China: South China's Jul fuel oil imports estimated to plunge 37% to 250,000-300,000mt

Chemical News: China: South China's Jul fuel oil imports estimated to plunge 37% to 250,000-300,000mt

https://www.chemnet.com Jul 30,2010
South China is estimated to import 250,000-300,000mt of fuel oil (excluding cutback bitumen) in July, sharply down 37% from C1's estimation of 437,000mt for June, slumping 56% compared to the same period last year, C1 estimated.
Higher import costs on rises in crude futures damped South China-based importers' buying interests, market sources denoted. In addition, stocks were accumulating, caused by slow consumption and relatively large volume of imports in June, the sources said.

All of the July imports were mixed/cracked fuel oil, flowing into bonded bunker market.

The region still received no straight-run fuel oil imports due to inflow of alternative energy cutback bitumen.

Singapore was still the largest fuel oil supplier for China in the month, supplying 220,000-280,000mt, accounting for 91% of China's total. The USA ranked the second, providing 20,000-30,000mt.

Guangzhou port and Huangpu port imported a combined 80,000mt of fuel oil in July, occupying 29% of the total. Gongbei port received 50,000-60,000mt of fuel oil imports and Shenzhen port took in 110,000-160,000mt. Fuel oil imports for Fujian, Hainan and Guangxi stayed low at 5,000-10,000mt in total.

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