China fuel oil exports rebound to three-month high in March, imports weaken
- China's fuel oil imports for March dropped 9% month-on-month to 2.43 million tons in March
SINGAPORE: China’s fuel oil exports, largely low-sulphur marine fuel bunkering, climbed to a three-month high in March, official data showed on Monday, while imports fell.
The export volumes in March rose 57% to 1.93 million metric tons (about 395,000 barrels per day) month-on-month and were up by 10% in the year-ago period.
Prices of bunker fuel at Chinese ports dipped below Singapore prices towards the end of the month, drawing some demand over to China, trade sources said.
China’s fuel oil imports for March dropped 9% month-on-month to 2.43 million tons in March, the customs data showed.
Chinese refinery throughput fell after the Iran war curbed run rates, weighing on fuel oil feedstock appetite, trade sources said.
Stronger fuel oil values relative to crude also slowed purchases, with cracks for high-sulphur fuel oil flipping to premiums from discounts after the US-Iran conflict broke out, according to LSEG-compiled data.
The table below shows China’s fuel oil exports and imports in metric tons. The exports section largely captures low-sulphur bunkering sales along China’s coast.
The import volumes include purchases under ordinary trade, subject to import duties and consumption tax, as well as imports into bonded storage.
Comments