中国能源周报：煤炭需求/价格保持稳定；聚丙烯开工率降至60%

stable:PPrunrateloweredto60%IndustryOverview ChinaMar'26coaldemandflat,oil&gasdemandlowered China output totaled around 441mnt, broadly flat YoY, while imports rose to 39.1mnt (+1%YoY), implying apparent coal demand of about 479mnt, also flat YoY. Crude oil EnergyMatty Zhao >Research AnalystMerill Lynch (Hong Kong) production stood at roughly 19mnt (4.5mbd), broadly unchanged YoY, while importsdeclined to around 50mnt (11.8mbd), down 3% YoY. Apparent crude oil demand isestimated at about 69mnt (16.2mbd), down 2% YoY. Refinery throughput fell to 61.7mnt(14.5mbd), down 2% YoY, pointing to continued crude stock builds during the month.Natural gas production rose 3% YoY to 23.4bcm, while imports fell about 10% YoY toroughly 11.1bcm, with apparent demand estimated at around 33.8bcm,down 2%YoYCoal:domesticpricesremainstabledespiteoff-peak +852 3508 4001matty.zhao@bofa.comYimingWang>Research AnalystMerill Lynch (Hong Kong) +85235085037yiming.wang@bofa.comPeter WangMerill Lynch (Hong Kong) RMB772/t. Ports inventory (Northern +Southern) was -1.7% WoW to 23.36mnt as of 16 +85235087185peter.wang2@bofa.comEdward Leung, CFA >Research AnalystMerrill Lynch (Hong Kong) Apr 2026. Inventory at the six major IPPs decreased by 1.4% WoW to 12.6mnt, dailyburn+10.1%WoW to751.3kt.The NEWC 6,000K price was down1.9% WoW toUSS132.3/t, at a 30.7% premium to the QHD price. The Liulin No.4 HCC price was up toRMB1,550/t, +1.3 WoW.Oil &gas prices plungeas the Strait of Hormuz"open" +85235083282edward.leung@bofa.comMiriam Chan, CFA >>Research Analyst Oil: Brent oil decreased by 5.1% WoW to USs90.4/b and WTI oil prices decreased by13.2% WoW to US$83.9/b, during the week-ended 17 Apr 2026. The WTI discount to Merrill Lynch (Hong Kong)+852 3508 7478miriam.chan@bofa.comYibing Xia >>ResearchAnalvst Brent was US$6.5/b vs. USS1.4/b premium in the week ended 10 Apr. Dirty VLCC (fromArab Gulf to China) dayrate was USD153k/day.Gas: The US Henry Hub natural gas pricewas up1.0%WoWto US$2.67/mmbtu,down 17.6%YoY;the Netherlands TTFnaturalgas price was down 10.2% WoW to USs13.33/mmbtu, up 11.9%YoY; and the JKM swapwasdown22.8%WoWtoUS$15/mmbtu,up24.1%YoY.Energystorage:In theweek-ended17Apr,prices of 50/100/280/314Ahbattery cell Merrill Lynch (Hong Kong)+85235088045yibing.xia@bofa.com pricesroseRMB0.001/0.001/0.002/0.001WhWoWtoRMB0.423/0.405/0.329/0.350WhThe prices of all types of PCS remained flattish WoW abbreviationsused inthereport China's refining margin (one-month crude price lag) in Apr'26 was USs33.6/b verse USs28.0/b in Mar'26, as cost of crude oil delivered in March was averaged atUSs74.4/bbl, vs.Brent average USs99/b The run-rate of independent refineries inShandong in the week ended17Apr2026has up2.2ppt.WoWto55.93%.NorthAsianaphtha prices fell 10.4% WoW to USD 939/t in the week ended 17 Apr, tracking thedecline in crude oil. Over the same period, ethylene prices slipped 2.1% WoW toUSD1,401/t,whilepropylenepricesrose0.8%WoWtoUSD1331/t.Downstream,LLDPEdecreased1.6% WoW to USD1,193/t, while PP prices edged upWoWtoUSD 1,243/t. China PE and PP utilization declined to 67% and 60%, respectively Coal The QHD 5,500kcal price was +1.2% WoW to RMB772/t during the week-ended 17 Apr;The NEWC 6,000K price was down 1.9% WoW to US$132.3/t, at a 30.7% premium to the QHD price;The Liulin No.4 HCC price was up to RMB1,550/t, +1.3 WoW, during the week-ended17Apr2026;As of 20 Apr, the water inflow at the Three Gorges Reservoir was 11,900cm/s, 40%higher than the 2005-25 average of 8,479cm/s. Thermal coal prices at mine in Shanxi (Kcal5.5k)/lnner Mongolia As of 17 Apr, ASP of QHD 5,500kcal was +1.2% WoW to RMB772/t (Kcal5.5k)/Shaanxi (Kcal5.8k) changed +1.8%/-0.5%/-0.6% WoW to RMB620/548/614/t as of 17 Apr 2026 Exhibit 3: NEWC 6,000K thermal coalNEWC 6,000K thermal coal was down 1.9% WoW to US$132.3/t as of 17 Apr Exhibit 4: Liulin No. 4 hard coking coal price (incl. VAT)Liulin No. 4 hard coking coal price up to RMB1,550/t, +1.3 WoW, during the 2026 week-ended 17 Apr 2026 Source: Sxcoal, BofA Global Research Inventory at the six major IPPs decreased by 1.4% WoW to 12.6mnt, as of 17Apr 2026; daily-burn +10.1% WoW to 751.3kt Ports inventory (Northern +Southern) was -1.7% WoW to 23.36mnt as of 16Apr2026 120020212022 mntYangtze River ports (5) Northern ports (4) China coal production was 440.6mnt, flat YoY in Mar'26 BofA GLOBAL RESEARCH Total coal (including lignite) imports was 39.06mnt. +0.9% YoY in Mar'26. Brent oil decreased by 5.1% WoW to USs90.4/b and WTI oil prices decreased by 13.2% WoW to US$83.9/b, during the week-ended 17 Apr 2026. The WTI discount to Brent wasUSs6.5/b vs. USs1.4/b premium in the week ended 10 Apr.Factors supporting oil prices include the following: Bloomberg reported a US blockade of Iranian ports and flows via the Strait of Hormuz, which could limit one of the few remaining Gulf oil flows during the nearlyseven-week conflict.Bloomberg reported a scramble for immediate oil supplies, with traders submi