China’s November imports of fuel oil rose 15% from a month earlier, customs data showed on Saturday.

The import volumes totalled 2.15 million metric tons, or about 454,957 barrels per day (bpd).

Imports rebounded as cracks for high-sulphur fuel oil (HSFO) softened in November, with discounts widening versus crude. Asia’s 380-cst HSFO crack hit a low not seen in more than a year, nearing a discount of $8 a barrel versus Brent futures, LSEG data showed.

Meanwhile, China’s exports of fuel oil, mostly for low-sulphur marine fuel bunkering, climbed 29% month-on-month to 1.58 million metric tons in November, the customs data showed.

Premiums for low-sulphur marine fuel at the key Chinese bunker port of Zhoushan stayed at more than $10 a metric ton over Singapore bunker prices in November, market sources said.

The table below shows China’s fuel oil exports and imports in metric tons.

The exports section largely captures low-sulphur, oil-bunkering sales along China’s coast. The import volumes include purchases under ordinary trade, subject to import duties and consumption tax, as well as imports into bonded storage.
Source: Reuters