CBN丨Coal price hits fresh high as mines shut due to torrential rains in Shanxi and Shaanxi

China Business Now李莹亮,实习记者张然 2021-10-13 19:28

三分钟音频,中英文带你速览中国经济头条。

Hi everyone. I’m Stephanie LI.

大家好,我是主持人李莹亮。

Coming up on today’s program.

重点提要 

  • Floods in Shanxi Province push thermal coal futures to an all-time high;

  • President Xi Jinping pledges a 1.5 billion yuan fund to help developing countries support biodiversity.

Here’s what you need to know about China in the past 24 hours 

中国经济要闻

Thermal coal futures surged to a record high in China as key mining regions suffered severe flooding, complicating efforts to boost supply and halt an escalating energy crisis. 

Coal futures on the Zhengzhou Commodity Exchange soared 5 percent Wednesday to 1562.8 yuan per ton, after jumping 12 and 7 percent on Monday and Tuesday, respectively. The record-setting price has skyrocketed almost 700 yuan from the end of August.

Heavy rainfalls hit Shanxi in recent days, the country's top coal producing province. At least 15 people have been killed during the floods that has affected more than 1.75 million people in the province, local officials said on Tuesday. 

Floods closed 60 out of the 682 coal mines in Shanxi, though some sites are now slowly resuming operations. Another two mines in the neighbouring Shaanxi province have also been impacted by torrential rains.

The floods have further complicated China's efforts to increase fuel supplies to ease its deepening energy crunch. According to the National Bureau of Statistics, in 2020, Shanxi produced 1.06 billion tonnes of raw coal, and coal accounts for 64 percent of China’s power generation.

In fact, even before the flooding, China was already facing an energy shortage in large parts of the country. Prices have soared this year as mine output failed to keep up with surging post-pandemic demand. Shortages and high prices have led to power cuts to factories and even residents in parts of the country.

Last Friday, Beijing ordered a boost of output in coal mines. The National Energy Administration (NEA) said it will urge main coal-producing areas to increase production and supply, speed up the resumption of production if conditions permit, and increase coal imports. Experts believe the price hike is a short-term situation due to transport delays caused by the recent floods.

动力煤又破顶了!随着中国产煤“担当”遭遇强降雨,煤矿开采及运输受影响,全国电力供应形势雪上加霜,煤炭价格再创新高。

继周一飙涨11.6%、周二再升7%后,今日郑州商品交易所动力煤期货价格继续上涨5%至每吨1562.8元人民币,比8月底价格高出了近700元。进入9月以来,动力煤期货价格已连续走高。

煤炭占中国全国发电量的64%,随着今年疫情复苏后用电需求飙升,煤炭供不应求价格大涨,并造成许多省份工厂拉闸限电,甚至影响民用供电。

10月12日,山西省举行防汛救灾新闻发布会,据介绍,此次强降雨致全省11个市76个县(市、区)175.71万人受灾,因灾死亡15人,失踪3人。根据国家统计局的数据,2020年,山西原煤产量为10.6亿吨,居全国之首,而这次洪灾中,山西的682家煤矿中已有60家被迫关闭。

为缓解电力短缺,山西、内蒙、陕西等地已要求煤矿增加产能。国家能源局表示,将在确保安全生产与合法合规的基础上,加快释放煤炭先进产能,加大煤炭供应力度。有专家认为,近期价格上涨,是由于洪水造成的运输延误,其影响将是短期的。

  • The Kunming Declaration was adopted on Wednesday at the first part of COP15. Chinese President Xi Jinping on Tuesday in the speech at COP15 announced China's initiative to establish the Kunming Biodiversity Fund and take the lead by investing 1.5 billion yuan to the fund. The fund will be used to support biodiversity protection in developing countries. 

    联合国《生物多样性公约》第十五次缔约方大会第一阶段会议今天(13日)通过《昆明宣言》。昨日,习近平主席在大会领导人峰会以视频方式出席,宣布中国将率先出资15亿元人民币,成立昆明生物多样性基金,支持发展中国家生物多样性保护事业。

Next on industry and company news

产经消息及公司新闻

  • China's foreign trade in goods in the first three quarters of 2021 totaled 28.33 trillion yuan, up by 22.7 percent year-on-year, the latest data from the General Administration of Customs showed on Wednesday. Exports grew by 22.7 percent on a yearly basis to 15.55 trillion yuan and imports rose by 22.6 percent to 12.78 trillion yuan. 

    据海关统计,前三季度我国货物贸易进出口总值28.33万亿元人民币,比去年同期增长22.7%。其中,出口15.55万亿元,增长22.7%;进口12.78万亿元,增长22.6%。

  • Chinese telecoms giant Huawei Technology set up new business units focusing on providing smart services to ports, highways, data networks and solar plants, according to media report Tuesday, citing internal documents. 

    有消息称华为内部发文,宣布正式成立海关和港口军团、智慧公路军团、数据中心能源军团和智能光伏军团,向产业数字化转型大举进攻。

  • Sinic Holdings Group Co. became the latest Chinese real estate firm to warn of imminent default. The Shanghai-based developer doesn’t expect to repay a $250 million bond due Oct. 18, which may trigger cross-default on two other notes, it said in a Hong Kong stock exchange filing. 

    新力控股集团日前发布公告称,此前的一系列问题已经导致境外融资安排出现技术性违约,且目前没有资源可以用于偿还本月18日到期应付的2.5亿美元债本金及利息,在补救措施上尚未制定任何具体方案,接下来将继续短暂停牌。

  • The International Monetary Fund on Tuesday projected that the global economy would grow by 5.9 percent in 2021, down by 0.1 percent from July's forecast, according to the latest World Economic Outlook. 

    国际货币基金组织12日发布的最新一期《世界经济展望报告》显示,受疫情影响,2021年全球经济有望持续复苏但复苏势头放缓。IMF预计全年经济将增长5.9%,较7月预测值下调0.1个百分点。

Switching gears to the financial sector

金融市场要闻

  • A team led by the Central Commission for Discipline Inspection will start a two-month anti-graft check of the China Banking and Insurance Regulatory Commission (CBIRC), and accept complaint reports from whistleblowers until Dec. 15, according to a statement released late Monday. 

    十九届中央第八轮巡视将对中国人民银行、中国银行保险监督管理委员会、中国证券监督管理委员会等25家金融单位党组织开展历时两个月的巡视审查。

Wrapping up with a quick look at the stock market

最后来看股市收盘情况

  • Chinese stocks closed higher on Wednesday with a combined turnover of less than 890 billion yuan. The Shanghai Composite Index added 0.42 percent to 3562 points. The Shenzhen Component Index closed 1.54 percent higher at 14353 points. Trading on Hong Kong’s stock market was cancelled today as a Signal No.8 storm warning for Typhoon Kompasu plunged the city into shutdown mode.

    周三,A股两市缩量反弹,总成交额不足8900亿元。截至收盘,沪指涨0.42%,报收3562点;深成指涨1.54%,报收14353点。而由于香港天文台表示8号台风信号将维持到下午4时,港交所宣布全日停止交易。

Biz Word of the Day

财经词汇划重点

  • Futures are derivative financial contracts that obligate the parties to transact an asset at a predetermined future date and price. The buyer must purchase or the seller must sell the underlying asset at the set price, regardless of the current market price at the expiration date.

    期货是包含金融工具或未来交割实物商品销售的金融合约。买卖双方通过签订标准化合约,同意按指定的时间、价格与其他交易条件,交收指定数量的现货。

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Executive Editor: Sonia YU

Editor: LI Yanxia

Host: Stephanie LI

Writer: Stephanie LI, ZHANG Ran, TIAN Chang

Producer: XIANG Xiufang

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编委:  于晓娜

策划、编辑:李艳霞 

播音:李莹亮

撰稿:李莹亮、张然、田畅

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(作者:李莹亮,实习记者张然 编辑:李艳霞)