On the evening of the 15th, the Ministry of Finance issued a notice that starting from August 20, the provisional tax rate for coke exports will increase from 25% to 40%; the provisional tax rate for coking coal exports will increase from 5% to 10%; other bituminous coals will be exported Temporary tariff, tentative tax rate is 10%.
Since 2008, China’s coal supply and demand have been generally tight, but under the dominance of the international coal market, coal export prices have risen. Although annual export quotas have been reduced accordingly.
Prior to this, the country had already suppressed coal exports through taxation and quotas. At the beginning of this year, the country raised its provisional coke export tax rate from 15% to 25%. The export quota for general trade coke is only 2.39 million tons, while the first coke export quota was 9.62 million tons in 2008.
As the international coking coal prices skyrocketed in 2008, the tight coke supply prices increased, resulting in a sharp increase in the demand for domestic coking coal and coke in the international market. From January 1 to May, the export coke from January to May was 960,000 tons, 730,000 tons, 1.24 million tons, 1.34 million tons, respectively, and the country’s export tariffs on coke increased from 15% to 25% from January 1. Ten thousand tons fell slightly to 1.5 million tons in June. From January to June, the cumulative amount of coke exported was 7.44 million tons, a year-on-year decrease of 7.55%. However, due to the increase in international market demand and the increase in export tariff rates, the average FOB price of exported coke in May has climbed from US$173/ton in the same period of the previous year to US$464.83/ton, which is a year-on-year increase of US$291.83/ton, an increase of 168.69%. In June, the average FOB price reached 498.32 U.S. dollars, setting another record high.
Jin Qiang, chairman of the China Coking Industry Association, said that in the second half of the year, the international market will slow down the demand for coke in China, and China's coke exports may be slightly lower than the level of the previous year.
Due to the significant price increase of coal in the international market, in the first half of this year, China imported 21.55 million tons of coal, a year-on-year drop of 20.4%. However, the scarcity of coking coal resources has forced some coking enterprises to increase imports from abroad. From January to June, the country imported 2.94 million tons of coking coal, an increase of 4.43% year-on-year, of which imports increased to 615,800 tons in May, a year-on-year increase of 50%. In June, imports totaled 583,100 tons. The high price of coking coal in the international market also stimulated the export of coal in the domestic coal industry. In the first half of the year, the country exported 25.49 million tons of coal, a year-on-year increase of 10.2%. Which exports in June reached 6.99 million tons, an increase of 83%. The pattern of net imports of 3.95 million tons of coal in the first half of the year was 3.94 million tons of net exports of coal in the first half of this year. Once it entered the market, the difference was 7.89 million tons, which exacerbated the grim situation of the shortage of domestic coal resources. At the same time, from January to June, domestic coking coal exports 1.82 million tons, an increase of 15.79% year-on-year; of which exports in May soared to 694,700 tons, an increase of 5.91 times year-on-year, and exports of 360,000 tons in June. We have changed the situation of the decline in coking coal exports since 2004.
Some analysts said that in the context of domestic coke coking coal prices and the international market is increasingly close to the background, the country significantly raises export tariffs, is intended to flatten domestic and foreign spreads to control exports, in order to ensure the production of relevant national industry demand, to avoid the coke coal coke continues to soaring downstream Industrial chain price transmission and negative impact.
Since 2008, China’s coal supply and demand have been generally tight, but under the dominance of the international coal market, coal export prices have risen. Although annual export quotas have been reduced accordingly.
Prior to this, the country had already suppressed coal exports through taxation and quotas. At the beginning of this year, the country raised its provisional coke export tax rate from 15% to 25%. The export quota for general trade coke is only 2.39 million tons, while the first coke export quota was 9.62 million tons in 2008.
As the international coking coal prices skyrocketed in 2008, the tight coke supply prices increased, resulting in a sharp increase in the demand for domestic coking coal and coke in the international market. From January 1 to May, the export coke from January to May was 960,000 tons, 730,000 tons, 1.24 million tons, 1.34 million tons, respectively, and the country’s export tariffs on coke increased from 15% to 25% from January 1. Ten thousand tons fell slightly to 1.5 million tons in June. From January to June, the cumulative amount of coke exported was 7.44 million tons, a year-on-year decrease of 7.55%. However, due to the increase in international market demand and the increase in export tariff rates, the average FOB price of exported coke in May has climbed from US$173/ton in the same period of the previous year to US$464.83/ton, which is a year-on-year increase of US$291.83/ton, an increase of 168.69%. In June, the average FOB price reached 498.32 U.S. dollars, setting another record high.
Jin Qiang, chairman of the China Coking Industry Association, said that in the second half of the year, the international market will slow down the demand for coke in China, and China's coke exports may be slightly lower than the level of the previous year.
Due to the significant price increase of coal in the international market, in the first half of this year, China imported 21.55 million tons of coal, a year-on-year drop of 20.4%. However, the scarcity of coking coal resources has forced some coking enterprises to increase imports from abroad. From January to June, the country imported 2.94 million tons of coking coal, an increase of 4.43% year-on-year, of which imports increased to 615,800 tons in May, a year-on-year increase of 50%. In June, imports totaled 583,100 tons. The high price of coking coal in the international market also stimulated the export of coal in the domestic coal industry. In the first half of the year, the country exported 25.49 million tons of coal, a year-on-year increase of 10.2%. Which exports in June reached 6.99 million tons, an increase of 83%. The pattern of net imports of 3.95 million tons of coal in the first half of the year was 3.94 million tons of net exports of coal in the first half of this year. Once it entered the market, the difference was 7.89 million tons, which exacerbated the grim situation of the shortage of domestic coal resources. At the same time, from January to June, domestic coking coal exports 1.82 million tons, an increase of 15.79% year-on-year; of which exports in May soared to 694,700 tons, an increase of 5.91 times year-on-year, and exports of 360,000 tons in June. We have changed the situation of the decline in coking coal exports since 2004.
Some analysts said that in the context of domestic coke coking coal prices and the international market is increasingly close to the background, the country significantly raises export tariffs, is intended to flatten domestic and foreign spreads to control exports, in order to ensure the production of relevant national industry demand, to avoid the coke coal coke continues to soaring downstream Industrial chain price transmission and negative impact.
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