China Commodities & Resource Monthly Recap

February 24 – China's crude oil imports are expected to grow 5% this year, the China Petroleum and Chemical Industry Federation predicted, adding that the nation will increase imports from Russia and Saudi Arabia if supply from Iran is jeopardized. China imported 250 million tons of crude oil in 2011.

February 23 – China discovered 1.37 billion tons of oil and 765.95 billion m3 of natural gas in geological reserves in 2011, up 20.6% and 29.6% respectively from the year before, according to the Ministry of Land and Resources.

February 22 – China's coal imports were up 3.9% year on year to 19.65 million tons in January, customs figures show. Natural gas imports were up 84% year on year to 1.03 million tons in the same month.

February 22 – China's commercial crude oil stockpiles rose 1.2% from a month earlier in January, according to the China Oil & Gas Post.

February 20 – Xinjiang, a resource-rich region covering one-sixth of China's land area, will this year step up the development of coal projects capable of producing millions of tons per year and the development of oil sands, a substitute for conventional oil and gas resources.

February 17 – China's tax levies on resources jumped 43.4% to ¥59.89 billion in 2011; the growth was 19.9 percentage points faster than a year earlier, the Ministry of Finance said.

February 17 – China will have to import 80% of its oil needs, 42% of its natural gas needs and 6% of its coal needs by 2030, BP predicted.

February 16 – China, the world's largest consumer of energy and base metals, is set to displace India this year as the world's biggest gold user as demand for jewelry and investments increases, Bloomberg reported, citing predictions by the World Gold Council. Demand for gold in China jumped 20% to

February 16 – China, the world's biggest soybean importer and consumer, agreed to buy 8.62 million tons of American soybeans valued at $4.31 billion during vice president Xi Jinping's visit to the country. The time span for the deal was not known. China paid $22.17 billion for 20.6 million tons of American soybeans in 2011. The volume made up 60% of the US's total soybean exports.

February 15 – Australia's carbon tax may push up the money China will pay for Australian iron ore by $18.5 billion this year, Wang Yigang, an industry expert told the 21st Century Business Herald.

February 10 – China's soybean imports were down 10.2% year on year to 4.61 million tons in January, customs figures show.

February 10 – China's iron ore imports were down 13.9% year on year to 59.32 million tons in January, customs figures show.

February 10 – China's crude oil imports were up 7.4% year on year to 23.41 million tons in January, customs figures show.

February 10 – China's refined oil imports were down 23.4% year on year to 2.95 million tons in January, customs figures show.

February 10 – China's copper imports were up 13.6% year on year to 413,964 tons in January, customs figures show.

February 10 – China's aluminum imports were down 4.4% year on year to 92,106 tons in January, customs figures show.

February 7 – China's sugar output declined by 429,500 tons from a year ago to 5.22 million tons in January, according to the China Sugar Association.

February 1 – China's gold production rose 5.9% to hit a record 360.96 tons in 2011, making the country the world's largest producer for the fifth year in a row, the China Gold Association said. The top 10 producers contributed 51% of the total output. Turnover of the Shanghai Gold Exchange skyrocketed 179% to ¥5.1 trillion last year.

January 31 – China's output of the ten most used nonferrous metals is expected to rise 8% annually to 46 million tons by the end of 2015, according to a five-year plan for the industry. Output was up 10.6% to 34.24 million tons in 2011.

January 30 – Experts say China will have to import 60% of its crude oil needs in 2012, up three percentage points from 2011. The nation's crude oil imports rose 6% to 254 million tons in 2011.

$1 = ¥6.3