China Bitumen Output Dropped Sharply in Nov

China Bitumen Output Dropped Sharply in Nov

China’s bitumen output was 2,096.5kt inNovember, down 15.91% month-on-month and down 11.76% year-on-year.International crude oil prices went down a lot from October, and the bitumen futures dropped. These factors weighed down the market sentiment. Most refinerie ssuffered slack sales of bitumen, and some refineries cut their bitumen output.In addition, the demand for bitumen in the north of China decreased greatly with the coming of winter, so some refineries in the north of China changed to produce residue oil. Therefore, the average operating rate of China’s bitumen units went down in November.

China’s bitumen market remains in a downtrend in December. The demand in the north of China is in the slack season,so the average operating rate of the bitumen units in the north of China continues slipping. In the south of China, the market demand for bitumen is supported by the construction of some infrastructure. But traders and downstream companies are cautious about the procurement of bitumen, consideringthe price increase. It is predicted that China’s bitumen output will drop toaround 1.9-1.95 million tons in December.

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