Why coal enterprises focus on debt crisis? China Coal Association responded in this way

 Why coal enterprises focus on debt crisis? China Coal Association responded in this way

At the press conference of 2021 national coal Fair held on December 1, Zhang Hong, spokesman of China Coal Industry Association (hereinafter referred to as China Coal Association), told the interface news that this was due to the high debt ratio of Jizhong energy and Yongmei Group, which had invested a lot of funds in the development of international logistics, coal chemical industry and other related industries in recent years.

Yang Xianfeng, chairman of the China coal transportation and Marketing Association, added: Yongmei Groups default is mainly due to the debt structure is not well arranged, short-term and long-term debts have not been adjusted.

According to the statistics of the China Coal Association, at present, the total debt of large coal enterprises is about 4 trillion yuan, and the debt ratio is close to 70%. On the whole, the coal industry in the rapid development of the long-term accumulation of high debt problem is still more obvious Zhang Hong pointed out that the coal industry is a resource attribute with a large amount of investment.

He believes that the above-mentioned default may cause pressure on the short-term financing of enterprises and bring some difficulties to the overall financing of the industry. However, the state-owned enterprises have certain economic strength, and I believe that the local government will also help solve the problem.

The debt ratio of large coal enterprises is generally high, but the situation of each enterprise is different. High risk is not related to the development stage of the enterprise Zhang Hong also pointed out.

Since September this year, under the background of the continuous release of downstream demand, the price of port power coal has ushered in a new round of rise, with the price once exceeding 630 yuan / T.

According to wind data, as of November 27, the closing price of q5500 steam coal in Qinhuangdao closed at 626 yuan / ton, up 15 yuan / ton on a weekly basis, which is in the red range of coal price.

The recent shortage of 5500 kcal coal has led to a rise in coal prices. Feng Yu, vice president of China coal transportation and Marketing Association, said that it is expected that coal prices will soon fall back to the green range and will not continue to run at a high level.

According to the memorandum on stabilizing the abnormal fluctuation of coal market price issued by the national development and Reform Commission and other four departments in 2017, the price of steam coal can be divided into three situations. Take the price in 2017 as an example, the green range is normal, and the coal price is between 500 yuan and 570 yuan / ton; the blue range is slightly up or down, and the coal price is at 570-600 yuan / ton or 470-500 yuan / ton; and the red range is abnormal rise Or fall, coal prices above 600 yuan / ton or below 470 yuan / ton.

Zhang Hong said at the above meeting that since the implementation of medium and long-term contracts in 2017, about 75% of the trading volume in the coal market has been the medium long term agreement signed by large coal enterprises, and the average price of this part of coal in the first 10 months of this year was below 550 yuan / ton.

The remaining 25% of the trading volume is spot trading, mainly in the form of bulk cargo and short-term contracts. The scope, path and market of this part of coal procurement are narrow and relatively large, which has little impact on the stability of the overall coal market in China. Zhang Hong said.

The latest research report of Yide futures pointed out that in December, coal consumption demand further rebounded, and the overall procurement demand is still good. Under the follow-up import increment supplement, the coastal coal supply has a certain degree of relief, so the coal price will be temporarily adjusted back. However, when the port is difficult to achieve effective base storage, the coal price support is still relatively strong.

In view of this years regional coal resources integration in Shanxi, Shandong and other regions, Zhang Hong pointed out that this is under the requirements of a new round of state-owned assets distribution, and the local government has refined and expanded its main business.

u201dCompared with international enterprises, the strength and structure of Chinese coal enterprises are different. There are many market players in the domestic coal industry, but there are still few enterprises with strong competitiveness. Therefore, it is necessary to cultivate enterprises with world competitiveness by establishing large groups. Zhang Hong said.

Zhang Hong also said that the main line of the development of Chinas coal industry during the 14th five year plan period should focus on deepening industrial reform, with specific measures of intellectualization, specialization, customization, clustering and greening.

Source: interface news editor: Yang Bin_ NF4368