NBS: In January–February, Raw Coal Production by Industrial Enterprises Above the Designated Size Remained Stable, Crude Oil Production Shifted from Decline to Growth, and the Growth Rate of Electricity Production Accelerated

Published: Mar 16, 2026 10:40

 In January-February, raw coal production of industrial enterprises above designated size (hereinafter referred to as industrial enterprises above designated size) remained stable, crude oil production turned from decline to growth, natural gas production maintained steady growth, and the growth rate of power generation accelerated.

  I. Production of Raw Coal, Crude Oil, and Natural Gas and Related Information

  The decline in raw coal production narrowed. In January-February, raw coal production of industrial enterprises above designated size was 760 million mt, down 0.3% YoY, with the rate of decline narrowing by 0.7 percentage points from December 2025; daily average production was 12.93 million mt.

  Crude oil production turned from decline to growth. In January-February, crude oil production of industrial enterprises above designated size was 35.73 million mt, up 1.9% YoY, compared with a decline of 0.6% in December 2025; daily average production was 606,000 mt.

  Crude oil processing maintained growth. In January-February, crude oil processed by industrial enterprises above designated size totaled 122.63 million mt, up 2.9% YoY; daily average processing was 2.079 million mt.

  Natural gas production maintained steady growth. In January-February, natural gas production of industrial enterprises above designated size was 44.6 billion m³, up 2.9% YoY; daily average production was 760 million m³.

  II. Power Generation

  The growth rate of power generation of industrial enterprises above designated size accelerated. In January-February, power generation of industrial enterprises above designated size was 1,571.8 billion kWh, up 4.1% YoY, with the growth rate 4 percentage points faster than in December 2025; daily average power generation was 26.64 billion kWh.

  By type, in January-February, thermal power generation of industrial enterprises above designated size turned from decline to growth, hydropower growth accelerated, while the growth rates of nuclear power, wind power, and solar power generation slowed. Specifically, thermal power generation of industrial enterprises above designated size was up 3.3% YoY, compared with a decline of 3.2% in December 2025; hydropower was up 6.8%, with the growth rate accelerating by 2.7 percentage points; nuclear power was up 0.8%, with the growth rate slowing by 2.3 percentage points; wind power was up 5.3%, with the growth rate slowing by 3.6 percentage points; solar power generation was up 9.9%, with the growth rate slowing by 8.3 percentage points.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

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NBS: In January–February, Raw Coal Production by Industrial Enterprises Above the Designated Size Remained Stable, Crude Oil Production Shifted from Decline to Growth, and the Growth Rate of Electricity Production Accelerated - Shanghai Metals Market (SMM)