China’s Oil and Gas Imports Shrink on Persian Gulf Turmoil

066(7rb4ki]flj8mk715[11b_media_dl_1.png Chinese customsArticle content(Bloomberg) — Chinese crude oil and natural gas imports fell in March, as the supply crunch in the Persian Gulf began to affect shipments.Sign In or Create an AccountEmail AddressContinueor View more offersArticle contentCrude purchases dropped 2.8% from the previous year to 49.982 million tons, although the figure was higher than February, according to China’s customs administration on Tuesday. Imports over the year so far rose 8.9% as China continued to stockpile oil despite weakness in the economy.Article contentWe apologize, but this video has failed to load.Try refreshing your browser, ortap here to see other videos from our team.Article contentArticle contentGas imports fell more sharply, down 11% to 8.183 million tons, leaving the year-to-date figure 4% below the pace set in 2025.Article contentTop StoriesGet the latest headlines, breaking news and columns.There was an error, please provide a valid email address.Sign UpBy signing up you consent to receive the above newsletter from Postmedia Network Inc.Thanks for signing up!A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againInterested in more newsletters? Browse here.Article contentMajor refiners saw fewer cargoes from Gulf producers like Saudi Arabia and Iraq, after the US and Israeli attack against Iran that began on Feb. 28 effectively closed the Strait of Hormuz to traffic. At the same time, the smaller independent plants that had been prepared to ignore sanctions have has their access curtailed to the heavily discounted Iranian crude they’ve relied on to protect razor-thin margins. Article contentChinese oil product exports fell 12% to 4.601 million tons, after the government imposed curbs to conserve domestic fuel supplies. Beijing has allowed state refiners to tap commercial reserves to help weather an unprecedented supply shock that’s only likely to worsen as the US Navy disputes Iran’s control of the key waterway. Article contentGas purchases slumped even though nearly half of Chinese supply arrives overland from Russia, Central Asia and Myanmar. China won’t break out its seaborne imports until later this week, but ship-tracking data shows liquefied natural gas cargoes plunged 22% in March from the previous year to 3.74 million tons.Article contentArticle contentThe seaborne market is facing prolonged disruptions. China took roughly a quarter of its LNG from Qatar, which will take years to restore operations after Iranian strikes against the world’s biggest export facility. But with pipelines running at capacity, there’s not much leeway in the short term for China’s overland suppliers to pick up the slack.Article contentOther CommoditiesArticle contentOther commodities saw bigger-than-usual swings in trade due to the impact of the war on shipping costs, supply and demand.Article contentAluminum exports fell 5%, although overseas sales are expected to pick up as buyers turn to China to offset production losses from the Middle EastSteel exports fell 13% — Saudi Arabia was China’s fastest-growing major overseas market last yearIron ore purchases rose 11% after fewer weather-related shipping disruptions in top exporter Australia, while copper metal imports fell 11% and copper ore rose 10%Rare earth exports fell 27% as domestic supply tightenedCoal imports inched up, despite gains in international prices and an output cap in top supplier IndonesiaSoybean imports rose 15% as Brazilian shipments competed with more US cargoes after the trade truce with WashingtonTrending Posthaste: Canadian dollar is being dumped from FX reserves at a record pace. What's going on? News Why timing the bottom of Canada's roller-coaster real estate market may be harder than you think Real Estate Subscriber only. Why Chinese 'knock-down' car kits could spell catastrophe for Canadian automakers Subscriber only Electric Vehicles Bank of Canada likely to stay put for now, says Paul Beaudry Economy Travel data from March show number of Canadians returning from trips across the U.S. border are stuck at depressed levels Economy Article contentOn the WireArticle contentA hoard of Iranian crude on tankers at sea and robust onshore stockpiles in China will provide a cushion for the nation’s independent refiners should a US blockade of the Strait of Hormuz choke off flows.Article contentChina’s state-backed iron ore buyer has told several steel mills in the country they are allowed to purchase some BHP Group cargoes, an apparent concession in a months-long commercial dispute.Article contentA US-sanctioned tanker linked to China is making its way through the Strait of Hormuz, testing President Donald Trump’s naval blockade.Article contentChina’s export growth slowed sharply in March from previous months, reflecting intensifying strains on the world’s No. 2 economy as the war in Iran upends global energy supply.Article contentContemporary Amperex Technology Co. Ltd. is considering a share sale to raise as much as $5 billion in Hong Kong after rallying strongly since its May listing in the city.Article contentThe war in Iran is spurring a fresh wave of enthusiasm over prospects for China’s currency to more effectively rival the US dollar.Article contentThis Week’s DiaryArticle content(All times Beijing)Article contentTuesday, April 14Article contentArticle contentChina’s March trade balance and 1st batch of trade data, ~11:00 Crude oil, natural gas & coal imports; oil products imports & exportsIron ore, copper & steel imports; steel, aluminum & rare earth exportsSoybean, edible oil, rubber and meat imports; fertilizer exportsEARNINGS: Hengli PetrochemicalArticle contentWednesday, April 15Article contentCCTD’s weekly online briefing on coal markets, 15:00Canton fair in Guangzhou (phase 1 through April 19)EARNINGS: CATLArticle contentThursday, April 16Article contentChina’s home prices for March, 09:30China’s industrial output for March, including steel & aluminum; coal, gas & power generation; and crude oil & refining, 10:00 Retail sales, fixed assets investment, property investment, residential sales, jobless rate 1Q GDP1Q pork output and inventoryAntaike base metals conference in HangzhouSHPGX natural gas conference in Beijing, day 1Article contentFriday, April 17Article contentChina’s weekly iron ore port stockpilesSHFE’s weekly commodities inventory, ~15:30SHPGX’s natural gas conference in Beijing, day 2Article contentSaturday, April 18Article contentChina’s 2nd batch of March trade data Grains, sugar, cotton, palm oil, pork & beef importsOil products imports & exports breakdown; LNG & pipeline gas importsBauxite, steel and aluminum imports; rare-earth product, alumina and copper exportsArticle content—With assistance from Katharine Gemmell and Hallie Gu.Article content(Updates with chart, other commodities from eighth paragraph, and published-item and diary sections)Article contentShare this article in your social networkCommentsYou must be logged in to join the discussion or read more comments.Create an AccountSign in Join the Conversation Postmedia is committed to maintaining a lively but civil forum for discussion. Please keep comments relevant and respectful. Comments may take up to an hour to appear on the site. You will receive an email if there is a reply to your comment, an update to a thread you follow or if a user you follow comments. Visit our Community Guidelines for more information. Posthaste: Canadian dollar is being dumped from FX reserves at a record pace. What's going on? News Why timing the bottom of Canada's roller-coaster real estate market may be harder than you think Real Estate Subscriber only. Why Chinese 'knock-down' car kits could spell catastrophe for Canadian automakers Subscriber only Electric Vehicles Bank of Canada likely to stay put for now, says Paul Beaudry Economy Travel data from March show number of Canadians returning from trips across the U.S. border are stuck at depressed levels Economy