China total electricity consumption rose 1.7% YoY in August, unchanged from July's 1.7%.

Northeast Securities said in a Sept. 20 research note the Fed’s September hike has been delivered; the dot plot shows Fed officials generally expect one more hike in 2026, then a period of unchanged policy. With the US economy not overheating, the firm views recent moves as precautionary and warns the risk of a December hike should not be underestimated under current guidance. Based on US wage growth and housing, Northeast Securities sees limited endogenous inflation pressure and does not expect a sustained, rapid hiking cycle—favoring a 2016-style outcome of a modest move followed by an extended pause.

China State Railway Group said national railway freight totaled 2.69 billion tonnes in Jan–Aug, averaging 187,400 loaded cars per day. Rail shipments of coal were 1.389 billion tonnes over the period, including 928 million tonnes of thermal (power) coal. The railway increased outward coal flows from major producing regions — Shanxi, Shaanxi, Inner Mongolia and Xinjiang — and worked to ensure thermal coal deliveries met demand over the summer peak. Coal stocks at power plants directly supplied by the national railway remained at elevated levels.