China imported 2.77-mil mt of distillates in September, a drop of 18.77% from August, data released by the General Administration of Customs (GAC) showed.
The data did not give a breakdown by product.
According to C1's estimation, fuel oil imports may be about 2-mil mt, down by 240,000mt or 11% on month.
Sharp fluctuations in Brent crude prices in August dampened Chinese fuel oil importers' buying interest in September cargoes, although Shandong-based importers increased imports at the end of September to replenish stocks, according to market sources. Additionally, speculative demand from bonded bunker traders was low because of ample stocks after intensive replenishments in August, the sources said.
The imports of light oil may reach 770,000mt in September, down by around 40% from the previous month. Gasoil and gasoline imports may aggregate 300,000mt, kerosene imports at around 320,000mt and naphtha imports at 150,000mt, C1 estimated.
China's distillates exports were 2.24-mil mt in September, a decline of 3.23% from August, according to the GAC data.
