节点：上游（原材料/资源端）位置：上游情绪：中性参考度：2/10
2026年4月15日（周三），国际煤炭价格承压下行。此轮走弱主要受全球需求疲软及印度煤炭库存虽启动修正但仍处高位的双重因素驱动。
纽卡斯尔动力煤4月合约下跌1.2美元至133.75美元/吨；5月合约下挫3.3美元至124.95美元/吨；6月合约回落3.2美元至125.45美元/吨。鹿特丹动力煤4月合约跌0.85美元至103.15美元/吨；5月合约降1.35美元至103.2美元/吨；6月合约修正1.4美元至106美元/吨。
据BigMint数据，印度港口热力煤库存第15周环比下降1.5%，从1353万吨降至1333万吨，反映此前数周库存累积后的小幅修正。库存下降主因货船到港放缓，且部分港口持续开展煤炭疏运。
区域库存走势分化：部分港口因到港稳定库存上升，核心港口则因持续消耗及新供应有限库存下降。市场参与者认为库存动态仍具弹性，体现供应流入与疏运流出..
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