China raises fuel oil import quotas by 3mn tons for non-state firms

BEIJING/SINGAPORE: China has issued an additional 3 million metric tons in fuel oil import quotas in 2023 for non-state firms, according to a notice released by the country’s Ministry of Commerce on Monday.

The additional quota takes the total for 2023 to 19.2 million tons, following the 16.2 million tons in non-state fuel oil import quotas issued at the start of the year.

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The price premium on M100 fuel oil over Singapore MOPs 380cst rose to $80 per ton in late November, up from around $60 to $65 per ton in October due to strong demand from China amid tight supply of low sulphur feedstock, trading sources said.