China LPG Import Saw M-O-M Decline in Oct 2022
According to sources, China’s LPG import volume was 2,219.19kt in October 2022, down 21.84% M-O-M but up 8.72% Y-O-Y. Meanwhile, China’s LPG export volume totaled 70.5kt.
Oct 2022 China LPG Import
Unit: kt
Source: GACC
As seen from the table above, China’s propane import volume was 1,711.13kt in October, down 16.28% M-O-M but up 6.25% Y-O-Y. Moreover, the import volume of butane was 448.28kt in October, down 40.49% M-O-M but up 10.43% Y-O-Y. Meanwhile, China’s import volume of other LPG and olefins was about 0.08kt. Besides, China’s import volume of liquefied ethylene, propylene, butylene and butadiene was 59.7kt, up 42.75% M-O-M and up 140.00% Y-O-Y.
Although China’s LPG import volume in October declined notably from September, the overall LPG import volume remained high. Most importers stocked up in advance before the National Day holiday. Moreover, the overall industrial-use LPG demand performed well in October, mainly backed by the increment in operating rates of downstream deep-processing units. Besides, the traditional demand peak season supported the overall market sentiment, and most market participants adopted bullish attitudes to China’s LPG import cost. Accordingly, China’s LPG import volume remained high in October 2022.
According to China Customs, China imported LPG mainly from the U.S., the U.A.E., Oman, Qatar and Saudi Arabia. The imported LPG volume from the U.S. was about 665.8kt, ranking first. Hereinto, the import volume of propane was 652.8kt, and that of butane was 13.0kt. Meanwhile, China imported 412.2kt of LPG from the U.A.E., including 247.4kt of propane and 164.8kt of butane. Besides, volume of LPG imported from Oman was 313.1kt, including 206.7kt of propane and 106.3kt of butane.
Main provinces and cities that imported most of LPG in October 2022 were Zhejiang, Shandong, Guangdong, Shanghai and Jiangsu. Therein, Zhejiang imported 683.3kt of LPG, ranking first and taking up 30.79% of the total. Meanwhile, LPG import volume in Shandong and Guangdong was 340.0kt and 295.9kt, taking up 15.32% and 13.33% of the total respectively.
Oct 2022 China LPG Export
Unit: kt
Source: GACC
In October, China’s LPG export volume totaled 70.5kt, down 3.20% M-O-M and down 23.16kt or 24.73% Y-O-Y. Therein, the propane export volume was 26.67kt, down 4.03% M-O-M and down 37.05% Y-O-Y. Meanwhile, the butane export volume was 43.69kt, down 2.58% M-O-M and down 14.59% Y-O-Y. Moreover, there were few LPG and olefins exports. Besides, China’s export volume of liquefied ethylene, propylene, butylene and butadiene was zero in October.
In October 2022, China mainly exported LPG to Hong Kong of China, Vietnam, Philippines, South Korea and Macao of China, and the volume of LPG exported to the above five countries or regions was 69.7kt or so, taking up 98.94% of China’s LPG export volume.
SCI reckons that China’s LPG import volume in November 2022 will decline slightly M-O-M. Operating rates of PDH units will probably decline in November and December, and the naphtha market may move sideways. Accordingly, the overall chemical-use LPG demand may be average. Moreover, the resource flow in some regions may be limited, so downstream users will probably show low interest in stocking up. On the whole, it is estimated that China’s LPG import volume in November will inch down M-O-M.
All information provided by SCI is for reference only, which shall not be reproduced without permission.
Please click "Read more" for the full article.
