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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, 26 January 15
API 8 CFR SOUTH CHINA COAL SWAP CONTINUE TO SLIDE M-O-M; ROSE W-O-W
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery declined US$ 0.79 (-1.33%) per MT month over month and gained US$ 2.10&nb ...
Sunday, 25 January 15
PANAMAX FREIGHT RATES STILL FALLING
COALspot.com: The BDI was slightly down this week to 720 points. The BDI lost 2.83 pct week on week.
The cape index continued its upward trend ...
Friday, 23 January 15
U.S. WEEKLY COAL PRODUCTION FOR WEEK ENDING JAN. 17 UP 2.5%
COALspot.com – United States the world's one of the largest coal producers, produced approximately 19.4 million short tons (mmst) of coal ...
Thursday, 22 January 15
PANAMAX: A SOFTER TONE AND OVERALL A SLUGGISH MARKET - FEARNLEYS
Handy
The handy and supra market has experienced yet another week with slow activity and softening rates in both hemispheres, broker Fearnleys AS ...
Thursday, 22 January 15
BUMI RESOURCES POSTS NET INCOME OF $13.3 MILLION 9M-2014
COALspot.com: Bumi Resources, Indonesia’s largest coal miner, reported today that, the company has recorded a net income of $13.3 million for ...
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- Baramulti Group, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Bhatia International Limited - India
- Rashtriya Ispat Nigam Limited - India
- Intertek Mineral Services - Indonesia
- PowerSource Philippines DevCo
- Videocon Industries ltd - India
- Lanco Infratech Ltd - India
- Sojitz Corporation - Japan
- Port Waratah Coal Services - Australia
- Australian Commodity Traders Exchange
- Altura Mining Limited, Indonesia
- TeaM Sual Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- Miang Besar Coal Terminal - Indonesia
- White Energy Company Limited
- Gujarat Mineral Development Corp Ltd - India
- Heidelberg Cement - Germany
- Eastern Energy - Thailand
- Barasentosa Lestari - Indonesia
- The Treasury - Australian Government
- Indian Oil Corporation Limited
- Deloitte Consulting - India
- Dalmia Cement Bharat India
- Bukit Makmur.PT - Indonesia
- Tata Chemicals Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- AsiaOL BioFuels Corp., Philippines
- Ceylon Electricity Board - Sri Lanka
- Thiess Contractors Indonesia
- Sakthi Sugars Limited - India
- Global Business Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Holcim Trading Pte Ltd - Singapore
- International Coal Ventures Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Latin American Coal - Colombia
- Timah Investasi Mineral - Indoneisa
- Directorate Of Revenue Intelligence - India
- LBH Netherlands Bv - Netherlands
- Minerals Council of Australia
- SMC Global Power, Philippines
- Indonesian Coal Mining Association
- Georgia Ports Authority, United States
- Electricity Generating Authority of Thailand
- Karbindo Abesyapradhi - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Ind-Barath Power Infra Limited - India
- Mjunction Services Limited - India
- Grasim Industreis Ltd - India
- CNBM International Corporation - China
- Wilmar Investment Holdings
- Vizag Seaport Private Limited - India
- Orica Australia Pty. Ltd.
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Parliament of New Zealand
- Makarim & Taira - Indonesia
- Riau Bara Harum - Indonesia
- Globalindo Alam Lestari - Indonesia
- Iligan Light & Power Inc, Philippines
- Rio Tinto Coal - Australia
- Edison Trading Spa - Italy
- Leighton Contractors Pty Ltd - Australia
- Alfred C Toepfer International GmbH - Germany
- Bangladesh Power Developement Board
- Meenaskhi Energy Private Limited - India
- Formosa Plastics Group - Taiwan
- Mercator Lines Limited - India
- Indogreen Group - Indonesia
- Sindya Power Generating Company Private Ltd
- Anglo American - United Kingdom
- Oldendorff Carriers - Singapore
- Xindia Steels Limited - India
- New Zealand Coal & Carbon
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Electricity Authority, New Zealand
- Jorong Barutama Greston.PT - Indonesia
- Renaissance Capital - South Africa
- Price Waterhouse Coopers - Russia
- Kepco SPC Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Carbofer General Trading SA - India
- CIMB Investment Bank - Malaysia
- The University of Queensland
- Aditya Birla Group - India
- ASAPP Information Group - India
- Gujarat Electricity Regulatory Commission - India
- Pipit Mutiara Jaya. PT, Indonesia
- Kumho Petrochemical, South Korea
- Petrochimia International Co. Ltd.- Taiwan
- Bulk Trading Sa - Switzerland
- Attock Cement Pakistan Limited
- Australian Coal Association
- Madhucon Powers Ltd - India
- Samtan Co., Ltd - South Korea
- GMR Energy Limited - India
- OPG Power Generation Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Binh Thuan Hamico - Vietnam
- Orica Mining Services - Indonesia
- The State Trading Corporation of India Ltd
- TNB Fuel Sdn Bhd - Malaysia
- VISA Power Limited - India
- South Luzon Thermal Energy Corporation
- Neyveli Lignite Corporation Ltd, - India
- Maharashtra Electricity Regulatory Commission - India
- Maheswari Brothers Coal Limited - India
- SN Aboitiz Power Inc, Philippines
- Energy Link Ltd, New Zealand
- Siam City Cement - Thailand
- India Bulls Power Limited - India
- Parry Sugars Refinery, India
- Petron Corporation, Philippines
- Ministry of Mines - Canada
- Bhushan Steel Limited - India
- Siam City Cement PLC, Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Planning Commission, India
- Merrill Lynch Commodities Europe
- Vedanta Resources Plc - India
- Ministry of Finance - Indonesia
- Independent Power Producers Association of India
- PTC India Limited - India
- Metalloyd Limited - United Kingdom
- Krishnapatnam Port Company Ltd. - India
- Global Green Power PLC Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Billiton Holdings Pty Ltd - Australia
- Ministry of Transport, Egypt
- Gujarat Sidhee Cement - India
- Romanian Commodities Exchange
- Indian Energy Exchange, India
- Energy Development Corp, Philippines
- Kobexindo Tractors - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Pendopo Energi Batubara - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Directorate General of MIneral and Coal - Indonesia
- Eastern Coal Council - USA
- Trasteel International SA, Italy
- Singapore Mercantile Exchange
- Goldman Sachs - Singapore
- Marubeni Corporation - India
- Sical Logistics Limited - India
- Coal and Oil Company - UAE
- Coastal Gujarat Power Limited - India
- Commonwealth Bank - Australia
- Indika Energy - Indonesia
- Central Electricity Authority - India
- Bhoruka Overseas - Indonesia
- Jindal Steel & Power Ltd - India
- Karaikal Port Pvt Ltd - India
- Thai Mozambique Logistica
- Sarangani Energy Corporation, Philippines
- Meralco Power Generation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Tamil Nadu electricity Board
- Kaltim Prima Coal - Indonesia
- Interocean Group of Companies - India
- ICICI Bank Limited - India
- GAC Shipping (India) Pvt Ltd
- Malabar Cements Ltd - India
- Wood Mackenzie - Singapore
- Agrawal Coal Company - India
- Therma Luzon, Inc, Philippines
- Bharathi Cement Corporation - India
- Sree Jayajothi Cements Limited - India
- GVK Power & Infra Limited - India
- Kapuas Tunggal Persada - Indonesia
- Standard Chartered Bank - UAE
- SMG Consultants - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Banpu Public Company Limited - Thailand
- Power Finance Corporation Ltd., India
- Global Coal Blending Company Limited - Australia
- Borneo Indobara - Indonesia
- Aboitiz Power Corporation - Philippines
- London Commodity Brokers - England
- Larsen & Toubro Limited - India
- Central Java Power - Indonesia
- Star Paper Mills Limited - India
- Kartika Selabumi Mining - Indonesia
- Ambuja Cements Ltd - India
- Medco Energi Mining Internasional
- IHS Mccloskey Coal Group - USA
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Straits Asia Resources Limited - Singapore
- Essar Steel Hazira Ltd - India
- Bukit Baiduri Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Mercuria Energy - Indonesia
- Chamber of Mines of South Africa
- Bayan Resources Tbk. - Indonesia
- San Jose City I Power Corp, Philippines
- Posco Energy - South Korea
- Uttam Galva Steels Limited - India
- Cement Manufacturers Association - India
- McConnell Dowell - Australia
- Coalindo Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Economic Council, Georgia
- European Bulk Services B.V. - Netherlands
- Simpson Spence & Young - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Mintek Dendrill Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Africa Commodities Group - South Africa
- Indo Tambangraya Megah - Indonesia
- Manunggal Multi Energi - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- MS Steel International - UAE
- Semirara Mining and Power Corporation, Philippines
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