Relevant Chinese authorities have made successive moves, and domestic coal futures have fallen again and again. The thermal coal that had soared before has fallen to a daily limit.
On Thursday, October 21, the night trading futures opened. The main thermal coal contract fell by the limit for the third consecutive trading day. Coke fell by more than 7%, iron ore fell by more than 6%, and coking coal fell by more than 5%. Energy and chemical products generally fell. Soda ash, PVC, and glass fell more than 5%; most agricultural products fell, palm oil and soybean oil fell by more than 2%; basic metals fell across the board, Shanghai aluminum fell by nearly 3%, and Shanghai zinc fell by more than 2%; precious metals fell.
By the close of night trading, Zhengzhou Coal closed down nearly 10%, thermal coal closed down 9.9%, thread fell 5.28%, coking coal fell 4.08%, iron ore fell 3.86%, coke fell 3.5%, and hot coil fell 2.83%. Among energy and chemical products, soda ash fell 8.01% to close the limit, PVC 2.47%, and glass fell 8.47%.
Among non-ferrous metals, Shanghai aluminum closed down 5.75% in night trading, Shanghai zinc closed down 4.76%, Shanghai nickel closed down 4.35%, Shanghai copper closed down 3.05%, Shanghai tin closed down 2.75%, and Shanghai lead closed down 1.56%.
The National Development and Reform Commission issued a document aimed at energy conservation and carbon reduction in steel and other industries to carry out a special survey of coal prices
On the news, the National Development and Reform Commission made a series of actions after it made it clear on Tuesday, October 19 that the increase in coal prices completely deviated from the fundamentals of supply and demand and studied the implementation of coal price intervention in accordance with the law.
On Thursday, the National Development and Reform Commission issued the “Action Plan for Strict Energy Efficiency Constraints in Key Industries in Metallurgy and Building Materials to Promote Energy Conservation and Carbon Reduction (2021-2025)”, proposing to guide the orderly withdrawal of petrochemical and chemical inefficient production capacity, and increase the disposal of idle production capacity and zombie production capacity; Accelerate the merger and reorganization of steel, electrolytic aluminum, cement, and plate glass industries; promote the concentrated development of steel, electrolytic aluminum, cement, and plate glass industries, improve the level of intensification and modernization, form economies of scale, and reduce energy consumption per unit of product.
On Thursday, the Development and Reform Commission and other departments also issued a number of opinions on strict energy efficiency constraints to promote energy conservation and carbon reduction in key areas. The opinion sets the goal that by 2025, through the implementation of energy-saving and carbon-reduction actions, key industries such as steel, electrolytic aluminum, cement, flat glass, oil refining, ethylene, synthetic ammonia, calcium carbide and other key industries and data centers will reach the benchmark level of production capacity by more than 30%. The overall energy efficiency of the industry has been significantly improved, the carbon emission intensity has been significantly reduced, and the green and low-carbon development capabilities have been significantly enhanced.
Thursday evening,Development and Reform CommissionThe article stated that the price of coal has risen rapidly recently. In order to strengthen the supervision of coal market prices and to study specific measures to intervene in coal prices, the National Development and Reform Commission quicklyOrganize and carry out special surveys on coal production and circulation costs and prices, Learn more about the cost and sales price of coal production companies, the purchase and sales prices of coal by trading companies, coal circulation costs, and the purchase prices of coal-using companies.
The China Securities Regulatory Commission stated late at night that steam coal rose too fast
Before the National Development and Reform Commission and other departments took action, late on Wednesday night, the official website of the China Securities Regulatory Commission issued a document in response to the excessive rise of thermal coal.
The China Securities Regulatory Commission stated that in order to further serve to ensure the supply and price stability of bulk commodities and strengthen the supervision of the futures market, the China Securities Regulatory Commission will take proactive measures and take multiple measures to guide the exchanges to increase the handling fee standard, tighten the transaction limit, and study and implement the expansion of the scope of delivery products. A number of other measures have resolutely curbed excessive speculation and put an end to malicious capital speculation. At the same time, maintain a high-pressure posture of zero tolerance for violations of laws and regulations in the futures market, increase crackdowns on violations such as manipulation, and maintain a good market order.
In the next step, the China Securities Regulatory Commission will continue to cooperate with the macro management department to do a good job in the joint supervision of futures and currents, organize and strengthen the interpretation and guidance of relevant policies and measures in a targeted manner, stabilize market expectations, and jointly maintain the smooth operation of the futures spot market.
ZCE also issued an announcement to impose transaction limits on some thermal coal futures contracts and adjust transaction fees for some thermal coal futures contracts.
According to the ZCE announcement, the trading procedures for thermal coal futures 2111, 2112, 2201, 2202, 2203, 2204, 2205, 2206, 2207, 2208, 2209, and 2210 starting from the night trading on the night of October 21, 2021 The fee standard is adjusted to 90 yuan/hand, and the handling fee standard for intraday closing of Imakura transaction is adjusted to 90 yuan/hand.
Starting from the night trading on the night of October 21, 2021, non-futures company members or customers will place orders on thermal coal futures 2111, 2112, 2201, 2202, 2203, 2204, 2205, 2206, 2207, 2208, 2209 and 2210 The maximum number of daily open trades is 50 lots. The number of open positions in a single day refers to the sum of the number of open positions for buying and selling on a single futures contract that is not a member of the futures company or customers on that day. The maximum number of open transactions in a single day of the actual control relationship account group is executed according to a single customer. The number of open positions for hedging transactions and market making transactions is not limited by the transaction limit.Return to Sohu to see more
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