Shanxi coal mixed support for a strong industry demand for high season – the price of coal – Electrical Industry
Coal industry: a small coal mine closure process is expected to speed up the consolidation
Conclusions Recently, in order to promote the "Eleventh Five-Year" three years after the closure of small coal mines rectification work smoothly, the Ministry of Finance issued "special funds for rectifying small coal mines shut down management approach." The actual number of small coal mines will be shut down for the main examination, taking into account capacity, number of employees, regional differences in conditions and other factors, to take "Yijiangdaibu" means the form by the central government earmarked funds are disbursed to the provincial finance department, mainly for Workers shut down small coal mines placed to eliminate potential safety problems, the local coal industry subsidies and other expenditure.
We believe that the introduction of the policy makes the local government shut down small coal mines by the Central Government financial support will help speed up the ongoing nation-wide reorganization process, shutting down small coal mines, coal production capacity will be further reduced, the formation of long-term support of the coal prices, while capacity expansion for state-owned coal mines to provide space, and thus control over state-owned coal production capacity has been further enhanced.
9 coal market has continued to extend off-season is not short of features, following the local thermal coal prices in Shanxi EADS were mixed after the recent significant rise in Qinhuangdao coal prices. September coal consumption since the direct supply power plants that demand for coal continued to remain high in line with our prior expectations, confirms the continued strong recovery in the real economy.
Security reorganization of the production has begun to show, in August, Central, Shanxi coal output dropped 1 million tons more than in July, in this regard that in Shanxi coal production capacity has reached the legal limit, the short term to further free up space is limited; the other hand, show that the security Rectifying the impact on the capacity to have begun. The coming period, with the holidays approaching and the Pingdingshan small coal mine triggered a nationwide rectification, supply will be further compressed, coal prices have continued to rise and power. The long term, with the gradual integration of resources, coal will continue to improve concentration, coal-producing province of the capacity of the control will continue to strengthen.
International coal price rally makes a large-scale imports of Chinese can not be sustained. With the external economy and the gradual rebound in commodity prices such as oil prices rebound, coupled with the upcoming northern hemisphere winter, the peak of coal, the international trend in coal prices will increase in the future, China's coal imports continue to grow is limited, and will benefit the domestic price of coal formation support.
Coal stocks an average of 20 times the current dynamic price-earnings ratio in 2010 the risk of making the full release of the valuation industry as a whole. Taking into account the existence of tight supply and demand caused the price of coal is expected to continue to rise, we believe that the existence of better investment opportunities in the coal sector, we maintain the industry, "promising" rating. Among them, the recommendations focus on the growth of good coke leading Xishan Coal and Electricity, Pingdingshan shares, steam coal company and the country has a valuation of investment and a new set of advantages Lanhuakechuang. (Shuai Orient Securities)
Shanxi coal industry into the structural adjustment period
A large-scale integration of coal resources, mergers and acquisitions is currently promoting the implementation of Shanxi Province, the future of industrial concentration, mine equipment and management, security capabilities will be greatly enhanced.
September 19, according to Xinhua News Agency reported that China's coal industry as an important representative of the development of Shanxi coal industry began to enter the structural adjustment period, a large-scale resource integration, merger and reorganization is currently promoting the implementation of this province. From 2009 to 2010, the number of small coal mines in Shanxi will reduce more than 1,500 seats, the state-owned key coal mines and coal mines have been formed where the scale of integration, merger or reorganization. By then, the province's 1,000 coal mine in less than the number of control to form at least 90 million tons of annual production scale, and full realization of mechanized mining.
From 1949 to 2008, 59 years, known as "coal town" reputation of the Shanxi coal were 10.524 billion tons, accounting for about one quarter of the national total; coal transferred out of about 7.25 billion tons, accounting for Inter-provincial net outward volume of coal over 70%.
All over the province of Shanxi coal resources of 119 counties (cities, districts) in 91, coal-bearing area of 64,800 square kilometers, accounting for 40% of the total area of the province, is the most important coal production and transfer the province, known as "coal", "coal is."
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