供给侧改革发威，煤炭产量大减

中国国家统计局上周公布，今年4月中国原煤产量为2.68亿吨，同比下降11%。生产企业共同减产，以便支撑煤炭价格。

中国煤炭行业一直深陷产能过剩泥潭，也一直在鼓励煤炭企业减产，以便维持国内煤价。去年中国煤炭价格下跌了30%左右。中国政府已经承诺，将在今后五年内清理5亿吨煤炭过剩产能。

今年1-4月中国生产煤炭10.81亿吨，比上年同期下降6.8%。这样发展下去，中国将连续第三年煤炭减产。

第二季度煤炭消费量通常会上升，原因是电力公司在夏季用电高峰前提高煤炭库存，以往会给供给带来巨大压力。尽管如此，分析师仍认为煤价不会大幅上升，尤其是在大量水电发电降低燃煤发电需求的情况下。

中国煤炭贸易和分销中心分析师陈洁（音译）在研究报告中指出：“进入5月份，天气一直良好，居民用电量持续偏低，发电厂开始例行检修，南方的大量降水还提高了水电发电量。”

4月份，中国火电发电量为3280亿千瓦时，同比下降5.9%。但当月水电发电量上升10%，总发电量因此仅下降1.7%，至4444亿千瓦时。

4月份粗钢产量为6942万吨，低于3月份的历史高点，但比上年同期增长0.5%，原因是钢铁生产企业将产量保持在高点，进而借价格上升的机会获利。

用于钢材生产的炼焦煤产量4月份下降3.4%，至3625万吨。今年1-4月份产量下降7.6%，至1.3887亿吨。

水泥产量4月份同比上升2.8%，达到2.1626亿吨。随着新开工项目的推进，始于3月份的补库存势头仍在延续。

中国海关总署提供的数据显示，4月份中国进口煤炭1880万吨，和3月份相比下降4.5%，但同比上升10.4%。今年1-4月煤炭进口量同比下跌2.5%。

译者：Charlie

校对：詹妮

China produced 268 million tons of coal in April, down 11% on the year, the National Bureau of Statistics said on Saturday, with producers cutting back in a concerted effort to shore up prices.

China’s coal sector has been struggling with a massive capacity glut and miners have been encouraged to cut production to shore up domestic prices, which plummeted around 30% last year. The country has promised to shed 500 million tons of surplus capacity in the next five years.

Coal output over the first four months reached 1.081 billion tons, down 6.8% from the same period last year, with full-year production on course to see its third consecutive annual decline.

Though coal consumption normally rises in the second quarter, with supplies traditionally under intense pressure as power plants boost their reserves ahead of the summer peak, analysts do not foresee any jump in prices, particularly as high hydropower volumes reduce the need for coal-fired generation.

“Entering May, the weather has been fine, residential power use has stayed weak and power plants are undergoing routine maintenance, and also we have the heavy rainfall in the south that has boosted hydropower,” said Chen Jie, an analyst with the China Coal Trade and Distribution Centre, in a research note.

Thermal power generation hit 328 billion kilowatt-hours (kWh) in April, down 5.9% on the year, though a 10% jump in hydropower generation during the month meant overall volumes fell by just 1.7% to 444.4 billion kWh.

Crude steel production hit 69.42 million tons, down from a record-high in March but 0.5% higher than the same period of last year, with mills still keeping output high in order to profit from higher prices.

The production of coking coal used in steelmaking fell 3.4% in April to 36.25 million tons, with year-to-date output reaching 138.87 million tons, down 7.6%.

Cement production reached 216.26 million tons in April, up 2.8% on the year, extending a period of restocking that began in March as new construction activities get underway.

According to data from Cina’s customs authority, imports of coal reached 18.8 million tons in April, down 4.5% compared to March, but up 10.4% on the year. Imports over the first four months fell 2.5%.