China’s southern Huangpu port has imported about 1.1-1.2 million tonnes of fuel oil for January, well below expectations of 1.5 million tonnes, trade sources said.

The volumes are down 30 per cent from January last year when the port took in 1.65 million tonnes. The drop was largely due to a price spike earlier this month and heavier-than-usual imports for December when Huangpu took in 1.3 million tonnes.
"This would have to be the lowest January volume into Huangpu for a long while, if not the longest ever. When prices started going up, along with crude, in early January, the enquiries just disappeared overnight," a Singapore-based Chinese trader said.
"This would imply that their stock levels are comfortable enough to last them through the Lunar New Year period, but probably only just. I would expect them to come out to buy earlier than usual, probably by mid-February."
January is seasonally the peak month for imports into Huangpu as Chinese buyers stockpile ahead of the Lunar New Year holiday.
The average 180-centistoke (cst) price for January as of Thursday was $309.65 a tonne, up sharply from December's $290.80 and well above last January's average of $187.30.
In 2005, China bought 26.08 million tonnes, down 14.7 per cent from 2004 volumes, largely due to high outright prices and as thin gas oil-fuel oil margins pushed down demand for straight-run materials from small "teapot" refineries.
Chinese utility buyers are price-sensitive because electricity tariffs in the country are state-controlled and high fuel oil prices erode profit margins.