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China Independent Refiners Pull Higher Feedstock Volumes in March

REFINING

Independent refineries in China increased their feedstock imports by 13.3% m/m in March to a seven-month high of 17.4 million mt (127.54 million barrels) according to Platts figures.

  • The feedstock imports for independent refineries in March included crude, fuel oil and bitumen blend.
  • The majority of the increase came from the three mega refineries, which raised their combined feedstock imports by 24.6% to 6.575 million mt in March – despite two of them being due April maintenance (Zhejiang Petroleum & Chemical and the Hengli Petrochemical (Dalian) Refinery)
  • April imports are expected to come down slightly from March levels, given the low utilization rate at Shandong's independent refineries as well as maintenance at major refineries.
  • Shandong refinery utlilization remains low at 58.5% as of April 3 according to JLC figures – flat from the week prior.
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