After the “China Steel Association†announced the suspension of collective iron ore negotiations, the provinces have announced the acceleration of the integration of steel enterprises in the province.
A person in charge of the China Iron and Steel Association said at the "China Steel Industry Restructuring and Development Summit Forum" that Shanxi Province has announced that it will integrate the provincial steel enterprises into two major steel companies. On the occasion of the "two sessions" of the whole country, the provinces have started a new round of integration of steel companies. In addition to external survival pressures, they also have the will to strive for high-level and external support.
"The financial sector only studies the issue of finance. The industry only studies the problems of the industry. If we are not enough, then we will never have the right to speak in the raw materials market of the Chinese steel industry." Zhou Zixue, chief economist of the Ministry of Industry and Information Technology, bluntly stated at the above forum. At present, it is urgent to do a good job of combining research on business and finance, and the Ministry of Industry and Information Technology is conducting research on this topic.
Integration under pressure
The provinces have accelerated the integration of steel enterprises in the province. On the one hand, it is due to the pressure of domestic steel industry policies and energy conservation and emission reduction policies. On the other hand, it is difficult to negotiate international iron ore prices. If steel companies do not integrate production capacity, they will obtain resource prices in the future. The aspect will be at an absolute disadvantage.
In the "2010 Steel Industry Operation and 2011 Outlook" released by the Ministry of Industry and Information Technology on February 16, it is predicted that the domestic steel consumption intensity will decline, the steel export situation will not be optimistic, and the bulk raw fuel is on the rise.
In recent years, China's steel industry has been in a downturn, and this dilemma is related to the dramatic changes in the external environment and to the many problems in the steel industry itself.
"The wave of large-scale mergers and acquisitions in the fourth round of the steel industry, which is now taking place around the world, is weakening China's scale advantage as the steel producer in the world's largest steel-producing country." Pan Kailing, dean of the School of Management, Wuhan University of Science and Technology, said, "In addition, The rise in international raw material prices has made iron ore a bottleneck in the development of the steel industry."
According to the policy of the development policy of the iron and steel industry formulated by the National Development and Reform Commission in 2005, it is necessary to achieve the policy goal of steel production of the top 10 steel enterprise groups accounting for more than 50% of the national total by 2010, and by 2020, it will be greater than 70%.
But as of now, the market share of the top ten steel is only over 40%. The leading steel industry in Hebei Province ranks first in the country for six consecutive years, but the huge scale of the industry cannot hide the backwardness of its industrial development level.
Hebei Iron and Steel ( 4.000 , 0.00 , 0.00% ) Chairman of the Group Wang Yifang told this reporter that on June 30, 2008, Hebei Iron and Steel Group was formed by the combination of the former Tangshan Iron and Steel Group and the Handan Iron and Steel Group. Hebei Iron and Steel Group relies solely on the integration advantages and synergies to achieve an integration benefit of 7 billion yuan that cannot be achieved under the decentralized operation of a single subsidiary. The bank's overall credit rating exceeds 230 billion yuan, and new iron ore resources are obtained. Billion tons.
On the basis of completing the internal integration of the Group, Hebei Iron and Steel further controlled Shigang and reorganized Xuangong Machinery to reorganize 12 private steel enterprises with “gradual equity integrationâ€.
However, in the wave of steel consolidation, not all steel companies have the same results as Hebei Iron and Steel. However, in practice, many companies disregard local conditions and their own conditions. As a result, they have not only failed to establish a modern industrial system. The force was dragged down.
"The development of the steel industry is still very difficult today. Whether it is the problem of resources, the environmental problems of energy conservation and emission reduction, the scale of enterprises, the big but not strong problems of the industry, it has not been fundamentally resolved. So this industry The enterprise in the company is the main body, and there are still so many problems in the whole industry. It depends on one enterprise, especially the leading enterprise, to solve it.†Zhou Zixue said.
Industrial financialization
Zhou Zixue particularly emphasized that China's steel industry should improve its core competitiveness, especially in the current international raw materials market, and the financial aspect of the iron ore market.
In fact, Chinese steel companies have long been “aphasia†in the international raw material pricing mechanism and have nothing to do. Taking iron ore as an example, China Steel Association has almost no negotiating advantages at the iron ore negotiation table, and this has nothing to do with the internal interests of Chinese steel companies.
Since April 2010, the qualifications for negotiating China's iron ore pricing have also been denied. The iron ore annual negotiation pricing model, which has been adhered to for more than 20 years, was changed to quarterly pricing by Vale, Rio Tinto and BHP Billiton, and index pricing.
At the beginning of this year, China was further involved in the iron ore futures pricing market. On January 29, the Indian Commodity Futures Exchange (ICEX) announced the official launch of iron ore futures products, becoming the world's first exchange to introduce iron ore futures, and India has taken the lead in turning iron ore into a strong one. The first step in a powerful financial instrument.
From annual negotiations, to quarterly pricing, to futures pricing, iron ore financialization has gradually become a reality, and Chinese steel companies have always responded negatively and passively.
"The financial sector only studies the issue of finance. The industry only studies the problems of the industrial sector. If we are not enough, then we will never have the right to speak in the raw material market of the Chinese steel industry." Zhou Zixue emphasized.
Zhou Zixue said that foreign countries have taken a step forward in the combination of industry and financial industry. China's industrial and financial circles also need to find the intersection of the two, and integrate development to promote the financialization of China's steel market and further realize the international raw material market. The right to speak on the price. The Ministry of Industry and Information Technology is also investigating this.
Today, the iron ore futures has been launched, opportunities and challenges for China's steel industry is. On the one hand, it creates conditions for the combination of China's steel industry and financial industry; on the other hand, it also puts forward the proposition of how to strengthen the financial international right to seek more pricing power.
When the provinces set off the heat of integration of steel companies, the Ministry of Industry and Information Technology carried out the above research to explore the next round of pricing power for steel companies.
"We have had a forum since the beginning of the year, and we will speed up the research and form results as soon as possible." Zhou Zixue said.
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