China reported 216,177mt of bitumen cargoes from South Korea in January, up dramatically by 83% from the same month of 2009, indicated the latest data released by the General Administration of Customs. The hefty gain brought its share among all supplying countries to 84% from the average 65% in last year.
Price advantage and ample supply were the main reasons behind the surge in imports. In January, the CFR East China price for spot cargoes from South Korea averaged about US$465/mt, compared with US$490 for cargoes from Thailand and over US$560/mt from Singapore. The competitive price spurred Chinese importers' purchases.
Meanwhile, SK Energy and S-Oil both had increased supplies to China, which partly drove up China's imports.
