China crude imports rise in November on inventory build-ups

10 December 2013 03:33 Source:ICIS News

SINGAPORE (ICIS)--China’s crude imports rose significantly in November as big refiners, Sinopec and PetroChina, were building up their inventories in the month, industry sources said on Tuesday.

The country imported 23.56m tonnes of crude in November, up by 15.4% from October, official customs data showed.

By year on year comparison, the November crude imports were at a slight 0.8% higher, according to China Customs.

Refineries under Sinopec and PetroChina will operate at relatively high rates in the coming three months as they have few turnarounds planned in the period, which prop up their crude demand, the industry sources said.

China's import and export data

Nov 2013

Jan-Nov 2013

'000 tonnes

chg % (yoy)

'000 tonnes

chg % (yoy)

imports

crude

23,560

0.8

255,180

3.2

oil products

2,820

-19.4

36,210

1.5

primary shape plastics

2,250

10.3

22,270

2.9

ABS resins

149

12.2

1,525

-0.8

polyester chips

14

-2.6

174

2.2

natural rubber

270

22.7

2,130

8.2

synthetic rubber

135

14.3

1,387

5.4

exports

crude

100

-16.7

1,530

-35.1

oil products

2,110

-1.9

25,870

18.8

plastic products

802

19.4

8,148

5.6

Source: China Customs

By Fanny Zhang