Highlights Refining margins remain high ZPC raises throughput on the back of sufficient quotas Feedstock inventories fall for second month in a row China’s independent refiners in Shandong province lifted their throughput to five-month highs in November, joining their state-run counterparts who are also stepping up efforts to raise run rates to enjoy attractive refining margins.
Data from local information provider JLC showed that feedstock consumption at China’s independent refineries in eastern Shandong province edged up 0.6% month on month to 2.4 million b/d in November, a five-month high. It was also the third consecutive monthly rise in throughput. Average refining margins for cracking imported crudes fell to around Yuan 849/mt, 28.4% lower from a record high of Yuan 1,185/mt in October, according to JLC’s calculation. The margin fall was due to the retreat in prices of […]