Japanese media reported on the 4th that Japan’s major steel companies and international iron ore giants reached a preliminary agreement on the price increase of iron ore and steelmaking. From April, the price of imported iron ore in Japan will increase by about 25% from the first quarter of this year. . According to the "Yomiuri Shimbun" report, according to the preliminary agreement between Japanese steel companies and overseas resource giants, the price of iron ore exported to Japan has been about US$170 per ton since April, a record high. The price of coal for steelmaking is about 290 US dollars per ton, which is about 35% higher than the price in the first quarter, which is the second highest price in history. According to the report, at the beginning of this year, the Australian mining area, the main resource country for iron ore and coal, was hit by floods, and the output was greatly reduced. At the same time, the demand of emerging economies continued to increase. Affected by this, the resource and energy giants in Australia and other places have proposed large price increases to traders such as steel companies. Major Japanese steel companies such as Nippon Steel recently said that due to the increase in raw material costs, steel companies are planning to increase the price per ton of steel products by 20,000 yen (about US$82) to large steel manufacturers. The nightmare that Chinese steel companies have encountered on iron ore is likely to be staged again on coking coal. Domestic steel giant Baosteel recently announced that Baosteel has signed a three-year coal cooperation agreement with Rio Tinto on February 24, and Rio Tinto will supply Baosteel with high-quality coking coal from this year. This is Rio Tinto's first coking coal long-term customer in China. As an industry benchmark, Baosteel's move means that the Chinese steel industry's demand for overseas coking coal has been fully revealed. Industry insiders pointed out that Chinese steel enterprises will rely more and more on overseas coking coal. China's factors may promote long-term rise in coking coal prices. Chinese companies need to arrange early, beware of coking coal becoming the second iron ore. China's demand or coking coal prices pushed at the end of last year, and Australia's floods have shut down almost all of its coal mines in Queensland. Since Australia's coking coal exports account for more than 60% of the global market , the flood has driven global coking coal prices to continue to rise this year, and many domestic coking coal companies have also raised coking coal prices. However, compared with the sudden factors such as floods, the demand in the Chinese market has become a lasting driving force for the price increase of coking coal. China is the world's largest steel producer. In 2010, China's production of crude steel exceeded 600 million tons to reach 62.654 million tons. Because of the refining of one ton of iron, it takes about 2 tons of iron ore and 1.4 tons of coke, while one ton of coke requires 1.4-1.6 tons of coking coal, which means that China consumed more than 1 billion tons of coking coal last year. The amount of iron ore is similar. Although China is a big coal producer, China's resources are still relatively lacking in terms of high-quality coking coal. However, domestic steel enterprises have launched large-scale and modernized blast furnaces under the pressure of energy conservation and emission reduction, and the demand for high-quality coking coal has surged. Dou Liwei, dean of the Anshan Iron and Steel Economic Management Research Institute, said that large-scale blast furnaces are the first choice and must-select for energy conservation and emission reduction. High-quality coking coal may become the next resource bottleneck restricting the development of China's steel industry after iron ore. “In 2009, China’s coking coal import volume was more than 30 million tons, and in 2010 it has reached 47.27 million tons.†Xu Xiangchun, director of information on steel mesh, said that Australia is the most important supplier of coking coal from China. In 2010, China imported 17.39 million tons of coking coal from Australia, ranking first. It is predicted that with the rapid development of the Indian steel industry, India's coking coal imports are expected to reach 40 million tons in 2011 . International coking coal prices may rise by 20%, supported by strong demand in countries such as China and India. After 2009 coking coal imports surge on the one hand, good quality coking coal overseas, in line with large-scale, the needs of modern blast furnace; on the other hand, after the financial crisis overseas coking coal relatively low price, has become the domestic steel prices to attract users to select high-quality overseas One of the reasons for coking coal. This is the main reason why China's coking coal imports surged after 2009. For those steel mills that are far away from coking coal resources, the import of coking coal from Australia by sea is much more convenient than transportation from Shanxi, Inner Mongolia and Xinjiang, and the freight is even cheaper. Since 2008, the phenomenon of coal price inversion in the international and domestic markets has existed for a long time, which further promoted the enthusiasm of steel enterprises to buy coking coal from overseas. It is reported that the current transportation of coking coal from Australia to Shanghai is generally around US$20/ton, and if it is to transport coal from Shanxi to Shanghai, the freight will be more than 200 yuan/ton, and it must be transported by rail to Qinhuangdao and other ports. Water transport, and capacity is not guaranteed. "My Steel" analyst Liu Wei pointed out that despite the impact of the Australian flood at the end of last year, the price of coking coal in the international market has already exceeded the domestic market by more than 200 yuan / ton, but due to the limited number of high quality coking coal in China, and the need for different varieties of steel mills The coking coal is matched, so as steel production continues to increase, there is still import demand. The five major coking coal suppliers have stepped up their monopoly. It is worthy of the attention of domestic steel companies. Just as the three giants monopolize the supply of iron ore, the monopoly trend of the global coking coal market is already very obvious. BHP Billiton, Rio Tinto, Xstrata Mining, Anglo American and Turk Resources, the world's top five coking coal suppliers, have accounted for 55% of the international coking coal market. Moreover, these international giants are further strengthening their control over resources on a global scale. In June last year, WISCO and the Australian coking coal mine manufacturer RML signed a non-binding memorandum of understanding, WISCO will get RM8% of the shares at a price of 10 Australian dollars per share, while WISCO will also have RML 40% in Zambishi coal mine The equity, and the right to buy at least 10% of the coking coal reserves of the Benxi coal mine owned by RML, the total investment amount of 800 million US dollars. However, this shareholding scheme has been comprehensively countered by Rio Tinto. In December last year, Rio Tinto announced that it plans to acquire RML for A$3.9 billion at a price of AU$16 per share. Rio Tinto’s halfway out of the way has made WISCO’s hopes of acquiring RML into a bubble. In the iron ore market, the three giants of Rio Tinto, BHP Billiton and Vale have earned a pot of money last year. Statistics show that the profit of 77 large and medium-sized steel enterprises in China last year was 89.7 billion yuan, which is less than that of Rio Tinto. People in the domestic steel industry are generally worried that multinational companies such as Rio Tinto will launch a coal purchase war in the context of China's rapid growth in coking coal imports, which will aggravate the monopoly trend in the international coking coal market. Coking coal will become another bottleneck restricting the development of China's steel industry after iron ore. Way out: Domestic companies need to walk on the road with two legs. The coal has the disadvantage of becoming the second iron ore. Industry insiders pointed out that China should deal with it early to prevent it from entering a passive position. Xu Xiangchun believes that in order to protect the coking coal supply of Chinese steel companies, China should speed up the development of high-quality coking coal in Shanxi and other places. At the same time, the steel industry should also increase the upstream extension of coal resources in addition to restructuring. Others have called for Chinese companies to increase their efforts to acquire high-quality coking coal resources overseas. It is reported that domestic coking coal enterprises and the steel industry have begun resource integration to cope with the strong growth in demand for coking coal. For example, Shanxi Coking Coal has jointly established Shanxi Coal and Steel Energy Development Co., Ltd. with Taigang Group. In addition, Chinalco and Rio Tinto established a joint venture exploration company on December 3, and the two parties will jointly carry out mineral exploration business in China, and copper and coking coal resources will become the first choice. However, compared with the expansion of domestic resources, domestic companies have encountered the same dilemma in iron ore in terms of going global. WISCO's folding of RML fully illustrates the difficulty of going out. Xu Xiangchun said that although China's coking coal imports grew rapidly, China's coking coal import dependence is still less than 10%, and there is still a big gap compared with iron ore import dependence of 70%. Imported high-quality coking coal only plays a complementary role. As long as it is properly handled, coking coal will not become the second iron ore.
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