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JLC China Bunker Market Monthly Report (October 2021)

12 Nov 2021

Beijing-based commodity market information provider JLC Network Technology Co. recently shared its JLC China Bunker monthly report for October 2021 with Manifold Times through an exclusive arrangement:

Bunker Fuel Demand

Bonded bunker fuel sales slip in October

China’s bonded bunker fuel sales dropped to 1.77 mln mt in October, down by 0.03 mln mt from the previous month, JLC data showed. The demand from the shipping sector was stable. Downstream buyers were in a bullish sentiment amid the increasing bonded bunker fuel prices. However, some orders in east China was cancelled because of the influence of the typhoon. Chimbusco and Sinopec sold about 760,000 mt and 755,000 mt of bonded bunker fuel, respectively. Bonded bunker fuel sales were about 70,000 mt for SinoBunker and 30,000 mt for China ChangJiang Bunker (Sinopec). New enterprises in the China (Zhejiang) Pilot Free Trade Zone sold 152,000 mt.

China’s bonded bunker fuel exports slipped significantly in September. For one thing, the congestion at some ports pulled down the bunkering efficiency. For another, Sinopec cut its LSFO production, which reduced the resources at the bonded warehouse. China exported 1.45 million mt of heavy bunker fuel and 93,200 mt of light bunker fuel in September.

Bonded bunker sales for state-owned enterprises and Zhoushan enterprises were 1.39 mln mt and 158,000 mt, accounting for 89.79% and 10.21%. Specifically, bonded bunker fuel sales were 658,200 mt for Sinopec, 609,200 mt for Chimbusco, 93,800 mt for SinoBunker, 27,600 mt for China ChangJiang Bunker (Sinopec).

Domestic bunker fuel demand slides in October

Domestic bunker fuel demand slipped in October amid high crude oil prices. The trading price of bunker fuel hit a three year high under the support of high costs. Downstream buyers had limited acceptance ability. End users’ consumption of domestic-trade heavy bunker fuel was about 330,000 mt in the month, down by 10,000 mt from September. The shipping demand fell as many shipowners stocked up coal for lower prices. The demand for light bunker fuel was 130,000 mt in October, down by 10,000 mt from the previous month.

Bunker Fuel Supply

Bonded bunker fuel imports drop in September

China’s bonded bunker fuel imports were 577,900 mt in September, down by 26.7% month on month and 18.27% year on year, GAC data showed. 

China’s bonded bunker fuel imports declined sharply in September. For one thing, traders maintained high inventories as they stocked up bonded bunker fuel before. For another, the congestion at some ports in east China pulled down the bunkering efficiency, which limited the overall sales. 

Specifically, Malaysia was still the largest supplier by exporting 449,300 mt of bunker fuel to China. Imports from Iraq, Singapore and South Korea were 43,700 mt, 39,900 mt and 37,800 mt respectively. The rest came from Russia and Hong Kong.

Domestic blended bunker fuel supply falls in October

Chinese blending producers supplied a total of around 330,000 mt of heavy bunker fuel in October, down by 20,000 mt or 5.71% from September, JLC data showed. Low-sulfur residue oil supply was still tight in October, even though refiners in east and south China resumed sales. Shale oil supply and trading volume declined. At the same time, the supply of coking feedstocks was short despite their high prices. Domestic light oil supply was about 120,000 mt in October, down by 20,000 mt from the previous month.

Bunker Prices, Profits

Editorial Director

Amanda Zhao

+86-10-84428984

amandazhao@jlcint.com  

Sales  Beijing

Tony Tang

+86-10-84428863

tonytang@jlcint.com 

Editor

Merry Liang

+86-10-84428739

merryliang@jlcint.com  

Singapore

Ginny Teo

+65-31571254

ginnyteo@jlcint.com 

Tobey Li              

+86-10-84428620

tobeyli@jlcint.com                                         

service@jlcint.com

JLC Network Technology Co., Ltd is recognized as the leading information provider in China. We specialized 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.

All rights reserved. No portion of this publication may be photocopied, reproduced, retransmitted, put into a computer system or otherwise redistributed without prior authorization from JLC.

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Photo credit: JLC Network Technology Co., Ltd
Published: 12 November, 2021

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