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<TR> <TD align=middle colSpan=2> <H2>2006q煤炭市场:(x)产能q剩隐忧昄</H2></TD></TR> <TR> <TD align=middle colSpan=2> <H3></H3></TD></TR> <TR> <TD align=right width=346><A href="http://www.ducatiukracing.com/" target=_blank>煤炭资讯|?/A></TD> <TD width=382>2006-2-22 13:51:39    <A href="http://www.ducatiukracing.com/MroeNews.aspx">煤市分析</A></TD></TR> <TR> <TD colSpan=2 class="newsContent"> <!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN" > <HTML> <HEAD> <meta http-equiv=Content-Type content="text/html;charset=gb2312" /> <title>2006q煤炭市场:(x)产能q剩隐忧昄

2006q煤炭市场:(x)产能q剩隐忧昄


06--2--22 

2005q煤炭市场M形势分析?qing)主要特?/SPAN>

()煤炭产能l箋增长,新增资源快速增?SPAN lang=EN-US>,但增q却低于前几q?/SPAN>

q年?SPAN lang=EN-US>,受煤炭需求拉?SPAN lang=EN-US>,煤炭h持箋上涨,企业l济效益提高,提高了煤炭扩大企业能的U极?SPAN lang=EN-US>,特别是私营矿井规模扩?SPAN lang=EN-US>,使得2005q我国煤炭量仍l箋快速增ѝ但׃2005q我国煤炭安全事故频?SPAN lang=EN-US>,国家对煤矿安全的整治力度不断加大,兛_了一大批矿井,对原煤量造成一定媄?SPAN lang=EN-US>,煤炭生的增q有所降低(见表1)。预?SPAN lang=EN-US>2005q煤炭?SPAN lang=EN-US>(规模以上企业)增长q度?SPAN lang=EN-US>10%左右,?SPAN lang=EN-US>2004q增q回?SPAN lang=EN-US>3个百分点,全年生原煤U?SPAN lang=EN-US>19亿吨。如果加上一些地方和乡镇煤矿的?SPAN lang=EN-US>,预计2005q全q生产原煤约21亿吨。再考虑q出口因?SPAN lang=EN-US>(全国煤炭出口?SPAN lang=EN-US>2004q减?SPAN lang=EN-US>1300万吨,煤炭q口增加700万吨,新增2000万吨),2005q全q国内煤炭资源增加量?SPAN lang=EN-US>1.5亿吨?/SPAN>

(?SPAN lang=EN-US>)需求增q有所回落,煤炭C会(x)库存增多,供求关系向宽松?/SPAN>

׃宏观调控成效q一步显?SPAN lang=EN-US>,以及(qing)国家大力发展循环l济和推q节U型C会(x),高耗能产品的过快增长l受到抑?SPAN lang=EN-US>,C会(x)各方面的节能效果日益明显。国内煤炭需求在l历了前两年的高速增长之?SPAN lang=EN-US>,在今q增速将有所减缓。预?SPAN lang=EN-US>2005q国内煤炭需求将?SPAN lang=EN-US>19.3亿吨,增加15200万吨,同比增长8.5%?/SPAN>

(?SPAN lang=EN-US>)2005q煤炭运输能力得C大幅提高,q输?/SPAN>瓉?/SPAN>制约有所~和?/SPAN>

预计2005q大U、侯月两U分别新增煤炭运输能?SPAN lang=EN-US>5000万吨。整个铁路运煤将增长1.2亿吨,增速达11.9%。水路运煤能力也大幅提高,全年能?SPAN lang=EN-US>3.9亿吨,增速达15%。同时由于出口的减少,内N水\q煤增速将过20%,大大提高了国内煤炭供应能力。公路运煤也相应大幅增加,?SPAN lang=EN-US>?/SPAN>三西?/SPAN>地区(p、陕ѝ内蒙西?SPAN lang=EN-US>)公\外运煤就可达1亿吨,极大地提高了煤炭q输能力?/SPAN>

(?SPAN lang=EN-US>)׃市场供求关系逐步宽松,煤炭市场h扭{了持l数q的上涨势,出现了一定程度的回落?/SPAN>

从流通环节h(hun)格环比指数看,1?SPAN lang=EN-US>2月䆾煤炭h虽然q在上涨,但上涨乏力?SPAN lang=EN-US>3月䆾开始h(hun)格回?SPAN lang=EN-US>;其中在第三季度h(hun)格滑落速度最?SPAN lang=EN-US>,q入四季度以?SPAN lang=EN-US>,受到国家ȝ整顿煤炭生U序、企业开始冬储煤炭、下半年火电(sh)机组大批投扩大了煤炭需求以?qing)市场心理预期向好等因素影?SPAN lang=EN-US>,持箋了近半年的煤炭h(hun)g?SPAN lang=EN-US>,?SPAN lang=EN-US>10月初开始止跌回升?/SPAN>

从h(hun)格同比指数看,?SPAN lang=EN-US>4月䆾开?SPAN lang=EN-US>,煤炭h虽然比去q同期仍然上?SPAN lang=EN-US>,但上涨幅度开始回?SPAN lang=EN-US>,?SPAN lang=EN-US>11?SPAN lang=EN-US>,同比增幅仅仅?SPAN lang=EN-US>1.17%,q远低于2004q?SPAN lang=EN-US>11?SPAN lang=EN-US>22.31%的水q?/SPAN>

另据对全?SPAN lang=EN-US>36个大中城市的煤炭消费市场上一些品U的h监测,炼焦用烟煤和工业锅炉烟煤q_h分别?SPAN lang=EN-US>524.82?SPAN lang=EN-US>/吨和421.88?SPAN lang=EN-US>/?SPAN lang=EN-US>,同比分别上涨21.04%?SPAN lang=EN-US>17.20%,也低?SPAN lang=EN-US>2004q?SPAN lang=EN-US>22.63%?SPAN lang=EN-US>36.08%的同比增q?/SPAN>

2006q煤炭市场分析预?/SPAN>

()国民l济增长可能攄,再加上构U型C会(x)以及(qing)转变l济增长方式,降低煤炭需求的增长?/SPAN>

?sh)力用煤需?SPAN lang=EN-US>:我国?sh)力生?SPAN lang=EN-US>2006q和2007q将集中大量的释?SPAN lang=EN-US>,预计2006q新增装机容?SPAN lang=EN-US>8000万千?SPAN lang=EN-US>,到年?SPAN lang=EN-US>,?sh)力装机定w达?SPAN lang=EN-US>5.87亿千瓦。虽然新增机l比较多,但由于近两年?sh)力需求增速呈现出逐步攄的走ѝ?SPAN lang=EN-US>2006q预计全q电(sh)力需求ؓ(f)26637亿度,同比增长11.3%,?SPAN lang=EN-US>2005q进一步放~?SPAN lang=EN-US>,军_了电(sh)力用煤需求会(x)E_增长,但增速会(x)攄,预计2006q电(sh)力行业将新增用煤1.4亿吨左右?/SPAN>

钢铁用煤需?SPAN lang=EN-US>:׃钢铁行业q几q发展很?SPAN lang=EN-US>,产能急剧扩张,出现了较大的q剩,国家已决定出台具体措?SPAN lang=EN-US>,?SPAN lang=EN-US>?/SPAN>十一?SPAN lang=EN-US>?/SPAN>期间的钢材年生能力控制?SPAN lang=EN-US>4亿吨左右,q将淘汰1亿吨落后的炼铁生产能?SPAN lang=EN-US>,5500万吨落后炼钢能力,按照每减?SPAN lang=EN-US>1吨钢材的生,p减少1吨原煤的需求的保守数字计算,钢铁生对煤炭的需求每q将减少6000万吨以上?/SPAN>

其他斚w对煤炭的需?SPAN lang=EN-US>:建材工业用煤?SPAN lang=EN-US>2010q前会(x)E_增加,q_增长率ؓ(f)1.1%左右,?SPAN lang=EN-US>2010q后较ؓ(f)q稳,但M变化不会(x)很大;化工行业用煤量存在极大的不确定?SPAN lang=EN-US>,最主要的就是煤变a(b)目。据国家安监d透露,除神?SPAN lang=EN-US>500万吨煤炭直接液化目已动工兴建外,云南先锋、黑龙江依兰、河南^山{地的煤炭直接液化项目的前期工作已经基本完成,相q入阶段。此?SPAN lang=EN-US>,今年以来,不少省䆾和大型煤炭企业都开始g业链,大上煤制甲醇目,q也为化工行业用煤增M不确定?SPAN lang=EN-US>;生活用煤考虑城镇燃料多样化和农村用煤的增?SPAN lang=EN-US>,M略有降低Q但变化不大?/SPAN>

出口需?SPAN lang=EN-US>:Ҏ(gu)发改委公布的信息,2006q我国煤炭出口配额数量ؓ(f)8000万吨,?SPAN lang=EN-US>2004q和2005q的煤炭出口配额数量相同,q方面的需求增长不明显?/SPAN>

据初步预?SPAN lang=EN-US>,2006q全国煤炭总需求量?SPAN lang=EN-US>21亿吨,增长1.0亿吨左右,需求增量低?SPAN lang=EN-US>2005q?/SPAN>

(?SPAN lang=EN-US>)从供l上?SPAN lang=EN-US>,q两q由于市Z煤炭h不断上扬,刺激了社?x)上各种资金UL(fng)投入煤矿。据不完全统?SPAN lang=EN-US>,目前全国在徏的煤矉K目有2000多个,q些目陆l近两年投,预计每年?x)增加两C亿吨的煤炭生产能力?/SPAN>

据统?SPAN lang=EN-US>,截至2005q?SPAN lang=EN-US>4?SPAN lang=EN-US>,全国持有煤炭生许可证的煤矿核定能力?SPAN lang=EN-US>22.6亿吨,2006q总需?SPAN lang=EN-US>,产能q剩的压力逐步昄。此?SPAN lang=EN-US>,大量~Z安全保障、资源与环境保护的个体、私营小煤矿、煤H?SPAN lang=EN-US>,凭借其投入不的超低成本优?SPAN lang=EN-US>,在被有关部门整治之前,?x)加大生产力?SPAN lang=EN-US>,挤占更多的市Z?SPAN lang=EN-US>,D一D|期内煤炭实际产量大幅增加。而且q部分能、量既不能通过正常的市场竞争机制淘汰出局,在现有条件下也难以真正关闭停?SPAN lang=EN-US>,更无法在相关l计数据中反映出来。根?SPAN lang=EN-US>2004 q和2005 q的煤炭在徏规模,估计2006 q新增的产能在2.5 亿吨左右。扣除关闭中煤炭企业以?qing)停止煤炭行业在建工E的施工造成的媄响大U?SPAN lang=EN-US>1 亿吨左右之后,2006 q实际的新增产能大约?SPAN lang=EN-US>1.5 亿吨左右,同比增幅?SPAN lang=EN-US>6%-7%之间?/SPAN>

(?SPAN lang=EN-US>)2006q运力对煤炭q输的媄响将逐步~解?/SPAN>

在铁路运煤上,铁\明年新?SPAN lang=EN-US>6000万吨的煤炭运输能?SPAN lang=EN-US>,其中大秦U增?SPAN lang=EN-US>5000万吨,其他U\增加1000万吨(侯月U增?SPAN lang=EN-US>400万吨),新增q量的线路仍是大U线和侯月线。铁道部对大秦U从装R源头开?SPAN lang=EN-US>,攚w万吨装卸点,增加C80大吨位货?SPAN lang=EN-US>;实行大客h?SPAN lang=EN-US>,为大客户提供q力保障;大力发展战略装R?SPAN lang=EN-US>,规模化、集U化的煤炭战略装车点,大秦U占全国铁\煤炭q量的比重逐年增加?/SPAN>

在水路运煤上,?SPAN lang=EN-US>2005q年?SPAN lang=EN-US>,北方七港拥有煤炭装船能力3.6亿吨,其中专业化的泊位能力?SPAN lang=EN-US>3.3亿吨;目前,从事国内q输q散货运输船舶约390艘?SPAN lang=EN-US>1120万蝲重吨,水运q力与运输需求基本^衡?/SPAN>

另外,q输~解已经引v水运费用降h(hun)。如目前U皇岛至上v的煤炭运输费?SPAN lang=EN-US>,已经由去q的每吨120元h民币下降?SPAN lang=EN-US>40元h民币左右。而运费下降必引L(fng)炭h(hun)格l往下调整?/SPAN>

(?SPAN lang=EN-US>)国际煤炭供求和h(hun)格对国内煤炭?x)生一定的影响,但媄响较?yu)?/SPAN>

国际煤h(hun)下半q以来处于持l走低的状?SPAN lang=EN-US>,对国内h产生联动影响。澳大利?SPAN lang=EN-US>BJ煤炭现货h?SPAN lang=EN-US>7月䆾?SPAN lang=EN-US>52元/?SPAN lang=EN-US>,跌到了每?SPAN lang=EN-US>40元以下,创出2004q?SPAN lang=EN-US>1月以来的C。但是国际煤价下跌相对于国内购买h说仍然不?SPAN lang=EN-US>,即按照目前的h(hun)?SPAN lang=EN-US>,q口煤炭的成本也高于直接从国内购买。另?SPAN lang=EN-US>,长期以来国际煤h(hun)对国内h(hun)D势的影响q不明显?/SPAN>

(?SPAN lang=EN-US>)其他影响煤炭h的因素?/SPAN>

1.늅h仍有上涨冲动。目前电(sh)煤与商品煤h(hun)?SPAN lang=EN-US>?/SPAN>双轨?SPAN lang=EN-US>?/SPAN>矛盾依然H出,其是在一些煤炭量较大的省䆾,q低的电(sh)煤h(hun)g(x)使得?sh)厂用煤频频告?SPAN lang=EN-US>,单单采用行政手段是很难解决问题的,늅h~慢上升的压力较大?/SPAN>

2.资源E的提高?x)促使煤炭成本升?SPAN lang=EN-US>,从而会(x)推动煤炭h上涨。据l计,2005q?SPAN lang=EN-US>1?0月䆾,原中央胦政煤炭企业原选煤单位成本?SPAN lang=EN-US>206?SPAN lang=EN-US>/?SPAN lang=EN-US>,比上q末全年q_单位成本增加42?SPAN lang=EN-US>/?SPAN lang=EN-US>,上升25.8%,而且,煤炭销售成本也在不断上?SPAN lang=EN-US>,推动市场煤炭h(hun)格缓慢上涨?/SPAN>

3.国家加强对煤炭生产的调控,关闭部分条g差的煤H?SPAN lang=EN-US>,也会(x)造成市场上煤炭供l量的减?SPAN lang=EN-US>,从而g~煤价下调速度。全国目前具备安全生产能力的矿井产量只有12亿吨,仅占2004q煤炭?SPAN lang=EN-US>19.56亿吨?SPAN lang=EN-US>61.3%,另外38.7%的煤炭量共7.56亿吨Q是在没有安全保障的情况下生产出来的。如果这7.56亿吨煤炭产量都将被关?SPAN lang=EN-US>,必然?x)引h一轮的煤炭供应紧张,从而对E_煤炭h是一个有力的支撑?/SPAN>

2006q煤炭市场分析预?/SPAN>

Z以上分析,2006q将有大批煤矿新增能投?SPAN lang=EN-US>,但煤炭量增长幅度不?x)过?SPAN lang=EN-US>,预计保持适度增长,不会(x)出现煤炭供给明显大于需求的状况,考虑到运输中转情况以?qing)煤炭成本等因?SPAN lang=EN-US>,2006q煤炭供求基本^?SPAN lang=EN-US>,不同时段略微偏紧与略微偏松交替出?SPAN lang=EN-US>,不同地区略微偏紧与略微偏村֐时发?SPAN lang=EN-US>,h高位q行是L势?/SPAN>

分季度来?SPAN lang=EN-US>,一季度因春节因?SPAN lang=EN-US>,煤矿开工不?SPAN lang=EN-US>,煤炭M量较?yu)?SPAN lang=EN-US>,늅需求却很大,同时铁\q煤受到春运的媄?SPAN lang=EN-US>,水\q力又不?SPAN lang=EN-US>,仍需消化d库存?qing)抢q?SPAN lang=EN-US>,形势最Z?SPAN lang=EN-US>,市场煤炭h仍有~慢上涨潜力;二季度水?sh)增长迅?SPAN lang=EN-US>,늅需求环比增长不?SPAN lang=EN-US>,而煤炭量和铁\水\q力都大q提?SPAN lang=EN-US>,供需最~?SPAN lang=EN-US>,预计h略有回?SPAN lang=EN-US>;三、四季度,煤炭产量_保证需?SPAN lang=EN-US>,铁\、水路整体运输能力较低仍是煤炭供需环节的瓶?SPAN lang=EN-US>,预计仍需l织煤炭抢运,煤炭h转而上涨的可能性较大?/SPAN>

分区域来?SPAN lang=EN-US>,煤炭生消费格局的显著差异短期内难以消除,地域性供需压力长期存在。东北、华北及(qing)西北地区供需状况较好;华东、华南地输压力依然较?SPAN lang=EN-US>,要保证供需q仍需抢运,煤炭h预计也有上涨I间;华中地区对火?sh)依赖程度较(yu)?SPAN lang=EN-US>,但煤主要集中在沛_、四川两?SPAN lang=EN-US>,且由于地形复杂运输不?SPAN lang=EN-US>,供需形势仍比较严?SPAN lang=EN-US>,煤炭h仍将呈现l箋上涨态势;此外2005q山ѝ四川煤大省因늅hq低出现늅短缺局?SPAN lang=EN-US>,늅双方的h(hun)格分?SPAN lang=EN-US>2006q会(x)l箋存在,l电(sh)煤供应带来很大不定?SPAN lang=EN-US>,局部地区电(sh)煤h(hun)格可能适度调高?SPAN lang=EN-US>

来源Q证券市场周?/SPAN>

中国襉K煤炭|?nbsp; ?nbsp; ?/SPAN>

 



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