Petroleum Coke Prices Index: Trend, News, Graph and Demand

 Petroleum Coke, commonly referred to as pet coke, has seen dynamic price movements across global markets during the first quarter of 2025, driven by a combination of supply constraints, shifting demand patterns, and macroeconomic factors. As a by-product of oil refining, pet coke plays a crucial role in industries such as aluminum, steel, cement, and power generation. Its pricing is influenced by factors like crude oil costs, refinery output, freight rates, and the broader energy landscape, including coal and alternative fuel prices. Throughout Q1 2025, pet coke prices have shown a bullish trend in most regions, marking a sharp contrast to the relatively subdued or even declining market sentiment seen in the previous quarter.

In North America, particularly in the United States, pet coke prices followed a strong upward trajectory during Q1 2025. The quarter began with limited supply and weak demand from the silicon metal industry. Despite this, prices gradually increased due to tight spot market availability, adverse weather conditions affecting transportation, and an overall positive market sentiment. February saw prices stabilize briefly at around USD 400 per metric ton FOB USGC before rebounding sharply by the month’s end. The return of Chinese and Indian buyers after the Lunar New Year, coupled with increased consumption from aluminum and steel sectors, fueled a 4.9% price jump. This upward momentum carried into March, with prices climbing another 4.6% in the first week alone. Supply constraints continued due to low inventory levels and consistent refinery shipments, while freight costs remained competitive. Rising downstream demand, especially from carbon-intensive industries, reinforced the bullish trend, leading to a strong quarterly performance and a clear departure from the marginal price decline witnessed in Q4 2024.

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The Asia-Pacific region, with a focus on South Korea, experienced similar bullish dynamics in the pet coke market. Prices for calcined petroleum coke on a CFR Busan basis started at USD 362 per metric ton in January and increased steadily through the quarter. The market was initially supported by constrained supply from China, limited spot availability, and elevated freight rates caused by pre-holiday congestion. Despite tepid demand from the silicon metal industry, aggressive pre-Spring Festival stockpiling by buyers sustained upward price pressure. February brought stronger procurement from aluminum and steel manufacturers, aided by the return of major importers like India and China. While early February showed stable pricing, a 6.9% spike occurred by the end of the month as supply tightened and shipping costs declined. In March, falling crude oil prices did little to curb the bullish momentum. Demand from carbon-consuming sectors increased, pushing prices up by another 7.7% during the last week of the quarter. Compared to Q4 2024, which saw seasonal demand recovery, Q1 2025 was defined more by a supply-driven rally and robust market fundamentals.

European markets also mirrored this global bullish trend in pet coke pricing. Prices began January at USD 396 per metric ton and rose consistently throughout the first quarter. Although downstream demand from the silicon metal and construction sectors remained relatively weak, supply-side limitations and tight spot availability provided strong price support. Rising freight rates and cost-push factors from crude oil added to pricing resilience early in the quarter. In February, sentiment turned more decisively bullish as procurement activity increased across the aluminum and steel sectors, further encouraged by the return of Chinese and Indian buyers. Despite a decline in crude oil prices, narrowing discounts and rising international demand led to a 4% price increase by the end of February. March continued the upward trend, bolstered by active trading, lower inventories, and steady U.S. supply. In stark contrast to Q4 2024, which recorded a 1% drop in pet coke prices due to weak market sentiment and growing competition from alternative fuels, Q1 2025 delivered a notable reversal marked by strong demand, diminishing discounts, and a robust price environment.

South America, particularly Brazil, demonstrated one of the strongest quarterly performances in the pet coke market. Beginning at USD 432 per metric ton in January, prices surged throughout Q1 2025, culminating in a nearly 14% increase by early March. The bullish run was underpinned by reduced supply from U.S. refiners, planned shutdowns of coking units, and rising freight rates resulting from logistics disruptions. Although the silicon metal sector remained a weak spot in demand, increased consumption from aluminum and steel producers more than compensated. Aluminum facilities resumed full-scale operations following the holiday season, while steel output rose steadily, driving procurement activity. Falling feedstock crude oil prices offered some relief on the cost side, but narrowing price differentials between pet coke and coal helped maintain competitiveness and support further price increases. Improved global trade conditions following the Chinese New Year, along with renewed interest from Indian and Chinese buyers, added to the bullish momentum. Even during brief moments of price stability, increasing crude oil prices and strong downstream demand drove another upward push by the quarter’s close, securing a firm bullish trend for Brazil’s pet coke market.

Globally, the petroleum coke market in Q1 2025 has been characterized by a convergence of tight supply, resilient industrial demand, and shifting macroeconomic variables. Price trends across major regions reflected both local conditions and broader global dynamics, such as refinery output disruptions, international trade flows, and alternative fuel competition. Compared to the final quarter of 2024, where some markets experienced price stagnation or decline, the first quarter of 2025 marked a decisive turnaround driven by stronger fundamentals and heightened market activity. As industries continue to scale up post-holiday production and global trade stabilizes, pet coke is likely to maintain a firm pricing outlook, at least in the near term. 

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