China's fuel oil imports slip in 2025 on weaker demand from refineries
China's total fuel oil imports fell in 2025 after hitting a record high in 2024, as lower import tax rebates weighed on demand from independent refineries.
Imports of fuel oil totaled 21.6 MM tonnes (t) (about 376,000 bpd), down 10.4% from 2024's record high of more than 24 MMt, data from the General Administration of Customs showed on Tuesday.
China's demand for fuel oil typically comes from independent refiners, which can opt to use it as an alternative feedstock when they run out of crude-oil import quotas.
An increase in the fuel-oil import tax in early 2025 along with lower tax rebates softened demand.
"China's 2025 decline in fuel oil imports was largely driven by weaker feedstock demand, amid a thinner fuel oil consumption tax rebate rate," said Emma Li, China senior market analyst at Vortexa.
"Looking into 2026, refiners are expected to continue prioritizing crude oil over fuel oil as feedstock until quotas run short, or if the supply of certain crude grades get disrupted, such as heavy Venezuelan crude," Li said.
Higher marine fuel exports. China's exports of marine fuels, consisting mainly of very-low-sulfur fuel oil, climbed 11.6% from a year earlier to 20.47 MMt in 2025, the customs data showed.
The higher exports, measured mostly by sales from bonded storage for vessels on international routes, emerged as China's bunker hub Zhoushan continued to expand, overtaking the United Arab Emirates’ Fujairah to become the world's third-largest ship-refueling hub in 2025.
China's Zhoushan port scaled new heights in bunker volumes, which totaled more than 8 MMt in 2025, based on Zhoushan port website data.
The tables below capture China's fuel oil exports and imports in metric tons.
The exports largely represent China's low-sulfur oil bunkering sales along its coast, while the imports include purchases under ordinary trade subject to import duty and consumption tax, as well as imports into bonded storage.
|
Exports (2025) |
Bonded storage trade |
m/m % change |
y/y % change |
|
January |
1,337,960 |
-1% |
-20% |
|
February |
1,666,864 |
25% |
42% |
|
March |
1,753,646 |
5% |
33% |
|
April |
1,772,478 |
1% |
8% |
|
May |
1,236,411 |
-30% |
-26% |
|
June |
2,318,320 |
88% |
46% |
|
July |
1,454,122 |
-37% |
-13% |
|
August |
1,643,244 |
13% |
12% |
|
September |
2,236,310 |
36% |
17% |
|
October |
1,228,147 |
-45% |
2% |
|
November |
1,583,335 |
29% |
-7% |
|
December |
2,235,632 |
41% |
66% |
|
Imports (2025) |
Ordinary trade |
Bonded storage trade |
Total |
m/m % change |
y/y % change |
|
January |
991,690 |
890,684 |
1,882,374 |
-8% |
-13% |
|
February |
686,966 |
1,267,117 |
1,954,083 |
4% |
36% |
|
March |
510,604 |
872,008 |
1,382,612 |
-29% |
-30% |
|
April |
553,545 |
1,273,856 |
1,827,401 |
32% |
-38% |
|
May |
406,413 |
895,315 |
1,301,728 |
-29% |
-40% |
|
June |
442,352 |
954,692 |
1,397,044 |
7% |
-6% |
|
July |
428,451 |
1,528,478 |
1,956,929 |
40% |
42% |
|
August |
403,846 |
1,053,741 |
1,457,587 |
-26% |
-23% |
|
September |
399,249 |
1,624,921 |
2,024,170 |
39% |
1% |
|
October |
729,094 |
1,143,464 |
1,872,558 |
-7% |
-9% |
|
November |
616,790 |
1,532,613 |
2,149,403 |
15% |
-16% |
|
December |
652,575 |
1,751,230 |
2,403,805 |
12% |
17% |
(Figures are based on the latest available data at the time of publication and may be subject to revision by China customs at a later date)
(1 metric ton = 6.35 barrels for fuel oil conversion)
Comments