“The Jiexiu Coking and Cycling Economic Zone has lost more than 100 million yuan in the first quarter of this year. In April, it lost 20 million yuan. At present, the average amount of one ton of coke is compensated by 200 yuan. The profits of chemical products such as crude benzene and coal tar can only make up for a small portion. Loss. The rare loss in Shanxi Province is plaguing the entire coking industry.†On May 13th, Hu Yizhi, the chief coking expert of the Shanxi Coking Association, who had just inspected Jiexi Coking Park's Yixing and Yilong coking coal companies, showed his urgency.
“Actually, the current situation of the coking enterprises in Jiexiu City is a microcosm of the coking industry in the province. Most of the coking companies in Yuncheng, Changzhi, Linfen, and Lvliang are also in the state of restricting production. The phenomenon of suspension of production or semi-discontinuation of enterprises is serious. Under the market situation where demand has dropped sharply and prices have been decelerating, coking industry has suffered losses,†said Hu Yizhi.
After the financial crisis, the Shanxi Coking Industry has been stuck in a loss-making quagmire. Companies face the dilemma of strong coking coal prices in the upper reaches and the downturn in the downstream steel market, and coke prices are low. The price of Shanxi coke dropped from 2,000 yuan per ton to about 1,700 yuan at present, and the rate of coke production was the highest at 60% to 70%. The independent coking plant is even more miserable, with a loss of 300 yuan per ton of coke.
Shanxi Luliang Coking Plant, normal normal coke inventories are 3,000 to 4,000 tons, and now the inventory has reached 20,000 tons. Shanxi Linfen, a person in charge of the city's gas supply coke, told reporters that due to the city's responsibility for gas supply, the company had to operate at full capacity to eliminate profits from chemical products, and lost at least 2.5 million yuan a week.
The performance of the listed company in the coking sector was not satisfactory. In the first quarter of this year, Shanxi Meijin Energy announced a loss of 9,675,400 yuan. Shanxi Coking’s net profit in the first quarter of the country’s largest independent coking company dropped sharply by 90.6% year-on-year; operating income decreased by 11.87% year-on-year. Taiyuan Coal Gasification Company will simply give up its coking business and transform itself into a pure coal company.
Shanxi has half of the country's coking coal resources, which provides resources for a large number of independent coking enterprises. However, due to the abundant coking coal resources, the Shanxi Coking Industry has long been characterized by low industrial concentration and severe overcapacity, which restricts the development of the industry. The data shows that at present Shanxi coke production capacity is about 160 million tons. In 2011, the output of coke was more than 90 million tons, and the operating rate was less than 60%.
In Hu Yizhi's view, the outstanding problem in the coking industry is that there is a serious overcapacity and profits have fallen rapidly. Independent coking companies are under pressure in the industrial chain, and a large number of private independent coking enterprises in China will be difficult to survive. It is an inevitable measure to reduce the number of coking companies and increase the degree of industrial concentration, and it is also an opportune time to promote the merger and reorganization of coking companies.
On May 4th, Shanxi issued the “Shanxi Province Coking Industry M&A Implementation Planâ€, proposing that from 2012 to 2015, Shanxi will eliminate coke outdated production capacity of over 40 million tons, the total production capacity will no longer increase, and the number of independent coking enterprises from 160 The number of households is reduced to about 40 households, and the average production capacity of independent conventional coke enterprises is increased from 700,000 tons to 3 million tons. The capacity of the province's top 15 coking enterprises accounts for more than 70% of the province's dynamic control of production capacity. The merger and reorganization will be basically completed in 2013.
The integration of upstream and downstream integration not only provides opportunities for the coking industry leaders, but also provides opportunities for large companies in the industry chain to extend the industrial chain. For companies in the industry, there is a lot of room for operation.
After the reorganization has entered the substantive operation stage, the coking enterprises will be integrated upstream and downstream to form a coking group backed by steel mills or the coal industry. It now appears that Shanxi Province intends to guide coal companies to participate in the reorganization of the coke industry. After the merger and reorganization, the intervention of large coal mines can reduce the cost of raw coal for the coking enterprises, and can also ease the pressure on the price of coke with excess capacity. With the strong financial advantages of the coal industry, the funding problems faced by the restructuring of the coke industry can be solved. At the same time, the huge potential value of coking coal will be discovered, which will help extend the coal industry chain and increase the added value of coal products. This also coincides with the government's hope that the Shanxi coking industry will shift from "focusing on coke" to "coking and cooperating".
Hu Yizhi's analysis believes that under the influence of the general economic decline in major foreign developed countries, domestic monetary tightening, real estate regulation, and the slowdown of downstream manufacturing, the coking industry will find it difficult to get out of the short-term. At present, it is the best opportunity to speed up the integration of Shanxi Coking and Chemical Co., and the desire for business combination and alliance is also relatively strong. Those coke enterprises that have suffered losses year after year and obviously do not adapt to market competition may be the first to fall, or be annexed by other companies in the wave of mergers and reorganizations. Now, it is necessary to grasp the elimination of backward production capacity and speed up the improvement of mergers and reorganizations and corporate exits. Through reorganization, the entire industry can carry out structural adjustments, resource integration, and enhance the competitiveness of industries and enterprises, so as to welcome the next round of market recovery.
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