The actual raw coal output of Shanxi Province in September 2010 was 63.33 million tons. In the first nine months of 2010, the cumulative production of raw coal was 522 million tons, up 21.08% over the same period of last year.
The growth rate of coal consumption in the power and steel industries declined significantly. The demand in the cement industry remained strong. In September, the coal consumption in the national power industry reached 12,744,100 tons, an increase of 2.40% compared with the same period of last year. The cumulative coal consumption in the first nine months reached 1,216,613,100 tons. , an increase of 16.45% compared with the same period last year.
In the steel industry, coal consumption reached 47.786 million tons in September, down 4.63% year-on-year. It also became the month with the smallest coal consumption in September. The accumulated coal consumption in the first nine months reached 44,041,800 tons, an increase of 10.25% compared with the same period last year.
In the cement industry, coal consumption reached 39.205 million tons in September, an increase of 51.08% over the same period of last year. The accumulated coal consumption in the first nine months was 231.08 million tons, an increase of 18.04% over the same period last year.
Coal imports accelerated again, and exports continued to remain low. According to the General Administration of Customs, in September, China's coal imports reached 15.32 million tons, an increase of 22.07% over the same period last year, and the chain also rose sharply, hitting the second highest point this year. In the first nine months of this year, the total import of coal reached 122.72 million tons, an increase of 41.94% over the same period of last year. Coal exports continued to maintain a low level. In September, exports were only 1.86 million tons. In the first nine months of this year, coal exports were only 15.09 million tons. , only slightly higher than the same period last year.
Domestic coal prices have risen, and international coal prices have risen sharply. Coal prices in most parts of the country have risen to varying degrees in October. In general, port coal prices have risen higher than pit coal prices.
As of October 28, the Australian NEWC thermal coal price weekly index price was $101.60/ton, up $6.55 from the previous month.
Valuation Analysis and Investment Proposal We believe that with the recovery of downstream demand in the fourth quarter and the strengthening of the concept of peak demand for thermal coal in winter, the fundamentals and valuation of the coal industry will continue to improve in the short term.
We recommend two types of companies, which can focus on low valuation, guaranteed performance, and relatively scarce coal companies, such as Chun'an Huaneng, Lanhua Kechuang, etc.; short-term focus on thermal coal and market coal The price of coal has risen sharply in the short-term, and companies that are more stimulating in performance, such as Yanzhou Coal and Datong Coal.
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