The prices of Petroleum Coke (Calcined Grade) have remained buoyant by having an increase of around 0.8% and 1.3% during the first half of February 2023 in the US and German markets owing to the rise in feedstock Crude Oil value globally. The European demand for petroleum and petroleum derivatives has to be shifted to other markets as European Union imposed a ban on Russian diesel fuel and other refined oil products across Europe. The increased demand from the downstream cement industry in Europe and labor shortage across the US was another major factor that drove the Petroleum Coke market this week.

During this week, labor shortage in the US was the major reason behind the fluctuating prices of Petroleum Coke; as per the market sources, to meet labor demand, the US needs nearly 546,000 more workers this year than it normally hires across the country. Furthermore, more than 1.5 trillion USD investment has been approved by President Joe Biden in order to strengthen the nation's infrastructure and catch up to China in the industrial sector. This will boost the construction sector, downstream cement industry, as well as Petroleum Coke market.

As on 4th February 2023, the EU and G7 partners agreed to a full ban on Russian importing seaborne crude oil and petroleum products into the European Union. Additionally, it made it unlawful to provide related technical help, brokerage services, financing, or financial assistance. This decision has disturbed the supply of petroleum products, including Petroleum Coke, across Europe and raised concerns over demand shifts and procurement alternatives in the international market. The price cap or full ban coalition was composed of Australia, Canada, the EU, Japan, the UK, and the US.

According to ChemAnalyst, the price of Petroleum Coke in the US and Europe markets may increase in the second half of February 2023, as the price of feedstock Crude Oil may continue to hit the Petroleum Coke market, while the labor shortage in US and ban imposed by the EU and G7 partners may further affect the Petroleum Coke price internationally.