Steel market commentary: the steel industry must guard against the risks brought by the "triangular debt" crisis
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The so-called "triangular debt" is a common name for delinquent payment between enterprises that exceeds the collection commitment period or the agreed payment period and is not paid. It is the chain debt relationship formed by the default between the enterprises. According to the Ministry of Industry and Information Technology, "At present, the triangular debt problem exists in different industries and different degrees, precision steel pipe
There is also the risk of further spread and expansion, in which the corporate debt problems of machinery manufacturing, coal and steel industries are more prominent. â€
Recently, the report “To be highly vigilant about the current new enterprise 'triangular debts†written by the Enterprise Research Institute of the Development Research Center of the State Council pointed out that in the process of large-scale investigation and research on the transformation and development of Chinese enterprises, many enterprises reflected the receivables. Accounts are on the rise, the difficulty of returning funds is getting bigger and bigger, and mutual arrears are more common. The "triangular debt" problem that had seriously plagued Chinese enterprises in the early 1990s has made a comeback.
Nowadays, more and more public opinion compares the current triangular debt problem with the triangular debt crisis that broke out in the early 1990s, and on the basis of experience, puts forward three new characteristics of the current triangular debt problem. Different from state-owned enterprises, this type of enterprise is involved, and SMEs and private enterprises are more serious. Second, the debt situation presents a large difference between the industries, which is related to the position of the company in the industry chain. For the steel industry, the two factors of Shandong Steel Pipe are directly related:
First of all, steel is a capital-intensive industry, and it is also a large-capital industry. The entire business process requires a large amount of credit funds from banks to supplement liquidity. SMEs and private enterprises have very different treatments from state-owned enterprises in terms of financing loans and policy support. This determines that regardless of the industry's operating situation, the situation of state-owned enterprises is always better than that of small and medium-sized enterprises and private enterprises. When the profit of the industry chain is high, the gap between the various links may not be obvious, but when the industry enters a downturn, the lack of funds will hit the small and medium-sized private steel trade or steel production enterprises far more than the state-owned enterprises.
Secondly, for the steel industry, whether it is itself or the upstream and downstream are the major industries related to the infrastructure of people's livelihood, state-owned enterprises occupy an absolute dominant position in these industries, so this determines that once one of the major enterprises in the link is financially tight The phenomenon began to owe money to each other. SMEs in the upper and lower links of the industrial chain basically have no ability to recover, and naturally bear the brunt of the pressure of triangular debt. Especially when the steel traders face the state-owned downstream enterprises, it can be said that they are not at the level of confrontation at all. Therefore, when the steel traders are occupied by state-owned enterprises, in order to fulfill the contract, they will be supplied from the bank without liquidity, and then refinanced and re-financed. . When bank loans expire, steel traders have to use high-interest private loans to repay bank loans, which creates a vicious circle. Ductile iron pipe price
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