Local Refineries Boost August Petroleum Coke Supply; State-Owned Refiners Limit September Growth [SMM Analysis]

Overall, China's total petroleum coke production in September will continue its MoM rebound. Supported by incremental supply from independent refiners, the nationwide YoY supply decline is expected to narrow further, but dragged down by maintenance at state-owned refiners, a YoY turnaround to positive growth remains difficult to achieve, with the overall pace of supply recovery mild and weak.