Prices plunge as traders seek buyers

摘要

Global petroleum coke prices fell sharply in August as traders found themselves needing to place cargoes into a weak cement market saturated by cheap coal and Saudi Arabian coke. Traders asked refiners to postpone cargoes wherever possible, hoping that a coming drop in index prices would allow them to avoid selling at a loss. But refiners are largely unwilling to hold on to material that is rapidly losing value on the spot market and mostly asked buyers to “hold their nose” and accept their contracted tonnes, one refiner said. Nearly all of the large coke traders are said to be long high-sulphur coke.