The imminent collection of coal taxes and the extremely tight coal resources have caused the entire power industry to start panicking coal purchases due to the expectation of another rise in coal prices, which has caused further coal shortages.
On November 5, a person from Henan Pingmei told the China Times that the coal is now in tension and the coal resource tax is expected to be raised. The plan will also raise the coal price. The reporter learned that before this, the power system has continuously requested to start coal-electricity linkage, and the rise in coal prices has caused many thermal power companies to lose money. This time, the coal enterprises have been brewing to raise prices again. When the NDRC raised the price of electricity, it has become a major issue in the power industry.
Coal enterprises are actively brewing and raising prices
This year, coal prices have risen earlier and faster than in previous years, and the increase in coal resource taxes may also add another fire to this “super coal madnessâ€.
In the recent "Proposal of the Central Committee of the Communist Party of China on Formulating the Twelfth Five-Year Plan for National Economic and Social Development", he will continue to promote the reform of fees and taxes, comprehensively reform the resource tax, and rationalize coal, electricity, oil, gas and water. The price relationship between resource products such as minerals, which makes the issue of coal resource tax once again the focus of attention.
The reporters were subsequently confirmed by the power and coal systems. They all received news about the upward adjustment of the coal resource tax, but the specific levy time and tax rate have not yet been finalized. At the same time, the reporter learned from sources close to the National Development and Reform Commission that the National Development and Reform Commission plans to raise the coal resource tax in 2011, and the coal tax rate may be between 3% and 5%.
Regarding the method of collecting coal resource tax, it is reported that the coal tax may be included in the ad valorem category from next year, and the regional differential tax rate will be implemented.
The current collection method of China's coal resource tax has always been based on the amount of taxation. In addition to the coking coal resource tax amount of 8 yuan / ton, the tax rate of other coal species in each region is about 3 yuan / ton.
In fact, starting this year, the resource tax reform has already imposed the ad valorem tax on crude oil and natural gas resource tax at a rate of 5%, but the current coal resource tax has not yet been included in this category.
“It is unlikely to be levied at a price, because the impact on coal prices will be relatively large, and coal prices are currently sensitive, and the impact on multiple downstream industries such as electricity and steel is too large. In the context of excessive domestic inflationary pressures. The government is very cautious about the coal price and electricity price that have a relatively wide impact." The person in charge of a coal company in Shanxi told reporters.
Chen Fengying, director of the Institute of World Economics of the Institute of International Relations, also believes that the government raised the price of refined oil at the end of October, which has already put a lot of pressure on CPI. In the context of rising oil prices, the fluctuation of coal prices is particularly important, the government should The price of coal and electricity prices are particularly prudent, otherwise domestic inflationary pressures will be greater once they affect industrial prices.
The reporter was informed that at present, Shenhua Group, Shandong Yankuang, Tongmei Group and other coal companies have begun to prepare for the expected increase in coal resource tax. Many insiders told reporters that once the coal resource tax is raised, the rise in coal prices is difficult to avoid. And this expectation has already affected coal prices.
Electric enterprise panic grabs coal
In fact, factors such as coal resource taxes have begun to have an impact on coal prices, and triggered coal rushing in the downstream coal industry such as electricity.
A number of thermal power companies told reporters that because of concerns about further increases in coal prices, many coal-fired power companies have been stationed in major coal mines in Shanxi, Inner Mongolia and other coal-producing provinces, keeping track of coal price trends, and there have been many Thermal power companies began to lack coal.
With the advent of winter, the inventory of coal ports nationwide has been falling, and power plant inventories began to rise slightly. According to the latest data released by the National Development and Reform Commission, as of the end of October this year, the number of coal storage in key power plants nationwide increased, and coal storage reached 62.76 million tons, up 4% from the previous month.
At the same time, Qinhuangdao coal market news shows that Qinhuangdao Port coal mines have been showing signs of decline since October 24. At present, the highest coal mine in Qinhuangdao Port in October has been 7.345 million tons on October 24, down to 6.879 million tons on November 2, and reduced 466,000 tons of coal in 10 days, a decrease of 6.34%. In addition, November On the 2nd, the value of the foreign trade coal yard of Qinhuangdao Port was 0.
“This round of coal grabbing is a panic buying of the downstream coal industry, the increase of coal resource tax, poor transportation in Inner Mongolia, coal integration, Henan coal accident, and the expectation of extremely cold and abnormal weather this winter, coupled with market speculation. The downstream enterprises have caused psychological panic on coal prices and began to snap up." A senior executive of the five major power groups analyzed the reporter.
Electricity price rises into a foregone conclusion
The rising coal price will bring cost pressure to downstream enterprises such as electric power. However, under the background of frequent rising coal prices and unstable electricity prices, many thermal power companies have been unable to support. Once the coal resource tax rises, coal prices are bound to continue to rise. Thermal power companies are undoubtedly worse.
Insiders of a coal enterprise in Henan admitted to the reporter that if the coal resource tax is levied, this part of the tax-deducted enterprise will have to be passed on, and certainly will not sacrifice its own profit margin, so the coal price can only rise again.
"For the rise in coal prices, and the price of electricity has not risen, the power companies have almost become numb. Anyway, it is already an overall loss, and the loss will also generate electricity, but what is even more frightening is that the coal tension is now causing everyone to panic and fear of no coal. Can burn, so I have to look around for coal without cost." A senior executive of the above five major power groups told reporters
According to a recent report by China Electricity Council, from January to August, the profit of the power industry was 97.2 billion yuan, a year-on-year increase of 108.5%, but the profit of thermal power companies fell from 26.8 billion yuan in the same period of last year. Up to 22 billion yuan, the central six provinces and Shandong Province thermal power continued to lose money, and newly increased the loss of thermal power in the three northeastern provinces.
"Under the plan of electricity and market coal, China's rapid economic development still needs the support of low-cost energy. Therefore, coal prices are constantly high, and power companies can only self-digest costs. If they can't bear it, they will lose money." Coal experts Li Chaolin said.
The China Electricity Council also expects that in January next year, the contradiction between supply and demand of coal will enter the most prominent period. The report also predicts that as the energy conservation and emission reduction assessment in the fourth quarter enters the final stage, it will further accelerate the adjustment of industrial electricity consumption structure, and the growth rate of heavy industry electricity consumption will further decline.
“The National Development and Reform Commission has been looking for a time to raise electricity prices. However, in the context of the high domestic CPI index, the price of electricity has been delayed. However, the latest reform committee will raise the price before and after the end of the 2011 coal-fired order.†A source from the National Development and Reform Commission told reporters.
With the arrival of the peak season of coal, the coal price is soaring, the coal-fired power will be deadlocked or there will be a big problem in the market.
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