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✅Key takeaways: Coal prices in production areas have stopped falling and stabilized, while spot prices at ports are rising steadily； Strong support for centralized maintenance in the coal chemical industry ； Fluctuating upward crude oil prices drive up petrochemical costs ； Divergence in energy materials continues ； The price differences in the industrial gas sector are significant, while demand remains stable. ⛏️ Coal | Batuta・Port・Bohai Sea Region 【Shenhua Batuta (including shipping costs; the price was reduced by 5 yuan per ton as of May 21)] Purchased coal: 5,800 kcal, price at 567–571 yuan per ton (no change) ； 5,500 kcal, 532–536 yuan/ton (steady) ； 5,000 kcal: 461–465 yuan/ton (no change) ； China National Coal Association (effective in May): 5,500 kcal, 530–535 yuan/ton (no change) ； 5,000 kcal: 460–465 yuan/ton (steady). 【Port / Bohai Sea Region (Price including tax, yuan/ton）】Huanghua Port Q5500: 868-872（↑3） ； Qinhuangdao Q5500: 865-869 (↑3) ； Bohai Rim Index: 861-864 (↑3). 【Regional Prices (Mine exit / Truckload)] Thermal coal Q5500: Ordos 588-592 (↑2), Yulin 618-622 (↑2) ； Coking coal: Gujiao main coking coal 1335-1345 (↑5), Tangshan 1595-1605 (↑5). 【Requirements and Equipment】Requirement: Daily consumption at East China Power Plant to increase by 2% on a month-on-month basis ； Inventory in Beigang: 25.3 million tons, a decrease of 18% year-on-year ； South China accelerates stock replenishment to cope with the peak summer period. Equipment: Capacity utilization rate in Shanxi, Shaanxi, and Inner Mongolia is 89%; security checks are stringent ； Coking capacity utilization rate: 82% ； Shipments on the Daqin Line are stable. Overall outlook: Producers are more inclined to hold prices high; low inventory levels at ports provide support; a rebound is expected toward the end of the off-season, with prices remaining stable but on an upward trend in the short term. 🧪 Coal Chemicals | Prices, Demand, Plants 【Main price ranges (ex-factory / delivered, yuan/ton）】 Methanol: Northwest 2760-2780（↑20），East China 3500-3520（↑20） ； Coal-based PE/PP: Northwest PE8320-8360 (↑10), PP8670-8710 (↑10) ； Ethylene glycol: Northwest 5080-5100 (↑10) ； Urea 2320-2340 (↑5). 【Requirements and Equipment】Requirements: Steady demand for formaldehyde and MTO ； Improvement in packaging tube orders ； Stockpiling of compound fertilizers is coming to an end, with industrial demand accounting for a larger share. Facilities: The operating rate of methanol production facilities in the northwest is 83%; multiple facilities owned by Ningxia Coal and others are under maintenance starting in late May ； The operating rate of coal-based olefins is 88%, with routine inspections continuing. Overall situation: Maintenance efforts lead to reduced supply; supplies in the northwest are tight, while premiums in East China are recovering, resulting in short-term fluctuations at high levels. 🛢️ Petrochemicals | Prices, Demand, Plants 【Main price ranges】Crude oil: Brent at $104.0–104.6 per barrel (↑1.0%), WTI at $97.0–97.5 per barrel (↑0.8%) ； Propylene/Pure benzene: North China propylene 8820-8860 (↑20), pure benzene 8220-8260 (↑20) ； PVC: 6120-6260 (↑20) ； Fuel oil: 6,090 yuan/ton (↑10). 【Demand and Equipment】Demand: Recovery in essential replenishments from downstream sectors ； Sales in the real estate sector show slight improvement ； Export orders remain stable. Facilities: The operating rate of refineries in East China is 92%, while that of local refineries is 80% ； The MDI plants are operating at full capacity with low inventory levels. Overall situation: The rebound in crude oil has driven up costs, while chemical prices have shown moderate strength; attention should be paid to geopolitical developments and fluctuations in oil prices. 🔋 Energy Materials | Prices, Demand, and Equipment 【Main Price Ranges】Battery-grade lithium carbonate: Jiangxi at 161,000–163,000 yuan/ton (down by 1,000 yuan); East China at 164,000–166,000 yuan/ton (down by 1,000 yuan) ； Industrial silicon: Northwest 12,820-12,880 (↑20), East China 13,520-13,580 (↑20) ； Electrolytic aluminum: 18720-18760 (↑20) ； Polysilicon: 16,640 yuan/ton (↓10). 【Requirements and Devices】Requirements: Stable demand for new energy vehicles and energy storage solutions ； Demand in the photovoltaic industry chain remains weak ； Real estate completions are weak. Facilities: Lithium salt lakes at full production capacity, high inventory levels ； The operating rate of industrial silicon is 87% ； The operating rate of electrolytic aluminum production is 93%. Overall situation: The divergence between supply and demand persists; lithium prices show weak but gradual improvement, while costs for industrial metals remain relatively strong. 💨 Industrial Gases | Prices, Demand, Equipment 【Main Price Ranges】Liquid oxygen: Northwest 415-435 (↑5), East China 540-550 (↑5) ； Liquid nitrogen: Inner Mongolia 335-345 (↑5), Zhejiang 505-515 (↑5) ； High-purity helium: 160-162 yuan/m³ (stable). 【Requirements and Equipment】Requirement: Stable gas supply for metallurgy and chemical industries in the northwest ； East China Electronics is active in semiconductor procurement. Facility: Northwest Air Separation at full capacity ； New production capacity in East China comes online, leading to a more stable supply situation ； The import of specialty gases is tight. Overall situation: Regional price differences have stabilized; bulk gases have seen a slight recovery, while specialty gases exhibit strong resistance to price drops. 📈 Industry trends and future outlook: Currently, the energy and chemicals sector shows a pattern of stable coal prices, relatively strong performance in coal-based chemicals, recovery in the petrochemical sector alongside rising oil prices, varied performance among different materials, and steady increases in gas prices. Supply and demand landscape: Rigid supply in the Northwest, recovering demand in East China, and inventory building up in South China – overall, a shift from a weak balance to a tighter balance. Competitive landscape: Increased price control power of state-owned coal enterprises ； Petrochemical cost drivers play a dominant role ； Increased differentiation in the materials industry ； Competition in gas distribution is intensifying. Short-term outlook: As the peak summer season approaches, coal prices are expected to remain stable with a slight upward trend; coal chemical prices will fluctuate at high levels; petrochemical prices will move in line with crude oil prices; there will continue to be variations among different materials; and gas price differences will stay fixed. Pay close attention to production area safety inspections, geopolitical risks associated with crude oil, and the pace of inventory replenishment at downstream levels. Quoted from the WeChat official account 【Hua Yu Jing Xin】: https://mp.weixin.qq.com/s/fgoRadSjk4tWqHDbaa_Yvw