A Glance of China Oil Market 20260623
Weekly News
New energy truck acceleration puts LNG truck industry chain under long-term pressure
On June 12, 2026, 11 Chinese ministries defined new energy trucks as electric and hydrogen-powered models, excluding LNG trucks from the support framework. This has accelerated the power shift in the heavy truck market. In May 2026, China's new energy truck sales reached 30,800 units, up 104% year-on-year, with penetration hitting 40%. LNG truck sales are estimated to have plunged more than 55% month-on-month, with penetration dropping to around 20%.
Shipping lane recovery to lift China naphtha supply
China's naphtha output and merchant production remain tight, yet recovering navigation in the Strait of Hormuz and relaxed overseas export policies have lifted import growth expectations, marking a turning point in the supply squeeze and easing medium-to-long-term domestic shortages. Domestic naphtha supply stays weak. Shandong independent refineries' atmospheric & vacuum distillation units (AVUs) weekly operating rate hit 45.74%, down 2.87% week-on-week (WoW) and up 0.79% year-on-year (YoY).
China delayed coking operating rate hits six-year low
Rising crude oil costs from Middle East tensions, persistent losses and widespread maintenance pushed China's delayed coking unit (DCU) operating rate to a six-year low in June. Domestic petcoke output and imports both declined, port inventories fell continuously, creating a supply deficit. Near-term maintenance at independent refineries will tighten high-sulfur coke supply and support its prices; multiple DCUs restart in late July to lift medium-low sulfur coke supply and ease market tightness.
Square billet prices: Shandong
Jun 23, 2026 10:59
Silicon prices: Shanghai
Jun 23, 2026 10:59
CR strip EXW prices: Tangshan major mills
Jun 23, 2026 10:59
Seamless pipe prices: Liuzhou
Jun 23, 2026 10:59
Cold heading steel prices: Tianjin
Jun 23, 2026 10:59
