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2022年Newcastle国际煤价低点到高点最高涨幅近2倍(美元/吨)
2022年Newcastle国际煤价低点到高点最高涨幅近2倍(美元/吨)
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所属报告:
煤炭行业Global Energy Perspectives Series:总量到边际全球煤价中枢抬升的逻辑重构-260409(33页).pdf
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这部分需求总量提升并不是非常明显,但这部分需求几乎全部转向海运市场,直接挤占亚洲尤其是中国的进口空间。在亚洲需求相对刚性的背景下,买方通过提高出价争夺资源,推动纽卡斯尔动力煤价格由 2021 年的约 150美元/吨快速上涨至 2022 年高点的 400 美元/吨以上,涨幅接近 2.5–3 倍。当然当时还有一些独特的背景,例如全球都在疫情后宏观放水周期;中国需求高增又遇上了水电发力不足,加剧紧缺等等因素。但可以在一定程度上印证我们对于国际煤炭价格的剧烈波动并非源于全球总量供需失衡,而是源于边际贸易流的再分配及其在低弹性市场中的放大效应的论断。
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当前图表所属:
煤炭行业Global Energy Perspectives Series:总量到边际全球煤价中枢抬升的逻辑重构-260409(33页).pdf
2026年全球煤炭行业报告:边际定价重构,煤价中枢抬升
煤炭行业Global Energy Perspectives Series:总量到边际全球煤价中枢抬升的逻辑重构-260409
预计澳洲26年开始逐步出现矿山退役停产
美国2025年1月以来已经有15座火电厂退役延期
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