South China is estimated to import 240,000-270,000mt of fuel oil in March, down 23% from C1's estimation for the previous month, 50% less than the same period last year, C1 forecast.
All of the March imports would be mixed/cracked fuel oil for bonded bunker market. Import volume of straight-run fuel oil was zero due to sharp fluctuation of international crude benchmarks from the second half of February, according to a main importer of the resource.
Major importer Guangdong Province received around 90,000mt of foreign fuel oil in the first half of March, with Sinochem International and Chimbusco Pan Nation as main receivers. The province is forecast to take in 150,000mt more in the second half, with Shenzhen Brightoil Group and Chimbusco Pan Nation as key importers.
Fuel oil imports of Fujian, Hainan and Guangxi might add up to only 10,000mt in March.
