The fourth quarter to go all out to fight a number of central enterprises clear targets
Into the fourth quarter, to the production capacity into the critical period. From the central to local, heavy policy constantly overweight. Development and Reform Commission and the Ministry of Industry jointly developed zombie enterprise implementation plan, the SASAC developed zombie enterprise disposal program and the debt-equity swap program and other policy measures are expected to gradually introduced, the local have also been clear and implement specific to the enterprise to resolve the excess capacity plan. At the same time, with the Wuhan Iron and Steel, Poly and many other central enterprises to clear production capacity target, the central enterprises mergers and acquisitions and to speed production capacity. The industry believes that, in accordance with the NDRC's plan, in October, November will usher in the peak of production capacity, but with coal, steel volume and price go together, to the production task will be more difficult.
A number of central enterprises clear objectives
In the supply-side reform and reform of state-owned enterprises under the two-wheel drive, the central enterprises to production capacity into the "landing period."
Wuhan Iron and Steel Group, the relevant responsible person said that the future of Wuhan Iron and Steel Group has been eliminated after the completion of backward production capacity on the basis of plans to take the initiative to withdraw from the iron production capacity of 3.19 million tons, steel production capacity of 4.42 million tons. At the same time, speed up the "thin fitness", vigorously promote the flat management, cleanup and disposal "zombie enterprise", resolutely stop the "bleeding point."
China Steel Group, the relevant responsible person said, accelerate the domestic ferroalloy industry and the carbon industry, the orderly exit, compression of low-end product size, limited production loss loss control to ensure business stability, and orderly advance zombie enterprise disposal.
Poly Group, resolutely implement the national coal industry to capacity policy, shutting down inefficient mine, as soon as possible to achieve strategic exit, will use three years to complete the reorganization of 39 zombie enterprises out of integration to ensure that losses reduced by 50%.
China Southern Power Grid, said the side of the grid to "capacity", the core is determined from the source of control, reduce inefficient and inefficient investment. In the consumption side "to production capacity", the key is to give full play to the role of electricity and market guidance, to promote the elimination of backward production capacity. Strict implementation of high energy consumption, punitive tariff policy, resolutely resist the violation of electricity price concessions. Strict implementation of the State Council on iron and steel, coal and other power outages immediately power off the relevant measures. And actively receive the state-owned heavy burden enterprises "three for an industry" power supply infrastructure.
Huaneng Group said that by the end of 2018, out of coal production capacity of 9.14 million tons / year, disposal of "zombie enterprises" 16, 4 poor enterprises. "Thirteen Five" shut down during the shutdown of 6.47 million kilowatts coal-fired generating units.
Huadian Group, said, to start from the source, a comprehensive combing the early projects, and resolutely abandon those who do not meet the national industrial development direction, earnings expectations are uncertain, the competitiveness of the project is not strong, the slow slow stop. We should do a good job of loss-making enterprises to turn losses and increase profits, clean up zombie enterprises, eliminate backward production capacity, strict control of liabilities, to prevent operational risks, to ensure the sustained and healthy development of enterprises.
To play a combination of boxing capacity
Since August, the central and local efforts to significantly increase production capacity. Development and Reform Commission and the Ministry of Industry jointly developed the "zombie enterprise" overall program, the SASAC developed zombie enterprise disposal program and the debt-equity swap program is expected to be introduced in the fourth quarter, in order to successfully complete the production capacity goal.
September 29, Development and Reform Commission briefing, as of the end of August, the region has been found to verify the 59 steel enterprises and 26 coal enterprises there is energy consumption standards and other illegal use of energy companies issued a deadline for rectification notice.
Development and Reform Commission has repeatedly emphasized recently, to ensure that 2016 to the successful completion of production capacity objectives and tasks. NDRC requirements, the region must be the task to the front row, for the end of November to fully complete the annual coal production capacity tasks, the central enterprises and provincial state-owned coal enterprises should strive to complete in early November.
The total size of 350 billion yuan of China's state-owned enterprise structural adjustment fund has been established. Prior to this, the central arrangement of the 100 billion yuan of industrial restructuring funds, focusing on iron and steel, coal industry to the production process of the placement of workers, covering the entire iron and steel, coal to complete the task of production capacity. The current special fund 30.7 billion yuan has been allocated to pay the local and corporate, and about 20% of the follow-up award funding.
China Iron and Steel Industry Association, vice president of late Jingdong recently in the China International Economic and Exchange Center hosted the "Economic Monthly," said, according to the State Council issued "on the iron and steel industry mergers and acquisitions zombie enterprise guidance", iron and steel industry mergers and acquisitions From now to 2025 will be three-step: the first step is to 2018, mainly in order to capacity, the clearance of the clearance; the second step is 2018 -2020, improve the merger and reorganization policy; third Step is 2020 -2025, large-scale iron and steel industry to promote mergers and acquisitions.
The local capacity to progress is also accelerating. At present, 26 provinces have announced specific to the enterprise to resolve the excess capacity plan. At the same time, around the iron and steel production capacity have been supporting measures to speed up the process of clearing excess production capacity. Anhui, Shandong, Hebei and other local financial departments to introduce local special award fund management rules to further regulate the special award fund management and use.
Wealth of securities that, from the provinces and cities have been published to the capacity plan, the total target size significantly more than the national coal, steel production capacity to the total plan. If the scheduled completion of this year to complete the task of production capacity, in October, November will usher in the peak production capacity. The fourth quarter to face greater resistance to production capacity, first, growth will become the primary task, and second, the rest of the target to production capacity as "hard nut to crack," Third, the price rise easily lead to repeated.
Price volatility is not determined
And control of production accompanied by the limited pressure of steel prices can not be ignored. In response to the current situation of coal prices rose too fast, Development and Reform Commission, Energy Bureau, Coal Administration Bureau, the Coal Industry Association to develop a stable coal supply curb coal prices rose too fast. In early September, combined with changes in market conditions, plan response to start two, the release of about 300,000 tons per day of production capacity. Recently increased efforts to start a response, the daily release of 500,000 tons capacity.
Development and Reform Commission has repeatedly stressed in the near future, coal overcapacity, oversupply trend has not fundamentally changed. Coal to production capacity, production control not only can not shake, the intensity can not be weakened. The future of the various regions and departments should not go to production capacity, can not let the price fluctuations to shake production capacity determination. In view of the current situation of the coal market, new changes will be through a modest fine-tuning policy, as far as possible the coal production and transportation of users and the interests of both parties to achieve healthy development.
Market analysis, due to limited production of coal, coal resources continued tight supply, coupled with the advent of heating season, coal demand will rise further. According to policy arrangements, the next few months, the coal industry will usher in the closure of the concentration of production capacity, tight supply of coal market short-term situation is difficult to reverse. The fourth quarter is a critical period to capacity, if blindly increase production, may affect the effect of production capacity, but if coal prices continue to rise, will attract some backward production capacity of the loss-making business comeback, leading to market confusion. Therefore, the need to find the balance between capacity and fluctuations in coal prices, the price will remain at a reasonable level, to prevent short-term ups and downs. Market parties, especially the relevant government departments should be highly concerned about the changes in the coal market, on the one hand, timely follow-up and analysis of changes in market demand trends, to avoid reversal in supply and demand has been reversed when the introduction of loose supply policy, The impact of policy implementation effect; the other hand, to go to production capacity and adjustment of industrial structure, to increase supervision efforts to prevent backward production capacity in the coal price rise in the resurgence.
Ampang think tank research team that, despite the current real estate investment accelerated around the iron and steel and coal demand, but overall, the future is unlikely to enter a new round of economic boom cycle, coal and steel demand will not increase, so the state Should do a good job in regulation, still need to vigorously eliminate and reduce backward production capacity, do a good job implementation. With the recovery of market prices, corporate profitability has improved, in fact, mitigate the impact of reduced production capacity to create the conditions for local governments can consider how to actively use this opportunity to increase the intensity of production capacity.