The morning news has cancelled the coal ordering meeting for one year and has to be restarted. On January 5th, the coal supply and demand contract summary meeting (known as “coal ordering meeting†in the industry) was restarted in Nanning, Guangxi. The reason was that in the signed coal supply and demand contract in 2011, the effective contract for the national key thermal coal that was included in the supervision was far from reaching. 380 million tons of requirements. This is also the latest order meeting held in China since the coal order fair began in 2002.
In recent years, as coal companies and power companies have difficulty agreeing on the price of coal and coal, there will be tight supply of coal in the country at the end of the year. This has become a headache for the government. In the end, the National Development and Reform Commission has imposed mandatory regulations on coal prices and contracting. The amount ends.
As of 24:00 on December 31, 2010, the total amount of coal contracts nationwide exceeded 1.5 billion tons, far exceeding the 932 million tons of frame frame preset by the National Development and Reform Commission. However, the National Development and Reform Commission is not only happy at all, but even a little angry. Economic Observer Online reported that in terms of key thermal coal contracts, “the 380 million tons of key contracts have not been met, and there is still a big gap.â€
According to the Economic Observer Network, according to the internal meeting of the National Development and Reform Commission on coal enterprises, this scale is the bottom line for ensuring national electricity security.
In the 2011 coal summary framework issued by the National Development and Reform Commission, the total coal power was 769 million tons, an increase of 63 million tons over last year. The contract with a single quantity exceeding 300,000 tons is the annual key contract.
In 2011, when the price of key thermal coal contracts was clearly “frozenâ€, due to the high proportion of key contract coal, central enterprises such as Shenhua and China Coal will be affected more than provincial coal enterprises. Song Zhichen, a researcher in the energy industry of China Investment Consulting, said, "China Shenhua (24.91, -0.34, -1.35%) and China Coal Energy (11.10, -0.08, -0.72%) are the only domestic central enterprises in the coal industry. The proportion of key contract coal to its total output will be larger. According to our knowledge, it should be around 50%."
In 2011, the key contract coal target was 932 million tons.
Song Zhichen said, "But the general rule is that the proportion of key contract coals in provincial coal enterprises such as Datong Coal (21.40, -0.31, -1.43%) (601001) and Shanxi Coking Coal will be lower than that of Shenhua and China Coal. And fully market-oriented coal companies like Orchid Science (48.55, -0.92, -1.86%) (600123) may not have the key contract coal requirements."
Song Zhichen said, "If the price level continues to remain high, then the mining cost of coal enterprises will gradually increase. If the proportion of key contract coal is large and the price is fixed, then the profitability of the company will decline."
The current fact is that the major coal companies have increased the number of coal supply and demand contracts in 2011, but at the same time tried to reduce the key coal contracts. According to the Economic Observer Network, the increased contract volume of coal enterprises is mainly in metallurgical and chemical coal. The use of coal in these three areas is at least 5 yuan higher than the price of key coal.
In terms of thermal coal prices, in December 2009, the National Development and Reform Commission issued a document to cancel the coal ordering meeting, proposing that coal and electric power enterprises should independently connect resources and negotiate pricing from 2010. In 2010, the news was once heard, and the three ministries rejected the application for the 2011 coal production and transportation ordering meeting of the five major power generation groups.
However, in the case of high inflation expectations, the government subsequently imposed a “limit order†on coal. On December 10, 2010, the National Development and Reform Commission website issued the “Notice on Doing a Good Job in the Coordination of Coal Production and Transportation in 2011â€. It is clearly required that the price of key thermal coal contracts in 2011 will remain unchanged at this year's level, and prices in any form shall not be disguised. The reform of thermal coal prices has once again returned to the starting point of government price limits.
In recent years, as coal companies and power companies have difficulty agreeing on the price of coal and coal, there will be tight supply of coal in the country at the end of the year. This has become a headache for the government. In the end, the National Development and Reform Commission has imposed mandatory regulations on coal prices and contracting. The amount ends.
As of 24:00 on December 31, 2010, the total amount of coal contracts nationwide exceeded 1.5 billion tons, far exceeding the 932 million tons of frame frame preset by the National Development and Reform Commission. However, the National Development and Reform Commission is not only happy at all, but even a little angry. Economic Observer Online reported that in terms of key thermal coal contracts, “the 380 million tons of key contracts have not been met, and there is still a big gap.â€
According to the Economic Observer Network, according to the internal meeting of the National Development and Reform Commission on coal enterprises, this scale is the bottom line for ensuring national electricity security.
In the 2011 coal summary framework issued by the National Development and Reform Commission, the total coal power was 769 million tons, an increase of 63 million tons over last year. The contract with a single quantity exceeding 300,000 tons is the annual key contract.
In 2011, when the price of key thermal coal contracts was clearly “frozenâ€, due to the high proportion of key contract coal, central enterprises such as Shenhua and China Coal will be affected more than provincial coal enterprises. Song Zhichen, a researcher in the energy industry of China Investment Consulting, said, "China Shenhua (24.91, -0.34, -1.35%) and China Coal Energy (11.10, -0.08, -0.72%) are the only domestic central enterprises in the coal industry. The proportion of key contract coal to its total output will be larger. According to our knowledge, it should be around 50%."
In 2011, the key contract coal target was 932 million tons.
Song Zhichen said, "But the general rule is that the proportion of key contract coals in provincial coal enterprises such as Datong Coal (21.40, -0.31, -1.43%) (601001) and Shanxi Coking Coal will be lower than that of Shenhua and China Coal. And fully market-oriented coal companies like Orchid Science (48.55, -0.92, -1.86%) (600123) may not have the key contract coal requirements."
Song Zhichen said, "If the price level continues to remain high, then the mining cost of coal enterprises will gradually increase. If the proportion of key contract coal is large and the price is fixed, then the profitability of the company will decline."
The current fact is that the major coal companies have increased the number of coal supply and demand contracts in 2011, but at the same time tried to reduce the key coal contracts. According to the Economic Observer Network, the increased contract volume of coal enterprises is mainly in metallurgical and chemical coal. The use of coal in these three areas is at least 5 yuan higher than the price of key coal.
In terms of thermal coal prices, in December 2009, the National Development and Reform Commission issued a document to cancel the coal ordering meeting, proposing that coal and electric power enterprises should independently connect resources and negotiate pricing from 2010. In 2010, the news was once heard, and the three ministries rejected the application for the 2011 coal production and transportation ordering meeting of the five major power generation groups.
However, in the case of high inflation expectations, the government subsequently imposed a “limit order†on coal. On December 10, 2010, the National Development and Reform Commission website issued the “Notice on Doing a Good Job in the Coordination of Coal Production and Transportation in 2011â€. It is clearly required that the price of key thermal coal contracts in 2011 will remain unchanged at this year's level, and prices in any form shall not be disguised. The reform of thermal coal prices has once again returned to the starting point of government price limits.
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