The number of contracted coal contracts soared to 90%

As of 10:00 on December 29, the total coal production, transportation, and demand convergence in 2011 had been initially aggregated to approximately 845 million tons, and the aggregate contract accounted for approximately 90.66% of the total. As of 17:00 on the 29th, the national coal production, transportation, and demand convergence in 2011 has been initially summarized as 1.016 billion tons, and the total railway transport configuration totaled 84.41 million tons. At present, the production and transportation needs of the next year can basically be completed within the specified time (December 31st), but the game between the coal and power companies will not be terminated.

Coal contract contracted to 90%

In 2011, the coal production and transportation needs to enter into the countdown period of the last two days. The total number of coal contracts signed is one step per day, and it has exceeded the total planned allocation.

According to the National Development and Reform Commission announced earlier this year, the inter-provincial coal railway transportation capacity configuration guidance framework shows that the total coal allocation this year is 932 million tons, of which 699 million tons are for electric coal.

“At present, the contracted volume of key coal power contracts has been 717 million tons, accounting for more than 90% of this year's allocation.” Liang Dunshi, the authority of the China Coal Transportation and Marketing Association, told reporters that next year's coal production and transportation needs can basically meet deadlines. Completed within. Just two days ago, the contracted volume of key coal contracts was not more than 500 million tons.

Liang Dunshi pointed out that the current allocation of coal contracts is very normal. "This year, China's coal production and sales volume is about 3.2 billion, of which railway transportation is about 2 billion, and the total amount of railway transportation configuration is only over 900 million tons. Therefore, the current contract volume exceeds the plan is expected, and the next step is needed. Re-verification," Liang Dunshi said.

"Limiting order" can hardly hinder the game between coal companies

It should be pointed out that the conclusion of the signing of the coal power contract does not mean the end of the power coal game, and the price limit notice previously issued by the National Development and Reform Commission will hardly stop the parties from constantly bargaining.

The price of key coal contracts in 2010 was 520 yuan/tonne. According to the requirements of the National Development and Reform Commission, the contract price for electric coal will remain at this price in 2011, and this has a price difference of about RMB 200/ton compared with the market coal price. Coal companies are "disobedient to the heart" for limit prices. In this regard, electric power companies have already said that the contract cash rate next year is destined to be the focus of both parties.

Industry sources told reporters that in order to obtain railway capacity, both sides signed an annual supply contract, but "quantitatively not pricing", such a contract is difficult to implement. In addition, the "price limit order" is more general, and some coal enterprises still have articles to do.

In fact, in June and July of this year, as market prices rose sharply, some coal enterprises in Inner Mongolia and Shanxi Province had raised the price of key contracts signed at the beginning of the year. In response, the National Development and Reform Commission also conducted investigations and asked coal companies to refund overcharged prices. .

It is worth noting that from the perspective of the current macroeconomic and industrial conditions, regardless of the signing of coal power contracts in 2011, for coal companies, the overall trend is good.

“The policy tone for stabilizing coal prices will limit the increase in coal prices in the first half of 2011. However, there is still an upward trend in coal prices during the peak season, and inflationary pressures have not been completely eliminated. The actual impact of policy restrictions on the overall price trend of coal in the market can be slightly underestimated. "Haitong Securities' analysis report pointed out that the fundamental orientation of coal in 2011 will ensure that the growth of listed companies' performance and the continuation of the coal industry's integration will provide imaginative space for the growth of listed coal companies.