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Friday, 05 December 14
CHINESE SPECIAL STEEL MAKERS' RISK PROFILES MORE RESILIENT - FITCH
 Fitch Ratings says the risk profiles of Chinese makers of special steel, especially high-end products, are more like those of manufacturers and more resilient than that of ordinary steel mills, whose products are commoditised.
Chinese steel mills suffered razor-thin margins in 2011-2013, due to limited bargaining power in raw material costs and industry-wide overcapacity. The per ton profit margin of ordinary steel products, mainly rebar and wire rods used by construction industry, dropped to below CNY150 during the bottom of the industry cycle in 2011 from close to CNY300 in 2010, and has remained around this low level since.
Based on discussions with industry participants, Fitch has found that the metal spread per ton could be more than CNY400 for certain high-end special steel products for specific clients, which is significantly higher than ordinary steel.
Although there has been a mild margin increase in 2014 due to lower iron ore and coking coal prices, the fundamentals of Chinese steel mills, especially the small and mid-scale companies with low value-added products, are still weak.
Special steel products are different from ordinary steel in terms of chemical composition and mechanical properties. The prices of special steel products, such as bearing steel and large molded ingots, are more of a function of quality control, tighter tolerance and finer processing than the steel alloy content. The production of special steel requires more advanced technology and production facilities, relatively long production periods and large capital investment.
The prices of mid- to low-end special steel products still move in line with industry-wide price changes, which impacts Chinese special steel producers who mainly make low- to mid-end products. However, the prices of high-end products are much less volatile because they are used in high-tech or high-margin downstream industries, such as marine engineering, high-end auto production, high-speed rail and even national defence.
The Chinese steel industry has potential to move further up the value chain. In developed countries, the special steel industry developed rapidly once the traditional steel industry reached a mature stage. As at end-2013, special steel production accounted for only 6.1% of China's total crude steel output, while the same ratio was 55.0% in Sweden, 22.5% in Germany and 18.8% in Japan.
Buyers of high-end special steel products usually have specific requirements and typically will sign contracts with producers that include a negotiated price and a certain portion of prepayments, both of which are positive for the producer's profitability and cash flow position. Special steel makers' profitability, especially for high-end producers, has the potential to rise above the steel industry average. In the Chinese government's development blueprint for the five-year period to 2015, high-end special steel products have been categorised as refined products under the steel industry, which means that the segment would receive government support. At the same time, the enormous scale and rapid development of China's automobile and engineering machinery industries will underpin demand for special steel.
The key risks to the special steel industry include 1) weaker demand due to slower-than-expected economic growth, 2) faster-than-expected special steel production expansion that will generate overcapacity in the coming years, and 3) volatility in prices of commoditised steel products, which will impact prices for low- to mid-end special steel products.
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Monday, 02 February 15
INDONESIA'S ADARO ENERGY PRODUCED 56.21 MILLION TONNES OF COAL IN 2014; UP 8% Y-O-Y
COALspot.com: PT. Adaro Energy, Indonesia’s largest coal producer, has increased coal production by 8% to 56.21 million tonnes (Mt) from both ...
Monday, 02 February 15
API 8 CFR SOUTH CHINA COAL SWAP PICKS UP W-O-W
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery declined US$ 0.81 (-1.36%) per MT month over month and gained US$ 0.18&nb ...
Monday, 02 February 15
SOUTH KOREA'S KOMIPO INVITES BIDS FOR 280K MT OF SUB-BITUMINOUS COAL
COALspot.com: South Korean state-owned utility Korea Midland Power (KOMIPO) issued an new tender to buy total 280,000 MT of Sub-bituminous coal coa ...
Sunday, 01 February 15
INDONESIA-TO-INDIA COAL FREIGHT RATES REMAIN WEAK NEXT WEEK
COALspot.com: The BDI continued its fall reached lowest levels since 1986 this week.
The BDI declined 15.55 pct to 608 points on Friday 30, Ja ...
Friday, 30 January 15
CONTANGO AND TANKERS - SKULD
KNOWLEDGE TO ELEVATE
Like an invitation to a dance, the word contango may have some people flustered, but for tanker owners this market phenome ...
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- Parry Sugars Refinery, India
- Timah Investasi Mineral - Indoneisa
- Attock Cement Pakistan Limited
- Thai Mozambique Logistica
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Wood Mackenzie - Singapore
- Power Finance Corporation Ltd., India
- Riau Bara Harum - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Therma Luzon, Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Romanian Commodities Exchange
- Aboitiz Power Corporation - Philippines
- Thiess Contractors Indonesia
- Bharathi Cement Corporation - India
- Baramulti Group, Indonesia
- Africa Commodities Group - South Africa
- Meenaskhi Energy Private Limited - India
- Latin American Coal - Colombia
- Coastal Gujarat Power Limited - India
- Kumho Petrochemical, South Korea
- The State Trading Corporation of India Ltd
- Oldendorff Carriers - Singapore
- OPG Power Generation Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Leighton Contractors Pty Ltd - Australia
- Kobexindo Tractors - Indoneisa
- Goldman Sachs - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- TeaM Sual Corporation - Philippines
- Aditya Birla Group - India
- Independent Power Producers Association of India
- Mercuria Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- Minerals Council of Australia
- Wilmar Investment Holdings
- Bukit Makmur.PT - Indonesia
- Planning Commission, India
- Chettinad Cement Corporation Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Semirara Mining and Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Grasim Industreis Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Eastern Coal Council - USA
- Ambuja Cements Ltd - India
- Economic Council, Georgia
- Anglo American - United Kingdom
- Bayan Resources Tbk. - Indonesia
- Indian Energy Exchange, India
- CNBM International Corporation - China
- Asmin Koalindo Tuhup - Indonesia
- Orica Australia Pty. Ltd.
- Ceylon Electricity Board - Sri Lanka
- Jorong Barutama Greston.PT - Indonesia
- Price Waterhouse Coopers - Russia
- Manunggal Multi Energi - Indonesia
- Port Waratah Coal Services - Australia
- Savvy Resources Ltd - HongKong
- The University of Queensland
- Vizag Seaport Private Limited - India
- South Luzon Thermal Energy Corporation
- Orica Mining Services - Indonesia
- Merrill Lynch Commodities Europe
- New Zealand Coal & Carbon
- Central Electricity Authority - India
- Jaiprakash Power Ventures ltd
- Mintek Dendrill Indonesia
- Interocean Group of Companies - India
- Malabar Cements Ltd - India
- Coal and Oil Company - UAE
- SN Aboitiz Power Inc, Philippines
- Iligan Light & Power Inc, Philippines
- White Energy Company Limited
- Altura Mining Limited, Indonesia
- Simpson Spence & Young - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- San Jose City I Power Corp, Philippines
- Barasentosa Lestari - Indonesia
- Australian Commodity Traders Exchange
- Coalindo Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- ICICI Bank Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Sindya Power Generating Company Private Ltd
- PNOC Exploration Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Energy Development Corp, Philippines
- Bhushan Steel Limited - India
- Tamil Nadu electricity Board
- Marubeni Corporation - India
- Carbofer General Trading SA - India
- Heidelberg Cement - Germany
- Gujarat Sidhee Cement - India
- Directorate General of MIneral and Coal - Indonesia
- Chamber of Mines of South Africa
- Bangladesh Power Developement Board
- Kideco Jaya Agung - Indonesia
- GVK Power & Infra Limited - India
- Commonwealth Bank - Australia
- Ministry of Transport, Egypt
- The Treasury - Australian Government
- Kepco SPC Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Medco Energi Mining Internasional
- Offshore Bulk Terminal Pte Ltd, Singapore
- Borneo Indobara - Indonesia
- Straits Asia Resources Limited - Singapore
- Banpu Public Company Limited - Thailand
- Ministry of Finance - Indonesia
- Renaissance Capital - South Africa
- Uttam Galva Steels Limited - India
- Directorate Of Revenue Intelligence - India
- Sree Jayajothi Cements Limited - India
- Mercator Lines Limited - India
- Maheswari Brothers Coal Limited - India
- Globalindo Alam Lestari - Indonesia
- McConnell Dowell - Australia
- CIMB Investment Bank - Malaysia
- PTC India Limited - India
- SMG Consultants - Indonesia
- Tata Chemicals Ltd - India
- Madhucon Powers Ltd - India
- Ministry of Mines - Canada
- Indo Tambangraya Megah - Indonesia
- Salva Resources Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Intertek Mineral Services - Indonesia
- Central Java Power - Indonesia
- SMC Global Power, Philippines
- LBH Netherlands Bv - Netherlands
- Rashtriya Ispat Nigam Limited - India
- Australian Coal Association
- Xindia Steels Limited - India
- Larsen & Toubro Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Ind-Barath Power Infra Limited - India
- MS Steel International - UAE
- International Coal Ventures Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Siam City Cement PLC, Thailand
- Electricity Generating Authority of Thailand
- Kaltim Prima Coal - Indonesia
- Indika Energy - Indonesia
- Vedanta Resources Plc - India
- Sojitz Corporation - Japan
- Indonesian Coal Mining Association
- Bukit Asam (Persero) Tbk - Indonesia
- Indogreen Group - Indonesia
- Rio Tinto Coal - Australia
- ASAPP Information Group - India
- Global Coal Blending Company Limited - Australia
- Eastern Energy - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Sical Logistics Limited - India
- Deloitte Consulting - India
- Alfred C Toepfer International GmbH - Germany
- Petron Corporation, Philippines
- Siam City Cement - Thailand
- AsiaOL BioFuels Corp., Philippines
- IHS Mccloskey Coal Group - USA
- Star Paper Mills Limited - India
- Standard Chartered Bank - UAE
- Indian Oil Corporation Limited
- Petrochimia International Co. Ltd.- Taiwan
- Sakthi Sugars Limited - India
- Makarim & Taira - Indonesia
- Semirara Mining Corp, Philippines
- PowerSource Philippines DevCo
- Kapuas Tunggal Persada - Indonesia
- Metalloyd Limited - United Kingdom
- Videocon Industries ltd - India
- Bulk Trading Sa - Switzerland
- IEA Clean Coal Centre - UK
- Electricity Authority, New Zealand
- Krishnapatnam Port Company Ltd. - India
- Singapore Mercantile Exchange
- Neyveli Lignite Corporation Ltd, - India
- Georgia Ports Authority, United States
- Pipit Mutiara Jaya. PT, Indonesia
- GMR Energy Limited - India
- Jindal Steel & Power Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- GAC Shipping (India) Pvt Ltd
- Lanco Infratech Ltd - India
- Global Green Power PLC Corporation, Philippines
- Dalmia Cement Bharat India
- Edison Trading Spa - Italy
- Essar Steel Hazira Ltd - India
- Meralco Power Generation, Philippines
- Parliament of New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Global Business Power Corporation, Philippines
- Bhatia International Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Agrawal Coal Company - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Electricity Regulatory Commission - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- India Bulls Power Limited - India
- Binh Thuan Hamico - Vietnam
- Cement Manufacturers Association - India
- Antam Resourcindo - Indonesia
- VISA Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- Karaikal Port Pvt Ltd - India
- London Commodity Brokers - England
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mjunction Services Limited - India
- Trasteel International SA, Italy
- Posco Energy - South Korea
- Energy Link Ltd, New Zealand
- European Bulk Services B.V. - Netherlands
- Formosa Plastics Group - Taiwan
- Miang Besar Coal Terminal - Indonesia
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