According to the recently issued national economy running statistics from China National Bureau of Statistics, in May 2020, China’s coal production trended down; China’s crude oil and electric production accelerated; China’s natural gas production maintained fast growth.
Coal production
China’s coal production trended down. In May 2020, China’s coal production was 320 million mt, down 0.1% Y-O-Y, and the daily production was 10,290kt, down 450kt M-O-M. From January to May 2020, the total coal production was 1.47 billion mt, up 0.9% Y-O-Y.
The import volume of coal dropped significantly, and the dealing prices at ports stopped declining and rose. In May 2020, China imported coal of 22,060kt, down 8,890kt M-O-M and down 19.7% Y-O-Y. From January to May 2020, the total coal import volume was 149 million mt, up 16.8% Y-O-Y. Besides, coal dealing prices at ports stopped slipping and rose. As of Jun 5, the prices of coal Q5500, Q5000 and Q4500 at Qinhuangdao port were RMB 536/mt, RMB 485/mt and RMB 431/mt respectively, up RMB 35/mt, RMB 43/mt and RMB 35/mt respectively from the lowest levels on May 8.
China’s crude oil production accelerated, and the processing volume improved rapidly. In May 2020, China’s crude oil production reached 16,460kt, up 1.3% Y-O-Y; China’s crude oil processing volume was 57,900kt, up 8.2% Y-O-Y. From January to May 2020, the total crude oil production was 80,900kt, up 1.9% Y-O-Y; the total crude oil processing volume was 261,390kt, down 1.0% Y-O-Y.
China’s crude oil import volume trended up, and the international crude oil prices rose rapidly. In May 2020, China imported crude oil of 47,970kt, up 19.2% Y-O-Y. From January to May 2020, the total crude oil import volume was 215,580kt, up 5.2% Y-O-Y. As of May 29, Brent crude oil spot price was $34.15/bbl FOB, up 88.6% or $16.04/bbl from April 30.
The import volume of natural gas showed steady growth. In May 2020, China imported natural gas of 7,840kt, up 3.7% Y-O-Y. From January to May 2020, the total natural gas import volume was 40,120kt, up 1.9% Y-O-Y.
In May 2020, China’s production of thermal power, nuclear power and wind power accelerated significantly; China’s hydropower production continued to decline; the growth rate of solar power production dropped. Hereinto, in May 2020, China’s thermal power production rose by 9.0% Y-O-Y; China’s nuclear power production rose by 14.3% Y-O-Y; China’s wind power production rose by 5.2% Y-O-Y; China’s hydropower production declined by 16.5% Y-O-Y; China’s solar power production rose by 7.1% Y-O-Y.
