14 Feb Petroleum Coke
Several US Cokers are under planned maintenance taking nearly 1mt out of the market this quarter. India is back in the spot market and is expected to take at least 0.60 mt this month. Ex-US Gulf deals into India are closing in a range of $104-108/t CIF, depending on freight. Demand is improving in Brazil – on domestic shortages and rising exports. Mexico’s domestic market is also short. Demand in the eastern Med markets is also active, with Egypt, Turkey and Greece all in for spot cargoes. High sulphur coke traded at $65.50/t, 66.50/t, $67/t and now $74/t FOB US Gulf is the new benchmark (see price table). Lower sulphur coke is trading at $83.50/t, $84/t FOB US Gulf and $85.75/t FOB out of the US west coast. USG deals into Turkey closed at $105-106/t CIF. A Spanish cargo closed into Egypt $101-102/t CIF Alexandria. Venezuela is back and Supras have sold at $83-84/t FOB level. Average waiting times are still 2 months in Venezuela. Arabian Gulf high sulphur coke is offered assessed at $98-102/t CIF India. Oman coke sold into India at $101-102/t CIF, but it was for 4-5% sulphur grade. Outlook – Prices to increase and could hit $75/t FOB USG for HS. S/D balance is tight and India/LatAm/ Med interest is strong. Asian steel-sector forecast to consume more in 2018.