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2017高考英语阅读理解解析版汇编(27)
【2016高考训练】阅读下列短文,从每题所给的A.B.C和D项中,选出最佳选项。
Digging a Hole in Chinas Black Gold.
Chinas love affair with coal is set to last, but for investors the romance has come out of the relationship.
For the last few years, investors in Chinas coal section have been mining a rich seam(煤层). From the beginning of 2005 to the end of 2011, the level Qinhuangdao coal price rose 81%, supporting strong growth in profitability (利润)and enviable degree at mining majors like China Shenhua Energy.
But as any miner will tell you, the longer you work a seam, the more difficult it is to get value. Chinas coal prices have fallen nearly 10% in the last three months. A seasonal fall from the winter peak, and a cyclical(周期性的)slowdown brought about by Chinas slowing construction and money tightening, is only part of the picture. Those effects will fade, but coal miners will still have to battle against structural pressure for lower prices.
In 2008, Chinas 60 biggest miners the efficient excellences from a section with 9,000-plus firms accounted for just over half of civil production. Since then, the big have gotten bigger and the small are disappearing. Michael Parker, coal mining analyst at Sanford Bernstein, estimates in 2012 the top 60 miners will account for 80% of output.
The assumption has always been that its the very low-cost little mining operations that will go to the wall, pushing prices up. In fact, Mr. Parker argues that its small industrial operations working difficult seams, and with poor access to convey that will be the first to go. The exit of these high-cost means that spot prices will increasingly be set by bigger more efficient producers and that means pressure for prices to stay low.
With structural forces against a return to rising coal prices, investors in Chinas black gold should dig a huge stone hit their foot into a hole.
1. Which is the general idea of this passage?
A.Why it is difficult for China’s coal price to increase.
B. Chinas
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