MNI China Press Digest Feb 13: Tariffs, Copper, Logistics

MNI: PBOC Net Drains CNY149.7 Bln via OMO Thursday

MNI: PBOC Sets Yuan Parity Higher At 7.1719 Thurs; -1.52% Y/Y

MNI BRIEF: Fed In No Rush To Adjust Interest Rates - Bostic

MNI BRIEF: Fed's Powell - Trend Growth Could Be High As 2.25%

MNI BRIEF: Fed's Powell Wants To Keep Policy Restrictive

MNI: JAPAN JAN CORP GOODS PRICE INDEX +4.2% Y/Y; DEC REV +3.9%

MNI: US JAN TREASURY BUDGET -$128.6B

EZ/UK Bond Supply Calendar: BTP Auction on Thursday

GERMANY: Economy Ministry Lowers 2025 Growth Forecast As Expected

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

GERMANY: Kukies Considers Potential Non-Implementation Of 2024 Suppl' Budget

© 1982-2025 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

OIL: Shandong Refiners Slashing Runs as Access to Iranian Barrels Tightens

OIL
BulletEnergy BulletsCommodities

Shandong teapot refineries in China have slowed down runs and must still draw down their local inventories as they can't import Iranian as they used to. 

  • The economics of private refining in China depends heavily on deep discounted sanctioned oil. Run rates at China’s Shandong teapot refineries has fallen to the lowest since March 2020 at 43.64%, according to Mysteel Oilchem on Friday.
  • Kpler figures show building Iranian crude barrels at sea. The push in Iran barrels may reflect a rush to try and front run sanctions though building at sea barrels highlights difficulties the barrels are facing.
  • Reminder that Shandong ports have enforced stricter sanctions on Iranian barrels even ahead of Trumps second term.
  • Vortexa data highlights that other China ports are trying to pull the barrels instead and intra flow them to Shandong refineries but appears to be a much less efficient process and likely incurring higher costs.
  • On Thursday: The US Treasury Department issued a statement confirming the first Trump administration sanctions on Iranian crude oil, targeting "an international network for facilitating the shipment of millions of barrels of Iranian crude oil worth hundreds of millions of dollars to the People’s Republic of China (PRC)." 

 

Keep reading...Show less
222 words

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.

Shandong teapot refineries in China have slowed down runs and must still draw down their local inventories as they can't import Iranian as they used to. 

  • The economics of private refining in China depends heavily on deep discounted sanctioned oil. Run rates at China’s Shandong teapot refineries has fallen to the lowest since March 2020 at 43.64%, according to Mysteel Oilchem on Friday.
  • Kpler figures show building Iranian crude barrels at sea. The push in Iran barrels may reflect a rush to try and front run sanctions though building at sea barrels highlights difficulties the barrels are facing.
  • Reminder that Shandong ports have enforced stricter sanctions on Iranian barrels even ahead of Trumps second term.
  • Vortexa data highlights that other China ports are trying to pull the barrels instead and intra flow them to Shandong refineries but appears to be a much less efficient process and likely incurring higher costs.
  • On Thursday: The US Treasury Department issued a statement confirming the first Trump administration sanctions on Iranian crude oil, targeting "an international network for facilitating the shipment of millions of barrels of Iranian crude oil worth hundreds of millions of dollars to the People’s Republic of China (PRC)." 

 

Keep reading...Show less