China cuts domestic fuel prices for first time this year
China reduced domestic retail prices for gasoline and diesel by 555 yuan ($81) and 530 yuan per ton, respectively, starting Wednesday, marking the first price cut this year. The National Development and Reform Commission stated that despite a recent rebound, the average international crude oil price over the past 10 working days remained lower than the previous cycle.
U.S.-Iran conflict disrupts China’s oil imports
China’s crude oil imports from six Gulf states fell 25% from a year earlier in March as conflict between the U.S. and Iran led to a blockade of the Strait of Hormuz. The sharp supply shock highlights the vulnerability of global energy trade to tensions in the Middle East, pushing the world’s largest oil buyer to shift aggressively toward alternative suppliers such as Russia and Indonesia. China’s total crude imports reached 362 million barrels for the month, down 2% from a year earlier.
CATL launches fast-charging batteries to rival BYD
Contemporary Amperex Technology Co. Ltd. (CATL) (300750.SZ) launched new ultra-fast charging batteries and a plan for a network of supercharging stations on Tuesday, aiming to fend off intensifying competition from its rival BYD Co. Ltd. (002594.SZ). CATL’s new products include an upgraded lithium iron phosphate (LFP) battery, a ternary battery with higher energy density and a sodium battery designed for low-temperature environments. The company also announced plans to upgrade its battery-swapping stations by pairing the facilities with superchargers.
Prices of solar modules and lithium carbonate recover
Improved competition in the new-energy vehicle and solar industries has driven a broad price recovery for products including solar modules, lithium carbonate and battery-grade lithium iron phosphate, Zhang Yunming, vice minister of industry and information technology, said on Tuesday.
March power consumption rises 3.5%
China’s electricity consumption grew 3.5% year-on-year to 859.5 terawatt-hours in March, according to the National Energy Administration. Power use in the primary, secondary and tertiary sectors increased by 6.7%, 2% and 7.7%, respectively.
