South China is expected to import 130,000-140,000mt of fuel oil in October, down by 33% from September and down by 44% from the same period last year because of ample stocks, according to C1 estimation.
All of the imports will be mixed/cracked fuel oil for the bonded bunker market, according to C1 shipping fixtures.
Most bonded bunker traders in South China have been consuming their stocks in October, because they have imported sufficient fuel oil earlier, market sources said.
South China recorded no imports of straight-run fuel oil in the month as prices of the product ramped up tracking gains in global crude prices, according to the sources.
Singapore is expected to still be the biggest fuel oil supplier for South China in October, supplying about 125,000mt. The rest imports will be from South Korea.
About 80,000mt of the imports are expected to arrive at Shenzhen. The imports of Zhuhai and Huangpu ports are expected to be 25,000mt and 15,000mt, respectively. The combined imports of Fujian, Hainan and Guangxi are expected to be 15,000mt.
South China's fuel oil imports may slightly increase in November, when inventories may be digested and Sinopec Fuel oil Sales Fujian may receive its first cargo of bonded bunker fuel oil in Fuzhou.
