Beijing-based commodity market information provider JLC Network Technology Co. recently shared its JLC China Bunker monthly report for March 2025 with Manifold Times through an exclusive arrangement:
Bunker Fuel Demand
China’s bonded bunker fuel sales inch up in March
China’s bonded bunker fuel sales inched up in March, as global shipping demand picked up and trade became more active.
The country sold about 1.69 million mt of bonded bunker fuel in the month, with daily sales at 54,503 mt, a moderate increase of 0.28% from February, JLC’s data indicates.
Bonded bunker fuel sales by Chimbusco, Sinopec (Zhoushan), SinoBunker and China Changjiang Bunker (Sinopec) settled at 460,000 mt, 570,000 mt, 43,000 mt and 30,000 mt in the month, while suppliers with regional bunkering licenses sold 586,600 mt.
The growth was somewhat capped by bearish sentiment which was triggered by falling prices.
Chinese refiners cut their bonded bunker fuel exports in Jan-Feb
Chinese refiners cut their bonded bunker fuel exports in January-February 2025, as domestic supply tightened and global bunker demand was relatively tepid.
These refiners exported 2.93 million mt of bonded bunker fuel in the two months, with the daily exports down by 1.59% year on year to 49,612 mt, JLC calculated, with reference to data from the General Administration of Customs of PRC (GACC).
The decline mainly came as domestic low-sulfur fuel oil (LSFO) output dropped. China’s LSFO output totaled 2.47 million mt in January-February, with the daily output slipping by 3.62% year on year to 41,780 mt, JLC’s data shows.
Shipowners showed limited buying interest in bonded bunker fuel as global shipping demand was tepid.
In addition, there were two fewer working days in January-February 2025 than in 2024, which also led to a decline in the country’s exports.
China’s bonded bunker fuel exports settled at 1.34 million mt in January, down by 7.00% from the previous month and 24.79% from a year earlier, JLC’s calculation shows, based on the GACC data.
The exports were 1.59 million mt in February, with the daily exports at 46,746 mt, jumping by 31.46% month on month and 32.12% year on year.


Domestic-trade heavy bunker fuel demand slips in March
Domestic-trade heavy bunker fuel demand slipped in March, as supply in East China tightened when local blenders suspended their blending business amid strict tax inspection.
Domestic-trade heavy bunker fuel demand settled at 360,000 mt in the month, shrinking by 10,000 mt or 2.70% from the prior month, JLC’s data shows.
However, shipowners in East China increased their cross-regional purchases, putting a cap on the demand decline. In addition, terminal transportation demand grew amid warmer weather.
Conversely, domestic-trade light bunker fuel demand came in at 150,000 mt in March, rising by 10,000 mt or 7.14% from a month earlier, the data shows. Diesel demand was still recovering with the temperatures gradually climbing.
Bunker Fuel Supply
China’s bonded bunker fuel imports soar in first two months
China’s bonded bunker fuel imports soared in the first two months of this year, as domestic LSFO production fell and bonded distributors in East China boosted their imports when inflows of low-sulfur resources from North China decreased.
China imported a total of 857,200 mt of bonded bunker fuel in January-February 2025, significantly up by 47.31% from the same months in 2024, JLC calculated, with reference to data from the GACC.
The daily imports settled at 14,529 mt in the two months, surging by 49.81% year on year, JLC’s calculation shows, based on the GACC data (different rises were due to one fewer day in January-February 2025 than in 2024).
Malaysia ranked first among all suppliers by exporting 416,600 mt of bonded bunker fuel to China in the period, accounting for 48.60% of the latter’s total imports. Singapore came in second with 199,600 mt, accounting for 23.29%. Brazil ranked third with 143,600 mt, accounting for 16.75%, followed by South Korea with 97,400 mt, occupying 11.36%.
China’s bonded bunker fuel imports settled at 247,100 mt in January, plunging by 77.42% month on month and 31.21% year on year, JLC calculated, based on the GACC data. Chinese refiners resumed normal LSFO production in the month as they had obtained new export quotas.
In February, the country’s imports settled at 610,100 mt, with the daily imports at 21,789 mt, an upsurge of 173.36% month on month and 183.74% year on year, JLC’s calculation shows, based on the GACC data.
Due to the Chinese New Year holiday, the customs clearance of some cargoes arriving in late January was delayed into February, leading to a sharp increase in February’s imports.

Domestic-trade heavy bunker fuel supply declines in March
Domestic-trade heavy bunker fuel supply declined in March, as the availability of low-sulfur residual oil decreased and the blending business in East China was basically suspended.
Blenders supplied about 350,000 mt of domestic-trade heavy bunker fuel in the month, a cut of 20,000 mt or 5.41% from the previous month, JLC’s data shows.
Blendstock supply was insufficient as low-sulfur residual oil supply tightened, though supply of shale oil and light coal tar was largely stable. Meanwhile, blenders in East China suspended their blending amid tax inspection.
However, bunker fuel supply in North China grew slightly as cross-regional purchases increased, which offset some downward pressure on the overall supply .
Domestic-trade light bunker fuel supply settled at 150,000 mt in March, unchanged month on month, the data shows. Most participants still based their purchases on rigid demand.

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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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 April, 2025