With overcapacity and low prices, the coke industry has fallen into a state of loss in the entire industry. Shanxi Province and Shandong Province, the main producers of coke, have recently made relevant measures to accelerate the elimination of backward production capacity and promote industry transformation. A new environmental protection regulation that will affect the entire industry, "Coking Chemical Industry Pollutant Discharge Standards," will also be formally implemented on October 1. People in the industry believe that the implementation of the standard will increase industry entry barriers and will further eliminate backward production capacity and accelerate the pace of mergers and acquisitions among enterprises.
I. Accelerating the elimination of backward production capacity It is reported that the new environmental standards for coking are jointly issued by the Ministry of Environmental Protection and the State Administration of Quality Supervision. This standard will replace the “Emission Standard of Air Pollutants for Coking Ovens†of 1996, which is still in use today.
Compared with the original standard, the new standard has four major characteristics. First, it changes the single atmospheric standard before it becomes a series of standards for the main production process; second, it adds new emission limits for air pollutants and water pollutants; It is a significant increase in the emission standards for pollutants such as smoke, dust, and dioxide*. Fourth, the transition period for existing companies is given for more than two years. The implementation of the corresponding standards for existing enterprises will be completed by the end of 2014 and beyond 2015. Implementation of new enterprise emission limit standards.
Zhou Yuanhai, senior researcher of Guoyuan Securities, stated that the current production of the coke industry is very fragmented, and some small coking plants have relatively serious environmental pollution, and at the same time there is a serious surplus of coke production capacity. The implementation of the new environmental protection standards for coke helps to improve the environment on the one hand; on the other hand, it facilitates the elimination of backward production capacity and increases industry concentration.
In fact, overcapacity has become the biggest constraint to the development of the coke industry. According to statistics from China Steel, the coking industry in China had a capacity of less than 200 million tons in 2001. In 2011, China's coke production capacity has reached nearly 600 million tons. The rapid expansion of production capacity and continuous increase in production lead to a serious supply and demand imbalance in the coke industry.
Taking Shandong Province as an example, the province’s coke production capacity at the end of 2011 is 62 million tons. According to the goal of controlling steel production at 50 million tons at the end of the “Twelfth Five Year Plan†in Shandong Province, the coke demand is only 25 million tons, and the excess coke production capacity will reach 60. %.
The result of unbalanced supply and demand is that the price of coke has fallen sharply. Since 2012, the mainstream decline in the market for coke market prices has reached 100~250 yuan/ton. Most coking enterprises are in a state of deficit, and it is normal for companies to restrict production and reduce production.
Second, to improve the industry's loss situation Under the influence of excess capacity and falling prices, coking enterprises are struggling. Of the 10 listed companies involved in the coke business, net profits of the six companies fell in the first half of the year, and five companies lost money.
The three listed companies with the largest proportion of coke business are Shanxi Coking, Meijin Energy and Sichuan Shengda as examples. In the middle of this year, Shanxi Coking's operating revenue decreased by 13% year-on-year, net profit decreased by 83% year-on-year; net profit of Meijin Energy dropped by 230.8% year-on-year; net profit of Sichuan Sunda fell 274.8% year-on-year.
One brokerage analyst who declined to be named said that in recent years, affected by the national macro-control, the domestic steel industry has been weak, demand has shrunk, and the coke demand of the steel industry has declined, resulting in the continuous decline in coke prices, and the overall profitability of the coke industry is weak.
According to public information, major coke producing provinces such as Shanxi Province and Shandong Province have launched measures to eliminate backward production capacity and accelerate the transformation and upgrading of coking enterprises.
In view of the implementation of the new environmental protection standards for coke, Zhou Haiou believes that the elimination of backward production capacity will be beneficial to the improvement of the operating environment of listed companies. At the same time, the implementation of the new standards also requires the relevant companies to transform the production system, thereby increasing production costs. .
I. Accelerating the elimination of backward production capacity It is reported that the new environmental standards for coking are jointly issued by the Ministry of Environmental Protection and the State Administration of Quality Supervision. This standard will replace the “Emission Standard of Air Pollutants for Coking Ovens†of 1996, which is still in use today.
Compared with the original standard, the new standard has four major characteristics. First, it changes the single atmospheric standard before it becomes a series of standards for the main production process; second, it adds new emission limits for air pollutants and water pollutants; It is a significant increase in the emission standards for pollutants such as smoke, dust, and dioxide*. Fourth, the transition period for existing companies is given for more than two years. The implementation of the corresponding standards for existing enterprises will be completed by the end of 2014 and beyond 2015. Implementation of new enterprise emission limit standards.
Zhou Yuanhai, senior researcher of Guoyuan Securities, stated that the current production of the coke industry is very fragmented, and some small coking plants have relatively serious environmental pollution, and at the same time there is a serious surplus of coke production capacity. The implementation of the new environmental protection standards for coke helps to improve the environment on the one hand; on the other hand, it facilitates the elimination of backward production capacity and increases industry concentration.
In fact, overcapacity has become the biggest constraint to the development of the coke industry. According to statistics from China Steel, the coking industry in China had a capacity of less than 200 million tons in 2001. In 2011, China's coke production capacity has reached nearly 600 million tons. The rapid expansion of production capacity and continuous increase in production lead to a serious supply and demand imbalance in the coke industry.
Taking Shandong Province as an example, the province’s coke production capacity at the end of 2011 is 62 million tons. According to the goal of controlling steel production at 50 million tons at the end of the “Twelfth Five Year Plan†in Shandong Province, the coke demand is only 25 million tons, and the excess coke production capacity will reach 60. %.
The result of unbalanced supply and demand is that the price of coke has fallen sharply. Since 2012, the mainstream decline in the market for coke market prices has reached 100~250 yuan/ton. Most coking enterprises are in a state of deficit, and it is normal for companies to restrict production and reduce production.
Second, to improve the industry's loss situation Under the influence of excess capacity and falling prices, coking enterprises are struggling. Of the 10 listed companies involved in the coke business, net profits of the six companies fell in the first half of the year, and five companies lost money.
The three listed companies with the largest proportion of coke business are Shanxi Coking, Meijin Energy and Sichuan Shengda as examples. In the middle of this year, Shanxi Coking's operating revenue decreased by 13% year-on-year, net profit decreased by 83% year-on-year; net profit of Meijin Energy dropped by 230.8% year-on-year; net profit of Sichuan Sunda fell 274.8% year-on-year.
One brokerage analyst who declined to be named said that in recent years, affected by the national macro-control, the domestic steel industry has been weak, demand has shrunk, and the coke demand of the steel industry has declined, resulting in the continuous decline in coke prices, and the overall profitability of the coke industry is weak.
According to public information, major coke producing provinces such as Shanxi Province and Shandong Province have launched measures to eliminate backward production capacity and accelerate the transformation and upgrading of coking enterprises.
In view of the implementation of the new environmental protection standards for coke, Zhou Haiou believes that the elimination of backward production capacity will be beneficial to the improvement of the operating environment of listed companies. At the same time, the implementation of the new standards also requires the relevant companies to transform the production system, thereby increasing production costs. .
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