China’s fuel oil imports for October rose to their highest in five months, customs data showed on Wednesday.

The imports totalled 2.06 million metric tons, or about 423,000 barrels per day, according to data from the General Administration of Customs.

The import volume edged up 3% month-on-month and 14% year-on-year. This included purchases under ordinary trade, which are subject to import duty and consumption tax, as well as imports into bonded storage.

Some buyers continued to procure fuel oil for use as refinery feedstocks, after outright prices dropped amid a softer crude in October, trade sources said.

More fuel oil was also imported from Singapore for the marine bunker pool, they added.

The marine fuel export quota for the third batch this year was below market expectations, which resulted in less domestic supply available for bunkering in China.

Fuel oil export volume for bunkering totalled 1.20 million metric tons in October, down 37% month-on-month and dropping 14% year-on-year.

The exports are measured mostly by sales from bonded storage for vessels plying international routes.

The tables below show China’s fuel oil exports and imports in metric tons. The exports section largely captures China’s low sulphur oil bunkering sales along its coast.
Source: Reuters (Reporting by Jeslyn Lerh; Editing by David Evans and Nicholas Yong)