China's November fuel oil imports up 15% from October
China's November imports of fuel oil rose 15% from a month earlier, customs data showed on Saturday.
The import volumes totaled 2.15 million metric tons (t), or about 454,957 barrels per day (bpd).
Imports rebounded as cracks for high-sulfur fuel oil (HSFO) softened in November, with discounts widening versus crude. Asia's 380-cst HSFO crack hit a low not seen in more than a year, nearing a discount of $8 a barrel versus Brent futures, LSEG data showed.
Meanwhile, China's exports of fuel oil, mostly for low-sulfur marine fuel bunkering, climbed 29% month-on-month to 1.58 MMt in November, the customs data showed.
Premiums for low-sulfur marine fuel at the key Chinese bunker port of Zhoushan stayed at more than $10 a metric ton over Singapore bunker prices in November, market sources said.
The table below shows China's fuel oil exports and imports in metric tons.
The exports section largely captures low-sulfur, oil-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.
|
Exports (2025) |
Bonded storage trade |
m/m % change |
y/y % change |
|
January |
1,337,960 |
-1% |
-20% |
|
February |
1,666,864 |
25% |
42% |
|
March |
1,753,646 |
5% |
33% |
|
April |
1,772,478 |
1% |
8% |
|
May |
1,236,411 |
-30% |
-26% |
|
June |
2,318,320 |
88% |
46% |
|
July |
1,454,122 |
-37% |
-13% |
|
August |
1,643,244 |
13% |
12% |
|
September |
2,236,310 |
36% |
17% |
|
October |
1,228,147 |
-45% |
2% |
|
November * |
1,583,335 |
29% |
-7% |
|
Imports (2025) |
Ordinary trade |
Bonded storage trade |
Total |
m/m % change |
y/y % change |
|
January |
991,690 |
890,684 |
1,882,374 |
-8% |
-13% |
|
February |
686,966 |
1,267,117 |
1,954,083 |
4% |
36% |
|
March |
510,604 |
872,008 |
1,382,612 |
-29% |
-30% |
|
April |
553,545 |
1,273,856 |
1,827,401 |
32% |
-38% |
|
May |
406,413 |
895,315 |
1,301,728 |
-29% |
-40% |
|
June |
442,352 |
954,692 |
1,397,044 |
7% |
-6% |
|
July |
428,451 |
1,528,478 |
1,956,929 |
40% |
42% |
|
August |
403,846 |
1,053,741 |
1,457,587 |
-26% |
-23% |
|
September |
399,249 |
1,624,921 |
2,024,170 |
39% |
1% |
|
October |
729,094 |
1,143,464 |
1,872,558 |
-7% |
-9% |
|
November * |
616,790 |
1,532,613 |
2,149,403 |
15% |
-16% |
(Figures are based on the latest available data at the time of publication 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 Ella Cao in Beijing and Jeslyn Lerh in Singapore; Editing by Thomas Derpinghaus)
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