中國放鬆煤礦工作日限制

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.

中國最高規劃機構放鬆了對煤礦工作日的限制，此前產量下降提升了價格，讓中央規劃者同時控制煤炭價格和供應的願望落空。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.

中國發改委(NDRC)週四表示，所有煤礦每年可按330個工作日組織生產，此前它在上週延長限產措施，規定煤礦在明年3月底前可以在276天至330天的工作日之間組織生產。

Mines had been regulated on how many days they could operate, within the band.

煤礦的工作日數量受到監管，不得超出這個區間。

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.

在發改委放鬆限制之前，10月產量統計數據顯示，2016年頭10個月，中國煤炭產量同比下降11%。

On a daily basis, output in October was down 1.5 per cent from September.

10月日產量環比下降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.

放鬆工作日限制可能衝擊存在泡沫的熱能煤價格，惠譽評級(Fitch Ratings)週四在一份報告中表示：隨着中國政府放鬆工作日限制以管理煤價，2016年年初以來強勁的價格反彈不太可能持續。

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.

煤價持續低迷使中國政府得以恢復控制該行業。在中國經濟蓬勃發展之際，私人資本大量進入煤炭業，涌現出難以控制的私營煤礦。

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.

許多負債累累的私營煤礦已被關閉，或者被大型國有煤礦公司合併，這使得北京方面不得不應對一個重新國有化的行業，而當今的中國經濟比計劃經濟全盛時期更爲複雜。

Output restrictions on thermal coal had been intended to bolster prices and allow China’s chronically bloated state coal miners to repay loans.

中國限制熱能煤產量的本意是提升價格，並讓長期臃腫的國有煤礦償還貸款。

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.

但規劃機構未能考慮到私營煤礦也大量退出市場，同時沒有預料到投資者會利用供應緊張獲利，推高焦煤期貨價格；焦煤用於鍊鋼。

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.

煤炭期貨同比上漲約200%，這還是在本週因期貨交易所採取抑制投機措施而暴跌之後。

As recently as November 11 the NDRC had maintained it would stick with the band of working day output restrictions.

就在11月11日，中國發改委還堅稱要嚴格執行工作日生產限制措施。

The increasing price of coal will not dampen the determination to cut coal capacity, its vice-secretary said at the time.

其副主任當時表示：煤價上漲不會打擊我們去煤炭產能的決心。

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.

中國發改委還要求國有煤礦以低於市場的價格與國有發電廠簽訂供應合同，此舉旨在讓交易者相信，煤價漲得太高了。

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.

價格過低的電廠供應合同是20年前阻止國有煤礦擴張的因素之一，隨着經濟開始騰飛，這爲私營企業利用強勁的現貨需求進入煤炭業打開了大門。