SINGAPORE (Reuters) – China’s fuel oil imports rose 6.8% in the first two months of 2025 from the same period last year, data showed on Thursday, as traders rushed to deliver the shipments booked ahead of an increase in import taxes and lower tax rebates.
Imports during January and February totalled 3.84 million metric tons, or about 413,300 barrels per day (bpd), customs data showed.
Demand is set to drop this year following a rise in import duties on fuel oil. Buyers were also deterred by higher prices for high-sulphur fuel oil cracks in Asia.
Meanwhile, exports of low-sulphur marine fuels also climbed 5.5% during January-February 2025 compared with the previous year, customs data showed.
Exports of the marine fuels, measured mostly by sales from bonded storage for vessels plying international routes, totalled 3 million metric tons.
Chinese bunker exports rose as prices at key ports Zhoushan and Shanghai were cheaper than the Singapore hub, attracting more short-term demand. Prices were at least $5 cheaper per metric ton between mid-January and mid-February, according to trade sources.
The table below shows China’s fuel oil exports and imports in metric tons.
The exports section largely captures low-sulphur oil-bunkering sales along China’s coast. The import volumes include purchases under ordinary trade, which are subject to import duties and consumption tax, as well as imports into bonded storage.
Exports Bonded m/m % y/y %
storage change change
trade
January 1,337,960 -1% -20%
February 1,666,864 25% 42%
Jan-Feb 3,004,824 5.50%
Imports Ordinary Bonded Total m/m % y/y %
trade storage change change
trade
January 991,690 890,684 1,882,374 -8% -13%
February 686,966 1,267,117 1,954,083 4% 36%
Jan-Feb 1,678,656 2,157,801 3,836,457 6.80%
(Figures are based on latest available data at the time of publishing, and may be subject to revision by China customs at a later date)
(1 metric ton = 6.35 barrels for fuel oil conversion)
(This story has been refiled to correct the headline)
(Reporting by Jeslyn Lerh and Chen Aizhu; Editing by Alex Richardson)
