2024 IIR Import Data Interpretation
Introduction: According to GACC, in 2024, the import volume of regular IIR in China was approximately 129kt, an increase of 17.77% YoY. The import volume of HIIR was around 174kt, an increase of 27.82% YoY. The overall import volume of IIR showed an upward trend.
Import volume reached a new high in recent years.
According to GACC, in 2024, the total import volume of IIR in China was 303kt, an increase of 23.3% compared to 2023, making it the year with the highest import volume in the past five years. From 2020 to 2024, the import volume of IIR showed a W-shaped trend. In 2021, affected by anti-dumping and other factors, the import volume of IIR in China declined. However, after 2022, due to geopolitical and other influences, the quantity of IIR from a certain European country increased significantly, driving up the overall import volume of IIR in China.
Analysis of IIR Monthly Import Characteristics
Regular IIR: In 2024, the monthly import volume of regular IIR showed significant fluctuations. The import volume was relatively high from March to April, and relatively low in August. After September, the import volume showed a gradually increasing trend. During the March and April peak season, market demand rebounded significantly. Coupled with the strong market expectation of demand recovery, it promoted a large-scale concentrated arrival of imported supplies. Starting from the end of April, some overseas units underwent maintenance, the supply side tightened, and the import cost was high, resulting in a decline in the import volume of regular IIR. In the fourth quarter, the import volume of supplies from a certain European country increased in a restorative manner, driving up the total import volume.
HIIR: The import volume decreased in February due to the Spring Festival holiday, and there was also a significant drop in August. February coincided with the Spring Festival when most tire companies shut down and demand was weak, resulting in a smaller import volume; however, during the March and April peak season, market demand rebounded strongly, making the two months with the highest import volumes of the year. In August, due to the shutdown of some enterprises in the downstream pharmaceutical industry, overall demand weakened, coupled with the impact of logistics, the import volume subsequently decreased. Nevertheless, in the later period, as the average price of imported goods decreased, the import volume in Q4 increased compared to Q3.
Import volume by trade partner
Regular IIR: In 2024, China imported approximately 97.1kt of regular IIR from Russia, a YoY increase of 5.06%, accounting for 75.17% of the total. China imported around 15.7kt from Singapore, marking an increase of 115.4%, which constituted 12.12% of the total imports. The operating rate of Exxon’s Singapore plant improved, leading to an increased supply to China. The import volume from India was about 6.3kt, up by 895.23% YoY, making up 4.87% of the total. The price of regular IIR imported from India was relatively low, offering a certain cost advantage.
HIIR: In 2024, China imported 79.8kt of HIIR from Russia, an increase of 38.29% YoY, accounting for 45.85% of the total imports. China imported 42kt of HIIR from Saudi Arabia, an increase of 20.74% YoY, accounting for 24.14% of the total. The import volume from Canada was approximately 20.5kt, an increase of 104% YoY, accounting for 11.77% of the total. In 2024, China launched anti-dumping investigations into HIIR from India, Japan, and Canada. In the future, the import proportion of these countries may decrease.
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