Beijing-based commodity market information provider JLC Network Technology Co. recently shared its JLC China Bunker monthly report for March 2021 with Manifold Times through an exclusive arrangement:
JLC China Bunker Market Monthly Report (March 2021)
Bunker Fuel Demand
Bonded bunker fuel sales rise in March
In March, China’s bonded bunker fuel sales edged up to 1.53 million mt, JLC data showed. Sales in March grew after the Chinese New Year holiday. But the purchase interest of shipowners was tepid amid the large fluctuation in prices and influence of the Suez Canal blockage. Chimbusco and Sinopec sold about 612,500 mt and 617,100 mt of bonded bunker fuel, respectively. Bonded bunker fuel sales were about 80,000 mt for SinoBunker and 39,800 mt for China ChangJiang Bunker (Sinopec). New enterprises in the China (Zhejiang) Pilot Free Trade Zone sold 179,000 mt.
China’s bonded bunker fuel exports in January and February 2021 totaled 3.19 million mt, up by 1.59 mln mt or 99.05% year on year, according to GAC data. China exported 1.74 mln mt and 1.46 mln mt of bonded bunker fuel in January and February 2021 respectively. In January and February, bonded bunker fuel sales was underpinned by the strengthened demand. Besides, bonded bunker fuel suppliers were awarded new quota, which also boosted the export volume. Specifically, bonded bunker fuel sales were 1.25 million mt for Sinopec, 1.16 million mt for Chimbusco, 388,400 mt for SinoBunker, 59,400 mt for China ChangJiang Bunker (Sinopec) and 335,300 mt for new enterprises in the China (Zhejiang) Pilot Free Trade Zone.
Domestic bunker fuel demand increases in March
Domestic bunker fuel demand rose slightly when compared with February. End users’ consumption of domestic-trade heavy bunker fuel was about 350,000 mt in the month, up by 10,000 mt from the previous month. The demand for light bunker fuel was 130,000 mt in March, up by 10,000 mt from February. There was a growing demand for restocking after the Spring Holiday festival. However, most traders chose small orders, given the wide fluctuation of international crude prices.
Bunker Fuel Supply
Bonded bunker fuel imports drop 33.54% year on year in January-February 2021
China’s bonded bunker fuel imports were 1.68 million mt in January and February 2021, a year on year drop of 33.54%, GAC data showed. China imported 696,400 mt and 986,000 mt of bonded bunker fuel in January and February respectively.
Imports in January were low amid the increased domestic production and previous stocked up inventory. Imports in February rose sharply. For one thing, the production of refineries inched down during the Spring Festival holiday. For another, the increasing crude oil and bunker fuel prices stimulated the purchase interest of bonded bunker fuel distributors.
Specifically, the largest import source for China was still Malaysia with 1.105 million mt of bunker fuel. Imports from Singapore, South Korea and Indonesia were 298,000 mt, 104,000 mt and 76,000 mt respectively. The imports were 58,000 mt and 41,000 mt respectively from Russia and Japan.
Domestic blended bunker fuel supply inches up in March
Chinese blending producers supplied a total of around 360,000 mt of heavy bunker fuel in March, up by 10,000 mt from February, JLC data showed. Low-sulfur residue oil supply remained tight after the Spring Festival holiday despite the work resumption of producers. Supply of light coal tar, coal-based diesel and shale oil returned to be normal but the downstream demand was sluggish. With the support of crude oil prices and an increase in downstream demand, diesel supply in this month edged up. Domestic light oil supply was about 140,000 mt in March, up by 10,000 mt from February.
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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 (February 2021)
Related: JLC China Bunker Market Monthly Report (January 2021)
Related: JLC China Bunker Market Monthly Report (December, 2020)
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: 19 May, 2021
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