The following article first published by Manifold Times on 28 December was sourced from China’s domestic market through a local correspondent. An online translation service was used in the production of the current editorial piece:
China’s bonded marine oil imports amounted to 896,200 tons, up 250.9% month-on-month and down 20.72% year-on-year in November 2021, according to customs data reported by commodity trading platform Jin Lian Chuang.
The analysis believes an extremely low arrival of imported resources in October resulted in the domestic bonded fuel oil inventory falling to a low. This is coupled with the current maintenance of some refineries in East China, resulting in slightly insufficient supply from local domestic resources.
As the end of the year is approaching, terminal demand for bonded fuel oil is relatively strong. This caused an increase in the purchase of imported resources, even though the lack of price advantages.
In addition, the fuel oil futures market added about 100,000 tons of imported futures warehouse receipts at the end of November, so the arrival of imported resources further increased.
In November, bonded import resources mainly came from Malaysia, Singapore, South Korea, Japan and other countries.
Specifically: the number of bonded resources from Malaysia is 483,100 tons, accounting for 54%, still ranking first; the number of imported resources from Singapore is 281,600 tons, accounting for 31%, and the number of imported resources from South Korea is 94,400 tons, accounting for 11%; the amount of bonded fuel oil imported through Japan was 37,100 tons, accounting for 4%.
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