Source: General Administration of Customs Website
According to Customs statistics, China imported 4.385 million tons of LPG and other hydrocarbon gases (hereinafter referred to as “LPG” collectively) in the first three quarters of the year, registering a drop of 17.7% compared with that of the same period last year (the same below), with a total import value of USD 2.34 billion and a mean import price of USD 532.6/t, or an increase of 2.1% and 24.1% respectively. The imports have the following main characteristics:
I. Substantial drop in import quantity for two consecutive months in August and September: China imported 509,000t and 442,000t LPG in August and September respectively, registering a drop of 19% and 50.6% respectively.
II. 80% of the imports were made through general trade with sharp increase in bonded-warehouse entry-exit cargos: in the first three quarters, China imported 3.74 million tons of LPG, registering a drop of 19.6% and accounting for 85.3% of China’s total LPG imports. The LPG imported as bonded-warehouse entry-exit cargos amounted to 580,000, as against the less than 1,000t in the same period last year and accounting for 13.2% of total imports this year.
III. Australia, UAE and Kuwait are the main sources of imports. In the first three quarters, China imported 2,055,000, 414,000 and 413,000t LPG from Australia, UAE and Kuwait respectively, registering a drop of 15.5%, 17.4% and 14.2% respectively. The LPG imported from the previous three countries accounts for 65.7% of China total LPG imports in the same period.
IV. Substantial increase in LNG import and drastic fall in liquefied propane and liquefied butane import: in the first three quarters of the year, China imported 2,614,000t LNG, 926,000t liquefied propane and 829,000t liquefied butane, registering a growth of 23.8%, a substantial drop of 45.8% and 44.8% respectively.
V. Guangdong is the main destination province of import and Zhejiang and Shanghai have seen drastic drop in import quantity. In the first three quarters, Guangdong imported 3,583,000t LPG, registering a drop of 13.5% and accounting for 81.7% of China’s total LPG imports. Zhejiang and Shanghai imported 247,000t and 151,000t LPG, registering a drop of 42.4% and 51.9% respectively.
LPG is closely related to people’s daily life. In order to stabilize LPG supply, China has kept increasing its LPG output. Following the formal launching into operation of Sinopec’s new oil refinery in Qingdao with a capacity of 10,000,000t/year, the oil refinery with a capacity of 12,000,000t/year of CNOOC in Huizhou Guangdong will soon be launched into production in November. The Xinjiang Duzishan Oil Refinery expansion project from 6,000,000t/year to 10,000,000t/year will also be launched into production at the end of the year. It is noteworthy that LPG price is still at a high level despite the recent price drops.
Proposals (omitted).
