The coal industry: coal prices increased pressure to increase the port coal stor
Lower growth rate than the coal industry continued to decline in June 1-July thermal power, iron and cement production rose by 10.3% year on year, 7.6% and 8.3%. As the past year due to coal shortage prompted authorities to speed up the energy bottleneck of large-scale coal mine new project approvals, technological innovation, change acceptance and production capacity expansion project approved work, the coal is still far higher than the fixed asset investment growth downstream sectors. We believe that the downstream industry output growth continued to decline and the gradual release of new capacity large coal enterprises are changing the long-term supply and demand of coal; the short term, by the end of August reached 7.69 million tons coal storage in Qinhuangdao Port, the port has been formed on the inventory pressure, after the Olympic Games mine industrial products subject to fire management capacity of small coal mines will be restored, while the national inspection of small coal mines resume production progress is accelerating, which will form the incremental coal supplies. Overall, the data are 7-8 months may be factors that interfere with the Olympics, but the supply and demand are changing, it has been an indisputable fact.
Price: full stop domestic and international coal price rise, remained high at state.
Stock: 7 month, stocks are still below the reasonable level. The number of days in which social inventory 18.5 days (a reasonable 25 days), mine coal storage in days 3.7 days (6-7 days reasonable), power plant coal storage in days 8.9 days (15 days reasonable); Transportation: In order to ensure coal supply, railways, ports Coal shipments continued growth momentum in 1-July total railway transport volume increased 12.2%, total port traffic up 17.2%; import and export 1-July, China's net exports of 5.336 million tons of coal.
Production and sales: July, national coal production was 234,030,700 tons, an increase of 10.2%. Three types of coal from the point of view, mainly to state-owned key coal mines incremental and township coal mines. Coal sales of 223.17 million tons, up 12.5%.
Coal and downstream industries: growth of downstream industries continued to decline. From January to July, thermal power, iron and cement production went up by 10.3%, 7.6% and 8.3%, output growth continued to decline compared with June; coal investment in fixed assets continued to grow rapidly, 1-July accumulated growth rate reached 37.5 %.
Roundup: Industrial growth continued to slow downstream
Growth of downstream industries of coal continued to decline over June 1-July thermal power, iron and cement production rose by 10.3% year on year, 7.6% and 8.3%. As the past year, coal shortage led to the energy bottleneck urge the departments to speed up approval of new projects of large coal mines, technological innovation, change acceptance and production capacity expansion project approved work, the coal is still far higher than the fixed asset investment growth downstream sectors. We believe that the downstream industry output growth continued to decline and the new capacity and gradually release the large coal enterprises are changing the long-term coal supply and demand; the short term, by the end of August to reach 7.69 million tons coal storage in Qinhuangdao Port, the port has been formed on the inventory pressure, after the Olympic Games mine industrial products subject to fire management capacity of small coal mines will be restored, while the national acceptance of small coal mines resume production progress is accelerating, which will form the incremental coal supplies. Overall, the data are 7-8 months may be subject to the interference of the Olympic factor, but the changing supply and demand is already an indisputable fact.
Stock: Qinhuangdao Port coal storage in a significant increase
Qinhuangdao Port coal storage: rapid increase in domestic trade coal storage
As of August 31, Qinhuangdao Port coal stockpiles to 7.695 million tons, compared with the end of 2007 increased 2.45 million tons (19.8%), previous month 1.173 million tons (18.0%). Among them, 7.352 million tons of coal stocks domestic trade, foreign trade stocks 343,000 tons of coal.
July, Qinhuangdao Port shipped 17.77 million tons of coal, down 13.9%, coal storage on both days was 10.2 days, at a reasonable inventory levels.
Social Stock: July is still low
By the end of July, the social stock to 137,464,200 tons of coal, 11,584,400 tons less than the end of 2007 (-7.8%), down 4.0686 million tons (-2.9%).
Social stock of coal in July and 18.5 days days, than we think a reasonable number of days of inventory for 25 days.
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