China’s June diesel exports rebound amid record refinery output

China’s June diesel exports rebounded from May and more than doubled from the same period last year, as refiners shipped out more surplus barrels amid record refinery production.

Diesel shipments last month reached 2.36 million tonnes, versus 1.68 million tonnes in May and 1.04 million tonnes in June 2020, data from the General Administration of Customs showed on Sunday.

Chinese refineries processed at record rates in June as plants returned from maintenance and due to the start-up of a new crude unit at private mega refiner Zhejiang Petrochemical Corp in April.

Traders also rushed to bring in earlier booked cargoes of blending fuels – light cycle oil and mixed aromatic – before a new tax came into effect, adding to a domestic fuel surplus.