Vietnam coal prices Guodian Group reduced coal imports

Mr. Tang of China Guodian Corporation (hereinafter referred to as “Guoguo Group”) Chongzuo Power Plant heard bad news in two days: Vietnam Coal Mining Industry Group stated that Vietnam Coal Price was approved by Vietnam Ministry of Finance since April 1 Up from 20% to 40%. “Although our power plant has not been put into production yet, the reason why the National Development and Reform Commission approved the project at that time was that because of the proximity to Vietnam, relatively cheap imported coal could be obtained, but now this advantage is getting smaller and smaller,” Mr. Tang said.

The neighboring Guangxi Chongzuo originally had an enviable advantage. Luo Dianlong, secretary of the Chongzuo Municipal Committee of Guangxi, said publicly that the northern provinces of Vietnam, rich in coal resources, are connected to high-grade highways and railways between Chongzuo City, which is located on the southwestern border of China, and can supply sufficient coal.

As early as the preparation of Chongzuo Power Plant, China signed a cooperation agreement with Vietnam. The agreement stipulates that starting from 2007, China will provide northern areas in the form of trade to Chongzuo Thermal Power Plant, including the high-quality brown coal, anthracite coal and other power generation coal produced in the provinces of Lang Son and Quang Ninh and the Honghe Plain Coalfield, and supply 1 million tons of coal each year. , 2.3 million tons will be supplied each year after 2010."

As a result, Chongzuo Power Plant became the first coal-fired power plant in Vietnam to use coal as the main fuel. The total investment of the project is 8 billion yuan, and the planned total installed capacity is four 600,000-kilowatt units. The registered capital of the power plant is 12 million yuan, of which China Electric Power Group holds 51% of the shares, Beijing Huawei Investment Co., Ltd. holds 34% of the shares, Vietnam Foreign Trade Transportation Company holds 10% of the shares, and Guangxi Damn Manganese Industry Co., Ltd. holds 5% of the shares.

“It is the superiority of Vietnam’s coal resources that has allowed the approval of the Chongzuo Power Plant. However, it is not clear how long this international coal price will continue to grow. It is the largest group that has the greatest international influence.” People disclosed to this newspaper that “coal prices have risen rapidly both domestically and internationally. Imported coal also accounts for about one-fifth of the total coal used by the group, and only 40 million tons of coal is self-produced, so we have been under pressure, but this year The pressure is particularly great."

The same Guangdong Guangdong Electric Power Development Co., Ltd. (000539.SZ, hereinafter referred to as “Yue Electric Power A”) in Guangdong and Guangxi Provinces is also a brother who is affected by the increase in coal prices.

The company's net profit attributable to shareholders of listed companies in 2010 was 766 million yuan, a year-on-year decrease of 34.29%. Analysts told this reporter that the increase in thermal coal prices has caused great damage to the profitability of thermal power companies, so the company's power business gross profit margin fell by 7.11 percentage points, only 13.82%.

At the same time, an expert from the Southern Electricity Supervision Bureau, who declined to be named, is concerned about the impact of international coal prices on related companies. He told reporters that the Guangdong-Guangzhou region is mainly affected by coal freight, and the current coal freight rate from Qinhuangdao Port to Guangzhou Port is about 600-700 yuan/ton, and the highest is 1,000 yuan/ton. Therefore, coal imported from Vietnam, Indonesia, and Australia is so popular that it currently accounts for 20% to 30% of the coal imported from Guangzhou. The advancing Vietnam coal price may have the greatest impact on Yudean Group, while Yudean Group is the major shareholder of Yuedian A.

According to the above-mentioned Guodian Group, at present, the stocks of the three major coal transit ports in the north have all fallen sharply, and coal stocks in all provinces and cities have also been in an emergency. Although the National Development and Reform Commission has just issued an emergency notice requesting that the key contract coal prices in 2011 remain unchanged at 2010 levels, it will not be subject to price changes in any form. However, the price of thermal coal in the market outside the key contract coal coal has increased rapidly.

It was also learned that due to continuous floods, the output of the major coal exporting countries, mainly Australia and Indonesia, shrank, and Russia’s coal output was affected by a serious shortage of train wagons. As a result, international coal prices rose sharply. However, Vietnam, which is not a major coal producing country, had to export coal to China several years ago because of its inability to build a coal-fired power plant, and Guangdong and Guangdong Province provided electricity to Vietnam. However, as it successively built coal-fired power plants in the north-central region with abundant coal resources, it reduced its reliance on China and also increased its domestic coal demand. As a result, coal exports began to decline year-on-year and prices increased.

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