SINGAPORE: China’s fuel oil imports fell in November after rebounding in October, while exports for bunkering also fell, customs data showed on Wednesday.
Imports totalled 1.21 million tons in November, down 33% from October and 17% lower from November last year, General Administration of Customs data showed.
The imports included purchases under ordinary trade, which are subject to import duty and consumption tax, as well as imports into bonded storage.
Volumes rebounded in October as independent refiners re-emerged to source fuel oil to use as refinery feedstock, but retreated in November due to the high inventory levels, industry sources said.
But fuel oil imports have shown signs of picking up again in December, as the Chinese government granted an additional 3 million metric tons of fuel oil import quotas in late November.
“Buyers rush to fulfil the fresh additional three million (tons) quota till the end of the year,” said Emril Jamil, senior analyst for crude and fuel oil at LSEG Oil Research.
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China’s December fuel oil inflows have exceeded November’s, Jamil added.
Meanwhile, China’s exports of low sulphur marine fuel, measured mostly by sales from bonded storage for vessels plying international routes, totalled 1.31 million tons in November, down 6% from October, though up 6% from a year earlier.
Marine fuel sales have also trended lower at other key global bunker hubs, including Singapore and the UAE’s Fujairah.
The table below shows China’s fuel oil imports and exports in metric tons. The exports section largely captures China’s low sulphur oil bunkering sales along its coast.
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