The newly revised "Provisional Regulations of the People's Republic of China on Resources Tax" was formally announced on October 10, involving the coal industry. The coking coal resource tax rate was raised to 8 yuan to 20 yuan per ton, and other coals were not adjusted. 0.3 yuan -5 yuan to collect.
The "quantitative assessment" standard for 0.3 to 5 yuan for general coal is consistent with the industry's expectations, but the increase in the coking coal resource tax rate is expected in the market. Analysts pointed out that the coking coal resource tax list and the signing of the policy intention to show the protective development of scarce coal are more clear, and the impact of the increase in tax rate for coking coal producers is limited, but it will have a huge impact on the downstream coke industry. In view of this, the downstream coke industry will accelerate the elimination of backward production capacity.
Limited impact of coking coal production enterprises China's coking coal reserves 280.3 billion tons, accounting for 23% of the country's coal reserves. Among them, rare coals such as fat coal and coking coal only account for 12.81% and 23.61%. In recent years, the scarcity of coal species has been severely disordered and over-exploited. Under this background, the state plans to implement protective development policies for special and scarce coal species, and increasing the paid use of coking coal has become one of the protective development measures.
Xing Lei, a professor at the China Coal Economic Research Institute of the Central University of Finance and Economics, told a China Securities Journal reporter that from the current point of view, raising the coking coal resource tax rate has obviously become one of the measures for the protective development of scarce coal. He pointed out that the increase in the resource tax rate can further straighten the price-tax relationship of coking coal, better play the role of taxation regulation, and promote the rational development and utilization of coking coal. However, the collection rate of RMB 8 to RMB 20 per ton is not significant for the current market price of coking coal of RMB 1,300 to RMB 1,400/tonne, so the pressure on increasing the cost of coking coal production enterprises is relatively limited.
Ping An Securities analyst also pointed out that the current large coking coal production companies are Xishan Coal, Suizhong Energy, Panjiang shares, etc. Take Xishan Coal as an example, coking coal output is 10 million tons, even if the tax is imposed according to the upper limit, the impact is also Only about 100 million yuan, its impact on the performance of less than 3%.
Xing Lei said that even for small and medium-sized coking coal enterprises that are relatively sensitive to rising costs, the increase in tax rate can also be passed on to downstream markets through prices. Therefore, the impact of the tax rate increase on the entire industry of coking coal production is generally small.
The coke industry or accelerating the integration of Xing Lei said that from the perspective of the entire coking coal industry chain, the substantial increase in the resource tax will affect the downstream coke industry. In recent years, the overcapacity in the domestic coke industry has intensified, and the coking coal price is firm and coke prices are low, resulting in a loss of coking plants. By the end of 2010, the overall profit of more than 800 coking companies nationwide was only around 13 billion yuan. In this context, small changes in the prices of upstream products will affect the survival of coke industry companies.
Wang Chao, a researcher at Wuhan Mid-term ** Co., Ltd., also believes that the increase in the coking coal resource tax rate will directly increase the production cost of coke enterprises, and that the coking enterprises are relatively weak compared to the downstream steel companies' bargaining power. The rising cost of coke enterprises cannot be increased by the price. Conducting can only be digested internally. Therefore, the profitability of coke enterprises will generally be tested.
Xing Lei said that in recent years, coal-producing provinces such as Shanxi have pushed forward the integration process of the coking industry, and this resource tax adjustment will become a propellant for the coking industry. Shanxi Province, which accounts for more than half of coking capacity, officially introduced the guidance for merger and reorganization in the coking industry at the end of August this year and proposed that 60 million tons of outdated coking production capacity will be eliminated in the next five years.
In addition, analysts believe that the current domestic steel market is extremely depressed, inventory starts to increase, prices are getting lower and lower, this trend may continue to be difficult to change at the end of the year, and objectively, it will also promote the process of coke industry integration.
The "quantitative assessment" standard for 0.3 to 5 yuan for general coal is consistent with the industry's expectations, but the increase in the coking coal resource tax rate is expected in the market. Analysts pointed out that the coking coal resource tax list and the signing of the policy intention to show the protective development of scarce coal are more clear, and the impact of the increase in tax rate for coking coal producers is limited, but it will have a huge impact on the downstream coke industry. In view of this, the downstream coke industry will accelerate the elimination of backward production capacity.
Limited impact of coking coal production enterprises China's coking coal reserves 280.3 billion tons, accounting for 23% of the country's coal reserves. Among them, rare coals such as fat coal and coking coal only account for 12.81% and 23.61%. In recent years, the scarcity of coal species has been severely disordered and over-exploited. Under this background, the state plans to implement protective development policies for special and scarce coal species, and increasing the paid use of coking coal has become one of the protective development measures.
Xing Lei, a professor at the China Coal Economic Research Institute of the Central University of Finance and Economics, told a China Securities Journal reporter that from the current point of view, raising the coking coal resource tax rate has obviously become one of the measures for the protective development of scarce coal. He pointed out that the increase in the resource tax rate can further straighten the price-tax relationship of coking coal, better play the role of taxation regulation, and promote the rational development and utilization of coking coal. However, the collection rate of RMB 8 to RMB 20 per ton is not significant for the current market price of coking coal of RMB 1,300 to RMB 1,400/tonne, so the pressure on increasing the cost of coking coal production enterprises is relatively limited.
Ping An Securities analyst also pointed out that the current large coking coal production companies are Xishan Coal, Suizhong Energy, Panjiang shares, etc. Take Xishan Coal as an example, coking coal output is 10 million tons, even if the tax is imposed according to the upper limit, the impact is also Only about 100 million yuan, its impact on the performance of less than 3%.
Xing Lei said that even for small and medium-sized coking coal enterprises that are relatively sensitive to rising costs, the increase in tax rate can also be passed on to downstream markets through prices. Therefore, the impact of the tax rate increase on the entire industry of coking coal production is generally small.
The coke industry or accelerating the integration of Xing Lei said that from the perspective of the entire coking coal industry chain, the substantial increase in the resource tax will affect the downstream coke industry. In recent years, the overcapacity in the domestic coke industry has intensified, and the coking coal price is firm and coke prices are low, resulting in a loss of coking plants. By the end of 2010, the overall profit of more than 800 coking companies nationwide was only around 13 billion yuan. In this context, small changes in the prices of upstream products will affect the survival of coke industry companies.
Wang Chao, a researcher at Wuhan Mid-term ** Co., Ltd., also believes that the increase in the coking coal resource tax rate will directly increase the production cost of coke enterprises, and that the coking enterprises are relatively weak compared to the downstream steel companies' bargaining power. The rising cost of coke enterprises cannot be increased by the price. Conducting can only be digested internally. Therefore, the profitability of coke enterprises will generally be tested.
Xing Lei said that in recent years, coal-producing provinces such as Shanxi have pushed forward the integration process of the coking industry, and this resource tax adjustment will become a propellant for the coking industry. Shanxi Province, which accounts for more than half of coking capacity, officially introduced the guidance for merger and reorganization in the coking industry at the end of August this year and proposed that 60 million tons of outdated coking production capacity will be eliminated in the next five years.
In addition, analysts believe that the current domestic steel market is extremely depressed, inventory starts to increase, prices are getting lower and lower, this trend may continue to be difficult to change at the end of the year, and objectively, it will also promote the process of coke industry integration.
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