Q1 of 2021 China PBR Import and Export Analysis
In March 2021, China’s PBR import volume increased by over 33% Y-O-Y, and the PBR export volume increased by 26% Y-O-Y. What were the characteristics of China’s import and export of PBR in Q1, 2021, and what new changes were made in the import origins and export destinations compared with Q1 of 2019?
In Q1, 2021, China’s PBR import volume was about 49kt, down 10% from the fourth quarter of 2020 and up 3.7% from the first quarter of 2020. As seen from the historical quarterly data of SCI, China’s import volume of PBR in the first quarter of each year is relatively low. In Q1, 2021, China’s import volume of PBR was low due to the following reasons. First, the arrivals in Q1, 2021 were mostly resources ordered in Q4, 2020. At the beginning of 2021, the maintenance of some units impacted the supply of Chinese-made PBR, so the imported resources were purchased. It is predicted that the arrivals will be intensive in Q2, 2021. Second, the delay of shipments caused by the tight maritime transport earlier continued, and the arrivals of some resources will delay to Q2, 2021. Besides, the supply at home will be tightened further in Q2 due to the unit maintenance and tight supply in Q1. Therefore, it is predicted that China’s PBR import volume will remain high in Q2, 2021.
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