Beijing-based commodity market information provider JLC Network Technology Co. recently shared its JLC China Bunker monthly report for August 2021 with Manifold Times through an exclusive arrangement:
Bunker Fuel Demand
Bonded bunker fuel sales rise in August
China’s bonded bunker fuel sales increased to 1.68 mln mt in August, JLC data showed. The bonded bunker demand at each port was different despite the stable overall demand. The bunkering operation at Zhoushan Meishan port and Shenzhen Yantian port was suspended under the influence of Covid-19 resurgence for a certain period of time in August.
The congestion at Zhoushan port forced some shipowners to transfer to Shanghai and Fujian, while the sales at Zhoushan remained high due to the support of the integrated bunker supply system of Zhejiang and Shanghai. Chimbusco and Sinopec sold about 690,000 mt and 710,000 mt of bonded bunker fuel, respectively. Bonded bunker fuel sales were about 85,000 mt for SinoBunker and 30,000 mt for China ChangJiang Bunker (Sinopec). New enterprises in the China (Zhejiang) Pilot Free Trade Zone sold 162,500 mt.
China’s bonded bunker fuel exports in July 2021 were 1.87 million mt, up by 6.29% month on month and 39.51% year on year, according to GAC data. China exported 1.76 million mt of heavy bunker fuel and 103,700 mt of light bunker fuel in July.
Bonded bunker sales for state-owned enterprises and Zhoushan enterprises were 1.71 mln mt and 157,900 mt, accounting for 91.56% and 8.44%. Specifically, bonded bunker fuel sales were 807,500 mt for Sinopec, 778,400 mt for Chimbusco, 97,300 mt for SinoBunker, 30,400 mt for China ChangJiang Bunker (Sinopec)
Domestic bunker fuel demand keeps stable in August
Domestic bunker fuel demand was flat with the previous month. The trading atmosphere of heavy bunker fuel was tepid amid the slack demand. Downstream buyers tended to wait and see due to high prices. End users’ consumption of domestic-trade heavy bunker fuel was about 340,000 mt in the month, down by 10,000 mt from July. The shipping demand recovered after the typhoon and demand from power plants went up in South China. The demand for light bunker fuel was 130,000 mt in August, up by 10,000 mt from the previous month.
Bunker Fuel Supply
Bonded bunker fuel imports slip in July
China’s bonded bunker fuel imports were 520,400 mt in July, down by 14.79% month on month and 7.15% year on year, GAC data showed.
China’s bonded bunker fuel imports slipped continuously in July. For one thing, domestic LSFO output rose significantly, given the better profits. For another, the bunkering demand in East China decreased under the influence of the centenary celebrations of the CPC and severe weather.
Specifically, the largest import source for China was still Malaysia with 349,100 mt of bunker fuel. Imports from Singapore and South Korea were 124,900 mt and 46,400 mt respectively.
Domestic blended bunker fuel supply inches up in August
Domestic blended bunker fuel supply inches up in August Chinese blending producers supplied a total of around 370,000 mt of heavy bunker fuel in August, up by 10,000 mt or 2.78% from July, JLC data showed. Low-sulfur residue oil producers in North China cut down their supply amid the feedstock shortage. Meanwhile, shale oil supply increased sharply. The blending demand rebounded in North China, which drove up the overall supply. Gasoline and diesel prices climbed as the demand from the coking sector rallied. Domestic light oil supply was about 150,000 mt in August, up by 10,000 mt from the previous month.
Bunker Prices, Profits
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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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Related: JLC China Bunker Market Monthly Report (July 2021)
Related: JLC China Bunker Market Monthly Report (June 2021)
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Photo credit: JLC Network Technology Co., Ltd
Published: 13 September, 2021
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