In March, although the demand for gasoline and diesel in China was still recovering, it was still slow. Specifically, with the Spring Festival effect ending, domestic gasoline demand returned to a stable level, and the market supply further increased, and domestic gasoline oversupply pressure rose significantly; despite domestic industrial and mining, The logistics and other industries resumed their work, but the operating rate remained low, diesel demand recovered slowly, supply and demand conditions remained severe, and some of the export plans in February were affected by the Spring Festival and extended to this month. As a result, exports of gasoline and diesel rose significantly in March.
From the perspective of export flow, in March 2018, China's gasoline exports ranked according to destinations. Singapore was ranked first, up by 96.16% from the previous month; Malaysia was in second place, up by 497.11% from the previous month; Oman was third, unchanged from the previous quarter. In addition, China’s diesel exports are ranked according to their destinations. Singapore still tops the list, up 82.47% month-on-month; Hong Kong, China is in second place, up 198.98% month-on-month; Australia is in third place, up 197.91% month-on-month.
In terms of exports, in the first quarter of this year, the progress of China's exports of gasoline and diesel (general trade) was close to 60%, of which the progress of gasoline exports was 53%, and the progress of diesel exports reached 62%. In terms of gasoline, Sinopec's export quota utilization rate was nearly 95%. CNOOC's export progress also exceeded 80%, and other units' export progress was relatively slow. For diesel, PetroChina and CNOOC's export progressed faster than 80%. The export progress of other units was slightly slower. As some of the unit's export quotas have been used up, and new export quotas have not yet been obtained, the pressure on some of the unit's inventory has increased significantly, resulting in the occurrence of low-cost promotions and inventory clearance. However, according to Jinlianchuang, the new batch of export quotas will be decentralized in the near future, which will greatly ease the pressure on domestic supply and demand.
With the gradual recovery of temperature in April, domestic diesel demand has been further restored, and resource consumption has accelerated. However, due to the current abundant supply of resources, the excess diesel oil pressure is still evident; while the demand for gasoline is still in a stable period, the pressure on stocks has only increased. Jinlian Chuang expects that China's exports of gasoline and diesel may remain high in April, but taking into account the lack of export quotas for some units, the overall export volume will fall.
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