"Jin coal mode" of mixed reform of state-owned enterprises
At present, the Jinmei Group takes the coal industry as the core, coalification linkage, gas co-production, coal-fired power integration, and coal-fired machinery. The “one-core four-wing†industrial structure has taken initial shape. Among the subsidiaries of the company, mixed ownership companies have already occupied Up to 45%, companies that can be classified as property rights account for 58%, involving all six leading industries such as coal, coalbed methane, coal chemical, electric power, coal machinery manufacturing, diversified operations and emerging industries.
Steel Association: There is still downside in the later period
According to the Iron and Steel Association, at the end of April, the China Iron Ore Price Index (CIOPI) was 243.010 points, down 47.62 points month on month, a decrease of 16.38%, a decrease of 6.79 percentage points from the previous month. Among them: the domestic iron ore price index was 216.99 points, a decrease of 49.64 points from the previous month, a decrease of 18.62%, and the chain ratio was up and down; the imported iron ore price index was 248.02 points, a decrease of 47.24 points from the previous month, a decrease of 16.00%. Last month, it increased by 4.35 percentage points. In April, iron ore prices also declined due to market expectations and downward fluctuations in steel prices. Due to the contradiction between oversupply in the iron ore market, there is still room for downside iron ore prices.
The operating rate of the mine in the peak season does not rise and fall.
The latest statistics show that the operating rate of domestic iron ore mines in April was 49.13%, down 0.29% from the previous month. According to industry insiders, April is the time period for the mine to resume seasonal production, and the mine operating rate should keep rising. The operating rate did not rise and fall, mainly due to environmental protection policies. In the context of a rebound in port stocks, iron ore prices have not gained enough momentum.
How does the industry cross the iron ore "mountain"?
Although the output of China's industry is huge, the profit margin has been low, from the peak of 7.6% in 2004 to 0.9% in 2014. The profit of tons of steel fell from one mobile phone to one cabbage, and then to the Chinese industry in 2015. The loss was 77.938 billion yuan. The reasons for the low profit are many reasons such as low concentration of China's industry, overcapacity, and disorderly competition. However, the high production costs caused by soaring iron ore prices are also difficult to blame. For more than a decade, in China, iron ore prices have only “bited†steel prices, steel prices have risen, steel prices have fallen, but iron ore prices have “longer and lessâ€. The Chinese industry seems to be unable to escape the curse of iron ore possession.
The two major coal enterprises take the lead in cutting the price of coal will return to a reasonable range
In April, the National Development and Reform Commission intensified pressure on coal enterprises and introduced measures such as reducing coal prices. In May, with the gradual increase in coal supply and weaker demand, the market wait-and-see mood was strong, and coal trading showed a priceless market. In the situation, the two major coal companies took the lead in lowering coal prices. At the same time, major coal-producing areas such as Shanxi, Shaanxi and Inner Mongolia have been running for 330 working days, and the effective coal production capacity is expected to increase. Analysts said that under the guidance of the policy, the future coal supply will show a trend of continuous easing, and prices are expected to return to a reasonable range in the off-season.
Shanxi closed 18 coal mines in 2017, with an exit capacity of 17.4 million tons
All levels, departments, and units must effectively unify their thoughts and actions to the decision-making arrangements of the Party Central Committee, the State Council, and the Shanxi Provincial Party Committee and the provincial government, and carefully carry out the work of coal supply capacity stabilization in 2017. It is necessary to clarify the division of responsibilities and strengthen the safeguard measures. Every link to close the mine must be completed on time according to the time node to ensure the completion of the target of closing 18 coal mines this year and withdrawing the production capacity of 17.4 million tons.
Central enterprises will start coal production to fight for strength and will fight again this year.
Meng Jianmin, deputy director of the State-owned Assets Supervision and Administration Commission, said in a speech at the meeting that the task of resolving excess capacity in the central enterprises in 2017 continued to increase. Meng Jianmin asked the relevant central enterprises to resolutely implement the decision-making arrangements of the Party Central Committee and the State Council, and to fight for the tough battle of capacity, and fully complete the target of 5.95 million tons of production capacity and 24.93 million tons of coal to be produced in 2017.
Development and Reform Commission: coal de-capacity should be coordinated to handle capacity, supply, and price stability
The Development and Reform Commission proposed that comprehensive measures be taken to promote the return of coal prices to a reasonable range. Actively guide coal and related enterprises to establish long-term stable, mutually beneficial cooperation; scientifically grasp the intensity and pace of production. The de-capacity task should focus on the effective connection with the connection resources in the scheduling. It is necessary to focus on “zombie enterprises†that have been shut down for a long time, illegal mines and non-compliance coal mines, coal mines with low safety and security risks, and Other coal mines with backward production capacity.
Multi-province coal enterprises released 276 working days system to increase the effective supply of coal
Analyst Zhang Min told the Securities Daily that recently, Shanxi Province indicated that it will not implement the 276 working day system this year. In addition, Shanxi Province will also steadily promote the release of high-quality production capacity, and plans to add 70 million tons of advanced production capacity to expand the holding capacity of advanced production capacity, which will stabilize the supply and demand situation in the coal market. It is also known that most of the coal mines in Shaanxi and Inner Mongolia have already implemented 330 working days.
Tianjin Port stops receiving roads, transporting coal, bulk coal, all railways entering the port
In order to effectively reduce the impact of heavy-duty trucks on air quality, we will fight the "blue sky defense war". At 24 o'clock on April 30, all ports in Tianjin Port stopped receiving long-distance roads to transport coal and coke, and bulk cargo flow center coal as of 4 At the end of the month, it was basically clear, and all of the bulk coal was brought into the railway. Compared with the national “Beijing-Tianjin-Hebei and Surrounding Areas 2017 Air Pollution Prevention and Control Work Planâ€, “Tianjin Port no longer accepts the coal-harvesting coal transported by diesel trucks†before the end of July is three months ahead of schedule. It is estimated that about 2 million vehicles will be transported each year.
Coking coal supply increases coke downward trend is obvious
After a sharp drop in the previous period, the major black varieties have rebounded recently, and the coke 1709 contract has been supported around 1,600 yuan/ton. The author believes that despite the rebound in coke futures, the weakness of the spot has not changed. Due to the recovery of coking coal supply, the backlog of coking plant stocks, and the weakening demand of steel mills, the downward pressure on coke has increased.
Henan: Stop approving new coal mine projects within 3 years from 2016
Henan Provincial Development and Reform Commission news, on April 26, the Henan Provincial Government Office officially issued the "Notice on the issuance of the government approved investment project catalogue (Henan Province 2017)", this is the second time after 2015, Henan Province approved the government The list of investment projects has been revised. The "Notice" requires that coal mine projects should strictly implement the "Opinions of the State Council on the development of excess capacity in the coal industry to achieve the development of poverty alleviation" (Guo Fa [2016] No. 7), and in principle, it will stop approving new coal mine projects and new projects within three years from 2016. If the technical transformation project and capacity increase project for increasing production capacity are required, the new coal mines are required to be replaced.
Commodity market opens "Red May" Iron ore is abandoned by high funds
“As the black sector rebounds strongly, the current market sentiment is optimistic. From a fundamental perspective, the peak season is coming to an end and supply is still on the upward channel. The main support for black commodity prices in May is demand. With the demand for the peak season in the second half of the year and infrastructure Investment will fall, and there may be a turnaround in the market. The market may slow down, but the trend is still in the process of adjustment. The coal market is expected to run weakly in May, as the contradiction between supply and demand intensifies." Gao said.
The supply of thermal coal is gradually loosening.
As the coal industry no longer implements the 276 working day system, it is expected that the production of raw coal will increase in the next few months, the supply of thermal coal will tend to be loose, and in the coming months, the season of hydropower generation will continue to grow. In the second quarter, the probability of a slowdown in the thermal coal market is large.
Coal-fired power companies' performance, two fires, 16 home appliances, collective losses in the first quarter
The disclosure of the first quarterly report of listed companies in 2017 has ended, and the performance of coal-fired power companies in the first quarter can be described as two days. According to statistics from the Securities Daily, due to the surge in coal prices, coal enterprises have turned over, and the performance of 18 coal companies in the first quarter has risen collectively, while 16 household appliances have fallen into losses in the first quarter. . The industry believes that this year's thermal coal prices will be at a high level overall, and the full-scale loss of electricity companies will be a high probability event. As coal prices stabilize, coal companies are expected to continue to improve.
8 industries including Fujian, thermal power, cement and coal must meet the standards before the end of the year
Before the end of this year, all provinces in the province will complete the rectification of eight industries, including thermal power, cement, coal, paper, printing and dyeing, sewage treatment plants, and garbage incineration plants, to achieve standard discharge. The reporter of the Herald was informed yesterday that the Provincial Environmental Protection Agency issued a “Implementation Plan for the Comprehensive Compliance of Industrial Pollution Sources†to the province, and clarified the “timetable†for rectification. The relevant person in charge of the Provincial Environmental Protection Department said that by the end of 2019, the province has basically completed the rectification of various industrial pollution sources exceeding the standard, and all industrial pollution sources have achieved comprehensive discharge standards; before the end of 2020, further consolidate and improve the industrial pollution sources exceeding the standard.
China's No. 1 Coal Transportation Line will be born! 200 million tons of coal will flow out from Mongolia, Shaanxi and Shanxi every year.
China's first coal transportation line will be born! 200 million tons of coal per year, from the Mongolia, Shaanxi, and Shanxi "outflow" this railway from Inner Mongolia Hao Le Bao Ji, the main cities along the way are: Erdos (600295), Shaanxi Yulin, Shaanxi Yan'an, Shanxi Yuncheng, Henan Sanmenxia, ​​Henan Luoyang, Nanyang, Hubei Fuyang, Hubei Jingmen, Hubei Jingzhou, Hunan Yueyang, Hunan Changsha, Jiangxi Yichun, Jiangxi Xinyu, the end arrived in Ji'an, Jiangxi Province.
Tax incentives for bulk storage of coal and other commodities
According to the Notice of the Ministry of Finance and the State Administration of Taxation on the Continuing Implementation of the Preferential Policies for Urban Land Use Tax for the Use of Warehouse Enterprises for Commodity Storage Facilities, from January 1, 2017 to December 31, 2019, The land used by the logistics enterprises for their own (including self-use and lease) bulk commodity storage facilities shall be deducted from the urban land use tax by 50% of the applicable tax rate of the land.
Henan state-owned enterprise reform gradually penetrated into Sanquan Yigang to transfer medical assets
According to the announcement, the Zhengcun Group Micun Coal Mine Staff Hospital is a legal entity registered in the Henan Provincial Institutional Registration Authority, with a fund of 2.541 million yuan and 24 employees. The purpose of this transfer is to continue to hold medical institutions and undertake the first-aid work of the Mi Village miners and the public health services of the mining area. After the transfer, the main business of the target units will not be changed, and the units will not be reorganized.
Shanxi State-owned Enterprises’ debt-to-equity swaps signed another 20 billion yuan in a well-known coal enterprise in the next city.
Jinneng Group and CITIC Bank, one of the seven largest coal enterprises in Shanxi, signed a 20 billion yuan market-oriented debt-to-equity swap agreement in Taiyuan, Shanxi. This move means that the state-owned enterprises in Shanxi have turned into stocks in the market. Data show that in the first quarter, Shanxi's GDP increased by 6.1%, general public budget revenue increased by 12.6%, and strategic emerging industry added value increased by 14.9%. The above-mentioned economic growth rate was 3.1 and 1.6 percentage points higher than the same period of the previous year and 2016. Shanxi officials said that Shanxi has gone out of the most difficult period of two and a half years.
Iron ore is on the side of the bear market commodity "Black Thursday" China has a back pot
The black commodity futures represented by iron ore were on the rise and fall of China on Thursday. Iron ore, rubber, hot coil and Zheng alcohol mainly closed the down limit; rebar and coke closed down 6%, and coking coal fell 5.8. %, Shanghai nickel fell 4.4%. US stocks also continued their decline on Thursday, with iron ore falling to 6% and hot rolled coils and rebars opening at 2.7% and 1.9%. Iron ore and rebar not only completely retreated last week's gains, but also fell nearly 20% from the four-year high reached in March, close to the bear city.
[Steel price trend]
Rebar prices fell by 500 yuan per ton. Dealers are afraid to pick up the goods.
At the end of last year, domestic steel prices jumped sharply. On November 14, 2016, the steel price index once soared to 3,120 yuan / ton, a new high since August 2014, and the highest index rose to 3,770 yuan / ton. Since entering 2017, the steel price has not continued to rise and continues to rise. Statistics show that after a slight increase in February and March, steel prices began to show a downward trend in April. Some dealers said that rebar fell by 500 yuan per ton in January.
PMI fell to 49.1% in two consecutive years, the steel market will still be under pressure
According to the industry PMI index surveyed and released by the China Federation of Materials Logistics, it was 49.1% in April, down 1.5 percentage points from the previous month. It fell for two consecutive months and fell below the 50% glory line. The degree has dropped significantly. Among the main sub-indices, the production index rose to the highest level in the past four years. The new order index and purchase price index fell below 50% for the first time this year. The new export order index rebounded slightly but remained below 50%. The contraction interval, the finished goods inventory index expanded to the highest since February 2015. PMI shows that the current production of enterprises is at a high level, orders are falling, corporate inventory is backlogged, raw material costs are insufficiently supported by steel prices, and the steel market is not prosperous.
Steel prices in the second quarter are difficult to escape the weak market
The output of iron ore is soaring and the price is falling. The industry’s “Golden, Three Silver and Four†dreams are almost shattered. The industry expects that due to the impact of the real estate market regulation, it is expected that the growth rate of real estate investment and housing consumption will slow down in the second quarter, and the overall consumer demand will not recover sharply in the short term, and steel prices will continue the current weak market.
Steel prices still have some room to rebound in May
The previous steel prices continued to fall, accumulating rebound momentum, environmental inspection, and production restriction policies are all important factors supporting the recent rise in steel prices. Under this background, steel prices are expected to have some room for rebound in May.
Report boss! Billet still has a chance to pull up, the increase or limited
In the latter part of the week, the steel market continued to weaken. The billet price dropped by 160 yuan/ton for two consecutive days, which was a big drop. In addition to the impact of the violent decline in the futures market, the overall shipment of finished products was the result of the obstruction of the billet market. direct cause. At present, the supply and demand status of billet is still being adjusted. However, from the point of view of spot resources, whether it is storage stock or billet inventory in the billet plant, the level of stock resources is low, which will directly reduce the supply pressure of straight-haired resources, and later adjust If the billet rolling mill has no substantial stop and limited production operations, and the price difference between the billet and the finished product is reasonably adjusted, the supply and demand status of the billet market will maintain good development, and there will still be opportunities for the price to rise after the price falls.
Steel billets rose 50 today, traders shouted too much, and accelerated sales to sell
This week, the domestic steel market price fell back. At the beginning of the week, as prices continued to rise, demand release performed better, with traders accelerating shipments. As the price rushed to a high point, the demand side began to appear on the sidelines. Under the influence of the subsequent futures diving and the falling of the billet, the demand side's wait-and-see attitude was aggravated, so the overall transaction was only acceptable at the beginning of the week. Secondly, the current decline in billet prices has stimulated the bearish psychology of traders. Therefore, there is a large bargaining space in terms of shipments, which has also accelerated the decline of bottom resources. However, as far as the current market situation is concerned, after the inventory has been digested last weekend and early this week, its pressure on traders has eased. It is expected that the domestic steel market price will continue to be dominated by shocks next week.
Pre-judgment of various steel products next week (5.8-5.12)
After the "May 1", the main RB1710 market in the late period saw a rapid reversal. After rushing to the 3150 line at the beginning of the week, it began to show a downward trend, and the decline gradually expanded, especially after falling below 3120, 3000 and other support levels on Thursday. From a technical point of view, the K line in the daily chart has fallen below each moving average, KDJ dead fork down, MACD red column narrowed; KDJ turned head down in the weekly chart, MACD green column zoomed. Considering this, the rebound of this wave basically ended in the 3150 area, and the market outlook may continue to decline. However, considering the excessive decline on Thursday, there will be a lot of small counterattacks at the beginning of next week.
Next week's steel price trend warning: supply increased shocks and fell
As the de-capacity and environmental protection efforts were strengthened again, the staged clearing of the inventories of the inventors caused a significant rebound in the previous market. However, the current steel mill production is still high, especially the steel construction materials are basically full-load production, and the market demand has been converted from the peak season to the off-season. The fundamental supply and demand pattern has not been fundamentally reversed. The market rebound is difficult to sustain, short-term or Will once again turn into a shock down trend. Based on this, the market will maintain a negative evaluation next week – a green warning.
[Steel Factory News]
Steel enterprises' first-quarter profit hit a new high in recent years
In the first quarter, the profitability of the whole industry rose steadily. According to statistics from the China Industrial Association, in January-March, member companies realized a total profit of 23.284 billion yuan, a loss of 8.748 billion yuan in the same period of the previous year; a loss-making enterprise decreased by 17 and a loss of 19%. The profit margin of member companies is 2.77%, but it is still lower than the national average industrial profit.
China Banking Regulatory Commission researches and deploys steel enterprises to “de-leverageâ€
Gu Jianguo, executive vice president of China Industrial Association, pointed out at the meeting that the enterprise should have an overall design for de-leverage, and should be combined with deepening the reform of state-owned enterprises. Each typical enterprise should be based on the development plan of the industry, product positioning and regional positioning of the enterprise. To study the “one enterprise, one policy†delevering solution suitable for the actual situation of the enterprise, and on this basis, to study the actual working measures and methods of each enterprise's de-leverage.
Need to work hard to get productive
The latest industry PMI index released by the China Federation of Logistics Professional Committee was 49.1% in April, down 1.5 percentage points from the previous month and has fallen for two consecutive months. Among them, the production index rose to the highest in nearly four years; the finished goods inventory index expanded to the highest since February 2015; and the new order index and purchase price index fell below the 50% stagnation line for the first time this year. PMI showed that production in April was at a high level, orders fell, and corporate inventory was backlogged. Raw material costs were insufficiently supported by steel prices.
Hebei Langfang Bazhou Xinli ceased production exit
A few days ago, Bazhou Xinli of Langfang City, Hebei Province announced that in response to the national policy, the company has completely stopped production in recent days and has completely withdrawn from the industry. With the acceleration of the de-capacity progress, the city of Langfang, Zhangjiakou and Baoding, which surrounds Beijing in the future, is expected to shut down 22 million tons of production capacity.
Hebei Province banned backward production capacity such as “strip steel†before the end of June
Gong Xiaofeng, director of the Hebei Provincial Bureau of Industry and Information Technology, said that this year is the most productive year for capacity. Hebei Province will implement the “Opinions on Strengthening the Comprehensive Management of Air Pollution†and 18 special programs in accordance with the Provincial Party Committee and the Provincial Government to ensure that backward production capacity should be exhausted and a green, clean and sustainable development path is drawn. Resolutely resolve excess capacity. We will implement the six types of standards that are stricter than the state, and force the production capacity to exit with market-oriented and rule-of-law methods to ensure that the cement production capacity will be reduced by 1.1 million tons and the flat glass production capacity will be 5 million weight boxes by November. Strictly implement the 1:1.25 national capacity reduction ratio, and actively and steadily promote the construction of major projects such as Shougang Jingtang Phase II. Strengthen investigation and management to ensure that all backward production capacity such as “strip steel†is banned before the end of June. The special campaign for pollution remediation in the coking industry was carried out to reduce the coke production capacity by 7.2 million tons.
邯郸 Ensure that the steelmaking capacity will be reduced by 3.54 million tons and ironmaking by 4.84 million tons this year.
On May 3, Handan City held a conference on comprehensive management of atmospheric pollution, and proposed to strengthen the governance of the attack and resolutely fight the blue sky to ensure that the PM2.5 concentration dropped by 12% compared with 2016, and the winter heating period decreased by more than 16%. Cut coal consumption by 3 million tons and add 660,000 mu of afforestation. At the meeting, Bengbu City issued the "Opinions on Strengthening the Comprehensive Management of Air Pollution" and 29 implementation plans for special actions, and launched a combination of coal crushing, excellent enterprise, vehicle control, dust suppression, mine management and greening.
Baowu Group actively participated in the construction of Xiong'an New District
Xu Qin briefed Chen Derong and his party on the strategic positioning of Xiong'an New District. On April 1, the Central Committee of the Communist Party of China and the State Council issued a notice to decide on the establishment of the Xiong'an New District in Hebei. This is a major historical strategic choice made by the Party Central Committee with Comrade Xi Jinping as the core. It is another new national significance zone after the Shenzhen Special Economic Zone and the Shanghai Pudong New Area. It is a millennium plan and a national event. The establishment of Xiong'an New District is a major decision-making arrangement made by the Central Committee of the Communist Party of China to promote the coordinated development of Beijing-Tianjin-Hebei. It is aimed at centralizing the function of Beijing's non-capital, exploring new models for optimizing development in population-intensive areas, and adjusting and optimizing the urban layout and space of Beijing-Tianjin-Hebei. Structure, fostering innovation and driving new engines for development, has great practical significance and far-reaching historical significance. Xu Qin said that the most important task at present is to understand the strategic intention of the construction of Xiong'an New District, do a good job in strategic planning, and then carry out construction.
The construction of the trillion-level underground pipe gallery will help to resolve the excess capacity during the outbreak.
A set of data provided by MCC shows that according to the current general urban integrated pipe gallery design layout, such as the steel bellows integrated pipe gallery, the consumption of steel per kilometer is nearly 4,000 tons, with the initial planning of the general city not less than 50 kilometers. According to the reference data, only the steel consumption of the corridor construction is about 200,000 tons. This data is of great appeal to local governments, especially local governments that have a lot of pressure on production capacity, and can be regarded as a big plus in economic restructuring.
Dalian Banking Regulatory Bureau: Bankruptcy and reorganization of Northeast Special Steel is progressing in an orderly manner
Zhang Zhaojun, deputy director of the Dalian Banking Regulatory Bureau, said at a regular press conference of the banking industry on the 4th that in accordance with the work arrangements of the China Banking Regulatory Commission, the risk supervision of the “guarantee circle†loan, the Dalian Banking Regulatory Bureau organized various banking institutions in the jurisdiction to conduct risk investigations. The banking regulatory bureau also went to various banking institutions and conducted on-site inspections and inspections. “Through the risk investigation of the organization and the verification work, the risk problem of the 'guarantee circle' in the jurisdiction of Dalian exists, but the risk is still controllable. Next, the Dalian Banking Regulatory Bureau will further control the risk according to the risk investigation and verification results. Don't form a sprawling situation."
China Steel Association held a steel industry leveraged meeting: optimizing loan structure and promoting market-oriented debt-to-equity swap
According to the website of the China Steel Association, a few days ago, under the guidance of the China Banking Regulatory Commission, the China Iron and Steel Association held a typical “de-leverage†exchange forum in Maanshan, Anhui. The meeting focused on the difficulties and problems faced by the current “de-leveraging†work of enterprises, discussed the next steps of “de-leveraging†and the smooth promotion of market-based debt-to-equity swaps, and exchanged “de-leverage†typical enterprises in capital. The structure and debt structure are too high in the proportion of short-term loans.
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