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News Bites
    2018-08-15  08:53    Shenzhen Daily

Coal output hits lowest in years

CHINA’S coal output fell 2 percent in July to its lowest since September 2016 as Beijing’s crackdown on polluting industries crimped mining in the world’s top consumer of the fuel, driving import demand as hot weather boosted thermal power generation.

The country produced 281.5 million tons of coal in July, down 2 percent from the same month last year, the National Bureau of Statistics said yesterday.

The drop came as a heatwave scorched the nation, prolonging a hotter-than-average summer and helping push coal imports to their highest in 4-1/2 years.

Nanjing bans home purchases by corporate buyers

THE capital city of eastern China’s Jiangsu province joined top-tier cities like Shanghai on Monday in banning companies from buying residential properties, closing a market loophole that has fuelled demand and defied government curbs.

The presence of corporate property buyers has surged recently, with the number of companies bidding for one individual real estate project in certain areas reaching nearly a hundred, according to the Nanjing municipal government.

July total social financing drops to US$151.11b

CHINA’S total social financing (TSF), a broad measure of credit and liquidity in the economy, dropped to 1.04 trillion yuan (US$151.11 billion) in July from 1.18 trillion yuan in June, data from the central bank showed on Monday.

TSF includes off-balance sheet forms of financing that exist outside the conventional bank lending system, such as initial public offerings, loans from trust companies and bond sales.

Chinese authorities have been trying to clamp down on riskier forms of lending as part of a broader campaign to contain and reduce systemic financial risks.

Oil refinery output up 12% in July

CHINESE oil refinery output rose 11.6 percent in July from a year earlier, government data showed yesterday, with state-run plants operating at high rates but smaller independent refiners struggling with squeezed profit margins.

Refinery throughput last month reached 50.95 million tons, or 11.95 million barrels per day (bpd), according to the data from the National Bureau of Statistics. That compared to 12.11 million bpd in June.

China’s coal output fell 2 percent in July to its lowest in years as Beijing’s crackdown on polluting industries crimped mining in the world’s top consumer of the fuel, driving import demand as hot weather boosted thermal power generation.

The country produced 281.5 million tonnes of coal in July, down 2 percent from the same month last year and the lowest since September 2016, the National Bureau of Statistics said yesterday.

The drop came as a heatwave scorched the nation, prolonging a hotter-than-average summer and helping push coal imports to their highest in 4-1/2 years.

That underscores the challenge for China as it aims to wean the nation off its favourite fuel as part of its war on smog.

The sizzling weather boosted output of thermal electricity, generated almost entirely by coal-fired capacity and the country’s main source of power, along with hydropower.

”Coal miners were not under big pressure to ensure coal supplies this summer since China bought lots of coal from the overseas market while stocks at ports have been at a high level,” said Wang Fei, coal analyst at Huaan Futures.

Futures for delivery in January were on Tuesday up 0.32 percent at their highest since early July.

Chinese coal output over the first seven months of 2018 reached 1.98 billion tonnes, up 3.4 percent compared with the same period last year, the data showed on Tuesday.

The production of coke used in steelmaking fell 4.3 percent in July to 35.51 million tonnes, its lowest since December 2017.

Year-to-date output was 247.46 million tonnes, down 3.3 percent.

Nanjing bans home purchases by corporate buyers

The capital city of eastern China’s Jiangsu province joined top-tier cities like Shanghai on Monday in banning companies from buying residential properties, closing a market loophole that has fuelled demand and defied government curbs.

The presence of corporate property buyers has surged recently, with the number of companies bidding for one individual real estate project in certain areas reaching nearly a hundred, the Nanjing municipal government wrote on its official account on China’s popular social media platform Wechat.

The new measure will take effect by 1900 local time on Monday.

The Nanjing government stressed that the phenomenon was manageable and their percentage among all buyers had remained low, below 0.5 percent, in 2018.

Nanjing’s new home prices fell by 0.2 percent in June from a month earlier, official data from the Statistics Bureau showed.

China’s property market has been heating up lately, despite intensifying official curbs. The market’s surprising resilience underscores rampant fraud in the sector that has allowed buyers to skirt existing restrictions.

China said in late June that it would renew efforts to crack down on property irregularities in 30 major cities this year, prompting several local governments to announce new rules in recent months to limit companies from purchases.

July total social financing drops to US$151.11b

China’s total social financing (TSF), a broad measure of credit and liquidity in the economy, dropped to 1.04 trillion yuan ($151.11 billion) in July from 1.18 trillion yuan in June, data from the central bank showed on Monday.

TSF includes off-balance sheet forms of financing that exist outside the conventional bank lending system, such as initial public offerings, loans from trust companies and bond sales.

The economic barometer has become a gauge of fundraising trends and can provide hints of activity in China’s vast and unregulated shadow banking sector.

Chinese authorities have been trying to clamp down on riskier forms of lending as part of a broader campaign to contain and reduce systemic financial risks.

Oil refinery output up 12% in July

Chinese oil refinery output rose 11.6 percent in July from a year earlier, government data showed on Tuesday, with state-run plants operating at high rates but smaller independent refiners struggling with squeezed profit margins.

Refinery throughput last month reached 50.95 million tonnes, or 11.95 million barrels per day (bpd), according to the data from the National Bureau of Statistics. That compared to 12.11 million bpd in June.

For the first seven months of 2018, refinery production climbed 9.2 percent year-on-year to 350.57 million tonnes, or 12.07 million bpd, the data showed.

Facing strict government scrutiny on taxes since March and oil prices near $70 a barrel, independent plants, sometimes known as ‘teapots’, were forced to scale back operations over the second quarter, many taking advantage of the adverse market conditions to carry out maintenances, analysts said.

Crude oil output in July dropped 2.6 percent on-year to 15.85 million tonnes, or 3.73 million bpd.

That marked the lowest daily rate since at least June 2011, and was down from the previous month’s level of 3.86 million bpd, according to the official data.

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