Petroleum coke
Overview
Used in the manufacturing of metals, for power generation and in the production of numerous other products including glass, paint and fertilizers, petcoke is widely used. As the energy transition drives markets around the world to search for ways to reduce carbon emissions, the outlook for Petroleum coke remains uncertain.
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Indian cement makers raise domestic coal use in January
Indian cement makers raise domestic coal use in January
Singapore, 23 February (Argus) — Domestic thermal coal supplies to Indian cement makers rose in January, both year on year and month on month, as producers expanded coal consumption to benefit from its cost advantage over petroleum coke. Cement makers received 950,000t of domestic coal in January, up by 4pc from a year earlier, India's coal ministry data show. Receipts in April 2025-January 2026 — the first ten months of India's April 2025-March 2026 fiscal year — rose 22pc on the year to 8.23mn t. January receipts rose by 10.5pc from 860,000t in December 2025, partly supported by a seasonal uptick in cement output and demand. Leading Indian cement makers reported higher year-on-year sales in October-December 2025, resulting in increased fuel consumption. A cut in cement taxes may have supported sales. India — the world's second-largest cement producer after China — reduced the goods and services tax (GST) on cement from 28pc to 18pc in September 2025 to boost demand. Coal use also increased after the removal of a 400 rupees/t ($4.41/t) levy on coal from September 2025. Higher domestic coal availability has enabled cement plants to increase the coal's share in their fuel mix. Plants can switch between coal and coke depending on cost conditions. Firmness in cfr prices and offers of seaborne high-sulphur coke also have prompted some cement plants to lift domestic coal intake, although most producers still need to blend coke in certain ratios to use local coal effectively. The Argus -assessed index for the delivered India price of 6.5pc sulphur coke was last assessed at $125/t on 18 February, well above the average of $117.625/t in January. "We have started using a good amount of domestic coal in our plants and this has helped us offset the impact of the rise in coke prices," Jayakumar Krishnaswamy, managing director at leading cement maker Nuvoco Vistas told investors in January. It cut its coke use to 41pc in October-December 2025, from 48pc in the corresponding quarter of 2024. A weakening of the rupee against the dollar may also be triggering a preference for domestic coal compared with imported fuel. The rupee averaged at almost Rs90.73 to the dollar in January, compared with about Rs90 in December 2025. Indian coal supplies to non-power consumers, such as cement plants and steel mills, increased in the first ten months of the 2025-26 fiscal because of higher availability and lower demand from coal-fired power plants. Higher domestic coal supply to cement plants and a partial replacement of coke usage partly limited India's overall appetite for imported coke in 2025. Indian cement makers imported 10.67mn t of coke from origins including US and Saudi Arabia in 2025, down slightly from 10.83mn t in the year earlier, according to data from shipbroker Interocean. By Ajay Modi Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
US high court strikes down Trump's tariffs: Update
US high court strikes down Trump's tariffs: Update
Updates with details throughout Washington, 20 February (Argus) — The US Supreme Court has thrown out most of the tariffs President Donald Trump has imposed on nearly all US trading partners, finding his ability to unilaterally impose tariffs exceeded his powers under a decades-old law. The Supreme Court's 6-3 ruling released on Friday will block Trump's ability to use tariffs under the International Emergency Economic Powers Act (IEEPA) to extract concessions from trading partners and punish countries that reject his demands. The Constitution "did not vest any part of the taxing power in the executive branch," chief justice John Roberts wrote in the majority opinion, backed by two other conservative justices and all three liberal justices. Trump, speaking hours after the court announced its ruling, raged against the justices who overturned his tariffs. "I'm ashamed of certain members of the court for not having the courage to do what's right for our country," Trump said. "It's an embarrassment to the families" of justices Neil Gorsuch and Amy Coney Barrett, he said. Trump appointed both justices during his first term. The majority opinion noted that "the Framers gave 'Congress alone' the power to impose tariffs during peacetime." Trump "must 'point to clear congressional authorization' to justify his extraordinary assertion of that power," the majority opinion said, adding that "He cannot." Trump scoffed at the opinion. "The court said that I'm not allowed to charge even one dollar under IEEPA", he said and suggested that the six justices were "swayed by foreign interests". What is affected? The Supreme Court decision affects Trump's tariffs on Mexico, Canada and China, where he cited an economic emergency created by the three countries' alleged inaction to stop the flow of fentanyl drugs into the US. The Supreme Court ruling also strikes down Trump's most extensive action — imposing tariffs of at least 10pc on nearly every US trading partner to address the "economic emergency" of persistent US trade deficits. The Supreme Court's decision also will affect the tariffs Trump imposed on imports from Brazil, US government lawyers informed the Court of International Trade last month. Trump cited Brazil's alleged suppression of freedom of speech as a reason to impose tariffs. The decision will not affect tariffs on US imports of steel, aluminum, cars and auto parts, which Trump imposed by citing well-tested legal trade authorities. Next steps Trump said he will sign an executive order later on Friday to impose a 10pc broad tariff on all US trading partners, in place of the struck down IEEPA tariffs. Trump said that action will invoke Section 122 of the 1974 Trade Act, which allows imposing tariffs of up to 15pc to address a balance of payments issue. But that legal avenue comes with limitations. The administration can impose those tariffs only for a period of 150 days. Any extensions would require explicit authorization from Congress. The Republican-led US Congress has not challenged Trump's tariff authority to date, although lawmakers have increasingly voiced concerns about the effect of tariffs on prices. The House of Representatives and the Senate have voted on separate resolutions challenging the tariffs Trump has imposed on imports from Canada and Brazil, but they have not passed any tariff legislation. "Congress and the administration will determine the best path forward in the coming weeks" with respect to tariffs, House of Representatives speaker Mike Johnson (R-Louisiana) said. But Trump likely would have trouble finding enough votes on Capitol Hill to support his tariffs. "The president must refrain from any further unilateral action on tariffs," House Democratic leader Hakeem Jeffries (D-New York) said. Trump said he does not plan to work with Congress on tariffs. "I have the right to do tariffs," he said. "We have a right to do pretty much what we want to do." The Trump administration will also quickly begin the legal process for replicating the IEEPA tariffs with "Section 202" and "Section 301" tariffs, US trade representative Jamieson Greer said, speaking alongside Trump. A "Section 232" authority allows the Commerce Department or US Trade Representative's office to determine whether imports of a product need to be curbed on national security grounds. A Section 301 investigation would target a specific country on the grounds that it is discriminating against US exports. In both cases, the process for imposing tariffs can take months. It also requires public consultation and allows carveouts for the affected US importers. The use of Section 232 and 301 authorities is "a little more complicated" than IEEPA, and "those will also be challenged", Trump's former trade representative Bob Lighthizer told participants at the Argus Americas Crude Summit in Houston on 4 February. Trump's administration will have its work cut out for it in deciding how, and whether, to refund an estimated $175bn in tariffs collected using IEEPA tariffs. Trump in his remarks suggested that the refund process could take years. Hundreds of companies, including refiners Valero and Marathon Petroleum, have already filed lawsuits seeking to recover the tariffs. The effective US tariff rate was around 13pc as of late 2025, up from 2.6pc a year earlier, according to research published by the Federal Reserve Bank of New York on 12 February. US companies and consumers paid about 90pc of the tariff burden, with only a fraction absorbed by foreign producers, the Fed researchers found. Foreign governments did not immediately react to the US court's tariff decision. "We take note of the ruling," the EU said. "We remain in close contact with the US administration as we seek clarity on the steps they intend to take in response to this ruling." By Haik Gugarats and Chris Knight Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
US Supreme Court strikes down Trump's tariffs
US Supreme Court strikes down Trump's tariffs
Washington, 20 February (Argus) — The US Supreme Court has thrown out most of the tariffs President Donald Trump has imposed on nearly all US trading partners, finding his ability to unilaterally impose tariffs exceeded his powers under a decades-old law. The Supreme Court's 6-3 ruling released on Friday will block Trump's ability to use tariffs under the International Emergency Economic Powers Act (IEEPA) to extract concessions from trading partners and punish countries that reject his demands. Trump has already pledged to find other ways to maintain tariffs, although the alternative leaves the administration with fewer, more time-constrained options than IEEPA, the 1977 law the administration has used to impose across-the-board tariffs on most imports. The Constitution "did not vest any part of the taxing power in the executive branch," chief justice John Roberts wrote in the majority opinion. The Supreme Court decision affects Trump's tariffs on Mexico, Canada and China, where he cited an economic emergency created by the three countries' alleged inaction to stop the flow of fentanyl drugs into the US. The Supreme Court ruling also strikes down Trump's most extensive action — imposing tariffs of 10pc and higher since 5 April 2025 on nearly every US trading partner to address the "economic emergency" of persistent US trade deficits. The Supreme Court's decision also will affect the tariffs Trump imposed on imports from Brazil, US government lawyers informed the Court of International Trade last month. Trump cited Brazil's alleged suppression of freedom of speech as a reason to impose tariffs. The decision will not affect tariffs on US imports of steel, aluminum, cars and auto parts, which Trump imposed by citing well-tested legal trade authorities. Next steps Trump and his economic team had recently stepped up public advocacy for the Supreme Court to leave his trade policy in place, highlighting the key role tariffs play in his foreign policy and in federal revenue generation. "I'm waiting for a decision from the Supreme Court," Trump said on Thursday. "Without tariffs, what would you do? Everybody would be bankrupt, everybody, the whole country would be bankrupt." But his administration has prepared for the possibility of the Supreme Court striking down the tariffs. The US Trade Representative's office in the past month quickly wrapped up trade deals with most major US trade partners that had languished for months. Trade deals struck with India, Indonesia, Taiwan and Vietnam call on those countries to increase energy and other imports from the US. The administration now is expected to try to quickly enact a 10pc tariff after the Supreme Court's decision because of the negative ruling, probably by invoking Section 122 of the 1974 Trade Act, which allows imposing tariffs of up to 15pc to address a balance of payments issue. But that legal venue comes with limitations. The administration can impose those tariffs only for a period of 150 days. Any extensions would require explicit authorization from Congress. The Republican-led US Congress has not challenged Trump's tariff authority to date, although lawmakers have increasingly voiced concerns about the effect of tariffs on prices. The House of Representatives and the Senate have voted on separate resolutions challenging the tariffs Trump has imposed on imports from Canada and Brazil, but they have not passed any tariff legislation. The money question The US has collected nearly $284bn in customs duties since the start of Trump's second term, up by $204bn from the year-earlier period, according to data from the US Treasury Department. Hundreds of companies, including refiners Valero and Marathon Petroleum, have already filed lawsuits seeking to recover the tariffs. The effective US tariff rate was around 13pc as of late 2025, up from 2.6pc a year earlier, according to research published by the Federal Reserve Bank of New York on 12 February. US companies and consumers paid about 90pc of the tariff burden, with only a fraction absorbed by foreign producers, the Fed researchers found. By Haik Gugarats and Chris Knight Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Vietnam seaborne cement supply tightens
Vietnam seaborne cement supply tightens
London, 10 February (Argus) — Several Vietnamese cement suppliers are sold out for much of the year, according to comments made at the Intercem conference in Dubai last week, as stronger domestic and regional demand has limited spot availability. Securing Vietnamese volumes has now become challenging, one trader said. Higher public spending and residential construction demand in the domestic market has led some Vietnamese sellers to sharply increase export prices since the beginning of this year. Some producers, including Vicem Ha Tien, SCG Vietnam, Insee Vietnam, Fico YTL and Vicem Ha Long, also raised domestic cement prices by around $4/metric tonne (t) in January, according to the Vietnam Chamber of Commerce and Industry. Producers pointed to rising energy and raw material costs as additional factors behind the price adjustments. Vietnamese cement makers have been increasingly exporting to the US and other markets over the past five years because of excess supply after Chinese demand declined. The country delivered its first 122,300t to the US in 2019 and increased supply steadily to 4.47mn t in 2025, up from 1.12mn t in 2020. This cement has traditionally been offered at a significant discount to other origins such as Turkey. In recent months, Vietnamese cement has been offered at around $75-$85/t cfr US Gulf coast, compared with $90/t cfr or higher for Turkish cement. Fob prices were heard in the high $30s/t, although one US buyer heard fob prices significantly higher than this, potentially because sellers do not have excess tonnes for export. Although Vietnamese cement makers have room to boost exports, with most plants operating at just 60-80pc utilization and installed cement capacity exceeding 120mn t, producers remain primarily focused on the domestic market and only export surplus volumes, a market participant said. Lower exports from Vietnam to the US are likely to support demand for Turkish supply, which is expected to rely more heavily on the US market after the EU implemented its Carbon Border Adjustment Mechanism (CBAM) this year. The CBAM policy imposes a cost on imports to the EU from outside the region and could lead Turkish sellers to redirect much of the roughly 3mn t they supplied to the EU in 2025. Cement offers from Turkey to the US have already increased since the start of this year because of reduced competition from Vietnam and as CBAM "limits shipments to Europe", the trader said. By Alexander Makhlay Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
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