Energy Petroleum Coke

Vol VI-21 No 252 | 05 June 2014 | Published by ICIS-China | www.icis.
com/energy/channel-info-finder/
ICIS C1 China Petroleum

Coke Market Weekly
Energy Prices News Analysis
2
in
2
in
2
2
GPC Market
International Market
China Market
Shipping Fixtures
3
3
3
3
CPC Market
Market Commentary
Production Margins
4
4
4
Refinery Running
4
Downstream and Related Markets 6
Inventory
6
Inventories of Imported GPC at Major Coastal
Ports in Late May

6
GPC Producers List Prices
Market News
6
8
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Price Pool
Assessments of Petroleum Coke
International Market
Assessments of Domestic Petroleum Coke
China Market

Prices of Related Products
Exchange Rate: $100 = CNY617.0800
HIGHLIGHTS

Imported GPC stocks at Chinas major

ports up 11% in late May
Taiwans FPCC sells a second late Jun
GPC cargo at $81-85/tonne
Hengyuan Petrochemical gets on-
spec GPC production on 4 June
China independents operate cokers
higher at 55.6%
Negative coking margin of Shan-
dong independents widens on

lower product prices
Notes: 1. GPC is short for green petroleum coke;

CPC short for calcined petroleum coke;
2. Low Sulphur (LS): sulphur contnet below 0.8%;
Mid Sulphur (MS): below 3.0% and above 0.8%;
High Sulphur (HS): above 3%.
PETROLEUM COKE ASSESSMENTS CNY/TONNE
Chinas GPC apparent

consumption falls by 7.21%
in Jan-Apr on soft demand
Chinas GPC apparent consumption
declined to around 8.88m tonnes in
the first four months of 2014, down by
690,400 tonnes or 7.21% from the same
period last year, ICIS C1 Energy calculated
on the basis of the data from the General
Administration of Customs (GAC).
This fall was mainly due to low demand
for GPC in the Chinese market, industry
sources said.
Downstream electrolytic aluminium, silicon, cement and steel companies cut production during the period because of strict
environmental protection policies, which in
turn led to sluggish demand for feedstock
ASSESSMENTS OF DOMESTIC GPC
Assessments*
WoW**
CNY/tonne
107 - 111
2,500
1,230 - 1,330
-8
2,000
1,045 - 1,145
-5
783 - 887
-2
1,500
LS
1,900 - 2,025
-75
1,000
MS
1,600 - 1,680
HS
1,510 - 1,580
GPC CFR China

($/tonne)
GPC, according to the industry sources.

In addition, fuel-grade GPC has lost its
economic advantage over coal as fuel since
late January as a result of persistently falling prices of the latter.
China imported approximately 2.3m
tonnes of GPC in the January-April period,
a fall of 29.7% or 976,300 tonnes year on
year, the GAC data showed.
Most Chinese importers did not order
cargoes for January-March 2014 arrival
because of the unconfirmed market discussions in the fourth quarter of last year
that China would hike 2014 import tariff
page 8
for high-sulphur GPC, according
totomarket
Domestic GPC
LS
MS
HS
Domestic CPC
Notes: * Price assessments are for the reporting week; CFR China
derives from CFR Shandong of HS GPC and CFR East China
of MS GPC; assessment for domestic GPC/CPC is an average
price of all regions;
** Week-on-week change.
500
May 2013
Source: ICIS C1 Energy
Aug 2013
Nov 2013
LS GPC
Feb 2014
MS GPC
May 2014
HS GPC
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ICIS C1 CHINA PETROLEUM COKE MARKET WEEKLY | 05 June 2014 | www.icis.com/energy/channel-info-finder/
Price Pool
ASSESSMENTS OF PETROLEUM COKE IN INTERNATIONAL MARKET

Product
$/TONNE
Sulphur content
Price term
Loading/discharging port
Assessments
WoW
US origin HS low-ash shot GPC
5-7%
FOB
Gulf Coast
58
72
Malaysia origin HS GPC
5-7%
FOB
Sungai Udang
83
98
-5.5
Taiwan origin HS GPC
6-8%
FOB
Mailiao
81
85
-5.5
HS low-ash shot GPC
5-7%
CFR
Shandong
97
99
MS low-ash shot GPC
2.5-4%
CFR
East China
117
123
MS CPC
2-4%
FOB
Shandong
270
285
MS CPC
2-4%
FOB
East China
285
300
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Note: Price assessments are for the reporting week.
ASSESSMENTS OF DOMESTIC PETROLEUM COKE IN CHINA MARKET

Specification
CNY/TONNE
Region
Price term
MS low-ash shot GPC
Shandong-based ports
Ex-terminal truck/barge
880
900
MS low-ash sponge GPC
930
950
HS low-ash shot GPC
750
780
-15
HS low-ash shot GPC
East China-based ports
770
800
-15
HS low-ash shot GPC
South China-based ports
770
800
-15
East China-based ports
840
860
-30
LS GPC
China
Ex-terminal truck
1,230
1,330
-8
LS GPC
Northeast China
Ex-terminal truck
1,250
1,350
-15
LS GPC
South China
Ex-terminal truck
1,210
1,310
MS GPC
China
Ex-terminal truck
1,045
1,145
-5
GPC
HS low-ash sponge GPC
Assessments
WoW
0
MS GPC
North China
Ex-terminal truck
1,120
1,230
MS GPC
East China
Ex-terminal truck
1,000
1,030
MS GPC
Central China
Ex-terminal truck
1,040
1,180
MS GPC
Shandong
Ex-terminal truck
1,020
1,140
-20
HS GPC
China
Ex-terminal truck
783
887
-2
HS GPC
Northeast China
Ex-terminal truck
1,000
1,100
HS GPC
East China
Ex-terminal truck
830
920
HS GPC
South China
Ex-terminal truck
830
990
HS GPC
Shandong
Ex-terminal truck
690
750
-5
LS CPC
Northeast China
Ex-terminal truck
1,850
1,950
-150
LS CPC
South China
Ex-terminal truck
1,950
2,100
MS CPC
North China
Ex-terminal truck
1,660
1,720
MS CPC
Shandong
Ex-terminal truck
1,540
1,640
HS CPC
East China
Ex-terminal truck
1,510
1,580
CPC
Notes: 1. LS: sulphur content below 0.8%; MS: below 3.0% and above 0.8%; HS: above 3%;
2. The assessment for China is an average price of all regions. Price assessments are for the reporting week.
PRICES OF RELATED PRODUCTS

Product
Price
WoW
Unit
ICE Brent close (July)
107.9
-2.17
$/bbl
Nymex WTI close (July)
102.17
-0.66
$/bbl
China cocktail crude change
0.17%
-0.55 percentage points
Mixed/cracked 180CST HSFO
4,300
CNY/tonne
-5
CNY/tonne
5,500Kcal/kg NAR coal*
525
Note: 1. Price assessments are for Thursday;

2. * price assessment is for the reporting week.
GPC Market
INTERNATIONAL MARKET
US Market
The US Gulf Coast GPC market prices were assessed flat at $58-72/
tonne. Demand was largely stable with the previous week.
Asia Market
FOB prices of Taiwan origin high-sulphur GPC were assessed at $8185/tonne, a fall of $5.5/tonne week on week, because of low demand.
Taiwans Formosa Petrochemical Corporation sold by tender one

cargo of around 7,000 tonnes of GPC for loading from Mailiao in late
June at $81-85/tonne FOB. (details in the market news section)
FOB prices of Malaysian GPC continued the downtrend to $83-98/
tonne, down by $5.5/tonne from the previous week. Malaysia origin GPC
is mainly consumed by local cement plants.
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CHINA MARKET
Import Market
Sinopec exported around 35,000 tonnes of GPC in May, and plans

approximately 100,000 tonnes of exports in June, which will be
stored up at its refineries in east, south and central China, according
to company sources.
demand. Downstream aluminium companies are trapped in negative

production margins and have cut production sharply.
Prices of mid-sulphur GPC continued to fall to CNY1,045-1,145/
tonne, down by CNY5/tonne week on week.
The prices held stable in most regions, but fell in Shandong where
refiners were under high inventory pressure and arbitrage cargoes
from northeast China flowed in.
Shandong independent refiners ran their cokers at 60.8% of capacity on average as of 5 June, up by 2.7 percentage points week on
week.
High-sulphur GPC prices fell by CNY2/tonne to CNY783-887/
tonne.
The prices have fallen to a low level in three year. One or two major
refinery sources indicated that they may retain GPC output for captive
consumption if the prices are too low. They thought the prices are not
likely to fall further on cost concern. On the other hand, some industry
sources held a different view, saying coal prices are expected to fall in
June and this in turn is likely to weigh on the prices of GPC.
Domestic Market
Market Outlook
Prices of all grades of Chinese GPC declined in the week ending 5

June.
The average traded price of low-sulphur GPC fell to CNY1,2301,330/tonne, down by CNY8/tonne from the previous week.
The prices fell in the northeast China market as a result of sluggish
Chinese refiners are likely to maintain stable GPC production in June.

GPC imports are expected to fall in June-July. Demand for both fueland anode-grade GPC is likely to stay sluggish.
GPC prices in China are likely to continue the downtrend but at a
slower pace.
Sell offers remained at around $100/tonne CFR China in the reporting

week, with deals done at lower prices. Chinese traders have shown
little importing interest because of negative margins.
Low prices of Chinese GPC pressed down the traded prices of
imported GPC at ports. Some importers indicated that they would like
to release high-sulphur low-ash shot GPC cargoes at yuan (CNY) 750760/tonne at ports in Shandong. Several offers stayed at CNY800/
tonne. Sales were slow.
Chinas major coastal ports held approximately 1.27m tonnes of
imported GPC stocks as of 31 May, a rise of 11% or 124,000 tonnes
from the province month, because of slow sales.
Export Market
SHIPPING FIXTURES
Arrival date
000 TONNES
Total volume
Origin
Spec
Receivers
Arrival port
Region
7 June
70
US
Anode grade+fuel grade
PetroChina International
Jinzhou+ Fengle Group
Norhtern
port+Fangchenggang
Northern
China+Guangxi
Mid June
50
US
S=6%/fuel grade
Suzhou Kaiyuan Chemical
Fangchenggang
Guagnxi
Early June
50
US
Fuel grade
Chinaoil Guangdong
Fangchenggang
Guangxi
Unarrived
Early June
30
US
Fuel grade
Wuhan Zhouzheng Industry

and Trade
Rizhao
Shandong
Late June
50
US
S<6%/fuel grade
N/A
N/A
N/A
20 June
Taiwan
Sponge grade
Qingdao Chinaoil
N/A
N/A
June
50
US
S=6%/fuel grade
N/A
Fangchenggang
Guangxi
6 June
20
Indonesia
Low-sulphur sponge
grade
Jiangsu Overseas Group
Zhenjiang
Jiangsu
May
70
US
Fuel grade
Yantai Xiangyu
Ningbo+Nantong
Zhejiang+Jiangsu
24-25 May
Taiwan
S=7%/sponge grade
Qingdao Chinaoil
Rizhao
Shandong
Wuhan Zhouzheng Industry

and Trade
Longkou+Zhenjiang
Shandong+Jiangsu
Arrived
23 May
Late May
20 May
50-60
US
High-sulphur shot GPC
60
US
S=5-6%/fuel grade
Fengle Group
Guangzhou
Guangdong
S=around 5%/fuel grade
PetroChina International
Jinzhou
Longkou+Zhenjiang
Shandong+Jiangsu
60
US

Note: Updates are highlighted in red.
CPC Market
MARKET COMMENTARY
The average traded price of low-sulphur CPC declined to CNY1,8501,950/tonne in northeast China in the week ending 5 June, down by
CNY150/tonne week on week.
Lower feedstock prices and sluggish downstream demand pressed
down the prices.
Mid-sulphur CPC prices in Shandong remained at CNY1,5401,640/tonne amid stable demand and supply fundamentals.
The production margins of mid-sulphur CPC improved slightly in
the reporting week. Sales were mediocre supported by rigid demand.

Prices of high-sulphur CPC were unchanged at CNY1,510-1,580/
tonne in the east China market.
Market Outlook
CPC prices are expected to fall because of declined feedstock prices and
poor downstream demand.
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PRODUCTION MARGINS
The average production margin of low-sulphur CPC declined to

CNY60/tonne as of 4 June, down by CNY53/tonne week on week.
Prices of low-sulphur GPC fell by CNY75/tonne to CNY1,300/tonne
on average, in response to soft demand from downstream steel and
electrolytic aluminium producers. Chinas aluminium companies are
likely to cut production by 15% in 2014, as they have been trapped in
negative margin for 13 consecutive months.
Low-sulphur CPC prices were CNY150/tonne lower at CNY1,900/
tonne, following dropped feedstock prices.
Mid-sulphur CPC production margins rose by CNY19/tonne to
CNY37/tonne on average, because of lower feedstock costs.
Mid-sulphur GPC prices slid by CNY14/tonne to CNY1,095/tonne,
dragged down by the price fall in the Shandong market where the
coker operating rate stayed high, demand showed no sign of improving and arbitrage cargoes flowed in from northeast China.
Mid-sulphur CPC price held stable at CNY1,600/tonne.
The margin for producing high-sulphur CPC remained at CNY233/
tonne.
The prices of high-sulphur GPC and CPC were flat at CNY875/
tonne and CNY1,550/tonne, respectively.
CHINAS CPC PRODUCTION MARGINS

CNY/tonne
500
200
May 2013
-100
Aug 2013
Nov 2013
Feb 2014
May 2014
-400
LS CPC
MS CPC
HS CPC
Refinery Running
MAJOR REFINERIES
INDEPENDENT REFINERIES
CNY/tonne
CNY/tonne
800
92%
500
88%
200
84%
-100
-400
-700
May 2013
Aug 2013
Nov 2013
Feb 2014
500
80%
200
60%
80%
-100
40%
76%
-400
20%
72%
May 2014
CDU run rate

Margin for refining Daqing crude
Margin for refining Oman crude
The average operating rate of major refineries rebounded to

82.55% on 5 June from 78.36% two weeks ago, as Dalian
Petrochemical resumed operation after turnaround.
Based on the integrated ex-refinery prices of oil products, the
average margin for refining Oman crude fell by CNY44/tonne to
CNY233/tonne as feedstock costs rose. That for Daqing crude
gained by CNY8/tonne to CNY84/tonne, as rises in product prices
exceeded those in feedstock costs.
-700
May 2013
Aug 2013
Nov 2013
Feb 2014
0%
May 2014
Coker run rate in China

Coking margin in Shandong
The average coking margin of Shandong independent refiners

went from -CNY17/tonne to -CNY28/tonne on average as of 4
June, in response to lower product prices.
Domestic independent refiners ran their cokes at 55.6% of
capacity on average as of 5 June, a rise of two percentage points
from the previous week.
The coker operating rate of Shandong independent refiners was
2.7 percentage points higher at 60.8%.
Refinery Running
COKER MAINTENANCE SCHEDULES OF MAJOR REFINERIES

Region
000 TONNES/YEAR
Refinery
Petroleum coke spec
Coker capacity
Start date
End date
North China
Dagang Petrochemical (PetroChina)
LS
1,000
8 April
22 May
Central China
Changling Petrochemical (Sinopec)
MS
1,200
20 March
15 May
Shijiazhuang Refining & Chemical (Sinopec)
MS
800
15 April
5 July
Shandong
Jinan Refinery (Sinopec)
MS
700
27 November 2013
10 January 2014
Shandong
Jinan Refinery (Sinopec)
MS
500
27 November 2013
N/A
North China
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COKER MAINTENANCE SCHEDULES OF INDEPENDENT REFINERIES

Region
000 TONNES/YEAR
Refinery
Petroleum coke spec
Coker capacity
Start date
Shandong
Shandong Hengyuan Petrochemical
MS
1,000
21 March
1 June
Shandong
Shandong Hi-Tech Ruilin Chemical
LS
1,200
15 April
10 June
Shandong
MS
400
16 May
16 June
MS
1,400
Late May
Mid June
Shandong
Shandong Qingyuan Petrochemical

Shandong Dongfang Hualong Industry & Trading
(Group)
Rizhao Landbridge Petrochemical
LS
1,000
20 February
9 May
Shandong
Boxing Yongxin Chemical Industry
LS
400
5 April
14 May
9 May
Shandong
End date
Shandong
Dongying Hualian Petrochemical
LS
400
6 April
Shandong
Shandong Befar Binyang Petrochemical
MS
1,000
Early February
5 May
Shandong
Shtar Science & Technology Petrochemical
LS
1,800
23 April
Late June
Shandong
Shandong Shenchi Chemical
MS
1,000
April
N/A
Shandong
Shandong Chambroad Petrochemicals
MS
1,400
15 March
9 April
Shandong
Shandong Wonfull Petrochemical Group
MS
1,200
17 February
7 April
NEW COKERS ONLINE IN H2 2013 AND 2014

Region
Ownership
Refinery
Petroleum coke
spec
Coker capacity
(000 tonnes/year)
GPC output
(tonnes/day)
Online date
Northeast
China
Independent
Dalian Jinyuan Petroleum & Chemical
LS
1,000
700
Early April 2014
East China
Sinopec
Zhenhai Refining & Chemical
N/A
2,000
August 2014
Shandong
Independent
Xinhai Chemical
N/A
1,000
Independent
Shandong Tianhong Chemical
MS
1,000
700-800
Mid November
2013
Shandong
Independent
Shandong Qingyishan Petrochemical

Technology Co., Ltd.
MS
1,000
800
September 2013
Northwest
China
PetroChina
Karamay Petrochemical
MS
1,000
1 June 2013
MS
1,600
800-900
20 June 2013
MS
1,200
1,000
24 June 2013
Shandong
Shandong
Independent
Shandong
Independent
Shandong Yuhuang Shengshi

Chemical
Shandong Shouguang Luqing
Petrochemical

Downstream and Related Markets
HEAT
GENERATION COSTS OF GPC, COAL AND FUEL OIL
{
CNY/Kcal
CNY/Kcal
0.700
0.140
0.500
0.120
0.300
0.100
0.100
May 2013
Aug 2013
Nov 2013
The average traded price of 5,500Kcal/kg NAR coal declined to

CNY525/tonne Qinhuangdao port trimmed, down by CNY5/tonne
from the previous week. Market players were pessimistic about the
coal price outlook in June.
Deals for high-sulphur GPC imports were concluded at CNY765/
tonne on average at domestic ports, a fall of CNY15/tonne week on
week.
The heat generation cost of imported fuel-grade GPC was at
CNY0.101/Kcal, while that of coal was at CNY0.095/Kcal.
0.080
May 2014
Feb 2014
Domestic No 250 HSLV residue (left axis)

Imported HS GPC (right axis)
5,500Kcal/kg NAR coal (right axis)
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GPC VS PREBAKED ANODE VS ALUMINIUM PRICE
SILICON PRICE VS GPC PRICE
CNY/tonne
CNY/tonne
CNY/tonne
16,000
4,000
13,500
15,000
3,200
14,000
2,400
13,000
1,600
12,000
May 2013
Aug 2013
Nov 2013
800
May 2014
Feb 2014
Source: ICIS C1 Energy, SMM
1,200
CNY/tonne
13,000
1,100
12,500
1,000
12,000
900
11,500
May 2013
Aluminium (left axis)

Prebaked anode (right axis)
MS GPC (right axis)
CNY/tonne
Aug 2013
Nov 2013
Feb 2014
800
May 2014
Silicon (left axis)

HS GPC (right axis)
Source: ICIS C1 Energy, SMM
Inventory
INVENTORIES OF IMPORTED GPC AT MAJOR COASTAL PORTS IN LATE MAY

Port
000 TONNES
Rizhao
Longkou
Nanjing
Zhenjiang
Nantong
Ningbo
Gaolan
Fangchenggang
Shandong
Shandong
East China
East China
East China
East China
South China
South China
Volume
450
100
200
200
46
19
0.0
250
1,265
MoM*
10%
5%
100%
-13%
0%
89%
N/A
0%
11%
Region
Total
Note: * month-on-month change.

GPC PRODUCERS LIST PRICES (EX-WORK PRICES)
CNY/TONNE
Region
Ownership
Refinery
Spec
Type
5 June
WoW
Northeast China
PetroChina
Daqing Petrochemical
LS
1#A
1,450
-100
Northeast China
PetroChina
Fushun Petrochemical
LS
1#A
1,450
Northeast China
PetroChina
Jinxi Petrochemical
LS
1#B
1,350
-100
Northeast China
PetroChina
Jinzhou Petrochemical
LS
1#B
1,500
Northeast China
PetroChina
Liaohe Petrochemical
LS
1#A
1,250
North China
PetroChina
Dagang Petrochemical
LS
1#A
1,500
-200
Northwest China
PetroChina
Dushanzi Petrochemical
LS
1#B
1,700
Northwest China
PetroChina
LS
1#B
1,900
Shandong
CNOOC
Shandong Haihua Group
LS
1#B
1,650
Shandong
CNOOC
Dongying Petrochemical
LS
1#A
South China
CNOOC
Huizhou Refinery
LS
1#B
1,300
20
North China
Sinopec
Cangzhou Petrochemical
MS
2#B
1,430
North China
Sinopec
Shijiazhuang Refining & Chemical
MS
2#B
1,330
GPC PRODUCERS LIST PRICES (EX-WORK PRICES)
CNY/TONNE
Ownership
Refinery
Spec
Type
5 June
WoW
East China
Sinopec
Jinling Petrochemical
MS
3#B
1,080
East China
Sinopec
Yangzi Petrochemical
MS
3#A
East China
Sinopec
MS
3#B
1,200
Shandong
Sinopec
Jinan Refinery
MS
2#A
1,280
Central China
Sinopec
Anqing Petrochemical
MS
3#A
1,390
Central China
Sinopec
Anqing Petrochemical
MS
2#B
Central China
Sinopec
Changling Petrochemical
MS
3#A
1,490
Central China
Sinopec
Jingmen Petrochemical
MS
3#A
1,430
Central China
Sinopec
Luoyang Petrochemical
MS
3#A
1,290
Central China
Sinopec
Wuhan Petrochemical
MS
3#A
1,330
Central China
Sinopec
Jingmen Petrochemical
MS
2#B
1,680
Central China
Sinopec
Jiujiang Petrochemical
MS
2#B
1,230
Central China
Sinopec
Wuhan Petrochemical
MS
2#B
1,330
Shandong
Sinopec
Qilu Petrochemical
MS
3#B
1,030
Shandong
Sinopec
Shengli Petrochemical
MS
3#A
1,420
Northwest China
PetroChina
Dushanzi Petrochemical
MS
2#B
1,700
Northwest China
PetroChina
MS
3#A
1,900
Northwest China
PetroChina
MS
3#B
1,800
Northwest China
PetroChina
Lanzhou Petrochemical
MS
3#A
1,450
Northeast China
PetroChina
Liaoyang Petrochemical
MS
2#B
1,300
Northwest China
PetroChina
Urumqi Petrochemical
MS
3#B
1,800
CNOOC
Zhejiang Hebon Chem
MS
2#B
1,260
PetroChina
Jilin Petrochemical
MS
2#B
1,490
South China
Independent
Fujian Refining & Petrochemical
MS
3#B
1,100
Shandong
Independent
Shandong Befar Binyang Petrochemical
MS
2#A
1,100
-260
Shandong
Independent
Changyi Petrochemical
MS
2#B
1,100
Shandong
Independent
Dongming Petrochemical
MS
3#B
920
Shandong
Independent
Dongying Hualian Petrochemical
MS
2#B
1,200
Shandong
Independent
Hi-Tech Chemical Group
MS
2#B
1,250
-50
Shandong
Independent
Hongrun Petrochemical
MS
3#A
1,300
Shandong
Independent
Jincheng Petrochemical
MS
2#A
1,270
-20
Shandong
Independent
Shandong Chambroad Petrochemicals
MS
2#B
1,240
Shandong
Independent
Kenli Petrochemical
MS
3#A
1,100
250
Shandong
Independent
Lijin Petrochemical
MS
2#B
1,070
30
Shandong
Independent
Xinyue Petrochemical
MS
3#A
Shandong
Independent
Xintai Petrochemical
MS
2#B
1,000
Shandong
Independent
Zhenghe Petrochemical
MS
3#A
1,160
East China
Independent
Xinhai Petrochemical
MS
3#B
1,150
Shandong
Independent
Bluestar Petrochemical Jinan Branch
MS
2#B
1,200
East China
Sinopec
Jinling Petrochemical
HS
4#A
1,080
East China
Sinopec
Gaoqiao Petrochemical
HS
4#A
1,120
East China
Sinopec
Shanghai Petrochemical
HS
4#A
1,130
East China
Sinopec
HS
4#A
1,060
East China
Sinopec
Zhenhai Refining and Chemical
HS
4#B
1,040
South China
Sinopec
Guangzhou Petrochemical
HS
4#A
1,140
South China
Sinopec
Maoming Petrochemical
HS
4#B
1,180
South China
Sinopec
Beihai Petrochemical
HS
4#A
1,140
Shandong
Sinopec
Qingdao Refining & Chemical
HS
5#
750
North China
Sinopec
Tianjin Petrochemical
HS
5#
730
Northwest China
Sinopec
Tahe Petrochemical
HS
4#A
1,130
Sa
mp
le
Region
East China
Northeast China

Notes: 1#A, 1#B, 2#A, 2#B, 3#A and 3#B are the categorization of green petroleum coke specified in Sinopecs Corporate Standard. These specs are taken as standard in China.
Sulphur contents: 1#A: below 0.5%, 1#B: below 0.8%, 2#A: below 1%, 2#B: below 1.5%, 3#A: below 2% and 3#B: below 3%.
Market News
Continued from page 1
CHINAS GPC APPARENT CONSUMPTION IN JANUARY-APRIL 2014

Output Imports Exports
Apparent
Consumption
'000 TONNES
Output/Apparent Imports/Apparent
Consumption
Consumption
Jan-Apr
2014
6,943.1
2,306.2
365.1
8,884.1
78.15%
25.96%
Jan-Apr
2013
6,560.2
3,282.5
268.2
9,574.5
68.52%
34.28%
YoY
5.84%
-29.74% 36.14%
-7.21%
9.63%
-8.32%
Source: ICIS C1 Energy, General Administration of Customs of PRC
Sa
mp
le
sources.
The importers largely held wait-and-see
attitude and relied on their stocks early in
2014.
Chinas imports of GPC registered a
year-on-year fall of 41% and 58% in February and March, respectively, based on the
official data.
The countrys GPC exports rose by
36.4% year on year to around 356,100
tonnes in the first four months of 2014, the
GAC data showed, mainly supported by
higher demand from India.
Meanwhile, Chinas commercial GPC
production reached around 6.94m tonnes
in the first four months of the year, up by

382,900 tonnes or 5.84% year on year, ICIS
C1 Energy data showed.
Many refiners launched new cokers or

expanded the existing cokers in the second
half of 2013, according to market sources.
Imported GPC stocks at Chinas major ports up

11% in late May
Chinas
major
coastal
ports
held
approximately 1.27m tonnes of imported
GPC stocks as of 31 May, a rise of 11% or
124,000 tonnes from the province month,
ICIS C1 Energy research showed.
The month-on-month decline was mainly due to slow sales, markets sources said.
Demand for fuel-grade GPC was soft
because the product has lost economic advantage over coal as fuel since late January
2014, according to the market sources.

Anode-grade GPC consumption remained sluggish as a result of low operating rate of electrolytic aluminium plants in
China.
In addition, persistently falling Chinese
GPC prices curbed the sales of imported
cargoes, traders said.
Around 580,000 tonnes of imported
GPC reached China in May, according to
ICIS C1 Energys shipping fixtures, which

posted a fall of 19% or 130,000 tonnes
compared with the official import data in
April.
ICIS C1 Energys research into the imported GPC stocks involved Longkou port
and Rizhao ports in Shandong, Nanjing port,
Nantong port, Ningbo Beilun port and Zhenjiang port in east China, as well as Gaolan port
and Fangchenggang port in south China.
IMPORTED GPC INVENTORIES AT MAJOR COASTAL PORTS IN LATE MAY

Port
Province/Region
Volume
MoM
Shandong
400
10%
Longkou
Shandong
100
5%
Nanjing
East China
200
100%
Zhenjiang
East China
200
-13%
Nantong
East China
46
0%
Ningbo
East China
19
89%
Gaolan
South China
N/A
Fangchenggang
South China
250
0%
1,265
11%
Rizhao
Total
000 TONNES
Taiwans FPCC sells a second late Jun GPC

cargo at $81-85/tonne
Taiwans
Formosa
Petrochemical
Corporation (FPCC) sold by tender one
cargo of around 7,000 tonnes of GPC for
loading from Mailiao in late June at $8185/tonne FOB, traders said on 4 June.
The awarded prices were $5.5/tonne
lower compared with the companys last
tender, in response to sluggish demand,
industry sources said.

The cargo was won by a trader from
mainland China, and will flow into the
mainland China market, according to the
traders.
The CFR China prices of the lot are
$93-97/tonne, equivalent to CNY691-721/
tonne after tax (port surcharges excluded),
ICIS C1 Energy calculated.

In its previous tender, FPCC sold approximately 7,000 tonnes of GPC for loading from Mailiao on 17-20 June at $87-90/
tonne FOB.
FPCC on 3 June tendered to sell one
cargo of high-sulphur GPC for 25-28 June
loading at Mailiao Port.
Market News
China independents
operate cokers higher at
55.6%
Hengyuan
Petrochemical
gets on-spec GPC
production on 4 June
Domestic independent refiners ran their

cokes at 55.6% of capacity on average as of
5 June, a rise of two percentage points from
the previous week, ICIS C1 Energy calculated.
Meanwhile, the coker operating rate of
Shandong independent refiners was 2.7 percentage points higher at 60.8%.
Shandong
Hengyuan
Petrochemical
achieved on-spec GPC production on 4 June
after restarting its 1m tonne/year coker at
Dezhou in Shandong province on 1 June, according to a company source.
Accordingly, daily GPC output from the
company increased by 500 tonnes.
Meanwhile, Shandong Dongming Petro-
Shandong Hengyuan Petrochemical achieved

on-spec GPC production on 4 June after
restarting its 1m tonne/year coker at Dezhou
in Shandong province on 1 June, according to
a company source.
The coker was taken offline for maintenance on 21 March because of sluggish
demand, the source added.
Normally, the company produces around
600 tonnes/day of GPC, most of which are
mid-sulphur grade, according to ICIS C1
Energy data.
Shandong Hengyuan Petrochemical has a
crude distillation unit capacity of 2m tonnes/
year.
Sa
mp
le
chemical Group hiked its GPC production by

300 tonnes to 2,000 tonnes/day, a company
source said.
The coker utilisation of domestic independent refiners is expected to hover at high
level in the short term amid mixed coker
restarts and shutdowns.
ICIS C1 Energys weekly update on the
coker operating rates covers 46 domestic
independent refiners. The total coking capacity of these refiners stands at 43.6m tonnes/
year, accounting for 100% of the total coking
capacity of Chinas independent refiners. The
GPC production capacities of these refiners
total 38,950 tonnes/day.
Negative coking margin of Shandong

independents widens on lower product prices
The average coking margin of Shandong
independent refiners went from -CNY17/
tonne to -CNY28/tonne on average as of 4
June, ICIS C1 Energy calculated, in response
to lower product prices.
The average price of GPC from Shandong
independent refiners declined to CNY1,080/
tonne, down by CNY20/tonne week on
week. Local independent refiners ran their
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cokers at a comparatively high level, while

downstream demand showed no sign of improving. In addition, the inflow of arbitrage
cargoes from northeast China weighed on
the prices in Shandong.
Liquefied petroleum gas prices were
CNY138/tonne lower at CNY6,155/tonne on
average, as weighed on by soft end-user demand and low prices in the markets nearby.
Head of ICIS C1 Energy
Editorial
Liao Na
Crude/Refinery
+86 20 3762 0199

liaona@c1energy.com
Head of ICIS C1 Information

Navy Liu
liuchuanjun@c1energy.com
Head of ICIS C1 Research
Li Li
lili@c1energy.com
English Information Manager
Patricia Tao taowenhai@icis-china.com
The mainstream traded prices of gasoline

and gasoil remained at CNY7,795/tonne and
CNY7,310/tonne in the Shandong market.
Wait-and-see sentiment prevailed in the market. CGO price was flat at CNY5,500/tonne.
On the feedstock side, deals for coking feedstocks were mainly concluded at
CNY4,580/tonne on average in Shandong.
The market sentiment was largely stable.
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Vol VI-21 No 252 | 05 June 2014 | Published by ICIS-China | www.icis.

ICIS C1 China Petroleum

Exchange Rate: $100 = CNY617.0800

Imported GPC stocks at Chinas major

spec GPC production on 4 June

China independents operate cokers

Negative coking margin of Shan-

dong independents widens on

Notes: 1. GPC is short for green petroleum coke;

PETROLEUM COKE ASSESSMENTS CNY/TONNE

Chinas GPC apparent

ASSESSMENTS OF DOMESTIC GPC

GPC CFR China

GPC, according to the industry sources.

Source: ICIS C1 Energy

ICIS C1 CHINA PETROLEUM COKE MARKET WEEKLY | 05 June 2014 | www.icis.com/energy/channel-info-finder/

ASSESSMENTS OF PETROLEUM COKE IN INTERNATIONAL MARKET

US origin HS low-ash shot GPC

Malaysia origin HS GPC

Taiwan origin HS GPC

HS low-ash shot GPC

MS low-ash shot GPC

Note: Price assessments are for the reporting week.

ASSESSMENTS OF DOMESTIC PETROLEUM COKE IN CHINA MARKET

MS low-ash shot GPC

MS low-ash sponge GPC

HS low-ash shot GPC

HS low-ash shot GPC

East China-based ports

HS low-ash shot GPC

South China-based ports

East China-based ports

HS low-ash sponge GPC

PRICES OF RELATED PRODUCTS

ICE Brent close (July)

Nymex WTI close (July)

China cocktail crude change

-0.55 percentage points

Mixed/cracked 180CST HSFO

5,500Kcal/kg NAR coal*

Note: 1. Price assessments are for Thursday;

ICIS C1 CHINA PETROLEUM COKE MARKET WEEKLY | 05 June 2014 | www.icis.com/energy/channel-info-finder/

Taiwans Formosa Petrochemical Corporation sold by tender one

Sinopec exported around 35,000 tonnes of GPC in May, and plans

demand. Downstream aluminium companies are trapped in negative

Prices of all grades of Chinese GPC declined in the week ending 5

Chinese refiners are likely to maintain stable GPC production in June.

Sell offers remained at around $100/tonne CFR China in the reporting

Anode grade+fuel grade

Suzhou Kaiyuan Chemical

Wuhan Zhouzheng Industry

Jiangsu Overseas Group

Wuhan Zhouzheng Industry

High-sulphur shot GPC

S=around 5%/fuel grade

Source: ICIS C1 Energy

ICIS C1 CHINA PETROLEUM COKE MARKET WEEKLY | 05 June 2014 | www.icis.com/energy/channel-info-finder/

the reporting week. Sales were mediocre supported by rigid demand.

The average production margin of low-sulphur CPC declined to

CHINAS CPC PRODUCTION MARGINS

Source: ICIS C1 Energy

Source: ICIS C1 Energy

CDU run rate

The average operating rate of major refineries rebounded to