China refinery runs rise on fuel export surge despite weak imports

China's refinery crude throughput rose 0.6% month-on-month in September, driven by a 56% year-on-year jump in fuel exports, even as crude imports fell 21.5% annually. This suggests refiners are prioritizing export margins over domestic demand, which remains soft. The divergence between export-led processing and weak import appetite signals potential oversupply in regional fuel markets and underscores China's role as a marginal exporter.