China's Fossil Fuels Production Retreats From Record Levels
(Bloomberg) -- Chinese fossil fuels output fell in April from the record levels hit in the prior month, although natural gas, crude oil and coal all delivered increases compared to the previous year as the government continues to prioritize security of supply despite weaker prices.
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Gas output rose 8.1% year-on-year to 21.5 billion cubic meters, while crude oil increased 1.5% to 17.7 million tons, the statistics bureau said on Monday. Coal production rose 3.8% to 389 million tons, although that was 51 million tons less than March, offering a hint of relief for miners suffering from a slump in prices to four-year lows.
Elsewhere in the energy sector, crude oil processing fell 1.4% as refining units were closed for seasonal maintenance.
Maintenance also affected crude steel output, which flattened in April. Outright cuts to production are likely in the coming months as mills follow through on the government's pledge to ease China's glut.
But aluminum output rose 4.2% — and hit a record on a daily basis — as smelters took advantage of falling feedstock costs.
On the Wire
China's industrial output expanded faster than expected in April, highlighting the resilience of the world's second-largest economy and feeding optimism about growth following a quick de-escalation of trade tensions with the US.
China's home prices fell at a faster pace in April, signaling the property market slump remains a headache for policymakers as they fend off a tariff war with the US.
A reclusive Chinese billionaire whose prescient gold trades turned into an eye-catching windfall has now become the country's biggest copper bull, amassing a bet worth nearly $1 billion in a market jolted by escalating competition between the US and China.
A Pentagon blacklisting, US congressional scrutiny and a global trade war haven't been enough to stop the world's largest maker of electric-car batteries from completing the globe's biggest share sale so far this year.
This Week's Diary
(All times Beijing)
Monday, May 19:
China's home prices for April, 09:30
China industrial output for April, including steel & aluminum; coal, gas & power generation; and crude oil & refining, 10:00
Retail sales, fixed assets investment, property investment, residential sales, jobless rate
World Gas Conference in Beijing, day 1
EARNINGS: CLP
Tuesday, May 20:
China sets monthly loan prime rates, 09:00
China's 3rd batch of April trade data, including country breakdowns for energy and commodities
World Gas Conference in Beijing, day 2
Wednesday, May 21:
LME Asia Metals Seminar in Hong Kong
China tin conference hosted by Antaike in Anhui, Hefei, day 1
World Gas Conference in Beijing, day 3
China's April output data for base metals and oil products
CCTD's weekly online briefing on Chinese coal, 15:00
CSIA's weekly polysilicon price assessment
Thursday, May 22:
Shanghai Futures Exchange Derivatives Forum, day 1
China tin conference hosted by Antaike in Anhui, Hefei, day 2
World Gas Conference in Beijing, day 4
CSIA's weekly solar wafer price assessment
Friday, May 23:
Shanghai Futures Exchange Derivatives Forum, day 2
World Gas Conference in Beijing, day 5
China's weekly iron ore port stockpiles
Shanghai exchange weekly commodities inventory, ~15:30
--With assistance from Winnie Zhu, Kathy Chen, Katharine Gemmell and Sarah Chen.
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