China's Nov fuel oil imports extend gains to seven-month high
By Jeslyn Lerh
SINGAPORE, Dec 20 (Reuters) -China's fuel oil imports hit their highest in seven months for November, customs data showed on Friday, as more supply was drawn over for the bunker pool, according to industry sources.
The imports totalled 2.55 million metric tons, or about 540,000 barrels per day, data from the General Administration of Customs showed.
The volume was higher by 24% month-on-month and more than doubled year-on-year. This included purchases under ordinary trade, which are subject to import duty and consumption tax, as well as imports into bonded storage.
More low-sulphur fuel oil continued to be drawn towards China for the bunker supply pool, sources said. The latest batch of marine fuel export quotas had been below market expectations, leading to less domestic supply available for bunkering.
In contrast, high-sulphur fuel oil demand for Shandong's refinery use had softened, said Emma Li, Vortexa's China oil market senior analyst.
"Chinese high sulphur fuel oil demand is very weak, independent refiners are still struggling to finish their crude import quotas," Li said.
On the exports front, fuel oil volumes for bunkering totalled 1.71 million metric tons in November, up 42% month-on-month and climbing 31% year-on-year.
The exports are measured mostly by sales from bonded storage for vessels plying international routes.
The tables below show China's fuel oil exports and imports in metric tons. The exports section largely captures China's low-sulphur oil bunkering sales along its coast.
Exports (2024) | Bonded storage trade | m/m % change | y/y % change |
January | 1,674,002 | 11% | 33% |
February | 1,173,447 | -30% | -24% |
March | 1,315,242 | 12% | -32% |
April | 1,636,457 | 24% | 20% |
May | 1,660,323 | 1% | -10% |
June | 1,586,814 | -4% | -18% |
July | 1,664,325 | 5% | 8% |
August | 1,463,580 | -12% | -5% |
September | 1,903,942 | 30% | 30% |
October | 1,202,569 | -37% | -14% |
November * | 1,705,981 | 42% | 31% |
Imports (2024) | Ordinary trade | Bonded storage trade | Total | m/m % change | y/y % change |
January | 737,451 | 1,414,318 | 2,151,769 | 5% | 78% |
February | 599,867 | 842,089 | 1,441,956 | -33% | -18% |
March | 727,674 | 1,250,129 | 1,977,803 | 37% | -19% |
April | 725,664 | 2,207,164 | 2,932,828 | 48% | 10% |
May | 592,343 | 1,561,447 | 2,153,790 | -27% | -19% |
June | 498,481 | 991,808 | 1,490,289 | -31% | -45% |
July | 587,226 | 789,259 | 1,376,485 | -8% | -9% |
August | 674,850 | 1,229,507 | 1,904,357 | 38% | 36% |
September | 840,589 | 1,169,595 | 2,010,184 | 6% | 93% |
October | 557,025 | 1,506,887 | 2,063,912 | 3% | 14% |
November * | 814,580 | 1,736,294 | 2,550,874 | 24% | 111% |
(Figures are based on latest available data at the time of publishing, and may be subject to revision by China customs at a later date)
(1 metric ton = 6.35 barrels for fuel oil conversion)
Reporting by Jeslyn Lerh; Editing by Jamie Freed
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