Although currently 5500 Prices for coal types of Grade Da Ka and above remain stable. However, from multiple perspectives, domestic thermal coal prices are still expected to see a broad-based price increase in the short term.

　　After several major coal companies, led by Shenhua, jointly implemented production restrictions, the situation of oversupply in the coal market has finally begun to ease.

　　Recently, reporters learned from several downstream companies that China Shenhua... 6 The latest monthly prices show, except for Shen Hun. 1(5500 Big card ) And the candidate 2 No price increase; other coal types generally saw price hikes. 5 Yuan / tons. This marks the first time that, after nearly half a year of price declines, thermal coal prices have stabilized and begun to rebound.

　　In fact, since coal prices have now fallen below the production cost threshold for most coal companies, even a major coal producer like Shenhua has been forced to adopt various measures—including salary cuts, production restrictions, and corporate restructuring—to keep its business afloat.

　　The production restriction effect is becoming apparent.

　　5 Since last month, influenced by multiple factors, domestic thermal coal prices have shown signs of stabilization. Major coal companies such as Shenhua, China National Coal Group, and Yitai have successively made small price adjustments upward for certain low-calorie coal products. Although currently... 5500 Prices for coal types of Grade Da Ka and above remain stable. However, from multiple perspectives, domestic thermal coal prices are still expected to see a broad-based price increase in the short term.

　　Currently, coal prices have fallen to their lowest level since... 2009 Reaching a new low since the beginning of the year, an increasing number of coal enterprises are falling into losses, and more and more loss-making mines are either halting or partially halting production. As a result, coal companies are becoming less motivated to produce low-calorie coal. On the one hand, major coal companies such as Shenhua have joined forces to limit production; on the other hand, the government is also cracking down rigorously on illegal and non-compliant coal mining activities, including overcapacity production and unsafe operations. Consequently, the supply of low-calorie coal has declined, and some sources of low-calorie coal have become scarce. The reduction in supply has altered the balance between supply and demand, prompting coal prices to stop falling, stabilize, and even rebound. The slight price increase by major coal companies for low-calorie coal is precisely a move that responds to market conditions.

　　According to data released by the National Development and Reform Commission, 1 Moon to 4 Month, national coal production 11.5 100 million tons, down year-on-year 6.1% Railway shipment of coal 6.97 100 million tons, down year-on-year 9.6% ; Imported coal 6902 10,000 tons, down year-on-year 37.7% export coal 126 10,000 tons, down year-on-year 44.4% 。

　　Liu Jie, an analyst at Zhuochuang Information, said that a series of factors currently weighing on coal prices are beginning to change. A contraction in supply, improvements in the macroeconomic environment, and seasonal factors will all help boost demand. If power companies continue to maintain low coal inventories, domestic thermal coal prices are expected to stabilize and rebound in the second half of the year.

　　The coal company that last cut salaries?

　　At current coal prices, most coal enterprises are in a state of unsustainable operation.

　　Market research conducted by coal expert Li Chaolin reveals that, in terms of coal prices, the selling prices of some coal enterprises producing rare coal types have already risen from the peak prosperity period to per ton... 2000 The price per ton has declined sharply and is gradually reaching a low point. 500 Diversified, declining by approximately 70%。

　　The latest data released by the National Bureau of Statistics show that, 1 Moon to 4 Month, operating revenue from coal mining and washing activities 8167.1 100 million yuan, down year-on-year 13% Total profit 154.1 100 million yuan, down year-on-year 61.6% 。

　　Li Chaolin stated that coal inventories across the entire society have been steadily increasing. 40 More than a month 3 100 million tons, Qinhuangdao 5500 The price of high-calorie动力 coal has risen from the beginning of the year. 520 Yuan / ton to 425 Yuan / Ton; industry profits for the first quarter of this year declined year-on-year. 61.9% The proportion of coal enterprises reporting losses is... 80% Above; 3 At the end of the month, accounts receivable of coal enterprises. 3551 100 million yuan, reaching a new historical high. “ The issue of tight corporate cash flows has become particularly prominent, and there is a growing number of coal mines reducing or even failing to pay wages. In some coal mines, wage arrears have exceeded... 4 months. Pressure on coal mine safety production is increasing, and the social security situation in mining areas remains severe. ”

　　Even Shenhua Group, the most profitable coal company, recently made a public statement confirming that rumors circulating within the industry about pay cuts are indeed true. 2015 The total payroll for all employees this year has been reduced. 10%。

　　The group stated that, affected by unfavorable factors such as the continued slump in the coal market, a significant drop in coal prices, and reduced electricity tariffs, profits have declined. Consequently, reducing employees' salaries is consistent with sound business practices.

　　5 In the latter half of the month, a notice titled “On Salary Reductions” issued internally by Shenhua Ningxia Coal Industry Group Co., Ltd. stated that from... 2015 Year 5 Moon 1 Starting from the date specified, members of the leadership team will receive a salary reduction based on the standard monthly base annual salary. 40%。

　　 “ Shenhua is probably the last coal company to cut salaries. Our company already implemented salary cuts last year, and this year we’ve been cutting salaries continuously. 5 I haven’t received my salary for months. ” An employee of a certain coal group told reporters.

　　Seeking business transformation

　　In addition to production restrictions and salary cuts, coal companies are also trying to find new avenues for survival through transformation.

　　Recently, China Shenhua announced that Qinghai Shenhua Low-Carbon Energy Investment Co., Ltd. has established a presence in Golmud. 2 × 660 The megawatt-level thermal power plant project has been approved by the Qinghai Provincial Development and Reform Commission, with a dynamic investment of approximately... 52.5 100 million yuan, of which the capital contribution accounts for approximately... 20% The remaining required funds will be secured through bank loans.

　　According to the announcement, the project entity is controlled by Shenhua Shendong Power Co., Ltd., a wholly-owned subsidiary of China Shenhua Energy Company Limited. 51% Qinghai Shenhua Low-Carbon Energy Investment Co., Ltd., with the construction site located in Golmud City.

　　The project employs an indirect air-cooling system, with an annual water intake of approximately... 272.65 Ten thousand cubic meters—this water source is drawn from reclaimed water produced by wastewater treatment plants. The project simultaneously installs high-efficiency electrostatic dust removal, desulfurization, denitrification, and online continuous monitoring devices for flue gas. After the unit is put into operation, all emission indicators must meet national environmental protection requirements. Furthermore, energy conservation management will be strengthened, and after commissioning, key energy consumption indicators such as coal consumption per unit of electricity generated and supplied should be kept within the designed levels.

　　In addition to coal-power integration, Shenhua is also exploring opportunities in the railway transportation sector.

　　5 Moon 15 The “Reply from Shenhua Group Corporation Regarding the Shaanxi Provincial Development and Reform Commission’s Request to Launch Passenger Train Services on the Fugu-Xi’an Railway,” first made public today, indicates that Shenhua has agreed to launch passenger train services on the Fugu-Xi’an railway. The passenger trains will run only on a limited basis. 1 Yes, the stops are limited to Shenmu North Station and Fugu Station, and the operating schedule must not conflict with the existing passenger trains running between Datong and Shenmu North operated by the Shen-Shuo Railway Branch. This plan will be implemented by the Shen-Shuo Railway Branch of the Shenhua Group.

　　Industry experts analyze that, on the one hand, this move can help ease relations between central state-owned enterprises and certain local governments, thereby gaining their support. On the other hand, it also reflects that, in the face of the coal industry’s downturn over the past two years, coal companies have begun to proactively seek transformation and explore new opportunities for cooperation with local governments.

　　With coal supply severely oversupplied, the macroeconomic growth rate slowing down, and downstream demand sluggish, coal prices are naturally set to keep falling. This also means that Shenhua Group, which boasts extensive railway transportation capacity, is facing issues such as the rapid depletion of its own railway lines. Therefore, turning to partner with local governments to launch passenger rail lines is indeed a wise move.