Chinese authorities have not yet forgotten the energy crunch in 4Q’21. Stockpiles at Northern China ports that reached 24Mt last week, up +38% YoY to a 3-year high, are reflecting China’s ample coal supply at the end of a mild autumn season. Therefore, China should be ready for the imminent and sudden cold wave forecasted by its National Weather Agency and temperature in the North set to drop by over 15°C in just a few days! This should reinforce NDRC in its strategy to guarantee abundant, cheap and available energy for the country via both imports & domestic production.
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