中國放松煤礦工作日限制

China’s top planning body has relaxed working day restrictions on its coal mines after reduced output boosted prices, frustrating central planners’ desire to control both price and supply of the nation’s most important energy source.

中國最高規(guī)劃?rùn)C(jī)構(gòu)放松了對(duì)煤礦工作日的限制，此前產(chǎn)量下降提升了價(jià)格，讓中央規(guī)劃者同時(shí)控制煤炭?jī)r(jià)格和供應(yīng)的愿望落空。煤炭是中國最重要的能源來源。

China’s National Development and Reform Commission said on Thursday that all mines could produce for 330 days each year, after last week extending a production band of 276-330 days through the end of March. Mines had been regulated on how many days they could operate, within the band.

中國發(fā)改委(NDRC)周四表示，所有煤礦每年可按330個(gè)工作日組織生產(chǎn)，此前它在上周延長(zhǎng)限產(chǎn)措施，規(guī)定煤礦在明年3月底前可以在276天至330天的工作日之間組織生產(chǎn)。煤礦的工作日數(shù)量受到監(jiān)管，不得超出這個(gè)區(qū)間。

The relaxation came after output statistics for October showed Chinese coal production had dropped 11 per cent in the first 10 months of 2016 versus the same period the year before. On a daily basis, output in October was down 1.5 per cent from September.

在發(fā)改委放松限制之前，10月產(chǎn)量統(tǒng)計(jì)數(shù)據(jù)顯示，2016年頭10個(gè)月，中國煤炭產(chǎn)量同比下降11%。10月日產(chǎn)量環(huán)比下降1.5%。

The relaxation is likely to hit “frothy” thermal coal prices, Fitch Ratings said in a note on Thursday: “The strong pricing rebound since early 2016 is unlikely to be sustained as the Chinese government relaxes its working-day curtailment policies to manage prices.”

放松工作日限制可能沖擊“存在泡沫的”熱能煤價(jià)格，惠譽(yù)評(píng)級(jí)(Fitch Ratings)周四在一份報(bào)告中表示：“隨著中國政府放松工作日限制以管理煤價(jià)，2016年年初以來強(qiáng)勁的價(jià)格反彈不太可能持續(xù)。”

A prolonged slump in coal prices has allowed the Chinese state to re-exert control over a sector that was known for its private capital and ungovernable private mines when the Chinese economy was booming.

煤價(jià)持續(xù)低迷使中國政府得以恢復(fù)控制該行業(yè)。在中國經(jīng)濟(jì)蓬勃發(fā)展之際，私人資本大量進(jìn)入煤炭業(yè)，涌現(xiàn)出難以控制的私營(yíng)煤礦。

Many indebted private mines have shut or been absorbed by large state-owned mining companies, leaving Beijing wrestling with a re-nationalised industry in an economy that is more complex than during the heyday of state planning.

許多負(fù)債累累的私營(yíng)煤礦已被關(guān)閉，或者被大型國有煤礦公司合并，這使得北京方面不得不應(yīng)對(duì)一個(gè)重新國有化的行業(yè)，而當(dāng)今的中國經(jīng)濟(jì)比計(jì)劃經(jīng)濟(jì)全盛時(shí)期更為復(fù)雜。

Output restrictions on thermal coal had been intended to bolster prices and allow China’s chronically bloated state coal miners to repay loans. But planners failed to account for the degree to which private miners had also dropped out of the market, and were caught off-guard when investors profited by the squeeze to drive up futures prices of coking coal, used in steelmaking. Coal futures are up roughly 200 per cent year-on-year, even after a sell-off this week as futures exchanges imposed measures to deter speculation.

中國限制熱能煤產(chǎn)量的本意是提升價(jià)格，并讓長(zhǎng)期臃腫的國有煤礦償還貸款。但規(guī)劃?rùn)C(jī)構(gòu)未能考慮到私營(yíng)煤礦也大量退出市場(chǎng)，同時(shí)沒有預(yù)料到投資者會(huì)利用供應(yīng)緊張獲利，推高焦煤期貨價(jià)格;焦煤用于煉鋼。煤炭期貨同比上漲約200%，這還是在本周因期貨交易所采取抑制投機(jī)措施而暴跌之后。

As recently as November 11 the NDRC had maintained it would stick with the band of working day output restrictions. “The increasing price of coal will not dampen the determination to cut coal capacity,” its vice-secretary said at the time.

就在11月11日，中國發(fā)改委還堅(jiān)稱要嚴(yán)格執(zhí)行工作日生產(chǎn)限制措施。其副主任當(dāng)時(shí)表示：“煤價(jià)上漲不會(huì)打擊我們?nèi)ッ禾慨a(chǎn)能的決心。”

The NRDC has also strong-armed state-owned miners to sign supply agreements with state-owned power plants at below-market prices in an attempt to persuade traders that prices have risen too much.

中國發(fā)改委還要求國有煤礦以低于市場(chǎng)的價(jià)格與國有發(fā)電廠簽訂供應(yīng)合同，此舉旨在讓交易者相信，煤價(jià)漲得太高了。

Power plant supply agreements that were set too low was one of the factors that deterred state coal mines from expanding two decades ago, opening the door for private entrepreneurs to capitalise on strong spot demand for coal as economic growth took off.

價(jià)格過低的電廠供應(yīng)合同是20年前阻止國有煤礦擴(kuò)張的因素之一，隨著經(jīng)濟(jì)開始騰飛，這為私營(yíng)企業(yè)利用強(qiáng)勁的現(xiàn)貨需求進(jìn)入煤炭業(yè)打開了大門。