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The heavy supply season in the coal market is oversupply

Wang Xiaolin, deputy director of the Energy Bureau on October 20th, recently pointed out that China's economic development is entering a "new normal", economic growth is slowing, economic structure adjustment continues to advance, the total amount of energy consumption is controlled, environmental protection requirements are constantly improved, international coal competition is increasing, China's coal industry is increasing. The situation facing development is very severe.
At present, the coal industry has entered the peak consumption season, but the market is seriously oversupply, coal prices have been declining, the prospects are not optimistic. Against this background, market analysts pointed out that the prospect of coal business is not optimistic.
Oversupply in the industry
The coal market is not optimistic this year. Information from all sides shows that the current coal market presents a situation of oversupply. Some downstream power plants purchased coal through key customer prices, in addition to meeting their own needs, will also sell surplus coal to other users.
Deng Shun, an analyst at coal industry, believes that the coal selling business in the power plant is mainly due to the serious supply of the market environment in the domestic coal market, the market supply is very loose, the coal purchased by the power plant is not only enough for its own use, but also can be sold to the market to make profit, even high profile promotion.
Since October, since the overall market demand downturn, coupled with the Shenhua and other major mines continuous price adjustment, Southern China regional sales leading pearl electricity 3 successive price promotion measures, in order to reduce stock pressure. On October 12, Zhudian announced a 10 yuan per ton reduction in the sale of coal (except Indonesian coal) at Zhudian Fuel Company terminals from October 12, 2015. After the price adjustment, the price of Guangzhou electric vehicle on the 11 -5500 card of Zhujiang electric power company increased to 430 yuan / ton, and the total decrease in October was 20 yuan / ton.
Shenhua, Zhonghua, Tongmei and Yitai four major coal enterprises, due to the impact of weak demand downstream, poor sales, have cut prices. In October 8th, the overhaul of the Daqin line and the winter coal stock market failed to reverse the market fatigue. The lower downstream demand led to a tight sales of large coal enterprises. Although Shenhua intended to stabilize the price of October, the Shenhua was forced to add to the price war and lead to large coal enterprises in the case of the first price reduction between coal and coal. There is a situation of pressure between each other.
Poor operation of coal enterprises
People in the industry believe that the coal market to go out of the vicious circle, on the one hand, should hope for the domestic macro improvement, on the other hand, the coal enterprises need to implement the measures to reduce production. Wind statistics showed that as of October 20th, there were 20 coal listed companies in two Shanghai and Shenzhen cities issued three quarterly report performance forecasts, including only 2 listed companies in Shaanxi black cat and open coal industry, and the remaining 18 performance showed a loss situation.
Overcapacity of coal and overall decline of coal market are the main reasons for the loss of performance of coal listed companies in the first three quarters. The company said that, under the influence of the domestic coal market supply, the price of the main products of refined coal and coal was further reduced, the sales of products were difficult, the stock increased and the financial cost increased, which led to the further increase of the company's operating losses. Coal gasification is expected to cost 1 billion 30 million yuan to 1 billion 80 million yuan in the first three quarters. Ping Zhuang energy released the three quarter report late October 19th, because the industry was weak, the price of coal continued to fall, the company lost 211 million yuan in the first three quarters, a substantial decline of 4481%, and a loss of 4 million 613 thousand and 300 yuan in the same period last year. Equally, the US brocade energy also said in the three quarterly report performance forecast, affected by the macroeconomic, the downstream steel market downturn, the main product sales prices dropped, the company's three quarter loss of 37 million to 42 million yuan.
The overall performance of the coal industry is weak, and some coal enterprises that have been restructured will still have investment potential in the future. "Coal stocks with restructuring concepts or restructuring to develop new businesses still have investment opportunities, and most other coal stocks are hard to perform well in the short term." Deng Shun told the China Securities newspaper reporter.
In addition, the transformation of the original business through the Internet is also a new mode for some coal enterprises to seek difficulties in transition. But at present, the phenomenon of homogenization of coal business is common. Deng Shun pointed out that this is mainly because the coal industry is more transparent on the upstream and downstream information, coal e-commerce or in the short term will be concerned by the capital market, but the prospects are not optimistic.
(online statement: this content is collected by the staff on the Internet, and we do not provide any implied or implied warranty on the accuracy, reliability, or integrity of the contents contained. Please only refer to the reader and take full responsibility for yourself.

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