SunSirs: Energy Industries Bulk Commodity Intelligence (September 16, 2025)

Macroeconomics

1. [Industrial Value Added] National Bureau of Statistics: In August, the value added of industrial enterprises above designated size increased by 5.2% year-on-year in real terms. Month-on-month, the value added of industrial enterprises above designated size increased by 0.37% in August compared to the previous month. From January to August, the value added of industrial enterprises above designated size increased by 6.2% year-on-year.

2. [Power Generation] National Bureau of Statistics: In August, industrial power generation above designated size reached 936.3 billion kWh, a year-on-year increase of 1.6%. The average daily power generation exceeded 30 billion kWh for the first time, reaching 30.2 billion kWh. From January to August, industrial power generation above designated size reached 641.93 billion kWh, a year-on-year increase of 1.5%. Excluding the number of days affected, the average daily power generation increased by 1.9% year-on-year.

3. [US-Japan Tariffs] The Trump administration announced that the import tariff on Japanese cars will be reduced to 15% starting at 00:01 Eastern Time on the 16th (13:01 Japan Time on the 16th).

4. [New York Fed Manufacturing Index] The New York Fed Manufacturing Index fell sharply by 21 points to -8.7 in September, far below market expectations of 5. Both new orders and shipment indicators fell to their lowest levels since April 2024.

5. [European Central Bank] ECB Executive Board member Schnabel said the ECB should maintain current interest rates, as price risks remain tilted to the upside. People familiar with the matter said that unless the eurozone suffers another major shock, interest rates are expected to remain at current levels for some time.

Energy

1. [Crude Oil] On September 15, international crude oil futures closed higher. The October contract for U.S. West Texas Intermediate (WTI) crude oil futures settled at $63.30 per barrel, up $0.61, or 1.0%. The November contract for Brent crude oil futures settled at $67.44 per barrel, up $0.45, or 0.7%.

2. [Crude Oil] National Bureau of Statistics: In August, industrial crude oil production at designated enterprises reached 18.26 million tons, a year-on-year increase of 2.4%, with the growth rate accelerating by 1.2 percentage points from July. The average daily output was 589,000 tons. From January to August, industrial crude oil production at designated enterprises reached 144.86 million tons, a year-on-year increase of 1.4%.

3. [Crude Oil] National Bureau of Statistics: In August, industrial crude oil processing at designated enterprises reached 63.46 million tons, a year-on-year increase of 7.6%, with an average daily processing volume of 2.047 million tons. From January to August, industrial crude oil processing at designated enterprises reached 488.07 million tons, a year-on-year increase of 3.2%.

4. [LNG] National Bureau of Statistics: In August, industrial natural gas production at designated enterprises reached 21.2 billion cubic meters, a year-on-year increase of 5.9%, with an average daily output of 690 million cubic meters. From January to August, industrial natural gas production at designated enterprises reached 173.7 billion cubic meters, a year-on-year increase of 6.1%.

5. [Coal] National Bureau of Statistics: In August, industrial raw coal output above designated size reached 390 million tons, down 3.2% year-on-year, a decrease of 0.6 percentage points from July; daily output averaged 12.6 million tons. From January to August, industrial raw coal output above designated size reached 3.17 billion tons, up 2.8% year-on-year.

6. [Coking Coal] A coal mine in Zhongyang, Lüliang, Shanxi Province, halted production on September 14, and the resumption date is currently uncertain. The mine has an approved production capacity of 1.2 million tons, primarily producing low-sulfur coking coal grades 10, S0.45, V22, and G91. Normal daily output is approximately 3,000 tons of raw coal.

7. [Coke] On September 15, steel mills in Hebei market lowered the purchase price of coke by RMB 50/55/ton. After the adjustment, the price of first-grade wet-quenched coke (A≤12.5, S≤0.7, CSR≥65, MT≤7) was quoted at RMB 1,540/ton; the price of first-grade dry-quenched coke (A≤12.5, S≤0.7, CSR≥65, MT≤0) was quoted at RMB 1,900/ton (top-loaded coke). The above prices are the tax-inclusive prices upon ex-factory acceptance and will be effective from 0:00 on the 15th.

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