The margin was minus Yuan 152/mt on average in theory Wednesday, versus minus Yuan 128/mt one week ago and minus Yuan 384/mt a year earlier.
Ex-terminal prices of straight-run fuel oil, feedstock for the refineries, were steady at Yuan 4,790-4,810/mt in South China in the past week. Meantime, ex-terminal prices of high-sulfur fuel oil tumbled on soft demand. Substandard gasoil prices held stable in the period.
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
