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JLC China Bunker Market Monthly Report (December, 2020)

14 Jan 2021

Beijing-based commodity market information provider JLC Network Technology Co. on Thursday (14 January) shared its JLC China Bunker monthly report for December with Manifold Times through an exclusive arrangement: 

JLC China Bunker Market Monthly Report (December, 2020)


 Demand and Supply

Bunker Fuel Demand

Bonded bunker fuel sales edge up in December

In December, China’s bonded bunker fuel sales inched up to 1.49 million mt, JLC data showed. Bunkering demand from end users increased amid bullish sentiments on better transportation demand and higher bonded bunker fuel prices. Besides, bonded bunker fuel suppliers tended to offer discounts to boost sales by the end of the year. Chimbusco and Sinopec sold about 643,400 mt and 556,500 mt of bonded bunker fuel, respectively. Bonded bunker fuel sales were about 45,600 mt for SinoBunker and 42,000 mt for China ChangJiang Bunker (Sinopec). New enterprises in the China (Zhejiang) Pilot Free Trade Zone sold 205,000 mt.

China’s bonded bunker fuel sales nudged up to 1.34 million mt in November, up by 0.91% month on month, according to GAC data. In November, sales were underpinned by stable to higher bunker fuel demand. Bunker fuel oil prices strengthened from H2 November amid a stronger shipping market. Specifically, bonded bunker fuel sales were 522,800 mt for Sinopec, 610,400 mt for Chimbusco, 44,400 mt for SinoBunker, 22,000 mt for China ChangJiang Bunker (Sinopec) and 144,100 mt for new enterprises in the China (Zhejiang) Pilot Free Trade Zone.

Domestic bunker fuel demand improves in December

Domestic bunker fuel demand grew in December. End users’ consumption of domestic-trade heavy bunker fuel was about 350,000 mt in the month, up by 20,000 mt from the previous month. The demand for light bunker fuel was 130,000 mt in December, up by 10,000 mt from November. Supported by strong blendstock costs and international crude prices, domestic bunker fuel prices rose markedly, sparking buying interest of downstream users. Demand for coal transport improved significantly in winter, but transportation slowed down amid cold weather. As a result, freight rates and domestic bunker fuel demand rose. 

Bunker Fuel Supply

Bonded bunker fuel imports rebound 78.87% in November

China’s bonded bunker fuel imports were 1.13 million mt in November, a jump of 78.87% month on month and a rise of 6.85% year on year, GAC data showed. Bonded bunker fuel distributors increased imports as import prices were attractive in early November and domestic inventories were low. Chimbusco and Sinopec ramped up imports of low-sulfur fuel oil, with large imported cargoes arriving at Zhoushan and Qingdao ports. Therefore, bonded bunker fuel imports in November rebounded sharply. 

Specifically, the largest import source for China was still Malaysia with 528,600 mt of bunker fuel. Imports from Singapore and South Korea were 319,000 mt and 155,400 mt respectively. The imports were 88,900 mt from the UAE and 28,600 mt from Russia.

Domestic blended bunker fuel supply climbs in December

Chinese blending producers supplied a total of around 380,000 mt of heavy bunker fuel in December, a rise of 30,000 mt or 8.57% month on month, JLC data showed. In December, low-sulfur residue oil supply rose, especially the supply in the northeastern region. However, blended bunker fuel supply in East and South China was thin on tight supply of asphalt there. Trades were active, supported by firm international crude prices. Due to tight supply of tax-included products, some downstream users fixed their purchasing prices in advance. Light bunker fuel supply was about 140,000 mt, up by 10,000 from November as refiners kept high operating rates, despite narrowing refining margins.

Bunker Prices, Profits


Editorial Director

Amanda Zhao


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Sales  Beijing

Tony Tang


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Rachel Xu


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Ginny Teo


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Tobey Li


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Hong Kong

Jin Byun

+852 9103 1936

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JLC Network Technology Co., Ltd is recognised as the leading information provider in China. We specialised in providing the transparent, high-value, authoritative market intelligence and professional analysis in commodity markets. Our expertise covers oil, gas, coal, chemical, plastic, rubber, fertiliser 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 authorisation from JLC.

Related: JLC China Bunker Market Monthly Report (November, 2020)
Related: JLC China Bunker Market Monthly Report (October, 2020)
Related: JLC China Bunker Market Monthly Report (September, 2020)
Related: JLC China Bunker Market Monthly Report (July, 2020)
Related: JLC China Bunker Market Monthly Report (June, 2020)
Related: JLC China Bunker Oil Market Monthly Report (May, 2020)

Photo credit: JLC Network Technology Co Ltd
Published: 14 January, 2021

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