Recently, the Customs Tariff Commission of the State Council issued a notice and decided to adjust the import tariff rates for lignite and other commodities starting from August 30, 2013, cancel the provisional tax rate for zero-leasing of lignite and resume the 3% MFN tariff rate.
Since 2008, China’s coal imports have been subject to zero tariff, and lignite, which is the lowest coal mined coal, has also been included in the zero-tariff sequence. For the restart of lignite tariffs, relevant experts believe that the increase in tariffs is more an objective requirement for China's environmental protection and emission reduction situation, and has little effect on the coal market's supply and demand and prices.
Little impact on coal-fired power generation companies
“Taking Guangzhou Port as an example, the current lignite depot price is 445 yuan/ton for 4,200 kcal and 555 yuan/ton for 5000 kcal.†Liu Zhipeng, manager of research and development department of Qinhuangdao seaborne coal trading market, told reporters that 3000~ 4000 kcal is the main force of lignite.
Based on this calculation, the 3% tax rate will add more than ten yuan per ton for the import of lignite, but Liu Zhipeng believes that the advantage of imported lignite is gradually declining in view of the lump-sum settlement price of lignite, together with domestic high-quality coal. Prices are still falling, and domestic coal companies are more willing to use domestically produced high-quality coal.
"Especially for Australian coal, there must be more than 10 days of transport cycles for imports, and domestic coal prices fluctuate greatly. Coal importers have to consider the price risk in this cycle," Liu Zhipeng told reporters.
The data shows that in 2012, China’s coal imports mainly came from Indonesia and Australia, of which only the amount of imported coal from Indonesia exceeded 118 million tons, accounting for 41% of the total imported coal. In the first 7 months of this year, China’s cumulative import of 187 million tons Of the coal, the total amount of brown coal imported was 35.97 million tons, of which 34.76 million tons came from Indonesia, accounting for 96.63%.
Since most of China’s lignite imports come from Indonesia, and China’s and ASEAN countries’ agreed import tax rates on lignite are zero, the cancellation of zero import tariffs and the restoration of MFN tax rates will have minimal impact on Indonesia.
Coal import strategy will not change
Lignite is mainly low-grade, high-sulfur coal, which accounts for only a small part of China's overall coal consumption, especially in economically developed regions. Including the country's regulation of coal prices in previous years, it is also benchmarking with 5,500 kcal thermal coal.
Relevant experts believe that in recent years China's emission standards for coal combustion have become higher and higher, and it is normal to increase the import threshold of lignite. "As a big coal country, if we still import a lot of this low-quality coal, it is not a very sensible approach," Xing Lei, director of China Coal Corporation Research Center of Central University of Finance and Economics, told reporters.
Some coal importers indicated that because lignite import procedures are simpler than other coal types, some importers borrow lignite for the sake of simplicity when importing other coal types. This would result in a certain loss of customs duties and increase in lignite tariffs. This phenomenon will improve.
For power generation companies, the use of high-quality coal with high combustion values ​​will benefit the maintenance and service life of the unit. When the price of coal is too high, power generation companies have to choose low-grade coal such as lignite for fuel blending in order to reduce fuel costs. But now that domestic coal prices have fallen, power plants will be more willing to purchase high-quality coal.
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