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  [SMM hydrogen cost daily review] 20250729

• Port inventory backlog in Q2 dragged down imports, and it is difficult to improve the expected decline in imports amid recovering demand for low-sulphur petroleum coke in July [SMM analysis]

  Since Q2, influenced by the dual factors of the gradual arrival of in-transit shipments and the weak domestic downstream demand, port inventories have risen rapidly, and the domestic petroleum coke market has shown a trend of abundant supply. Since July, the petroleum coke market has witnessed positive changes. The enthusiasm for stockpiling in the downstream anode material market has significantly increased, while the domestic supply of low-sulphur petroleum coke has decreased. Driven by these two favorable factors, the low-sulphur petroleum coke market has performed well, leading to a continuous recovery in the overall market atmosphere and a subsequent increase in domestic petroleum coke prices. However, due to the uncertainty of tariff policies, domestic traders have adopted a cautious attitude in taking orders, and their enthusiasm for purchasing high-priced overseas market products has declined. Overall, it is expected that the subsequent import volume of petroleum coke will continue to decline.

• SHFE copper jumps initially and then pulls back amid sentiment, will prices continue to be trapped amid the off-season? [Wenhua Observation]

• Volatility intensified in the afternoon! ChiNext Index fell more than 1.6% with increased trading volume, and popular stocks at high prices weakened across the board [Stock Market Review]

• [Daily Review of NPI] Traders and upstream suppliers refuse to budge on prices when shipping goods; high-grade NPI has a price but no market

  [SMM Daily Review: Traders and upstream suppliers refuse to budge on prices when shipping goods; high-grade NPI has a price but no market] On July 30, the average price of SMM 8-12% high-grade NPI was 912.5 yuan/mtu (ex-factory, tax included), up 0.5 yuan/mtu from the previous working day...