In the period 2024-2036, it is anticipated that CPC market will grow with a CAGR around 5%. The increase in crude oil production around the globe is the main reason for this. CPC is produced as a waste product in the refinery of crude oil. It has several industrial applications. CPC has many industrial uses. It can be used to produce power and as anodes in aluminium smelting.
The global petcoke market has a high level of fragmentation. Major players have been focusing their efforts on improving capacity, adopting new products, acquiring other companies, and collaborating. Key players on the global calcined petcoke market include Phillips 66 Company Aminco Resources LLC and Suncor Energy Inc. PCIC leads the pack with a 350,000 ton calcined-petcoke capacity.
The calcined coke demand supply balance remained largely the same in Q4 2023, as construction industry prices remained stable and the sector remained resilient. Due to the low production rate and the robust demand of the downstream companies, the European market outlook has experienced a positive trajectory. PetCoke's price in Europe has also been inflated due to the rising crude oil costs of the feedstock and high freight rates across the Europe-Asia, and Europe-US transoceanic routes. In addition to the Hurricane Ida impact, crude oil production was affected. As Europe imports more of this product than the USA, there were shortages on the European market.
In the US, the price of calcined petroleum coke remained steady this quarter. Alumina smelters, electric power producers and other sectors have been increasing their demand. This has led to a higher level of utilization. The demand for calcined PETCOKE in the US has grown as a result. US produces the most calcined petroleum koke in the world, and holds about one fifth of its global market.
The first week in February 2024, the Chinese market for calcined petrol coke was stable. Chinese traders were hesitant to make new deals ahead of the Lunar New Year holiday, thereby keeping inventory levels manageable and stabilizing prices. Shipping charges between the West Coast and Brazil, and Asia are lower this quarter. A six-year deal reached by dockworkers in California and Washington State has resolved the uncertainty at 29 ports.
The demand in South Korea for calcined Petroleum Coke with a trace of medium sulfur remained modest. The electrode market, however, was weak. This led to the lack of support in pricing the product. In October, Antwerp's calcined coal price dropped dramatically. In part, the drop was due to an eroding Euro relative to US Dollars that affected currency fluctuation.
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