[Hot Focus]: Petroleum coke imports continue to increase, total port inventories remain high

After entering 2023, China's total petroleum coke imports will continue to increase. According to customs data, in April 2023, China's total imports of uncalcined petroleum coke were 1.889 million tons, and the total export volume was 5,100 tons. From January to April 2023, China's cumulative total imports of uncalcined petroleum coke were 6.8288 million tons, an increase of approximately 2.9029 million tons compared with the same period last year.

As imported sources arrive in Hong Kong one after another, the supply in the port area continues to increase. However, due to the poor overall demand performance in the downstream market, limited support for the shipment of imported petroleum coke, the circulation of goods in the port area is slow. In addition, some cargo holders have considered that the high-priced supply has no price advantage in the early stage, and the willingness to ship is not strong, resulting in a significant increase in market inventories in the port area. As of May 26, the total inventory of petroleum coke in the port area is about 5.4 million tons. At present, China's demand still consumes mainly Chinese goods, and the demand for imported coke has decreased. It is unlikely that the shipment of imported coke in the port area will improve significantly in the short term. If the total import volume is still not expected to decrease in the later period, port stocks may continue to increase, but it is still necessary to pay close attention to the arrival and unloading speed of imported ships and cargo and the follow-up of downstream demand.