The upstream raw materials are insufficient under the demand for coke companies.

The demand for upstream raw materials is insufficient, and coke companies are facing the dilemma of "upstream and downstream pinching".

Recently, the Zhongjiao Association Marketing Committee held a June market analysis meeting in a video manner. The main coking enterprises in Shanxi, Hebei, Inner Mongolia, Shandong, Jiangsu, Shaanxi, Jiangxi, Guizhou and other places attended the meeting.

Participants agreed to adhere to the principles of losing losses and no production, no profit without sales, comprehensive production restriction, suspending coal procurement; tilting delivery, providing limited resources to customers with good reputation; adhering to the pre -collection policy.

The industry is sluggish and coke futures have plummeted. Data show that the main contract of coke futures has continued to decline this week. On June 21, after the plunge in Monday, the main contract of coke futures hit a new low to 2846.5 yuan/ton. As of the closing of the afternoon of June 22, the main contract of coke futures stabilized and fell to 2939.5 yuan/ton, a decrease of 0.47 %.

A number of industry insiders interviewed by a reporter from the Securities Daily said that due to the high price of raw materials, the cost pressure of coke companies' production costs, and the decline in the coke of steel companies (Editor's Note: This round is the price reduction, the following is the same) , Will further compress the profit margin of coke companies.

Coke price reduction coke companies fall into losses

On June 21, the procurement price of the coke purchase price of steel mills has been fully landed in the first round, and the price has decreased by 300 yuan/ton.

Following the decline in the first round of this week, Tangshan, Handan, Xingtai in Hebei, and some steel mills in Shandong, Shanxi, Tianjin and other places planned to jointly reduce the coke to reduce 200 yuan/ton again. It is expected to be implemented on June 23.

In addition, due to the recent steel mills in the Northwest region, there is a phenomenon of maintenance and stopping the procurement of raw materials. Ningxia and Inner Mongolia regions have obvious efforts. 450 yuan/ton.

The weakness of the steel market has also driven the downlink of coke prices.

At the Sino -coke Association, some companies said that after the coke price was reduced by 300 yuan/ton, most companies will be in a state of serious losses, and individual companies will lose 450 yuan/ton.

"Recently, the price of the material price has been reduced, and the profit space of the steel mill has been severely contracted. Therefore, the steel will look for space from the raw material." Wang Guoqing, director of the Lange Iron and Steel Research Center, told the Securities Daily reporter that in the current off -season steel, The contradiction between supply and demand in the market is prominent. The price of steel has shocked down all the way since the phased high point of April this year, especially the recent decline in steel prices has become more obvious.

Wang Guoqing said that from the perspective of the production side, although some steel companies are in a loss state, the overall output release is still showing a high -level operation. In the off -season demand, this output has caused a lot of pressure on the market and consumption. From the perspective of factory inventory, the inventory of the building material and steel plant and the inventory of the medium -thick plate steel plant have risen for two consecutive weeks, which reflects the poor market demand. In addition, the volume of building materials in the past two weeks has continued to decline.

Jiao Enter

Coke companies have suffered a serious loss of "splint gas". On the one hand, the pressure from steel companies, on the other hand, the price of upstream coking coal is strong. In this case, coke enterprises have to limit their "high price".

The Zhongjiao Association also stated that there is no inventory of coke enterprises at present, and high -quality coke is still very sought after, and there is still a phenomenon of urging goods. However, with the decline of individual steel mills, coke companies will immediately fall into trouble, and production is difficult to sustain.

Yang Jie, a researcher at the Easy Coal Research Institute, told the "Securities Daily" reporter that in the case of a good demand for low inventory of coking enterprises, steel mills still responded to the price reduction requirements, and even more losses of coke enterprises. If the steel market has not recovered in the later period, coke companies will further increase production limit.

According to the results of the 69 coke companies investigated by mysteel, most coke companies still maintain normal production after the price reduction. A few coke companies have newly added production restrictions, and the production limit is concentrated at 25%to 40%. Some coke companies say Rotation drops are considered new production restrictions, and the estimated production limit is expected to be about 40%to 50%.

MySteel analysis believes that coking steel companies are currently low -level coke and coke inventory, and the demand for raw materials is still strong. Excessive prices will quickly break through the profit and loss balance of coke enterprises. The high probability that the steel plant and the coking plant will reduce the dual production limit, while controlling raw materials to maintain their own operations, thereby rapidly lowering the price of coking coal.

In the case of reducing production of coke companies, coking coal prices were loosened. However, coking coal inventory remains low, and coke coke is still in a tight supply and demand balance.

"Although the procurement of coking coal is reduced due to reduced production, the market turns cold, but the price of coking coal is still strong." Yang Jie told reporters that the current coking coal inventory is at a historical low, and the production capacity is limited. In other varieties, the price of coking coal has always been strong. Although there is a tendency to weaken coke coal and has not yet fallen, it has not yet fallen, but it does not rule out that the losses in the later period of coke steel companies are more serious, and the price of coke coal is forced to decline.

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