The Bohai Bay (Shandong, North and Northeast China) is estimated to import 1.30-1.40-mil mt of fuel oil in May, largely flat to the estimate for April, C1’s shipping schedule shows.
This region's fuel oil imports are likely to stay high in May, as Shandong independent refineries have raised operation rates this month. In addition, most market players expect the oil market to climb in June, which has also bolstered independent refineries' feedstock purchases.
Among the estimated imports for May, about 1.20-mil mt is for Shandong, stable, around 100,000mt for Tianjin in North China, up 20,000mt, roughly 50,000mt for Dalian in Northeast China, down 40,000mt.
By source, Bohai Bay's fuel oil imports in May are estimated as follows-500,000-600,000mt from Russia, down 170,000-200,000mt; 340,000-380,000mt from Southeast Asia, up 80,000mt; about 350,000mt from Venezuela, up 170,000mt; 80,000-100,000mt from Japan, down 10,000mt.
