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Malaysia's imports from January to November increased by 85.9% year-on-year

Refinery's November fuel oil imports soared 139.7% month-on-month

Brazil imports almost halved from January to November

According to data from S&P Global Platts on December 12, Malaysia surpassed Russia to become the largest supplier of raw materials for China’s independent refineries in the first 11 months of this year. Strong demand and strong demand for asphalt mixtures. 7.

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From January to November, imports from Malaysia increased by 85.9% year-on-year to 25.36 million tons.

Last month, the export volume of Malaysian asphalt mixture soared by 152.2% year-on-year, contributing 14.19 million tons, while the inflow of Nemina grade increased by 150.9% to 7.34 million tons, in addition to Mal Blend, Singma, and Malaysian blends.

In November, China's independent oil refineries imported about 476,000 tons of mixed asphalt, a decrease of about 35.2% from the previous month. At the same time, Shandong port fuel oil unloading volume was about 604,000 tons, an increase of 139.7% from the low base of 252,000 tons in October.

According to port sources, at least 483,000 metric tons of these imports were claimed to be fuel oil, but were reported as bituminous mixtures in the previous months.

They said that if the goods are reported as fuel oil rather than bituminous mixtures, it is easier to obtain tax relief, which reflects the increasing trend of this practice.

After June 12, on the basis of the existing 8% import tax and 13% value-added tax, the import of mixed asphalt will be subject to an additional consumption tax of RMB 1,218/ton (US$187.94/ton), while the fuel oil will be subject to the same The amount of consumption tax, consumption tax and value-added tax, but enjoys a 1% import tax.

Neither fuel oil nor bitumen blend imports require crude oil import quotas. If independent refineries face a shortage of raw materials at the end of the year, they are free to explore this option.

Iranian crude oil remained competitive in November, with 13 shipments reaching 1.87 million tons.

According to reports, approximately 609,000 metric tons of Oman crude oil, bringing total imports of this grade to nearly 1.3 million tons in November.

Platts data shows that the 2.19 million tons of Oman imported by independent refineries in October hit a record high, an increase of 203.2% from September.

In view of the substantial increase in Iranian crude oil, imports of other grades of crude oil have declined within a year, with crude oil from Brazil and Angola being the hardest hit.

Imports from Brazil from January to November fell 50.2% to 11.75 million tons from 23.6 million tons in the same period last year. Angola has also suffered a similar fate. The supply in the past 11 months was only 11.74 million tons, a decrease of 18.2% compared with the same period last year.

Although imports from Malaysia and the Middle East have soared in the past few months, imports from traditional suppliers including Russia have fallen.

Russia, Brazil and Angola were once the top three suppliers of China's independent oil refineries. But with the increase in blended crude oil from Malaysia and new refineries benefiting the Middle East, including Saudi Arabia, these three major suppliers have retreated to the second place.

Total imports from Russia in the first 11 months of this year fell 12.3% year-on-year to 24.99 million tons, compared with 28.48 million tons last year.

At the same time, imports from the UAE from January to November increased 18.1% year-on-year to 15.2 million tons, while imports from Oman increased 29% year-on-year to 13.485 million tons.

Platts collected information on imported raw materials from independent refineries in Shandong Province, Tianjin, Zhoushan, Dalian, and Lianyungang, including 37 crude oil import quota holders and other non-quota holders.

So far in 2021, the total crude oil quota for these 37 refineries is 158.38 million tons, accounting for 86% of the total quota for the independent refining industry that year.

Major crude oil suppliers of independent refineries in China ('000 tons):

Top crude oil from China's independent refineries ('000 tons):

Source: S&P Global Platts data, company source

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