China's crude oil imports stood at 42.34 million tonnes in July, down 8.86% prom the previous month, according to data from the General Administration of Customs of the People's Republic of China (GACC). The imports totaled 317.84 million tonnes over January-July, down 2.50% year on year (YoY).
The monthly fall in July was caused by low CDU capacity utilization rates of domestic refineries amidst restricted refining profits.
In July, China's crude oil imports came from Russia, Saudi Arabia, Malaysia, Iraq, and Oman by volume, taking up 66.25% of China's total imports.
It is projected that China's crude oil imports will rise to around 47 million tonnes in August on improving production after the refineries completing the maintenance.
Written by Aggie Hu, huchenying@mysteel.com
Edited by Navy Liu, liuchuanjun@mysteel.com