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【出版时间及名称】：20100118 China: Metals & Mining: Coal
【作者】：Goldman Sachs
【文件格式】：PDF
【页数】：8
【目录或简介】：
Equity weakness due to contract settlement uncertainty According to recent media reports from Sina.com and Bloomberg, annual thermal coal contract negotiations have largely concluded with a Rmb30/t increase for Shenhua Energy and China Coal, or a 5.5% yoy increase to Rmb570/t (at Qinhuangdao incl. VAT), with potentially lower contract volume signed yoy but no further details were reported. Shenhua Energy and China Coal, the two main contract names (Shenhua 71% and China Coal 80% 2010E domestic contract), share prices have pulled back 10% and 15% from their recent highs respectively, underperforming the H share market by 3ppt and 7ppt accordingly.