北京能源网络
Beijing Energy Network
presents

北耳
Beijing Energy & Environment Roundtable (BEER)

featuring

LI RONG, 李蓉
Consultant, China and NE Asia Coal Markets | Wood Mackenzie
伍德麦肯兹北京 中国及东北亚煤炭市场顾问

China Thermal Coal Markets Short Term Briefing
中国动力煤市场短期简介

** About the Talk (报告内容) **

With stringent environmental policies and weak economic conditions, cracks are appearing in Chinese thermal coal markets. Chinese government released a slew of direct interventions in 2014 – after quality restrictions and import tariffs failed to deliver – in curbing coal imports to help domestic miners. However, owing to a lack of real demand growth in 2014, the oversupply situation worsened and domestic coal prices fell to multi-year lows. As a result, domestic coal producers are struggling to survive. We estimate the thermal market remains several years away from rebalancing.

受制于愈加严格的环保政策及低迷的经济，近期中国动力煤市场大幅震荡。2014年，国家相关部门出台包括提供煤质标准、提高进口关税、限进口等系列措施帮助煤炭行业。然而实际煤炭需求低迷、产能结构性过剩等因素导致煤炭价格跌跌不休，国有煤企脱困形势艰难。我们预测近几年内弱势震荡将成动力煤市场常态。

** Homework (作业) **

China’s GDP and energy demand decoupling: temporary or structural?
http://www.pbnews.com.cn/system/2015/02/05/001527793.shtml
在经济转型中审视中国能源需求

** About the Speaker (报告 人简历) **

Li Rong is a consultant at Wood Mackenzie Beijing. She is responsible for the analysis of China and Northeast Asia thermal coal market. Before joining Wood Mackenzie Beijing, Li Rong had worked for six years at Banpu China as an senior analyst for power and coal investment. Li Rong holds  a bachelors from IFAM and a MBA degree from ESG Paris.

李蓉是伍德麦肯兹北京咨询有限公司的咨询顾问，她主要负责中国及东北亚动力煤市场分析。在加入伍德麦肯兹之前，李蓉曾在万浦中国工作六年，负责煤炭及电力投资分析。李蓉拥有法美商学院金融学士学位和巴黎高等商学院MBA学位。