 tons, down 200 tons or 0.09% month on month. For imported coke:
· Port clearance accelerated and inventories fell, but overall supply remained ample.
· Sample inventories at local Shandong refineries fell slightly, down 4.76% month on month, with faster shipments and effective destocking.
· Total sample inventories at key domestic ports: 3.8882 million tons, up 30,000 tons or 0.78% month on month, as port inflows exceeded outflows and traders signed fewer new spot orders.
As of May 13, Grade 3B petroleum coke in Shandong stood at 3,483 yuan/ton, up 23 yuan or 0.66% from early May.
3. Downstream Buys on Demand; Shandong Petroleum Coke Expected to Fluctuate into Late May
Outlook through late May:
· No delayed coking units are scheduled for shutdown or restart.
· Some refiners will adjust output, so total supply is expected to decline slightly.
· Inventories will destock gradually, with a projected change of 2,000–3,000 tons.
As month end approaches:
· Downstream players will adopt a wait and see attitude and maintain rigid demand purchasing.
· Mainstream market low sulfur coke is expected to be weakly stable.
· Medium and high sulfur coke is expected to be stable.
· Local refinery prices will follow the market.
· High anode raw material inventories will limit support for medium and high sulfur coke.
Projected Price Ranges in Shandong
· Low sulfur coke: 4,200–4,500 yuan/ton
· Medium sulfur coke: 3,200–3,800 yuan/ton
· High sulfur coke: 1,550–2,200 yuan/ton