The margin was minus Yuan 202/mt on average in theory Wednesday, versus minus Yuan 152/mt one week ago and minus Yuan 354/mt a year earlier.
Ex-terminal prices of straight-run fuel oil, feedstock for the refineries, edged up Yuan 50/mt to Yuan 4,840-4,860/mt in South China in the past week. Meantime, ex-terminal prices of high-sulfur fuel oil stayed unchanged at Yuan 3,700-3,750/mt on less supply and wholesale prices of substandard gasoil held stable at Yuan 5,800-5,900/mt.
C1 calculated oil refining margins of independent refineries mainly on the basis of C1's intraday price assessments of spot feedstock and products of these refineries, as well as average output ratio of the products. C1 also took into consideration the average processing cost of the domestic oil refining industry, transportation cost, consumption tax, value-added tax and losses, etc., while excluding the other costs like financial cost and sales tax, etc.
China Chemical Weekly: http://news.chemnet.com/en/detail-1411716.html
