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JLC China Bunker Monthly Report (May 2021)

14 Jun 2021

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

Bunker Fuel Demand

Bonded bunker fuel sales inch down in May

China’s bonded bunker fuel sales dropped by about 0.15 million (mln) mt to 1.55 mln mt in May, JLC data showed. The bunker fuel sales inched down when demand was stable to lower. Some bunker businesses at Guangzhou, Shenzhen and Xiamen were transferred to Zhoushan and other ports in North China, given the recurrence of Covid-19 cases. Chimbusco and Sinopec sold about 620,000 mt and 660,000 mt of bonded bunker fuel, respectively. Bonded bunker fuel sales were about 70,000 mt for SinoBunker and 39,000 mt for China ChangJiang Bunker (Sinopec). New enterprises in the China (Zhejiang) Pilot Free Trade Zone sold 155,800 mt.

China’s bonded bunker fuel exports in April 2021 were 2.04 million mt, up by 13.8% month on month and 30.69% year on year, according to GAC data. Bonded bunker fuel sales were underpinned by the strengthened demand and relatively low prices at Chinese ports in April.

Bonded bunker sales for state-owned enterprises and Zhoushan enterprises were 1.88 mln mt and 160,200 mt, accounting for 92.15% and 7.85%. Specifically, bonded bunker fuel sales were 767,600 mt for Sinopec, 950,400 mt for Chimbusco, 125,900 mt for SinoBunker, 36,000 mt for China ChangJiang Bunker (Sinopec).

Domestic bunker fuel demand grows in May

Domestic bunker fuel demand edged up when compared with April. There were more inquiries from downstream buyers under the support of high international crude prices. The increasing prices of steel products and freights also lifted the shipping demand. End users’ consumption of domestic-trade heavy bunker fuel was about 370,000 mt in the month, up by 40,000 mt from the previous month. Some diesel buyers restocked amid a bullish sentiment. The demand for light bunker fuel was 140,000 mt in May, up by 10,000 mt from the previous month.

Bunker Fuel Supply

Bonded bunker fuel imports slip in April 2021

China’s bonded bunker fuel imports were 812,400 mt in April, a decrease of 16.71% month on month and 21.1% year on year, GAC data showed.

China’s bonded bunker fuel imports plunged in April as the domestic low-sulfur fuel production increased. Besides, bonded bunker fuel traders reduced import volume as Sinopec cut its low-sulfur fuel price, making it lower than that of Singapore and surrounding countries.

Specifically, the largest import source for China was still Malaysia with 567,300 mt of bunker fuel. Imports from Singapore, South Korea and Iraq were 90,500 mt, 85,800 mt and 68,800 mt respectively.

Domestic blended bunker fuel supply inches up in May

Chinese blending producers supplied a total of around 380,000 mt of heavy bunker fuel in May, up by 30,000 mt from April, JLC data showed. Low-sulfur residue oil supply increased in May. Light coal tar and coal-based diesel mainly flowed into the hydrofining field instead of blending due to their high prices. The supply of shale oil was normal. Heavy bunker fuel supply inched up amid ample feedstocks and strengthened demand. Domestic light oil supply was about 150,000 mt in May, up by 10,000 mt from the previous month.

Bunker Prices, Profits

Editorial Director

Amanda Zhao

+86-10-84428984

amandaihao@jlcint.com

Sales  Beijing

Tony Tang

+86-10-84428863

tonytang@jlcint.com

Editor

Rachel Xu

+86-20-38834392

rachelxu@jlcint.com

Singapore

Ginny Teo

+65-31571254

ginnyteo@jlcinl.com

Tobey Li

+86-10-84428620

tobeyli@jlcint.com

Hong Kong

Jin Byun

+852 9103 1936

sangjin.byun@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.

Related: JLC China Bunker Market Monthly Report (April 2021)
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Photo credit: JLC Network Technology Co Ltd
Published: 14 June, 2021

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