During the second half of 2025, the Calcined Petroleum Coke price trend remained largely under pressure, tracking the softer movement in petroleum coke feedstock prices and subdued buying activity across key end-use industries. The market witnessed limited volatility as adequate feedstock availability, comfortable inventories, and cautious procurement practices kept prices within a narrow range. While demand from the aluminum sector provided some baseline support, consumption from steel and graphite electrode manufacturers remained restrained, preventing any sustained price recovery.
Steel producers continued to purchase raw materials on a need-based basis amid weak profitability and sluggish downstream steel demand. At the same time, calcined petroleum coke producers faced competitive market conditions as inventories remained sufficient and supply outpaced immediate consumption. High refinery operating rates ensured steady petroleum coke availability, while downstream buyers delayed bulk purchases in anticipation of more favorable prices. The combination of ample supply, cautious procurement strategies, and moderate industrial demand kept market sentiment bearish through most of H2 2025, with only limited support coming from stable aluminum production.