China's independent refineries reported high CDU capacity utilization rates in the first two months of 2024 compared with previous years, and showed an average 65.5% year-to-date, up 2.58 percentage points year on year (YoY), according to OilChem survey.
Source: Mysteel OilChem
The increase was partly due to a low base in 2022 and 2023 when the production was disrupted by the covid-19 pandemic outbreak.
Correspondingly, China's gasoline and gasoil production presented a combined annual growth of 4.33% at 22.54 million tonnes YTD.
Source: Mysteel OilChem
Looking ahead, the CDU capacity utilization rates of independent refineries are projected to edge down 0.51 percentage point week on week at 63.09% over February 23-29, as Shandong Luqing Refinery will lower its run rates for narrowing refining profits, which dropped to Yuan 236.83/tonnes in the week ended February 22, down 18.83% from a week earlier.
Written by Aggie Hu, huchenying@mysteel.com
Edited by Navy Liu, liuchuanjun@mysteel.com
