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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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Wednesday, 21 January 15
PANAMAX MARKET MOVED SIDEWAYS OVERALL LAST WEEK - INTERMODAL
COALspot.com: The positive sentiment in which the week prior ended carried on through-out last week as well, the end of which marked the first posi ...
Wednesday, 21 January 15
SHIFT IN INTERNATIONAL COAL TRADE TO THE PACIFIC BASIN WILL CONTINUE - IMF
COALspot.com: The shift in international coal trade to the Pacific Basin will continue, IMF said in its latest Medium-Term Coal Market Report.
...
Wednesday, 21 January 15
MARKET INSIGHT - VASSILIS LOGOTHETIS, INTERMODAL
The World Bank has lowered its forecast for global growth in 2015 to 3% down from its previous level of 3.4% amid rising concerns over the economic ...
Wednesday, 21 January 15
THERMAL COAL PRICE OUTLOOK DEPENDENT ON INDIAN IMPORT DEMAND - MATTHEW BOYLE, CRU
COALspot.com: Supply and demand side developments in India will be an important determinant of future market dynamics and prices for thermal coal a ...
Wednesday, 21 January 15
PORT OF NEWCASTLE COAL EXPORTS JUMP 16.19% ON MONTH TO 15.80 MIL MT IN DECEMBER' 14
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port, has shipped $1.136 billi ...
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- Bulk Trading Sa - Switzerland
- Bharathi Cement Corporation - India
- Chamber of Mines of South Africa
- AsiaOL BioFuels Corp., Philippines
- Malabar Cements Ltd - India
- San Jose City I Power Corp, Philippines
- Therma Luzon, Inc, Philippines
- Uttam Galva Steels Limited - India
- White Energy Company Limited
- Manunggal Multi Energi - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Vedanta Resources Plc - India
- Indonesian Coal Mining Association
- Ind-Barath Power Infra Limited - India
- Latin American Coal - Colombia
- Indian Energy Exchange, India
- Australian Commodity Traders Exchange
- Metalloyd Limited - United Kingdom
- Medco Energi Mining Internasional
- Agrawal Coal Company - India
- Interocean Group of Companies - India
- Star Paper Mills Limited - India
- Sindya Power Generating Company Private Ltd
- GMR Energy Limited - India
- Deloitte Consulting - India
- Kumho Petrochemical, South Korea
- Orica Mining Services - Indonesia
- Videocon Industries ltd - India
- Australian Coal Association
- Riau Bara Harum - Indonesia
- SN Aboitiz Power Inc, Philippines
- Price Waterhouse Coopers - Russia
- Ministry of Transport, Egypt
- Madhucon Powers Ltd - India
- Samtan Co., Ltd - South Korea
- Bayan Resources Tbk. - Indonesia
- Baramulti Group, Indonesia
- Aboitiz Power Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- Electricity Generating Authority of Thailand
- International Coal Ventures Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Coalindo Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Mjunction Services Limited - India
- Altura Mining Limited, Indonesia
- SMG Consultants - Indonesia
- Georgia Ports Authority, United States
- Semirara Mining Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Semirara Mining and Power Corporation, Philippines
- Lanco Infratech Ltd - India
- Standard Chartered Bank - UAE
- Binh Thuan Hamico - Vietnam
- Mercuria Energy - Indonesia
- Eastern Coal Council - USA
- Petrochimia International Co. Ltd.- Taiwan
- Xindia Steels Limited - India
- ASAPP Information Group - India
- Sarangani Energy Corporation, Philippines
- Mintek Dendrill Indonesia
- Gujarat Electricity Regulatory Commission - India
- Kobexindo Tractors - Indoneisa
- Toyota Tsusho Corporation, Japan
- Krishnapatnam Port Company Ltd. - India
- IEA Clean Coal Centre - UK
- Minerals Council of Australia
- Leighton Contractors Pty Ltd - Australia
- Kideco Jaya Agung - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Orica Australia Pty. Ltd.
- Borneo Indobara - Indonesia
- McConnell Dowell - Australia
- Indian Oil Corporation Limited
- Bangladesh Power Developement Board
- PTC India Limited - India
- Thiess Contractors Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Meralco Power Generation, Philippines
- Global Green Power PLC Corporation, Philippines
- New Zealand Coal & Carbon
- Maheswari Brothers Coal Limited - India
- Energy Link Ltd, New Zealand
- Sojitz Corporation - Japan
- Grasim Industreis Ltd - India
- Economic Council, Georgia
- Sinarmas Energy and Mining - Indonesia
- The University of Queensland
- Bukit Baiduri Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Tata Chemicals Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Makarim & Taira - Indonesia
- Directorate Of Revenue Intelligence - India
- IHS Mccloskey Coal Group - USA
- Wood Mackenzie - Singapore
- VISA Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- Kaltim Prima Coal - Indonesia
- The State Trading Corporation of India Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Independent Power Producers Association of India
- European Bulk Services B.V. - Netherlands
- Planning Commission, India
- Dalmia Cement Bharat India
- Mercator Lines Limited - India
- Parliament of New Zealand
- Meenaskhi Energy Private Limited - India
- Indogreen Group - Indonesia
- Coal and Oil Company - UAE
- Chettinad Cement Corporation Ltd - India
- Wilmar Investment Holdings
- Pendopo Energi Batubara - Indonesia
- Indika Energy - Indonesia
- Central Electricity Authority - India
- Antam Resourcindo - Indonesia
- Intertek Mineral Services - Indonesia
- Bhatia International Limited - India
- Larsen & Toubro Limited - India
- London Commodity Brokers - England
- Tamil Nadu electricity Board
- Alfred C Toepfer International GmbH - Germany
- Eastern Energy - Thailand
- Anglo American - United Kingdom
- Heidelberg Cement - Germany
- Siam City Cement PLC, Thailand
- South Luzon Thermal Energy Corporation
- Savvy Resources Ltd - HongKong
- Indo Tambangraya Megah - Indonesia
- PNOC Exploration Corporation - Philippines
- Power Finance Corporation Ltd., India
- Siam City Cement - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jaiprakash Power Ventures ltd
- Globalindo Alam Lestari - Indonesia
- Goldman Sachs - Singapore
- Central Java Power - Indonesia
- Renaissance Capital - South Africa
- OPG Power Generation Pvt Ltd - India
- Electricity Authority, New Zealand
- Romanian Commodities Exchange
- TeaM Sual Corporation - Philippines
- Ministry of Finance - Indonesia
- Kepco SPC Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Straits Asia Resources Limited - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Sree Jayajothi Cements Limited - India
- ICICI Bank Limited - India
- Energy Development Corp, Philippines
- Posco Energy - South Korea
- Bhushan Steel Limited - India
- Essar Steel Hazira Ltd - India
- Attock Cement Pakistan Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Marubeni Corporation - India
- GVK Power & Infra Limited - India
- Salva Resources Pvt Ltd - India
- Sical Logistics Limited - India
- Aditya Birla Group - India
- Formosa Plastics Group - Taiwan
- Merrill Lynch Commodities Europe
- The Treasury - Australian Government
- Iligan Light & Power Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Barasentosa Lestari - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Port Waratah Coal Services - Australia
- Karaikal Port Pvt Ltd - India
- CNBM International Corporation - China
- Bank of Tokyo Mitsubishi UFJ Ltd
- Rio Tinto Coal - Australia
- Ambuja Cements Ltd - India
- Cement Manufacturers Association - India
- Kartika Selabumi Mining - Indonesia
- MS Steel International - UAE
- Carbofer General Trading SA - India
- Asmin Koalindo Tuhup - Indonesia
- Global Business Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Gujarat Sidhee Cement - India
- Africa Commodities Group - South Africa
- Thai Mozambique Logistica
- Holcim Trading Pte Ltd - Singapore
- Simpson Spence & Young - Indonesia
- Vizag Seaport Private Limited - India
- Banpu Public Company Limited - Thailand
- Cigading International Bulk Terminal - Indonesia
- Global Coal Blending Company Limited - Australia
- PetroVietnam Power Coal Import and Supply Company
- Commonwealth Bank - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Sakthi Sugars Limited - India
- Singapore Mercantile Exchange
- Ministry of Mines - Canada
- Trasteel International SA, Italy
- Billiton Holdings Pty Ltd - Australia
- Oldendorff Carriers - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Jindal Steel & Power Ltd - India
- CIMB Investment Bank - Malaysia
- Petron Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- India Bulls Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- PowerSource Philippines DevCo
- LBH Netherlands Bv - Netherlands
- Parry Sugars Refinery, India
- Gujarat Mineral Development Corp Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Edison Trading Spa - Italy
- SMC Global Power, Philippines
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