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Financing channels to further tighten the steel prices coal enterprises to try steel for coal

Release time: 2015-12-12
Browsing times: 211

Market demand remains in the doldrums, capital chain tension escalating, steel and coal prices the "quarrelsome lovers" began to try the new mode of cooperation.

The message said recently, Huaibei mining, Maanshan Iron and steel joint steel business platform to try to change the mode of cooperation of coal steel. Allegedly, Huaibei mining and iron and steel has been realized by this model, the flow is equivalent to 9936 tons of steel worth of goods. Futures Daily reporter learned that, at present, in addition to the Huaibei Mining and Maanshan Iron & steel, Shanxi coal, Huainan mining were involved in such operations.

West of the new route senior researcher Qiu Yuecheng said, to steel for coal this model is in the case of individual enterprises operating difficulties, coal prices have no way to take over steel".

In fact, in exchange for raw materials in the production of raw materials in the coal coke steel industry chain has been precedent. Zhuo and information analysts Zhang told reporters that this pattern appears the earliest in the coal industry, in recent years, the coal industry downturn, coking enterprises in order to reduce cash expenditures, also appeared with coke coal changing phenomenon. "Whether it is steel for coal, steel for coke, or coal for coal, this model is mainly caused by capital chain tension and weak demand for downstream." Aman Chang bluntly.

It is reported that in mid April, the CBRC sent "on the development of imports of iron ore trade financing rapid investigation notice", to prove safety of iron ore trade financing. With the further tightening of the regulatory level of iron ore trade financing, part of the steel prices and less a financing channel, the financing environment to further deteriorate.

Aman Chang said that the steel mills funds, then there is no money to pay for the downstream coal prices, and therefore can only be secured by steel. At the same time, the current demand is still sluggish downstream coal, coal prices generally more inventory, with coal for steel can ease the pressure on the stock of some coal enterprises. According to reports, the current coal enterprises themselves have a certain steel demand, such as the construction of the mine in the construction and upgrading of the original mine, need to use steel.

Coal prices would rather sell steel, or even a loss, to return the funds, cash flow is too important for the enterprise." In Aman Chang opinion, whether it is steel prices, coal prices, or coking plant, the most important issue facing the capital chain tension. These enterprises generally have bank loans, funds can not be withdrawn from circulation, they can not repay the loan. Once the bank stopped lending, these companies may not be far away from the bankruptcy bankruptcy.

However, many industry insiders told reporters, to steel for coal this model is only an individual phenomenon, it is difficult to promote in the industry to open. Analysts believe that this model is in demand in the doldrums, inventory backlog in the case of temporary formed between the upstream and downstream of a mutual aid.

Analysts said, although there are some enterprises to test the water to steel for coal, but it is difficult to promote. This model only a relatively large amount of products will have a certain effect, can only be relatively large scale enterprises, and these enterprises should have been the long-term strategic partner.

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