Petroleum Coke (Petcoke) Trading Guide
Petroleum coke (petcoke) is the solid carbon residue from oil refining. It trades in three commercial forms: green (raw) petcoke, calcined petcoke and fuel-grade petcoke - each with distinct specifications, buyers and freight economics.
Pricing benchmark
Platts USGC petcoke, Argus petroleum coke, ICE Newcastle for substitution economics
Commercial grades
| Grade | Specification | Notes |
|---|---|---|
| Fuel-grade petcoke | High sulphur (3-7%), 7,500-8,500 kcal/kg NAR | Cement kilns and power plants; substitute for high-sulphur thermal coal. |
| Anode-grade green petcoke | Low sulphur (<3%), low metals (V, Ni, Fe) | Feedstock for calcined petcoke used in aluminium anodes. |
| Calcined petroleum coke (CPC) | Fixed carbon >98%, sulphur 0.5-3% | Aluminium smelting anodes, TiO2, graphite electrodes. |
| Needle coke | Ultra-low sulphur, CTE <1.0 | Graphite electrodes for EAF steel and lithium-ion anodes; the premium grade. |
Typical technical specifications
| Sulphur | 0.5% (needle) - 7% (fuel-grade) |
| Ash | 0.2 - 0.6% |
| Volatile matter | 10 - 14% (green), <0.5% (calcined) |
| HGI (grindability) | 35 - 60 |
| Moisture | 8 - 12% ex-refinery |
| Vanadium / Nickel | 50 - 500 ppm; critical for anode-grade |
Top exporters
- United States· USGC & West Coast refineries; benchmark origin
- India· Reliance Jamnagar; largest single-site producer
- Saudi Arabia
- China
Calculators to price a cargo
Petroleum Coke (Petcoke) is classified under HS 2713. Open the full HS profile →
Frequently asked questions
Petcoke sits under HS 2713.11 (non-calcined) and HS 2713.12 (calcined). Needle coke is invoiced under the same headings but priced separately.
Traders benchmark petcoke against Newcastle NAR 6,000 kcal thermal coal on a $/GJ basis, then apply a sulphur penalty. Use the Basis Risk Calculator to model the switch.
India (state-level bans on sulphur >7%), the EU (LCPD emissions limits) and China (informal quotas on high-sulphur cargoes) are the main restrictions.
Gross-as-received (GAR) includes moisture and inherent hydrogen combustion; net-as-received (NAR) deducts both. Buyers price NAR; sellers publish GAR. Always confirm the basis in the SPA.
Related guides
Free templates for this commodity trade
Every deal needs paperwork. Grab the drafting-ready SPA, LOI, ICPO and FCO templates traders use for this commodity.