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

Bunker Fuel Demand

China’s bonded bunker fuel sales inch up in January

China sold roughly 1.82 million mt of bonded bunker fuel in January 2026, with the daily sales at 58,587 mt, up by 0.04% month on month and 10.95% year on year, JLC’s data shows.

The global shipping industry performed well in January, as shipowners began to replenish stocks for the Spring Festival and some new ships came into use.

Regarding the sales by supplier, the sales by Chimbusco, Sinopec (Zhoushan), SinoBunker, and China Changjiang Bunker (Sinopec) respectively settled at 500,000 mt, 625,000 mt, 50,000 mt, and 15,000 mt in the month, while those by suppliers with regional bunkering licenses settled at 626,200 mt.

China’s LSFO output rebounds slightly in January 2026

China’s LSFO output rebounded in January 2026, as PetroChina raised its refineries’ production amid new export quotas.

Chinese refiners produced 825,000 mt of LSFO in the month, with the daily output at 26,613 mt, up by 0.98% month on month, JLC’s data shows.

PetroChina’s LSFO output grew in the month, as several refineries, including Jinzhou Petrochemical and Jinxi Petrochemical, boosted their production after obtaining new export quotas. However, LSFO production by Dalian Petrochemical, Liaoyang Petrochemical, Gaofu Refinery , Sichuan Petrochemical, and Guangdong Petrochemical remained suspended.

By contrast, Sinopec’s LSFO output declined in the month, as Zhenhai Refining and Chemical, Shanghai Petrochemical, and Shanghai Gaoqiao Petrochemical suspended their production. Despite a month-on-month drop, the output of Qingdao Petrochemical and Shengli Oilfield was still relatively high.

CNOOC also recorded a slip in its LSFO production, with Zhongjie Petrochemical and Zhoushan Petrochemical suspending production. However, T aizhou Petrochemical resumed production, and Huizhou Refinery raised its output.

ZPC and Sinochem did not produce any LSFO in January, and the latter did not export any LSFO amid maintenance.

Domestic-trade heavy bunker fuel demand grows in January

Domestic-trade heavy bunker fuel demand grew in January, mainly because of pre-holiday restocking.

The demand settled at 360,000 mt in January, an increase of 10,000 mt or 2.86% month on month, JLC’s data shows.

However, the demand growth was relatively modest, as the operation of some ports was hindered by strong winds and snow in early January.

Domestic-trade light bunker fuel demand stood at 150,000 mt in the month, unchanged from a month earlier, the data indicates. MGO demand was still seasonally tepid.

Bunker Fuel Supply

China’s bonded bunker fuel imports hit 12-month high in Dec 2025

China’s bonded bunker fuel imports hit a 12-month high in December 2025, mainly due to tightening supply of LSFO in the country.

Chinese bunker suppliers imported 848,300 mt of bonded bunker fuel in the month, rising by 5.25% month on month, JLC’s calculations show, based on the GACC data. The imports reached the highest level since December 2024.

Bonded distributors boosted their LSFO imports to meet bunkering demand when domestic production plunged rapidly amid export quota tightness. Meanwhile, their imports of MGO increased slightly.

In addition, the arrivals of HSFO stayed relatively high in the month, as HSFO bunkering still had economic benefits.

Regarding the imports by source, Singapore ranked first among all suppliers with 301,800 mt, accounting for 35.58% of China’s total imports. Malaysia came second with 195,900 mt, accounting for 23.09%, while South Korea ranked third with 170,400 mt, taking 20.09%. Russia ranked fourth with 164,500 mt, occupying 19.39%, followed by Japan, with 15,700 mt, accounting for 1.85%.

On a year-on-year comparison, however, China’s bonded bunker fuel imports tumbled by 22.49% in December 2025, calculations show. The imports exceeded 1 million mt and hit a 4-year high in December 2024.

China’s bonded bunker fuel imports totaled 7.05 million mt in 2025, soaring by 16.76% from the prior year, calculations also indicate.

Domestic-trade heavy bunker fuel supply rallies in January

Domestic-trade heavy bunker fuel supply rallied in January 2026, as the availability of low-sulfur residual  oil increased and downstream buying interest grew amid the approach of the Chinese New Year holiday.

Chinese blenders supplied about 360,000 mt of domestic-trade heavy bunker fuel in the month, a boost of 20,000 mt or 5.88% from the previous month, JLC’s data shows.

Domestic-trade MGO supply settled at 180,000 mt in January, still stable month on month, the data shows.

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: 12 February, 2026