The combined feedstock imports for China’s independent refineries in March recovered 6.7% to 14.055 million mt from the four-month low in February, but the trend is unlike to sustain in April, S&P Global Commodity Insights’ data showed on April 7.
Weakening domestic demand for oil products amid the current wave of COVID-19, crude prices volatility and uncertainties in payment, shipping of Russian crudes dampened independent refiners’ buying interest for the coming months deliveries, analysts said. Independent refineries had lifted their purchase for March delivery as they expected to lift throughput when economy activities recover from Lunar New Year and Beijing Olympics, despite the volume remained 16.8% lower from the 16.89 million mt in a year ago. Among the imports, crude rose 7.1% to 12.1 million mt from a six-month low in February. Feedstock imports include crude, bitumen […]