Feb China Bitumen Output Down 17.31% M-O-M
In February 2021, China’s monthly bitumen output was 2,116.8kt, down 443kt or 17.31% M-O-M. With the approach of Chinese New Year holiday, the operating rates of logistics and transportation industries gradually declined, and many end projects were shut down temporarily. The bitumen rigid demand dropped sharply in early February. In order to cut inventory pressure, many refineries reduced their planned bitumen output in February, and some refineries event shut down their units for maintenance. As a consequence, the bitumen output in February slumped, and the monthly output in February was predicted to be the annual bottom.
In terms of the bitumen output by group, the bitumen output at independent refineries ranked the first place at 992.9kt, accounting for 47% of China’s total. The bitumen output at Sinopec’s refineries ranked the second place at 723kt, accounting for 34% of the total. The bitumen output at PetroChina’s refineries ranked the third place at 304.9kt, accounting for 14% of the total.
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