China's Jun crude imports hit year low: GAC

Chemical News: China's Jun crude imports hit year low: GAC

https://www.chemnet.com Jul 12,2011
China imported 19.7-mil mt of crude in June, hitting the lowest level of the year, according to data from the General Administration of Customs.

The figure was down 8.6% from the previous month, down 11.5% from the same period last year.

The average of Brent crude futures hovered at above US$120/bbl in April, dampening buying interest of domestic refiners, market sources denoted.

Major refineries entered maintenance peak of this year in June, which also shaved the imports. Dalian Petrochemical, with over 60% of crude consumption from aboard, shut 10-mil-mt/yr crude distillate unit (CDU) for turnaround from May 20 to mid-July. Qingdao Refining & Chemical, mainly processing 1:1 mixture of Saudi heavy and light crude, halted operation of 10-mil-mt-yr CDU for 50-day maintenance since Jun 20.

Crude imports in the first half of 2011 amounted to 126.21-mil mt, up 7% year-on-year, indicated the GAC data.

Crude exports in June reached 270,000mt, surging 440% on month, up 107.7% year-on-year. Total exports in the first six months reached 1.3-mil mt, 14% more than a year ago, the data also showed.

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