SunSirs: Energy Industries Bulk Commodity Intelligence (September 28, 2025)

Macroeconomics

1. [Industrial Enterprise Profits] National Bureau of Statistics: In August, profits of industrial enterprises above designated size turned from a year-on-year decline of 1.5% in the previous month to a growth of 20.4%. From January to August, total profits of industrial enterprises above designated size nationwide reached 4692.97 billion RMB, a year-on-year increase of 0.9%. From January to August, total profits of the mining industry reached 566.11 billion RMB, a year-on-year decrease of 30.6%; total profits of the manufacturing industry reached 3523.35 billion RMB, a 7.4% increase; and total profits of the electricity, heat, gas, and water production and supply industry reached 603.51 billion RMB, a 9.4% increase.

2. [Electricity] The National Energy Administration released data showing that from January to August, the country's cumulative installed power generation capacity reached 369 billion kilowatts, an increase of 18% year-on-year. Of this total, installed solar power capacity reached 112 billion kilowatts, a year-on-year increase of 48.5%; and installed wind power capacity reached 580 million kilowatts, a year-on-year increase of 22.1%.

3. [US Consumer Confidence Index] The latest data from the University of Michigan shows that the consumer confidence index fell to 55.1 in September, down 3.1 points from the previous month, a drop of about 5%, and below the market expectation of 55.4. This level is the lowest since May this year.

4. [US PCE Price Index] The US core PCE price index rose 0.2% month-on-month in August, in line with the forecast of 0.2% and the previous value of 0.3%. It also rose 2.9% year-on-year, in line with the forecast of 2.9% and the previous value of 2.9%.

Energy

1. [Crude Oil] On September 26, international crude oil futures closed higher. The November contract of US WTI crude oil futures settled at $65.72 per barrel, up $0.74, or 1.1%. The December contract of Brent crude oil futures settled at $69.22 per barrel, up $0.64, or 0.9%.

2. [Coal] According to the latest data from the Russian Federal Statistics Service, Russia's total coal production in August 2025 reached 31.6 million tons, a month-on-month increase of 0.32% and a year-on-year decrease of 1.25%. Of this total, coking coal production reached 7.7 million tons, a month-on-month increase of 1.32% and a year-on-year decrease of 14.44%; anthracite production reached 1.3 million tons, a month-on-month increase of 8.33% and a year-on-year decrease of 13.33%; lignite production reached 6.8 million tons, a month-on-month decrease of 2.86% and a year-on-year decrease of 5.56%; and other bituminous coal production reached 15.8 million tons, a month-on-month increase of 0.64% and a year-on-year increase of 3.95%. From January to August 2025, Russia's cumulative coal production reached 279 million tons, a year-on-year increase of 1.49%.

3. [Coke] On September 26, the China Coking Industry Association issued a solemn statement: "We have never issued or authorized any notice or initiative regarding 'mandatory production restrictions' or 'joint price increases.' We will always strictly abide by national laws and regulations and resolutely maintain a fair and competitive market environment."

4. [LPG] According to customs data, my country's LPG imports in August 2025 were 3.2709 million tons, a decrease of 3.08% month-on-month. Of this total, liquefied propane imports reached 2.5608 million tons, a 1.79% increase month-on-month, with an average import price of US$551.08 per ton. Of this total, liquefied butane imports reached 679,500 tons, a 19.54% decrease month-on-month, with an average import price of US$537.69 per ton. In August 2025, my country's LPG exports reached 86,400 tons, a 6.88% decrease month-on-month. Of this total, liquefied propane exports reached 37,100 tons, a 3.78% decrease month-on-month, with an average export price of US$606.5 per ton. Of this total, liquefied butane exports reached 49,400 tons, a 9.1% decrease month-on-month, with an average export price of US$616.61 per ton.

5. [Naphtha] According to customs data, my country's naphtha imports in August 2025 were 1.5722 million tons, a decrease of 137,800 tons from the previous month, a drop of 8.06%. Cumulative imports from January to August 2025 reached 10.8731 million tons, an increase of 2.3585 million tons, or 27.70%, from the previous year.

6. [Petroleum Coke] On September 26, Wudi Xinyue Petroleum Coke 4B was quoted at 1,233 RMB/ton, down 50 RMB/ton from the previous trading day. The sulfur content is approximately 5.0%. The delayed coking unit has a capacity of 600,000 tons/year and a daily output of 400 tons.

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