四月份，气候条件良好为北方港口增加运量发挥了重要作用，北方秦皇岛、曹妃甸、国投京唐等港口煤炭发运创造了好成绩，各港煤炭库存快速回落。

In April,Good climate conditions to the northern port traffic plays an important role,Qinhuangdao north/caofeidian/Investment jing tang, such as port coal delivery creates the good result,Each port coal inventories fell back quickly.

　　五月份，沿海煤炭运输形势愈发严峻，由于经济企稳回升势头并不明朗，下游煤炭需求不旺，加之进口煤大量涌入，下游电厂库存依然高位等等，促使用户拉煤积极性降低，到达北方港口拉煤的船舶大量减少。截止5月6日，在秦皇岛港下锚等靠的船舶为60艘，其中，已办手续具备作业条件的船舶只有8艘，部分泊位开始出现空泊现象；而在此之前的5月3日，秦港下锚船只有42艘。国投京唐港方面，下锚船只有4艘，预报7艘；曹妃甸港下锚船只有12艘，预报8艘。北方主要发煤港口下锚船和预报船舶均很少，显示了需求的平淡。在北方港口，煤炭实际交易价格依然低位，发热量5500大卡煤炭平仓价格为610元/吨，环渤海动力煤价格指数仍未企稳回暖。

In may,Coastal coal transportation situation is increasingly grim,Due to economic stabilisation recovery is uncertain,Downstream demand is not prosperous,Combined with an influx of imports of coal,Downstream plants inventory is still high, and so on,Prompt the user pull coal enthusiasm to reduce,Arrived in the northern port, ship the amount of coal.As of May 6,The ship anchored in qinhuangdao port, etc. By as 60,Among them,Has the formalities for homework only eight of the ship,Part of the berth mooring phenomenon began to appear empty;Before the May 3,There are 42 anchored Qin Gang ships.Investment in jingtang,There are 4 ships anchored,Prediction of 7;There are 12 anchored caofeidian port of ships,Prediction of eight.Hair the north main coal port anchor the boat and forecast the ship are very little,Shows the demand for light.In the northern port,Coal actual transaction prices remained low,5500 calories of calorific value of coal liquidated prices for 610 yuan/ton,Bohai sea thermal coal price index is still not stabilised.

　　从去年年初开始，国内经济增速放缓,煤炭需求增幅不大，我国煤炭供需格局悄然发生变化,国内煤炭市场一直处于低迷的状态。去年12月份以来，环渤海煤炭价格指数连续刷新“指数”发布以来的新低，实际交易价格已经接近煤矿的销售成本价。与此同时，海运费进入窄幅震荡状态，部分航运企业或者亏损经营，或者勉强维持运转。曹妃甸港的新投产国投煤码头以及秦皇岛港发挥设备设施潜力、加快运输，促使煤炭运输瓶颈逐渐被打开，运输更加畅通化，用户用煤不再紧张，在很大程度上遏制了煤价的大幅上扬。经历了三月份的积极抢运和四月份南北航线的畅通运输之后，各大电厂补库存告一段落，存煤已经爆满，采购煤炭的积极性有所下降，下游消费减少了拉煤数量，煤炭经销企业纷纷观望，煤市出现萧条冷淡的情形。4月13日开始的为期25天大秦线“集中修”，每天停电检修3-4小时，导致秦皇岛港、国投京唐港调进量锐减，港口场存下降明显，部分优质煤炭出现船等货。但是，由于消费终端需求不足，耗煤量下降明显，造成沿海电厂场存偏高，可用天数提高，用户拉煤不再积极。据神华集团业务人员介绍，目前，在北方港口进行交易的买卖双方均为大型煤、电企业，沿海地区拉运基本以大客户之间的刚性需求为主，随行就市的纯市场煤采购数量很少。

Since early last year,Domestic economic slowdown,Growth in demand for coal,Our country coal supply and demand pattern,Domestic coal market has been in a depressed state.Since December last year,Continuous refresh link bohai sea coal price index"index"Since the release of a new low,Sales cost of the actual transaction prices are close to a coal mine.At the same time,The sea freight into tight trading range,Some shipping companies or loss of business,Or keep running.Caofeidian port coal terminal as well as new production international trust &investment qinhuangdao port facilities potential into full play/To speed up the transportation,Encourage coal transportation bottleneck gradually is opened,Transportation is smooth,Users with coal is no longer nervous,To a great extent, to curb the surging prices.Experienced positive cr in March and April, north and south routes open after transportation,All major power plants to fill inventory,Coal has been fully booked,Procurement of coal enthusiasm decline,Downstream consumption reduces the quantity of coal,Coal distribution companies,Coal city in the cold.25 days beginning on April 13, daqin line"Focus on repairing the",Outage maintenance for 3 to 4 hours a day,Lead to qinhuangdao/Investment of jingtang harbor were diminished the flow inlet,Port field decreased significantly,Part of high-quality coal in ship the goods.but,Due to the insufficient consumer end demand,Significantly lower in coal consumption,Cause a coastal power plant on the high side,Number of days increase available,Users with coal is no longer active.Business personnel according to the shenhua group is introduced,At present,Trading in the northern port of buyers and sellers are large coal/Electricity companies,Coastal areas just basic is given priority to with big customers between the rigid demand,Subject to the pure market coal purchase few in number.

　　进口煤方面，经历了一、二月份低谷之后，随着国际煤炭新购煤合同的签订，价格暴跌后的国外煤炭目前正在中国抢滩登陆，我国进口煤数量再次增加。虽然国内煤炭价格一直在下降，但降不过进口煤炭，价差仍在每吨20-30元左右，足以支撑进口煤炭持续高位运行。价格继续走低的外贸煤炭仍在持续进入沿海市场，进一步冲击内贸煤炭市场，挤压了国内煤企的生存空间。4月初以来，各地基础设施和各项投资项目的启动加速，对煤炭、钢铁、建材的需求产生刺激作用，但受房市预期不确定性增大的影响，房屋新开工情况出现低迷，经济基本面对煤炭需求的拉动作用仍然偏小，电厂日耗增量不明显。随着春季过后，夏季即将来临，全国水电、风电出力将有所增加，也进一步抵消煤炭需求量，预计电煤需求偏弱的局面难有改观。进入5月份，华东地区气温适宜，民用电大幅减少，耗煤量和耗电量随之下降。截止5月6日，沿海六大电厂合计存煤1575万吨，日耗煤数量由前一阶段的69万吨下降到60.6万吨，存煤可用天数提高到26天，其中，浙能电厂存煤可用天数高达40天，粤电为32天，存煤最少的大唐沿海电厂可用天数为13天。随着大秦线“集中修”的结束，煤炭供应转向充足，进港煤车大幅增加；而下游需求不足，进口煤暴增，使市场供大于求更加明显；也促使各港口煤炭调进数量高于调出，加之沿海地区可能出现的恶劣天气造成封航。因此，大秦线检修结束后，北方港口存煤上升、煤价继续小幅回调已不可避免。

Imported coal,After a/Trough in February,As a new international coal purchasing coal of the contract,Price has plummeted after the overseas coal onboard is currently in China,China's coal imports has increased again.Although the domestic coal prices have been falling,But drop but imported coal,Price is still in the 20 to 30 yuan per ton,Coal remains high enough to support import operation.Prices continue to lower coal continues into the coastal foreign trade market,Further domestic trade of coal market,Squeezing domestic coal enterprise's survival space.Since the beginning of April,Around the starting and accelerating the infrastructure and various investment projects,For coal/Iron and steel/Building materials of demand stimulus,But affected by the housing forecast uncertainty increases,Housing starts in a downturn,Economic base in the face of coal demand pull effect is still small,Power consumption increment is not obvious.As the spring after the,Summer is coming,The water and electricity/Wind power output will increase,Also further offset coal demand,Thermal coal demand is expected to weak situation is difficult to have a change.In may,,East China area temperature is appropriate,MinYongDian drastically reduced,Coal consumption and power consumption.As of May 6,Six coastal power plants together to save 15.75 million tons of coal,Coal consumption quantity by the previous phase of 690000 tons dropped to 606000 tons,Save coal available days up to 26 days,Among them,Zhejiang power plant coal available days up to 40 days,Guangdong electricity for 32 days,Save coal at least datang coastal power plant available days for 13 days.With this line"Focus on repairing the"The end of the,Coal supply to enough,Enter the port tram has greatly increased;While the downstream demand,Imported coal boom,Market supply is more obvious;Also prompted the coal inlet port number higher than bring up,Together with possible bad weather caused closure of navigation in coastal areas.so,This line after the overhaul,The northern port coal rise/Coal prices continue to slightly callback is inevitable.

　　据媒体披露，4月份，中国制造业采购经理指数（PMI）为50.6%，比3月份回落0.3个百分点。其中，生产经营活动预期指数为59.3%，比3月回落6.2个百分点，表明制造业企业活动预期持乐观态度的比例有所下降。受进口煤大量涌入、经济增长拉动作用不明显、“三西”煤炭产能释放等多种因素制约，煤炭市场疲软态势有增无减。笔者预计，即将到来的夏季用煤高峰期行情，不会改变煤炭市场供大于求的形势，民用电的旺季对市场拉动效果非常有限。此外，广东、浙江等省及其他内陆省区加快建设储煤基地，大力增加煤炭储备,实现了“淡季多存煤,旺季释放（消耗）”。这一措施已经取到效果，一方面解决了缺煤省市的“燃煤之急”，缓解了煤炭市场的季节性波动；另一方面也抑制了旺季煤价的上扬,平抑了淡旺季之间的差异。随着电厂维持正常拉运，保持刚性需求，短期内购煤量难以大幅提升。后续动力煤市场仍不乐观。

According to the media disclosure,In April,,China manufacturing purchasing managers index(The PMI)Of 50.6%,Fell 0.3% in March.Among them,The production and business operation activities expectations index was 59.3%,Fell 6.2% in March,Manufacturing business activity expected optimism ratio declined.By an influx of imports of coal/Economic growth pull role is not obvious/"Three on the west"Coal production release, and other factors,Coal market weakness.The author is,The coming summer peak coal prices,Will not change the coal market oversupply situation,MinYongDian season pull effect on the market is very limited.In addition,guangdong/Zhejiang and other provinces and other inland provinces and autonomous regions to speed up the construction of coal storage base,To increase coal reserves,To realize the"Off-season save coal,The peak season to release(consumption)".The measures has been taken into effect,On the one hand, solves the lack of coal cities and provinces"Urgently need coal",Relieves the seasonal fluctuation in the coal market;On the other hand also inhibits season coal prices rise,Difference between the slow season.Maintain normal just as the power plant,Keep the rigid demand,In the short term for coal difficult to increase greatly.Subsequent thermal coal market is still not optimistic.