A Glance of China Oil Market 20260810
Weekly News
China Jul refined oil exports more than doubled amidst relaxing export control
Based on Mysteel's tracking of the shipping fixture, China's refined oil exports recorded approximately 1.79 million tonnes in July, surging 130.97% from the level in June thanks to relaxing export control when the domestic market was relatively balanced. However, the relaxation of export controls does not amount to a full lifting of restrictions. Given the ongoing geopolitical uncertainties in the Middle East, domestic supply will remain the top priority for China's refined oil products.
China's Jul LNG consumption declined 2.53% YoY due to week demand
China's LNG supply rose 3.19% MoM to 8.27 mln tonnes in July, with domestic output up 5.88% to 2.48 mln tonnes, while consumption fell 2.53% to 3.07 mln tonnes. PNG substitution and typhoons curbed demand. In August, new plants and maintenance restarts will boost supply, while power demand stays weak, keeping the oversupply intact.
South China LPG imports to sink in Aug
South China LPG imports hit a record high in July. Late-month geopolitical tensions pushed up August CP; with ample stocks and off-season demand, regional imports will fall markedly in August. According to OilChem, South China's LPG arrivals in July 2026 were 1.005 million tonnes, up 130% month-on-month (MoM) and 60% year-on-year (YoY). The Middle East accounts for 80% of regional LPG shipments, which averaged 650,000 tonnes Jan-Mar, fell to 220,000 tonnes Apr-Jun owing to geopolitical tensions, and then returned completely in July as tensions eased.
Mysteel PCI spot price index: China
Aug 11, 2026 17:40
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