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China’s Refiners and Coal Miners Struggle With Weak Demand and Overcapacity ...Middle East
Chinese coal producers and oil refiners are struggling with weaker profits compared to other industrial earnings amid an oversupply of coal and refined products in a weak demand environment. Demand for these commodities, as well as for steel, could be further dampened in the months ahead in the U.S.-China trade war. Sinopec, the biggest Chinese and Asian refiner in terms of capacity, saw its 2024 earnings drop by 17% from a year earlier, attributed to lower oil prices and the penetration of electric vehicles. “In 2024, international crude…
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