Sichuan coke industry faces a cruel reshuffle

According to the country’s access conditions for the coke industry, many coke enterprises in Sichuan need to be closed down or undergo renovations and expansions. This means that Sichuan coke companies will face a cruel reshuffle. We believe that Sichuan Shengda is in the reshuffle. The beneficiaries.
Sichuan has less coal reserves The distribution of Sichuan's coal resources is strictly controlled by the regional geological structure associated with coal formation. According to the general view of the geology community, Sichuan is divided into two major parts: the east and the west. The geological structure of the two parts is very different from that of the minerals.
Sichuan's coal reserves are relatively small, mainly distributed in the Baoding and Yanyuan mining areas at the junction of Panzhihua and Yunnan, the Yibin and Quzhou areas, the Furong and Junlian mining areas at the border of Guizhou, the Huayingshan mining area at Guang'an and Datong. Mining area, Lewei mining area in Leyuan Weiyuan, and Guangwang mining area in Guangyuan.
Among them, Baoding Mining Area, Lewei Mining Area, and Huayingshanda Bamboo Mining Area are mainly coking coal and coking coal; while Furong Mining Area and Qilian Mining Area are mainly anthracite; Levey Mining Area is not a true coal field distribution. Geologically referred to as coal-bearing areas, the coal's geological conditions and reserves are relatively poor.
The coke business in Sichuan Shengda is located in Leshan and Panzhihua, which is the Lewei coal-bearing area and Baoding mining area. From the perspective of resource acquisition, Panzhihua Co., Ltd. is located in an area with good distribution of coking coal resources in Sichuan, and can obtain sufficient coking coal resources. Huaping Coal, which the company holds shares in, is also located in this mining area. However, the acquisition of coal resources by Leshan is relatively difficult. Lewei coal-bearing area has poor coal quality and resources are also depleted. Differences in the distribution of coal resources have also had a significant impact on the operations of Leshan and Panzhihua. From the perspective of profit, Panzhihua is obviously better than Leshan. The company also gradually realized the impact of resources on the company and began to establish a coal base in the Dazhou area to meet the resource needs of Leshan.
The coke production in Sichuan is also very small, which is inextricably linked with the distribution of resources. In 2007, the output of coke in Sichuan was 10.4 million tons, of which the total output of coke in Panzhihua Iron and Steel, Dagang and Chuanwei Iron and Steel was approximately 3.5 to 4 million tons.
Benefit from industry reshuffling Sichuan's coke companies are smaller in scale, distributed more dispersedly, and have a very low concentration. As the largest independent coking enterprise in Sichuan Province, Sichuan Santa has a coke production scale of only 1 million tons and is distributed in two regions, Leshan and Panzhihua. In comparison, the largest coking enterprise in Shanxi Province has a production capacity of about 5 million tons. At present, Shanxi is working to build 1-2 million-ton coal-based coking enterprises.
According to the country's coke industry access conditions, many coke enterprises in Sichuan need to be closed or rebuilt, but because the provincial government only supports the development of coke enterprises only 10, this means that Sichuan coke enterprises will face a cruel Shuffling, and coke enterprises that gain entry conditions will take the opportunity to expand their own coke production scale and occupy the vacant market. We believe that Sichuan Shengda is the beneficiary of this round of reshuffling and may become the leader in Sichuan's coke integration in the future.
Sichuan Shengda currently has 1 million tons of coke production capacity, namely 600,000 tons of ramming coke in Leshan and 400,000 tons of machine coke in Panzhihua. Because Panzhihua's 400,000-ton machine coke project does not meet the admission standards for coke projects, the company plans to reconstruct and expand 1 million tons of coke production capacity in 2008-2009. According to the progress of the plan, the company's 1 million-ton expansion and expansion project will be carried out in two phases. The first phase is expected to put into production in the fourth quarter of 2009, and the second phase will be put into production in 2010. At the same time, the company will shut down the original 400,000 tons of coke production capacity by the end of 2009. .
According to the coke market in Panzhihua, Sichuan, the current price of secondary metallurgical coke in Panzhihua is 2,200 yuan/ton (including tax), the price of primary coking coal is approximately 1,400-1,500 yuan/ton, and the cost of raw coal for coking is approximately 1,300 yuan/ton. . As the Leshan plant uses tamping coke technology, the proportion of the company's main coke fat coal is relatively low, and the comprehensive coal cost is lower than that of the ordinary coke enterprise.
According to the analysis of the coke market at home and abroad, the price of coke will rise further in the near future and it is expected to still have room for growth of RMB 300/ton. Although coking coal prices have caused adverse effects on coke companies, coking coal companies' profitability should be maintained at the current level because coking coal prices are mainly due to the coke industry's own supply shortage.

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