China cuts Feb gasoline exports to 150,000 tons
China will export more than 150,000 tons of gasoline in February, the lowest in recent six months, due to refinery run cuts, Reuters reported on Wednesday, citing traders.
The February estimates fell from the 210,000 tons projected for exports in January, as Chinese refiners retained some supplies for the domestic market where prices were higher than those international markets. The February volumes include three cargoes from export-oriented WEPEC and two lots from PetroChina, the traders said.
It was not clear whether rival Sinopec Corp would ship out the barrels. If the volumes jibe with customs data which will be out weeks later, the exports would be the weakest since August when China shipped out 149,187 tons of the motor fuel.
The refineries had to reduce output because of heavy stockpiles of fuel as the slowing economy dampened consumption, traders said. China processed 6.40 million barrels per day of crude oil in December, down 7.4% from a year earlier.
On signs of weakening demand, wholesale gasoline prices dropped nearly 10% from late last year to around 5,450 yuan ($798) a ton for the 93-octane grade. Several hundred pump stations in China have cut prices to entice motorists.
Car sales growth in China slowed to a single-digit rate for the first time in the past 10 years, with passenger vehicle sales up 7.27% to 6.76 million units, according to the China Association of Automobile Manufacturers.
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