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

Bunker Fuel Supply

China’s daily bonded bunker fuel sales increase in February

China’s daily bonded bunker sales grew in February, as the negative impact made by US sanctions on some vessels weakened and shipping was gradually returning to normal after the public holiday for the Chinese New Year.

The country sold 1.52 million mt of bonded bunker fuel in February, with the daily sales at 54,354 mt, rising by 2.85% month on month, JLC’s data shows.

Bonded bunker fuel sales by Chimbusco, Sinopec (Zhoushan), SinoBunker and China Changjiang Bunker (Sinopec) settled at 400,000 mt, 520,000 mt, 50,000 mt and 25,000 mt in the month, while suppliers with regional bunkering licenses sold 526,900 mt.

The growth was capped by the Chinese New Year holiday in early February.

Despite the rise, demand was not strong in February.

China’s bonded bunker fuel exports edge down in 2024

China’s bonded bunker fuel exports edged down in 2024, as domestic refiners cut their production in view of quota tightness.

The country exported 19.63 million mt of bonded bunker fuel in the year, a modest cut of 0.24% year on year, JLC calculated, with reference to data from the General Administration of Customs of PRC (GACC).

Among the shipments, heavy bunker fuel exports settled at 18.33 million mt, accounting for 93.38%, while light bunker fuel exports settled at 1.30 million mt, accounting for 6.62%.

In December alone, China’s bonded bunker fuel exports were roughly 1.44 million mt, dropping by 20.90% month on month and 9.47% year on year, JLC calculated, with reference to the GACC data. In breakdown, heavy bunker fuel exports settled at 1.35 million mt, occupying 93.54%, while light bunker fuel exports came in at 93,000 mt, making up 6.46%.

(Note: The GACC has not released export and import data for January 2025 yet, and JLC will follow up.)

Domestic-trade heavy bunker fuel demand weakens in February

Domestic-trade heavy bunker fuel demand weakened in February, as most participants were cautious about purchases amid bearish sentiment. Domestic-trade heavy bunker fuel demand came in at 370,000 mt in the month, a loss of 20,000 mt or 5.13% month on month, JLC’s data shows. February has three fewer days than January.

By contrast, domestic-trade light bunker fuel demand climbed to 140,000 mt, a gain of 10,000 mt or 7.69% month on month. Light bunker fuel demand began to recover after the Spring Festival as inland water transportation accelerated, though the demand recovery was still relatively slow.

Bunker Fuel Supply

China’s bonded bunker fuel imports surge in 2024

China’s bonded bunker fuel imports surged in 2024, which could mainly be ascribed to tight domestic supply.

China imported a total of 6.04 million mt of bonded bunker fuel last year, soaring by 45.92% year on year, JLC calculated, with reference to data from the GACC.

Only a few bonded distributors imported low-sulfur fuel oil (LSFO) in the first half of 2024, while others prioritized imported high-sulfur fuel oil (HSFO). However, in the second half, domestic LSFO supply tightened significantly amid insufficient quotas, forcing bonded distributors to import more LSFO to fill the gap. Meanwhile, demand for imported HSFO continued to improve, as more ships were equipped with scrubbers and the import arbitrage window opened.

In December alone, China’s bonded bunker fuel imports exceeded 1 million mt and hit a 4-year high, as domestic LSFO output fell off a cliff amid persistent quota tightness. The imports amounted to 1.09 million mt in the month, jumping by 19.58% month on month and 247.21% year on year.

Singapore topped all suppliers by shipping 550,700 mt of bonded bunker fuel to China in the month, which accounted for 50.32% of the latter’s total imports. Malaysia slipped to the second place with 351,200 mt, accounting for 32.09%. Iraq and South Korea ranked third and fourth with 182,500 mt and 10,000 mt, accounting for 16.68% and 0.91%, respectively.

Domestic-trade heavy bunker fuel supply continues to tighten

Domestic-trade heavy bunker fuel supply continued to tighten in February, as the availability of low-sulfur residual oil decreased and blenders’ blending margins narrowed.

Blenders supplied about 370,000 mt of domestic-trade heavy bunker fuel in the month, down by 30,000 mt or 7.50% month on month, JLC’s data shows.

Blenders’ enthusiasm for bunker fuel blending was limited, as low-sulfur residual oil supply declined and inflating blendstock costs squeezed their blending margins. In addition, downstream buyers showed relatively low buying interest as they prioritized consuming their stockpiles, which also capped blenders’ bunker fuel supply.

In the meantime, domestic-trade light bunker fuel supply stood at 150,000 mt, without change from the prior month, the data indicates. Refineries maintained relatively stable operating rates.

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.

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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 March, 2025