Petroleum coke is one of SNSUC's 13 categories, its downstream anode demand tightly linked to Li-ion installations. With 2026 Li-ion growth slowing, domestic low-sulfur coke (S <3.5%) shifts from internal demand to export, and calcined-coke FOB eases to ~$318/t. But structural opportunity remains: Southeast Asia anode capacity is in an expansion cycle with active restocking (sampled restock rate ~65%), opening a calcined-coke export window.

For re-exporters, the key is 'network diversion' rather than pure price cuts: using SNSUC's Asia–Middle East–Europe re-export network to route domestic surplus low-sulfur coke to Southeast Asian anode plants and Middle East calciners — easing the 21-day domestic inventory overhang while locking quality and title via blockchain warrants. We recommend bringing petroleum coke into the SHA-256 digital-warrant system so each batch's sulfur, real density and calcination temperature are on-chain verifiable, lifting the re-export credit premium.