In 2002, the total investment in the steel industry was 71 billion yuan, and in 2003 it reached 132.9 billion yuan.
“Transportation is tight and logistics is disordered.†Speaking of the serious consequences of the blind development of the steel industry, Xiao Chunquan, Director of the Metallurgical Department of the Economic Operation Bureau of the National Development and Reform Commission, uses these eight words as examples.
According to the authoritative data provided by the National Development and Reform Commission to reporters yesterday, in 2003 China's steel production increased by nearly 40 million tons and the transportation volume increased by approximately 180 million tons. One of the consequences is that the country’s rail transport is overwhelmed.
As the steel projects continue to be blindly launched, the investment has shown an overheating trend. The State Council, together with relevant departments, has issued a document restricting blind investments in cement, electrolytic aluminum and steel. The reporter learned that the Development and Reform Commission’s Industrial Bureau is drafting a “Steel Industry Development Policy†that will limit how iron and steel production falls to the details. The most important one may be “in principle no longer a new batch of projectsâ€. The relevant person predicts that 2004 will be the year of rectification of the Chinese steel industry.
â– Steel investment sharply warming
Is the real investment in the steel industry overheated? The number is astonishing. “The total investment in the steel industry in 2002 was 71 billion yuan, and in 2003, this figure reached 132.9 billion yuan, an increase of 87%.†Xiao Chunquan, Director of the Metallurgical Department of the Economic Operation Bureau of the National Development and Reform Commission told the reporter. According to relevant sources, the new round of steel has begun quietly long before.
According to reports, steel production increased from 160,000 tons in the early years of the founding of the People’s Republic of China to 100 million tons in 47 years, and from 100 million tons to 200 million tons in only 7 years, and from 200 million tons to 300 million. T, it may take less than 3 years. By the end of 2003, the national integrated steelmaking capacity had reached 250 million tons.
Behind the nation's steel refining, it is undoubtedly the driving force of interest. According to the NDRC, the rapid growth of fixed assets has stimulated the demand of the market, and the economic benefits of steel companies have risen linearly, making steel the most “paying†industry. Driven by interests, local and enterprises have invested in newly built or expanded iron and steel enterprises without stipulating procedural approvals. This has not only caused the market to oversupply, but also caused the emergence of small steel plants with an annual output of 1 million tons or even an annual output of 300,000 tons in some regions. .
According to a survey, the actual demand for steel reached 250 million tons by 2005. By 2010, the actual demand for steel was 310 million tons, and excessive and disorderly investment has disrupted the rational distribution of China's steel.
â– Overheated investment leads to a chain reaction
The domino effect caused by the overheating of steel investment has brought a series of troubles to 2003, and the scope of coverage has also involved various aspects. Unexpectedly, the overheated steel investment has also brought about the problem of capacity constraints.
In 2003, the steel production capacity greatly exceeded the growth of the national railway transport. Into October, due to the company's winter storage raw materials and other reasons, the contradiction between the tension in rail transportation is more prominent. A large number of imported iron ore could not be transported in time and there was a serious phenomenon of port intrusion. At the end of the year, iron ore accumulated in various ports has reached 20 million tons.
In addition, due to the large number of imported iron ore in China, the international shipping market was extremely tight and the price was skyrocketing. At the end of the year, the freight rates from Brazil and Australia to Chinese ports reached US$34 and US$18 per ton, respectively, which doubled from the beginning of the year.
The shortage of raw materials that emerged last year also has a direct link with the excessive expansion of steel. As for the import of iron ore, China’s annual import volume reached 150 million tons, which surpassed Japan’s largest importing country and surpassed the supply capacity of the international market, leading to tight global supply.
â– National emergency stop steel investment
After careful investigation by the National Development and Reform Commission, it was found that investors who are keen on the steel industry have two characteristics: First, more and more small-scale enterprises have begun to launch steel products. Among the steel companies, the proportion of small-scale enterprises is increasing, and the corresponding focus is The proportion of enterprises began to decline; second, privately-owned enterprises that invested in steel were mainly engaged in wire rods, rebars, and steel strips, while high-tech steels were not used.
“The direct consequence of this situation is aggravated the structural contradiction of the Chinese steel industry.†Zhu Hongren, leader of the Economic Operation Bureau of the National Development and Reform Commission, told reporters that the current status of China's steel industry is that some high-tech steel products still have a large gap, and steel products are Structural contradictions have not been fundamentally improved. China's bottlenecks in energy, environmental protection, and transportation may not be able to support the following competition. Zhu Hong, for example, some of the places where drinking water is scarce are “refining steel and steelâ€, which is ridiculous.
The increasing temperature of steel investment has aroused the country’s high attention. The State Council’s meeting on February 4th has begun to emphasize the strict control of “over-investment†in steel and other industries, and the draft of the relevant restrictions on steel is also issued by the State Council to the National Development and Reform Commission. It is understood that the Development and Reform Commission's Industrial Bureau is drafting the "Iron and Steel Industry Development Policy" and is currently soliciting opinions from all walks of life. This policy includes exactly the details of how to limit steel production.
â– The steel industry welcomes the year of consolidation
"Not just a simple project." According to NDRC sources, the new policy may also involve improving financial management such as credit management.
It is understood that in the past, in order to pursue political achievements, some local governments have caused certain short-term behaviors of steel products. Some steel mills known as “ten million tons†actually have very few free capital inputs. This is undoubtedly greatly increased. Financial risks. Lin Yifu, director of the China Center for Economic Research at Peking University, disclosed that since 1998, a large part of the rapid investment growth has been caused by credit expansion, and some of the government’s administrative actions have led to a huge crisis in bank debt.
In the "2003 Analysis of China's Iron and Steel Industry's Economic Operations" provided by the Development and Reform Commission, the requirements for improving credit management have begun to appear. It is mentioned that the National Development and Reform Commission will strengthen and improve credit management, and fail to comply with industrial policies and regulations. Projects that require procedural approval and resolutely stop lending.
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