A Glance of China Oil Market 20260907
Weekly News
China's Aug refined oil exports up 55% MoM by shipping fixture
Based on OilChem's tracking of the shipping fixture, China's exports of refined oil recorded 2.78 million tonnes in August 2026, rising 55.16% from the exports in July, which include primarily the exports under general trade mode and exclude those to bonded zone. The August export increases were allowed by sufficient leftover export quotas as well as secured domestic supply, aside attractive export margins.
CP hikes pressure cost, China LPG arbitrage window may close
Saudi Aramco's September contract price (CP) points to higher than expected propane and butane prices amid geopolitical headwinds and constrained spot supply. The propane-butane spread widened to $35/tonne, as butane's spot fundamentals tightened further. A tight global supply kept restocking appetite intact among major Far East economies. China, India, and Japan bought September-delivery spot cargoes, supporting stronger CFR Far East levels.
China LPG imports to fall 19.54% YoY in Sep on Saudi Aramco propane halt
Saudi Aramco plans to suspend propane supply to Asian term customers in H1 2027 due to maintenance. While Saudi Arabia accounts for less than 4% of China's LPG imports, the move adds to global supply chain pressures. Combined with Middle East conflicts, Panama Canal transit restrictions and surging freight costs, the global LPG market outlook is increasingly complex. OilChem expects domestic LPG imports to drop further to around 2.50 mln tonnes (-19.54% YoY) in September, with a significant supply gap from mid-to-late September.
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PCI coal procurement prices: Pingxiang Iron & Steel
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