Beijing-based commodity market information provider JLC Network Technology Co. recently shared its JLC China Bunker monthly report for May 2026 with Manifold Times through an exclusive arrangement:

Bunker Fuel Demand

China’s bonded bunker fuel sales slip in May, but still high

China’s bonded bunker fuel sales slipped in May, but they were still high, as domestic supply remained sufficient and bonded low-sulfur fuel oil (LSFO) prices were still competitive.

The country sold roughly 1.88 million mt of bonded bunker fuel in the month, with the daily sales at 60,626 mt, down by 3.31% month on month, JLC’s data shows.

Bonded LSFO prices in Zhoushan averaged $803.68/mt in the month, $11.47/mt lower than those in Singapore, JLC’s data shows.

Regarding the sales by supplier, the sales by Chimbusco, Sinopec (Zhoushan), SinoBunker, and China Changjiang Bunker (Sinopec) respectively settled at 440,000 mt, 550,000 mt, 90,000 mt, and 10,000 mt in the month, while those by suppliers with regional bunkering licenses settled at 789,400 mt.

China’s LSFO output decreases in May

China’s LSFO output decreased moderately in May due to unit maintenance. Chinese refiners produced about 1.19 million mt of LSFO in the month, with the daily output at 38,323 mt, a cut of 5.92% month on month, JLC’s data shows.

Specifically, Sinopec’s LSFO output dropped, as Qingdao Petrochemical, Shanghai Petrochemical, Shanghai Gaoqiao Petrochemical, and Hainan Refining and Chemical lowered their output. However, Shengli Oilfield, Maoming Petrochemical, and ZhongKe (Guangdong) Refinery & Petrochemical boosted their production, limiting the decline in Sinopec’s overall output.

CNOOC also recorded a drop in its LSFO output, as Taizhou Petrochemical suspended production amid turnarounds. Zhongjie Petrochemical was still under maintenance, while Zhoushan Petrochemical and Huizhou Petrochemical ramped up their production.

PetroChina’s LSFO output did not change much in May, with most refineries maintaining stale production. Meanwhile, Liaohe Petrochemical raised its output slightly, while Dalian WEPEC lowered its output.

ZPC and Sinochem did not produce any LSFO in the month, but the latter produced and exported 10,000 mt of MGO.

On a year-on-year comparison, however, China’s LSFO output surged by 24.40% in May.

Domestic-trade bunker fuel demand mixed in May

Domestic-trade heavy bunker fuel demand settled at 320,000 mt in May, with the daily demand at 10,323 mt, down by 3.23% month on month, JLC’s data shows.

The recovery of shipping demand was slower than expected, and risk aversion sentiment in the domestic-trade market intensified. Trade in North China remained lukewarm, with shipowners prioritizing the consumption of their stockpiles.

On the contrary, domestic-trade light bunker fuel demand came in at 160,000 mt in the month, with the daily volume at 5,161 mt, growing by 10.60% from the prior month, the data shows.

Bunker Fuel Supply

China’s bonded bunker fuel imports plunge in April

China’s bonded bunker fuel imports plunged in April, as bunker suppliers suspended their import of LSFO when domestic production surged.

The country imported 555,100 mt of bonded bunker fuel in the month, a slump of 32.55% from a month earlier, calculations show, based on the GACC data.

Bonded bunker suppliers did not import any LSFO as they prioritized domestic resources to meet demand. China’s LSFO output settled at roughly 1.22 million mt in April, with the daily output at 40,733 mt, surging by 27.55% month on month and 17.16% year on year, JLC’s data shows.

However, the arrivals of imported high-sulfur fuel oil (HSFO) remained high, putting a cap on the decline in the overall imports.

On a year-on-year comparison, however, China’s bonded bunker fuel imports increased by 5.63% in April.

Regarding the imports by source, Russia became the largest supplier by exporting 317,900 mt to China, accounting for 57.26% of the latter’s total imports. Malaysia slipped to the second place with 141,300 mt, accounting for 25.46%. Singapore remained in the third place with 79,000 mt, accounting for 14.24%, followed by South Korea, with 16,900 mt, accounting for 3.04%.

China’s bonded bunker fuel imports totaled 2.59 million mt in the first four months of this year, soaring by 26.46% year on year, calculations also show.

Domestic-trade heavy bunker fuel supply declines in May

Chinese blenders reduced their heavy bunker supply in May, as the availability of low-sulfur residual oil decreased and trade in North China was depressed by stricter tax inspection.

These blenders supplied 330,000 mt of domestic-trade heavy bunker fuel in the month, with the daily supply at 10,645 mt, down by 8.76% from a month earlier, JLC’s data shows.

Conversely, domestic-trade marine gas oil (MGO) supply settled at 190,000 mt in May, with the daily supply at 6,129 mt, increasing by 2.15% month on month, the data shows. Refineries continued to raise their MGO yields to meet growing demand.

Bunker Prices, Profits

Editor
Yvette Luo
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Sales (Beijing)
Tony Tang
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Sales (Singapore)
Ginny Teo
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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.

All rights reserved. No portion of this publication may be photocopied, reproduced, retransmitted, put into a computer system or otherwise redistributed without prior authorization from JLC.

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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: 11 June, 2026