China: E. China's Jul fuel oil imports estimated to fall 22% to 420,000mt

Chemical News: China: E. China's Jul fuel oil imports estimated to fall 22% to 420,000mt

https://www.chemnet.com Aug 02,2010
East China is estimated to import 410,000-430,000mt of fuel oil in July, sharply down 117,000mt or 22% from the previous month, showed C1's estimation.
Market sources ascribed the obvious drop to persistently weak demand from both bunker market and local refineries.

Based on Thursday's US$455/mt of FOB Singapore prices of 180CST fuel oil, East China-based importers would suffer from minus US$500/mt of import margin in theory, C1 calculated.

Imports of Venezuela fuel oil accounted for over 1/3 of the total, those from Singapore were 80,000mt and the imports from Russia and Indonesia were both 40,000mt. In addition, Malaysia and South Korea each exported 30,000mt of fuel oil to China in July.

About 190,000mt of the June imports were received by Aoshan oil terminal; 70,000mt by Ningbo, mainly from Malaysia and Indonesia. Shanghai still took in limited fuel oil imports due to traffic control for 2010 Expo.

Straight-run fuel oil imports hit 230,000mt and mixed/cracked grades were 190,000mt.

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