Beijing-based commodity market information provider JLC Network Technology Co. recently shared its JLC China Bunker monthly report for October 2025 with Manifold Times through an exclusive arrangement:

Bunker Fuel Demand

China’s bonded bunker fuel sales drop further in October

China sold about 1.59 million mt of bonded bunker fuel in October, with the daily sales at 51,261 mt, a decline of 7.78% month on month, JLC’s data shows.

Due to the negative impact from geopolitical tensions and trade conflicts, global shipping demand remained tepid in October, though it used to be a traditionally strong month.

Meanwhile, the availability of ships at some domestic ports declined amid special port charges, which also depressed China’s bonded bunker fuel sales. In response to the US’s imposition of additional port fees on Chinese ships, China’s Ministry of Transport issued an ”Announcement on Imposing Special Port Fees on US Ships” on October 10, 2025, and the measures took effect on October 14, according to the ministry.

In addition, cargo delivery and transportation in East and South China were hit again by new typhoons in October, adding to the downward pressure on the country’s overall bonded bunker fuel sales.

The sales by Chimbusco, Sinopec (Zhoushan), SinoBunker and China Changjiang Bunker (Sinopec) respectively settled at 430,000 mt, 510,000 mt, 50,000 mt and 15,000 mt in the month, while those by

suppliers with regional bunkering licenses settled at 584,100 mt.

China’s LSFO output continues to drop in October

China’s LSFO output continued to drop in October, because of tight export quotas for some companies and still bad production margins.

Chinese refiners produced about 1.00 million mt of LSFO in the month, with the daily output at 32,387 mt, down by 7.29% from the prior month, JLC’s data indicates.

Specifically, CNOOC’s LSFO output fell in October, because of tightening export quotas, low production margins, and Zhoushan Petrochemical’s plan to launch maintenance.

However, Sinopec maintained largely stable LSFO production in the month. Qingdao Petrochemical boosted its LSFO output, offsetting a slight output cut by Shengli Oilfield. The output of other refineries did not change much.

PetroChina’s LSFO output was also stable in October. The company’s Liaoyang Petrochemical suspended its LSFO production, while some other refineries increased production to compensate for Liaoyang Petrochemical’s production losses.

ZPC and Sinochem did not produce any LSFO in October, but the latter exported about 7,000 mt of MGO.

On a year-on-year comparison, however, China’s LSFO output surged by 27.46% in October.

It was heard that in October Sinopec applied for a quota switch from 100,000 mt of LSFO to clean petroleum products (CPP); PetroChina applied for 360,000 mt from LSFO to CPP; and ZPC applied for 30,000 mt from LSFO to CPP .

Domestic-trade heavy bunker fuel demand shrinks in October

Domestic-trade heavy bunker fuel demand settled at 370,000 mt in October, a decline of 10,000 mt or 2.63% from the previous month, JLC’s data shows. Most shipowners reduced their purchases of bunker fuel in early October, as they preferred to consume their stockpiles during the National Day holiday . 

Though the shipping market picked up later in the month, market participants still held a wait-and-see attitude and just based their purchases on rigid demand.

By contrast, domestic-trade light bunker fuel demand stood at 165,000 mt in October, an increase of 5,000 mt or 3.13% month on month, the data shows. Demand for 0# MGO and 4# bunker fuel improved slightly amid more active fishing activities.

Bunker Fuel Supply

China’s bonded bunker fuel imports rally in September

Chinese bunker suppliers imported 543,400 mt of bonded bunker fuel in September, a boost of 10.98% from the previous month, despite a fall of 4.11% year on year, JLC’s calculations show, based on the GACC data.

Bonded distributors increased their HSFO imports amid relatively fair bunkering demand and lower inventories, and their bonded MGO imports also grew. However, the arrivals of imported LSFO decreased slightly, though domestic production slowed down.

Singapore was still the largest bonded bunker fuel supplier to China in the month, shipping 267,200 mt of bonded bunker fuel to China, accounting for 49.18% of China’s total imports. Malaysia climbed to the second place with 166,300 mt, accounting for 30.60%, while South Korea slipped to the third place with 66,900 mt, occupying 12.31%. Japan ranked fourth with 43,000 mt, making up 7.91%.

China’s bonded bunker fuel imports settled at 4.88 million mt in the first nine months of this year, an upsurge of 45.43% year on year, the calculations also show.

Domestic-trade bunker fuel supply tightens in October

Chinese blenders supplied about 370,000 mt of domestic-trade heavy bunker fuel in October, a cut of 30,000 mt or 7.50% month on month, JLC’s data shows.

Cargo delivery and transportation slowed down in early October, because of the public holidays for the National Day and the Mid-Autumn Festival. Blenders’ production enthusiasm did not grow much after the holidays, as terminal users’ demand was still limited.

Domestic-trade MGO supply settled at 170,000 mt in October, down by 10,000 mt or 5.56% from the previous month, the data shows. Independent refineries lowered their operating rates in October, leading to a decline in MGO supply. 

Bunker Prices, Profits

Editor
Yvette Luo
+86-020-38834382
[email protected]

Sales (Beijing)
Tony Tang
+86-10-84428863
[email protected]

Sales (Singapore)
Ginny Teo
+65-31571254
[email protected]
[email protected]

JLC Network Technology Co., Ltd is recognised as the leading information provider in China. We specialise in providing the transparent, high-value, authoritative market intelligence and professional analysis in commodity market. Our expertise covers oil, gas, coal, chemical, plastic, rubber, fertilizer and metal industry, etc.

JLC China Bunker Fuel Market Monthly Report is published by JLC Network Technology Co., Ltd every month on China bunker market, demand, supply, margin, freight index, forecast and so on. The report provides full-scale & concise insight into China bunker oil market.

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Note: China-based commodity market information provider JLC Technology has been providing Singapore bunkering publication Manifold Times China bunker volume data since 2020. Data from earlier periods are available here.

Photo credit: JLC Network Technology
Published: 13 November, 2025