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In the first half of this year, the operating income and net profit of most listed iron and steel enterprises increased significantly compared with the same period last year, and the sales profit margin increased significantly. The net profit of 21 iron and steel enterprises, including Baosteel and Anshan Iron and Steel, increased by more than 100 percent.
Under the dual influence of the "dual control of energy consumption" policy and the sharp drop in the prices of raw materials such as iron ore, many steel companies that achieved substantial revenue and profit growth in the first half of this year have reached new highs in steel prices and corporate profits.
"The current steel price is the highest in the same period in history, and the profits of steel companies have also hit a new high since 2018." Qiu Yuecheng, director of black research at Everbright Futures Research Institute, pointed out to the first financial reporter that, for example, the profit per ton of threaded steel of Jiangsu steel mills counted on September 17 and 18 has exceeded 1000 yuan, five times that of two months ago, and the highest loss in June is more than 200 yuan.
Behind the record high price profit
The substantial increase in profits of iron and steel enterprises is reflected in the semi-annual report performance disclosure in the first half of the year. In the first half of this year, the operating income and net profit of most listed iron and steel enterprises increased significantly compared with the same period last year, and the sales profit margin increased significantly. The net profit of 21 iron and steel enterprises, including Baosteel and Anshan Iron and Steel, increased by more than 100 percent.
According to Wang Jing, an analyst at the Lange Iron and Steel Research Center, the substantial increase in the profits of steel companies in the first half of the year is related to the booming production and sales of the steel industry. In the first half of this year, the country's crude steel output was 0.563 billion tons, up 11.8 percent year-on-year, and steel output was 0.698 billion tons, up 13.9 percent year-on-year.
At the same time, driven by the resonant recovery of the global economy, unconventional monetary easing, and domestic supply contraction expectations, steel market prices continued to rise, and the overall price remained high in the first half of the year. On May 13, Lange steel composite price index reached 6654 yuan/ton, a record high.
However, in the second half of the year, the profits of iron and steel enterprises further hit a new high, but the reasons are different from those in the first half of the year.
Qiu Yuecheng analyzed to reporters that under the policy of "dual control of energy consumption", iron and steel enterprises in many places are limiting production and suspending production, reducing steel production, and the output of crude steel and pig iron in July and August dropped a lot. At the same time, the price of iron ore raw materials, which accounts for an important proportion of steel production costs, has plummeted, which is an important reason for the recent record high steel prices and corporate profits.
Statistics show that crude steel production in August fell by 13.2 year-on-year, pig iron production fell by 11.1 year-on-year, and steel production fell by 10.1 year-on-year. Affected by the reduction of production by steel companies, the price of iron ore, which was under pressure from demand, plummeted. Become the largest decline in domestic commodities during the year. During the Mid-Autumn Festival holiday, SGX TSI CFR China Iron Ore (62% Iron Powder) swap closed down 8% on September 20, hitting US $90/ton, a 15-month low.
More code "energy consumption double control" supervision and inspection
The so-called "dual control of energy consumption" policy refers to the relevant policies of dual control of energy consumption intensity and total amount. A number of industry insiders told reporters that since the beginning of this year, the inspection of "dual control of energy consumption" has been relatively strict, and the assessment results will be used as the basis for the work evaluation of the local leadership team. In the first quarter and half of this year, the National Development and Reform Commission also issued the early warning level of energy consumption intensity reduction progress target and the early warning level of total energy consumption control target. The governments of various regions listed as red have increased their control over high energy-consuming enterprises in the region.
The reporter checked the ''Barometer of the Completion of Energy Consumption Dual Control Targets in Various Regions in the First Half of 2021 ''issued by the National Development and Reform Commission and found that in terms of energy consumption intensity reduction, Qinghai, Ningxia, Guangxi, Guangdong, Fujian, Xinjiang, Yunnan, Shaanxi, The energy consumption intensity of 9 provinces (regions) in Jiangsu rose instead of falling in the first half of the year, and was listed as a red first-level warning; in terms of total energy consumption control, eight provinces (regions) including Qinghai, Ningxia, Guangxi, Guangdong, Fujian, Yunnan, Jiangsu, and Hubei were listed as red first-level warnings.
The governments in the above-mentioned regions are indeed increasing the supervision and supervision of the management of "dual control of energy consumption.
For example, Yunnan Province, which has been listed as a first-level early warning for two consecutive quarters since this year, expressed its determination yesterday in the form of accepting reporters' questions through its Development and Reform Commission: the next step will be to keep a close eye on the decline in energy consumption intensity, consolidate the implementation of dual control target responsibilities in prefectures and cities, resolutely clean up illegal and illegal projects, strictly enforce "two high" project management and daily supervision, and comprehensively clean up preferential policies for "two high" two high "industry projects.
At present, the iron and steel industry is second only to the non-ferrous metal smelting industry in the electricity consumption ranking of the four major high-load energy industries. Therefore, the iron and steel industry will also be the main control industry of the "energy consumption dual control" policy.
Jiangsu Province, which was also listed as a first-level early warning in the first half of the year, has been pushing iron and steel enterprises in the province to stop production and limit production. For example, Jiangsu Zhongtian Iron and Steel Group has taken measures such as production equipment restriction, shutdown and early maintenance since August to achieve negative growth in monthly output and energy consumption. The company said that it would continue to strictly control the production rhythm starting from September and complete the reduction task of 200000 tons of standard coal in August and September. Jiangsu Xugang Group issued a notice in mid-September that in order to complete the "dual control" target management work, the company decided to suspend production for half a month from now.
On September 16, the national development and Reform Commission issued the plan for improving the dual control system of energy consumption intensity and total amount. The plan clearly needs to strengthen and improve the dual control system of energy consumption, deepen the revolution of energy production and consumption, promote the total amount of energy management, scientific allocation and comprehensive conservation, and promote the clean, low-carbon, safe and efficient utilization of energy, so as to force the adjustment of industrial structure and energy structure, Help achieve the goal of carbon peak and carbon neutrality.
"At present, the battle of 'dual control of energy consumption' in the steel industry has officially started." Ge Xin, an analyst at Lange Iron and Steel Research Center, pointed out that in the short term, under the pressure of strict implementation of "policy pressure production", crude steel production showed a trend of monthly decline after reaching its peak in May, and crude steel production in the last four months of the year will be suppressed at a lower level as a whole, especially after the fourth quarter, the domestic steel industry will face the combined impact of policies such as "policy-based production reduction", "heating season production restriction" and "Winter Olympics production restriction"; and in the long run, "energy consumption dual control" It will become an important starting point for the steel industry to "reduce output". Output will be directly linked to energy consumption, and the original emission restriction will be converted into energy restriction, which will have a long-term impact on the domestic steel industry.
(Source: First Financial)
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