BUSINESS CIF price of bonded jet fuel drops in China

BUSINESS

CIF price of bonded jet fuel drops in China

Xinhua

16:45, July 27, 2019

BEIJING, July 27 (Xinhua) -- The after-tax CIF price of imported jet fuel in China dropped in June, bucking the uprising trend in the past four months, according to statistics from the China Jet Fuel Import Price Index (CJFIPI).

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(File photo:VCG)

The price of the bonded jet fuel decreased 46 yuan (about 6.7 U.S. dollars) to 4,479 yuan per tonne last month, 1.02 percent lower on a month on month basis, CJFIPI data showed.

Xinhua analysts noted that concerns over weak market demand and slight devaluation of Chinese yuan against the U.S. dollar last month have contributed to the slide in the price of bonded jet fuel in China.

The price of the bonded jet fuel will continue dropping in July as investors worry about the oversupply of oil in the market, according to the analyst.The CJFIPI, developed by the Xinhua08, is China's first reference indicator able to mirror the after-tax CIF price of China's imported jet fuel. The index is released every month.

The Xinhua08 platform is an internet-based financial information and trade service platform developed by Xinhua News Agency. With advanced information and communication technologies, it provides integrated services of real-time information, market quotations, historic data, research tools, analysis models and online trading. 

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