节点：上游（原材料/资源端）位置：上游情绪：利空参考度：5/10


嘉能可在2025年第三季度的煤炭生产数据呈现出不同态势。焦煤产量显著攀升，达到900万吨，较去年同期增长17%。这一增长主要得益于旗下加拿大子公司Elk Valley Resources（EVR），该业务本季度产出670万吨。自2024年7月完成收购后，EVR的顺利整合巩固了嘉能可在优质冶金煤领域的市场地位。截至本季度，嘉能可年内累计焦煤产量达2470万吨，较2024年同期大幅增长123%。

同期，动力煤产量为2520万吨，同比小幅下降3%。年内累计动力煤产量为7350万吨，同比微增1%。哥伦比亚Cerrejon矿区的减产是嘉能可遵循2025年3月宣布的自愿减产计划的一部分À..

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