Recently, the National Development and Reform Commission announced the coal inventory system, which clearly defined the highest inventory and minimum inventory standards for coal enterprises and electricity companies, and clarified the assessment and supervision mechanism. For enterprises that fail to meet the standards, they will be punished accordingly. The introduction of the coal inventory system is intended to ensure the supply of coal and prevent coal prices from rising and falling. It is a long-term mechanism to stabilize coal prices. However, the industry believes that due to the current inventory of some electricity companies does not meet the requirements, the implementation of the coal inventory system will encourage electricity companies to concentrate on replenishing stocks before the end of the year, which will continue to support the price of thermal coal in the short term. Coal inventory management system introduced The "Securities Daily" reporter learned that on December 7, the website of the National Development and Reform Commission announced the "Guiding Opinions on Establishing and Improving the Minimum Inventory and Maximum Inventory System for Coal (Trial)" (hereinafter referred to as "Guiding Opinions") and the assessment methods. The implementation time is from 2018 to 2022. According to the existing relevant industry standards and regulations, comprehensive consideration of coal mining layout, resource endowment and other factors, according to different links, regions, enterprises, periods and other factors, coal enterprises inventory needs to maintain a level of 3 days - 7 days. Most power companies need to maintain inventory for 20 days. At the same time, in order to ensure the peak coal demand for summer and major activities, the minimum inventory level will be increased by 5 days to 10 days on the normal basis, and the minimum inventory level of the power plant burning lignite will increase by 5 days on the normal basis. Since the beginning of this year, coal prices have been in short supply due to the coal price speculation of many coal traders, and coal prices have once been staged as "super coal." “Maintaining reasonable stocks is a powerful guarantee for achieving stable supply of coal and avoiding large price fluctuations.†The National Development and Reform Commission said that in recent years, some regions and relevant key industries have successively introduced a series of management measures and regulations around the establishment of coal reserve systems and inventory levels. From the perspective of practice, there are still problems such as incomplete coverage, weak binding, and inconsistent standard requirements. For the implementation and implementation of the coal inventory system, the National Development and Reform Commission has also issued corresponding assessment methods. If the enterprise inventory assessment fails within one year, it will be included in the list of corporate credit priorities, and will be interviewed by the person in charge of the enterprise; if it fails three times or more, it will be included in the “blacklist†of corporate credit. "The clear assessment and reward and punishment mechanism will contribute to the effective implementation of the system to a certain extent." CITIC Securities analyst Zhai Guopeng said that the core of the inventory system is to encourage enterprises to adjust the inventory level in the reverse supply and demand cycle. The core purpose is to stabilize coal. The price will prevent the ups and downs of coal prices and help stabilize the performance expectations of coal enterprises. Concentrated replenishment of electricity companies will push up coal prices It is worth mentioning that, according to the calculation of the coal inventory system, the inventory level of the power plant is lower than the requirements of the “Guidance Opinion†for most of this year, and with the gradual deepening of the coal season in December, the inventory level of the power plant will further decline. At the same time, the daily consumption reference value of the power plant is determined according to the average coal consumption in the first 30 days of the power plant. According to the calculation of the Yimei Coal Research Institute, the average daily consumption of the six major electric power plants in the first 30 days is 635,800 tons/day, based on the available days of 25 days of inventory, and the minimum inventory is 15.895 million tons. It is worth noting that since 2016, the highest inventory of coastal power plants has only been 13.64 million tons, and there is a gap of 2.255 million tons with 15.895 million tons. Zhai Guopeng, an analyst at CITIC Securities, said that it is expected that the total amount of replenishment will be between 10 million tons and 15 million tons before the new regulations are officially implemented next year, accounting for about 4% of coal consumption this month, which will help push up the short-term. Coal price. Zhang Feilong, an analyst at Yimei Coal, told the "Securities Daily" reporter that with the landing of the lowest inventory of coal and the highest inventory management system, market enthusiasm continued to rise, traders' pessimistic expectations for the market in January were further alleviated, and overall inventory further shift. It is worth mentioning that from the perspective of 2017, the profitability of coal enterprises is expected to reach new heights. In the first three quarters, coal prices continued to rise. With the introduction of the coal inventory system, coal prices are expected to rebound in the last month of this year, and the performance of coal enterprises may exceed expectations. Zu Guopeng also pointed out that the implementation of the coal inventory system will increase the demand for short-term coal replenishment, and stabilize the fluctuation of medium and long-term coal prices, which will help to enhance and stabilize the performance expectations of listed companies, especially thermal coal companies. Coal enterprises maintain a high level of prosperity and maintain a good profit level. Mortise Door Lock,5 Lever Mortise Door Lock,Front Mortise Door Locks,Mortise Door Lock Sets Nanjing Toutru Trading Co., Ltd. , https://www.tcdoorlock.com
Coal inventory management system introduces some electric enterprises to replenish stocks or push up coal prices
Abstract Recently, the National Development and Reform Commission announced the coal inventory system, which clearly defined the highest inventory and minimum inventory standards for coal enterprises and electricity companies, and clarified the assessment and supervision mechanism. For enterprises that fail to meet the standards, they will be punished accordingly. The introduction of the coal inventory system is intended to guarantee coal supply...