China was estimated to import about 1.60-mil mt of fuel oil in October, a shipping schedule shows. This volume is down about 1% or 20,000mt from September imports published by the General Administration of Customs, but up 22% on year.
Due to abundant supply of marine crude, Shandong was expected to cut the imports of straight-run fuel oil, mostly from Singapore and Southeast Asia.
Meanwhile, importers in Shandong showed stronger interest in Russian M100 fuel oil, due to higher performance-price ratio over blended resources from Southeast Asia after the prices for the former dropped, said traders. After the CFR premium for M100 fuel oil declined more than US$7/mt for the latest term tender, traders became eager to sell out their cargoes for October, which enabled Shandong independent refineries to buy such cargoes for CFR premiums of US$36-37/mt.
As a result, the imports of M100 fuel oil were estimated to surge 39% on month.
One VLCC cargo of Venezuelan fuel oil reached China in the month, flat to the previous month, the shipping schedule indicates.
Due to abundant supply of marine crude, Shandong was expected to cut the imports of straight-run fuel oil, mostly from Singapore and Southeast Asia.
Meanwhile, importers in Shandong showed stronger interest in Russian M100 fuel oil, due to higher performance-price ratio over blended resources from Southeast Asia after the prices for the former dropped, said traders. After the CFR premium for M100 fuel oil declined more than US$7/mt for the latest term tender, traders became eager to sell out their cargoes for October, which enabled Shandong independent refineries to buy such cargoes for CFR premiums of US$36-37/mt.
As a result, the imports of M100 fuel oil were estimated to surge 39% on month.
One VLCC cargo of Venezuelan fuel oil reached China in the month, flat to the previous month, the shipping schedule indicates.
