PRC coal to petchem is like 3mbd equivalent (growing at 500k mbd per year), profitable vs oil at $80, ergo about 3/5 of their industrial feedstock inputs just got massive 50% and growing discount vs everyone else. Plastics, synthetics, fertilizer... everything PRC now has structural 50% discount.

For actual Hormuz, PRC gets 6/12mbd. They really only need ~8m for domestic use, other 4m is discretionary, i.e. reselling refined petro/petchem or heating, stuff which can be forgone without degrading domestic operations or rapidly electrified. So really PRC only dealing with 2mbd import shortfall if Hormuz fully closed, their SPR will stretch for couple years at current runway if they just forgo discretionary oil use, and by the time it empties, if PRC goes ham on domestic EV / freight at current adoption, with active coal to X in pipeline, they can displace another that 2m barrels. Only way for PRC SPR to run dry end of year is if US starts blockading Malacca tomorrow and glass pipelines. Otherwise PRC on trend to survive with massive advantage vs everyone else.

Energy geopolitics to consider is unless Hormuz shuts down completely by Iran (or US), PRC gets first dibs on energy products by default, all existing contracts are going to be force majeured, and only way any GCC producer is going to make money is by selling to PRC first if Iran serious and can enforce petro-yuan. Also with 20% energy mix from oil vs 40% from US, and electric freight options for logistics, PRC simply better setup to weather high energy prices and disruptions. Their coal petchem stack = they are now permanently cheaper than all other (oil/naphtha based) industrial competitors who bluntly can't even pull the overproduction card vs PRC because their production will crater from lack of of inputs creating condition to reinforce PRC as primary global producer. No one can outproduce PRC in high oil scenario because no one has PRC price stable coal to liquid/chemical stack that serves as energy fortress that decouples most of PRC economy/industry from oil prices. TLDR, PRC is relatively derisked from Hormuz already, if US wants to actually snowball oil disruption into advantage vs PRC, they need to start war with PRC right now. Otherwise sustained high oil price going to be net positive for PRC vs basically everyone else.