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China’s output of thermal coal has fallen for the first time in years, adding to signs that Beijing’s long campaign to bolster energy security by digging more of the fuel may have reached its apex.
Authorities in China put renewed emphasis on coal after a 2021 energy crisis — and the aftermath of Russia’s invasion of Ukraine — made energy security a top priority for President Xi Jinping. Coal output soared to record levels late last year. Still, falling mine output doesn’t yet mean less reliance on coal-fired power, which expanded by 9.7% in the first two months by relying on a burst of imports to offset declining domestic coal supplies. That outpaced overall power generation, and offset softness in renewable power.
Oil processing reached record levels for the first two months of the year as refiners cranked up plants to feed a travel boom around the lunar holiday. Steel output edged up, while aluminum production was close to all-time highs.
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