Signs of a rational return are emerging in the petroleum coke market, with the upward trend gradually slowing.

After a strong surge in October, the petroleum coke market saw a rational correction in mid-November, with price growth significantly slowing. On November 5th, market updates indicated continued price increases in Northeast China:

Daqing: 4,470 yuan/ton, up 100 yuan/ton;

Fushun: 4,711 yuan/ton, up 100 yuan/ton;

Jilin: 4,246 yuan/ton, up 100 yuan/ton;

Jinzhou: 4,470 yuan/ton, up 120 yuan/ton;

Jinxī: 4,440 yuan/ton, up 120 yuan/ton;

Supply constraints emerged as a key driver of price increases. Post-National Day restocking by downstream buyers, reduced output from major refineries, and lower import arrivals collectively created a supply-shortage dynamic in China's petroleum coke market. Simultaneously, trade policy impacts have reduced imports of U.S. and Russian coke, further exacerbating domestic supply constraints.

Entering mid-November, the petroleum coke market has shifted from unilateral growth, signaling a rational correction. With supply gradually increasing while demand support remains stable, further upward potential for petroleum coke prices is limited.