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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