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

Note [15 May]: JLC has removed two ship arrivals from the table in Sheet 13 “Arrival of Imported Fuel Oil”, as these cargoes were scheduled to arrive in May instead of April. In the first version of this report, the arrival time of the cargoes was mistakenly written as April. JLC apologizes for this mistake.

Bunker Fuel Demand

China’s bonded bunker fuel sales grow in April

China’s bonded bunker fuel sales grew in April, as shipping demand improved.

The country sold about 1.76 million mt of bonded bunker fuel in the month, with daily sales at 58,757 mt, climbing by 7.80% month on month, JLC’s data shows.

Bonded bunker fuel sales by Chimbusco, Sinopec (Zhoushan), SinoBunker and China Changjiang Bunker (Sinopec) settled at 450,000 mt, 580,000 mt, 45,000 mt and 25,000 mt in the month, while suppliers with regional bunkering licenses sold 662,700 mt.

HSFO sales increased when the price spread between LSFO and HSFO widened.

China’s LSFO output declines further in April

China’s LSFO output declined further in April, as more refineries launched maintenance, also because of still bad production margins.

Chinese refiners produced 1.04 million mt of LSFO in the month, with the daily output at 34,767 mt, down by 4.20% month on month and 15.96% year on year, JLC’s data indicates.

Sinopec’s LSFO production fell in the month as Tianjin Petrochemical and Hunan Petrochemical came under maintenance. The company’s Shanghai Gaoqiao Petrochemical and Jiujiang Petrochemical were still under turnarounds. In addition, Qingdao Petrochemical and Shengli Oilfield lowered their LSFO output.

PetroChina also recorded a drop in its output in April, with Liaohe Petrochemical slightly cutting output and Jinxi Petrochemical suspending production amid unit maintenance.

On the flip side, CNOOC saw a modest rise in its daily LSFO output, as Zhoushan Petrochemical’s production boost counteracted Huizhou Refinery’s maintenance. Zhongjie Petrochemical and Taizhou Petrochemical maintained normal production.

ZPC and Sinochem did not produce any LSFO in April, but the latter exported 15,000 mt of MGO.

Domestic-trade heavy bunker fuel demand rallies in April

Domestic-trade heavy bunker fuel demand rallied in April, as shipowners showed higher buying interest and restocking increased before the Labor Day holiday.

Domestic-trade heavy bunker fuel demand settled at 380,000 mt in the month, growing by 20,000 mt or 5.56% month on month, JLC’s data shows.

At the same time, domestic-trade light bunker fuel demand stabilized at 150,000 mt, the data shows. Fundamentals in the diesel market did not change much.

Bunker Fuel Supply

China’s bonded bunker fuel imports continue to grow in March

China’s bonded bunker fuel imports continued to grow in March, due to tighter domestic supply and lower international bunker fuel prices.

Bonded distributors imported 665,800 mt of bonded bunker fuel in the month, rising by 9.13% from a month earlier and 73.70% year on year, JLC calculated, with reference to data from the GACC.

Domestic refiners continued to cut their LSFO production amid more unit maintenance and lower production margins, forcing distributors to raise their imports to meet demand. Meanwhile, global bunker fuel prices dropped amid a plunge in international crude prices, which also prompted domestic traders to increase imports.

The UAE shipped 200,200 mt of bonded bunker fuel to China in March, taking 30.06% of China’s total

imports and becoming the largest bonded bunker supplier to China. Singapore remained in the second place with 200,000 mt, accounting for 30.04%, while Malaysia came in third with 168,000 mt, accounting for 25.24%. South Korea ranked fourth with 55,200 mt, accounting for 8.29%, followed by Russia with 42,400 mt, occupying 6.37%.

Domestic-trade bunker fuel supply increases in April

Domestic-trade bunker fuel supply increased in April, because of increasing availability of shale oil and low-sulfur residual oil, though the blending business in East China did not resume.

Blenders supplied about 380,000 mt of domestic-trade heavy bunker fuel in the month, a boost of 30,000 mt or 8.57% month on month, JLC’s data shows.

Blendstock supply became relatively sufficient, as supply of low-sulfur residual oil and shale oil increased while that of light coal tar and coal-based diesel stabilized. Meanwhile, blenders showed higher blending interest as downstream restocking demand grew.

Heavy bunker fuel supply increased in North China and Shandong, while that in East China was still depressed by a halt in the local blending business.

Domestic-trade light bunker fuel supply settled at 170,000 mt in April, up by 20,000 mt or 13.33% month on month, the data shows.

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.

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.

Related: JLC China Bunker Market Monthly Report (February 2025)
Related: JLC China Bunker Fuel Market Monthly Report (January 2025)
Related: JLC China Bunker Fuel Market Monthly Report (December 2024)
Related: JLC China Bunker Fuel Market Monthly Report (November 2024)
Related: JLC China Bunker Fuel Market Monthly Report (October 2024)
Related: JLC China Bunker Fuel Market Monthly Report (September 2024)
Related: JLC China Bunker Fuel Market Monthly Report (August 2024)
Related: JLC China Bunker Fuel Market Monthly Report (July 2024)
Related: JLC China Bunker Fuel Market Monthly Report (June 2024)
Related: JLC China Bunker Fuel Market Monthly Report (May 2024)
Related: JLC China Bunker Market Monthly Report (April 2024)
Related: JLC China Bunker Market Monthly Report (March 2024)
Related: JLC China Bunker Fuel Market Monthly Report (February 2024)
Related: JLC China Bunker Market Monthly Report (January 2024)

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 May, 2025