China crude imports rebound 6.2% m/m in August; fuel exports surge 29%

China's crude imports rose for a second straight month in August to 8.93 million bpd, up 6.2% from July but still 23.4% below year-ago levels, as refiners diversified away from Middle Eastern supply and export quotas were eased. The rebound signals a gradual demand recovery, though the y/y decline underscores persistent weakness. Fuel exports jumping 29% suggests refiners are using export markets to offset soft domestic demand, a dynamic that could pressure regional refining margins.