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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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Friday, 30 January 15
U.S. YEAR-TO-DATE COAL PRODUCTION REACHED 65.7 MMST
COALspot.com – United States the world's one of the largest coal producers, produced approximately 19.9 million short tons (mmst) of coal ...
Friday, 30 January 15
CAN BULKER CONVERSIONS SPOIL THE TANKER MARKET'S PARTY? - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Oversupply of tonnage has always been in the back of the head of ship owners when it comes to taking advantage of favorable market conditions. As s ...
Thursday, 29 January 15
CHINA ENERGY DEMAND MUST BE REVIEWED DUE TO FUNDAMENTAL ECONOMIC CHANGES - WOOD MACKENZIE
New patterns emerging as energy demand growth decoupled significantly from GDP growth for the first time in 2014
Wood Mackenzie says 2014 was ...
Thursday, 29 January 15
CAPE MARKET IS STILL STRUGGLING WITH LOW DEMAND AND LOW COMMODITY PRICES
Handy
Supramax rates are heading south with slipping rates all across the block. USG activity is slow with mid-week levels in the mid 8.000s, Fea ...
Wednesday, 28 January 15
MARKET INSIGHT - STELIOS KOLLINTZAS
With most traders having returned to action from year end festivities, we have already seen signs of activity in the specialized product markets. L ...
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- Vizag Seaport Private Limited - India
- Heidelberg Cement - Germany
- Energy Link Ltd, New Zealand
- Therma Luzon, Inc, Philippines
- Central Electricity Authority - India
- Makarim & Taira - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- IHS Mccloskey Coal Group - USA
- Thai Mozambique Logistica
- ICICI Bank Limited - India
- Karaikal Port Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- OPG Power Generation Pvt Ltd - India
- Interocean Group of Companies - India
- Independent Power Producers Association of India
- Indo Tambangraya Megah - Indonesia
- Straits Asia Resources Limited - Singapore
- Petron Corporation, Philippines
- Sical Logistics Limited - India
- Orica Australia Pty. Ltd.
- Minerals Council of Australia
- Mjunction Services Limited - India
- McConnell Dowell - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Banpu Public Company Limited - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Baramulti Group, Indonesia
- Ministry of Mines - Canada
- Eastern Energy - Thailand
- Bharathi Cement Corporation - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- CIMB Investment Bank - Malaysia
- Global Green Power PLC Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Romanian Commodities Exchange
- Petrochimia International Co. Ltd.- Taiwan
- Larsen & Toubro Limited - India
- Antam Resourcindo - Indonesia
- Cement Manufacturers Association - India
- Intertek Mineral Services - Indonesia
- Australian Coal Association
- Meenaskhi Energy Private Limited - India
- Alfred C Toepfer International GmbH - Germany
- Kideco Jaya Agung - Indonesia
- Kobexindo Tractors - Indoneisa
- GMR Energy Limited - India
- Singapore Mercantile Exchange
- GAC Shipping (India) Pvt Ltd
- Posco Energy - South Korea
- Rashtriya Ispat Nigam Limited - India
- SMC Global Power, Philippines
- Billiton Holdings Pty Ltd - Australia
- Carbofer General Trading SA - India
- Coal and Oil Company - UAE
- Jaiprakash Power Ventures ltd
- Altura Mining Limited, Indonesia
- South Luzon Thermal Energy Corporation
- GVK Power & Infra Limited - India
- Kapuas Tunggal Persada - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Kumho Petrochemical, South Korea
- Ceylon Electricity Board - Sri Lanka
- Sarangani Energy Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Indika Energy - Indonesia
- Energy Development Corp, Philippines
- Chamber of Mines of South Africa
- Siam City Cement - Thailand
- Thiess Contractors Indonesia
- Planning Commission, India
- Latin American Coal - Colombia
- Africa Commodities Group - South Africa
- Mercuria Energy - Indonesia
- Wood Mackenzie - Singapore
- Global Coal Blending Company Limited - Australia
- Mercator Lines Limited - India
- Riau Bara Harum - Indonesia
- India Bulls Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coastal Gujarat Power Limited - India
- Orica Mining Services - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Directorate Of Revenue Intelligence - India
- Xindia Steels Limited - India
- Rio Tinto Coal - Australia
- Agrawal Coal Company - India
- TeaM Sual Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Deloitte Consulting - India
- Gujarat Sidhee Cement - India
- PNOC Exploration Corporation - Philippines
- Indogreen Group - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Meralco Power Generation, Philippines
- Siam City Cement PLC, Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Lanco Infratech Ltd - India
- Indian Oil Corporation Limited
- Price Waterhouse Coopers - Russia
- San Jose City I Power Corp, Philippines
- Electricity Generating Authority of Thailand
- IEA Clean Coal Centre - UK
- Vedanta Resources Plc - India
- Medco Energi Mining Internasional
- Bukit Makmur.PT - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Star Paper Mills Limited - India
- Electricity Authority, New Zealand
- Tamil Nadu electricity Board
- VISA Power Limited - India
- Trasteel International SA, Italy
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Electricity Regulatory Commission - India
- Iligan Light & Power Inc, Philippines
- Sakthi Sugars Limited - India
- Goldman Sachs - Singapore
- Ind-Barath Power Infra Limited - India
- Essar Steel Hazira Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Samtan Co., Ltd - South Korea
- Central Java Power - Indonesia
- Bhoruka Overseas - Indonesia
- Port Waratah Coal Services - Australia
- Sindya Power Generating Company Private Ltd
- Tata Chemicals Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bangladesh Power Developement Board
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- ASAPP Information Group - India
- Bahari Cakrawala Sebuku - Indonesia
- PTC India Limited - India
- The University of Queensland
- Parliament of New Zealand
- Gujarat Mineral Development Corp Ltd - India
- Savvy Resources Ltd - HongKong
- Binh Thuan Hamico - Vietnam
- Kepco SPC Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Merrill Lynch Commodities Europe
- Bhatia International Limited - India
- Salva Resources Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- LBH Netherlands Bv - Netherlands
- Attock Cement Pakistan Limited
- Indian Energy Exchange, India
- Economic Council, Georgia
- CNBM International Corporation - China
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Finance - Indonesia
- Bukit Baiduri Energy - Indonesia
- Simpson Spence & Young - Indonesia
- MS Steel International - UAE
- Semirara Mining Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- Aboitiz Power Corporation - Philippines
- Metalloyd Limited - United Kingdom
- London Commodity Brokers - England
- Sojitz Corporation - Japan
- Standard Chartered Bank - UAE
- Kaltim Prima Coal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Ministry of Transport, Egypt
- Aditya Birla Group - India
- Asmin Koalindo Tuhup - Indonesia
- Commonwealth Bank - Australia
- Oldendorff Carriers - Singapore
- Videocon Industries ltd - India
- Bhushan Steel Limited - India
- Renaissance Capital - South Africa
- Coalindo Energy - Indonesia
- Madhucon Powers Ltd - India
- PowerSource Philippines DevCo
- Maheswari Brothers Coal Limited - India
- Malabar Cements Ltd - India
- Kartika Selabumi Mining - Indonesia
- Timah Investasi Mineral - Indoneisa
- The Treasury - Australian Government
- Georgia Ports Authority, United States
- Uttam Galva Steels Limited - India
- Grasim Industreis Ltd - India
- Marubeni Corporation - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bulk Trading Sa - Switzerland
- Jindal Steel & Power Ltd - India
- Indonesian Coal Mining Association
- Edison Trading Spa - Italy
- Global Business Power Corporation, Philippines
- Australian Commodity Traders Exchange
- Maharashtra Electricity Regulatory Commission - India
- Sree Jayajothi Cements Limited - India
- The State Trading Corporation of India Ltd
- Neyveli Lignite Corporation Ltd, - India
- Mintek Dendrill Indonesia
- Sinarmas Energy and Mining - Indonesia
- Anglo American - United Kingdom
- SMG Consultants - Indonesia
- Chettinad Cement Corporation Ltd - India
- Formosa Plastics Group - Taiwan
- Power Finance Corporation Ltd., India
- Borneo Indobara - Indonesia
- Barasentosa Lestari - Indonesia
- Dalmia Cement Bharat India
- New Zealand Coal & Carbon
- Wilmar Investment Holdings
- Manunggal Multi Energi - Indonesia
- Ambuja Cements Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Eastern Coal Council - USA
- Miang Besar Coal Terminal - Indonesia
- White Energy Company Limited
- Parry Sugars Refinery, India
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