China’s Apr CPI picks up 0.1%, PPI falls 3.6% YoY
China’s Consumer Price Index (CPI) edged up by a small 0.1% on year but down 0.1% on month in April, while the country’s Producer Price Index (PPI) slipped by a larger 3.6% on year and fell 0.5% from the previous month, according to the latest data released by the country’s National Bureau of Statistics (NBS) on May 11th.
State refiners to slightly cut capacity utilization in May
CDU capacity utilization rate of China state-owned refiners was set to slightly lower by 0.82% from the prior month to 76.27% in May, due to the increasing maintanance of refineries, according to OilChem.
At the same time, daily crude throughput was to fall 1.07% due to heavy maintenance loss, which increased 14% month on month to 4.15 million tonnes, data from OilChem showed.
However, total refined oil yield inched up 1.14% month on month to 61.03%, on stronger oil demand due to a recovery in tourism, OilChem found. Specifically, the yield of gasoline rose by 0.89% to 23.96%, that of gasoil gained by 0.32% to 28.27%, while that of jet fuel dropped slightly by 0.07% to 8.8%.
Compared with last month, gasoline production in May increased 6.16% month on month to 10.01 million tonnes, that of gasoil jumped 3.4% to 11.82 million tonnes, and that of jet fuel climbed 1.41% to 3.68 million tonnes.
Moreover, daily average production of gasoline and gasoil rose by 2.74% and 0.07% respectively, as a result of slight increase in yield, while that of jet fuel showed a slight decrease after hitting a 3-year high of 3.7 million tonnes in March and fell by 1.86% in May.
Planned crude throughput jumped 2.23% to a 3-year high of 41.80 million tonnes in May because of 1 more day in the month, data showed.
China’s auto market recovering fast, prospects good
China’s automotive market is recovering fast, with sales of both new-energy vehicles (NEVs) and conventional internal-combustion engine vehicles returning to growth, Cui Dongshu, secretary general of the China Passenger Car Association (CPCA), observed during a seminar on May 9. “We should be confident that China’s car market will recover to the level seen in 2021,” he noted.
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