Nick Mai of global energy and commodity price reporting agency Argus Media on Monday (7 December) published an article summarising market forces behind the increase in bunker fuel sales at the Port of Zhoushan in China:
Marine fuel sales in east China’s Zhoushan in November rose by 10% or 42,000t from a month earlier to 462,300t, according to the port’s bunker suppliers, on the back of the continued strength in the number of bulk carriers calling at the bunker port.
Robust iron ore imports have increased the number of vessels passing Zhoushan. Most of China’s steel mills are located in east and north China. Iron ore carriers can choose ports including Zhoushan along the coast for marine fuel replenishment.
China iron ore imports during January-October increased by 11.2pc from a year earlier to 975.2mn t. July imports hit a record high of 112.65mn t, according to data from China’s customs.
Spot marine fuel trades reported to Argus rose in November to more than 82,700t from 51,000t in October. Very-low sulphur fuel oil (VLSFO) volumes rose to nearly 65,000t from 44,000t, with high-sulphur fuel oil (HSFO) almost trebling to 12,500t from 4,300t with increased finished scrubber installations in east China. Marine gasoil (MGO) trades in November rose to 5,200t from 3,000t a month earlier.
VLSFO’s average price for November in Zhoushan rose by $14.50/t from October to $347.10/t, with HSFO higher to $305.20/t from $302/t and MGO dropping to $380.50/t from $381.80/t over the same period.
Photo credit and source: Argus Media
Published: 8 December, 2020
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