Doric-China Barometer part 2/2 — Breakwave Advisors

By Michalis Voutsinas and Helen Vlassi

China brought in 43.14 million tonnes of crude oil in October, equivalent to 10.16 million barrels per day, or circa 14.0 percent up from a year earlier.
October’s reading rebounded to the highest level since May, marking its first annual growth in five months, as refiners embraced to replenish stocks amid soaring global crude prices.
From January to October, crude imports totalled 413.53 million tonnes, down circa 2.7 percent from a year earlier.
China’s imports of low-priced Russian crude oil marked its highest pace since January, rising by 3.9 percent month-onmonth.
China’s imports of natural gas sank to a twoyear low of 7.61 metric tonnes in October, reversing from a brief spike of 10.15 million tonnes in previous month.
From January to October, China’s total imports stood at 88.74 million tonnes, down circa 10.4 percent from a year earlier.

China brought in 94.97 million tonnes of iron ore in October, down by circa 4.7 percent year-on-year.
During the first ten months of 2022, China imported 917.0 million tonnes of iron ore, a dive of 1.7 percent from 935.0 million tonnes reported in the same period a year earlier.
Chinese steel mills stepped up utilization rates during October expecting demand to pick up and government stimulus measuresto boost activity.
During October, 72.68 million metric tonnes of crude iron ore have been extracted in China, or down circa 10.7 percent year-on-year.
On a monthly basis, iron ore output decreased by circa 8.0 percent in October, down from 78.98 million tonnes reported in September.
From January to October, 845.84 million metric tonnes of crude iron ore have been extracted in China, or up circa 5.5 percent year-on-year.

China imported 29.18 million tonnes of coal in October, up 8.3 percent year-onyear.
On a monthly basis, China’s coal imports stood 7.7 percentage points higher.
From January to October, Chinese customs cleared a total of 230.1 million metric tonnes or circa 10.5 percent down year-on-year.
A stronger dollar led to higher coal prices in domestic terms , eating into profit margins at power plants.
Reporting a rise of 1.2 percent year-onyear, China’s domestic coal output balanced at circa 370 million tonnes in October, or 11.94 million tonnes per day.
China’s domestic coal output during first ten months of 2022 rose by circa 10.0 percent from a year earlier to 3.69 billion metric tonnes.
Chinese government announced the extension of the price limit of USD 92.76 on thermal coal in 2023, in an effort to stabilise prices.

China’s soybean imports in October decreased by 19.0 percent from a year earlier to 4.14 million tonnes.
China’s October imports stood circa 46.4 percent lower than a reading of 7.72 million tonnes in the previous month, hitting the lowest level since 2014, amid high global prices and poor crush margins.
During the first ten months of 2022, China’s total imports of soybean totalled 73.18 million tonnes, or circa 7.4 percent lower than a year ago.
China’s corn imports balanced at 0.55 million tonnes in October, down by circa 64.1 percent year-on-year.
China’s wheat imports in October increased significantly by circa 158.3 percent from a year earlier, to 1.24 million tonnes.
China imported circa 2.7 million tonnes of grains on top of soybean imports in October, or circa 40.7 percent down yearon-year.

China fertilizer exports in October shrank to 2.93 million tonnes, or down 8.9 percent year-on-year.
During the first ten months of 2022, China exported circa 19.8 million tonnes of fertilizers, down by circa 37.2 percent year-on-year.
Chinese authorities are imposing new hurdles for fertilizer exporters amid growing concerns over surging power prices and food production.
China’s total finished steel exports rose by 15.1 percent year-on-year in October, to 5.18 million tonnes.
Chinese steel exports during the first ten months of 2022, lay at 56.46 million tonnes or down by 1.9 percent year-onyear.
October’s steel exports stood circa 4.0 percent higher than a reading of 4.98 million tonnes a month earlier.

China’s steel imports during October fell by 31.7 percent year-on-year to 0.8 million tonnes.
From January to October, Chinese steel imports stood 18.9 percent lower than the respective period a year earlier, or at 9.57 million tonnes.
On a monthly basis, China’s October imports stood 13.4 percent down. 2
In October, Chinese timber imports balanced at 5.31 million CBM .
On a year-on-year basis, October’s timber imports decreased by circa 26.5 percent.
From January to October, China brought in 58.2 million CBM of timber and logs, or down circa 24.9 percent year-on-year.

Data source: Doric