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JLC China Bunker Market Monthly Report (September 2021)

15 Oct 2021

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

Bunker Fuel Demand

Bonded bunker fuel sales rise in September

China’s bonded bunker fuel sales increased to 1.80 mln mt in September, JLC data showed. The bonded bunker demand grew in September but the congestion at some ports influenced the bunkering efficiency. 

The unloading operations at some ports were also restricted by the dual control measures on energy consumption and energy intensity. Chimbusco and Sinopec sold about 720,000 mt and 810,000 mt of bonded bunker fuel, respectively. Bonded bunker fuel sales were about 80,000 mt for SinoBunker and 30,000 mt for China ChangJiang Bunker (Sinopec). New enterprises in the China (Zhejiang) Pilot Free Trade Zone sold 158,000 mt.

China’s bonded bunker fuel exports in August 2021 were 1.69 million mt, down by 9.75% month on month and 1.1% year on year, according to GAC data. The consumption of bunker fuel slipped due to recurring Covid-19 in different areas. China exported 1.59 million mt of heavy bunker fuel and 94,900 mt of light bunker fuel in August.

Bonded bunker sales for state-owned enterprises and Zhoushan enterprises were 1.53 mln mt and 162,500 mt, accounting for 90.38% and 9.62%. Specifically, bonded bunker fuel sales were 842,400 mt for Sinopec, 581,600 mt for Chimbusco, 66,100 mt for SinoBunker, 36,400 mt for China ChangJiang Bunker (Sinopec).

Domestic bunker fuel demand climbs in September

Domestic bunker fuel demand climbed in September as some trader built up inventories before the 

National Day holiday. End users’ consumption of domestic-trade heavy bunker fuel was about 340,000 mt in the month, flat with the previous month. The shipping demand recovered after the typhoon and the restocking demand of downstream buyers boosted the consumption in the transportation sector. The demand for light bunker fuel was 140,000 mt in September, down by 10,000 mt from the previous month.

Bunker Fuel Supply

Bonded bunker fuel imports grow in August

China’s bonded bunker fuel imports were 783,300 mt in August, up by 50.53% month on month and 7.34% year on year, GAC data showed.

China’s bonded bunker fuel imports increased sharply in August. Sinopec cut its LSFO production to save its quota. At the same time, the bunkering demand presented stable growth. Bonded bunker fuel traders tended to build up inventories before the peak season in September and October, which drove up the imports further.

Specifically, the largest import source for China was still Malaysia with 516,300 mt of bunker fuel. Imports from Singapore and South Korea were 160,800 mt and 106,200 mt respectively.

Domestic blended bunker fuel supply slips in September

Domestic Chinese blending producers supplied a total of around 350,000 mt of heavy bunker fuel in September, down by 20,000 mt or 5.41% from August, JLC data showed. Low-sulfur residue oil supply was still tight in September. The supply increase in Northeast and North China could not make up for the sharp fall in East China. Shale oil supply also declined significantly. At the same time, the supply of coking feedstocks was short despite their high prices. Domestic light oil supply was about 140,000 mt in September, down by 10,000 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: 15 October, 2021 

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