According to OilChem tracking of the shipping fixtures, the arrivals of feedstock, including crude oil, bitumen mixture, and fuel oil, at ports in Shandong Province and Tianjin City imported by independent refineries and traders edged down 1.38% month on month (MoM) at 9.43 million tonnes in September.
Source: Mysteel OilChem
The arrivals consisted of 7.51 million tonnes crude oil, down 5.37% MoM, 0.85 million tonnes fuel oil, up 32.76%, and 1.08 million tonnes bitumen mixture, rising 8.57% MoM, OilChem data showed.
In other words, before the consumption tax and tax credits on fuel oil are officially implemented, the independent refineries will maintain the current procurement rhythm.
Written by Aggie Hu, huchenying@mysteel.com
Edited by Navy Liu, liuchuanjun@mysteel.com