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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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Tuesday, 20 January 15
INDIA TO SURPASS THE UNITED STATES AND BECOME THE SECOND-LARGEST COAL CONSUMER IN THE WORLD BY 2019 - IMF
COALspot.com: In 2013, coal added more primary energy than any other fuel and was the fastest-growing fossil fuel, enhancing its position as the se ...
Tuesday, 20 January 15
INDONESIAN COAL OUTPUT SEEN RISING, DESPITE FALL IN ITS PRICE
COALspot.com: Indonesian coal swaps for delivery Q1' 2015 declined month on month and week over week, but Indonesian Coal Output Seen Rising. T ...
Tuesday, 20 January 15
NEWCASTLE COAL SWAP FOR Q1' 2015 DELIVERY DECLINED 2.83% M-O-M
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2015 delivery declined US$ 1.45 per MT (-2.83%) month over month and US$ 0.50 (-0.99%) we ...
Monday, 19 January 15
HBA FALL TO FRESH LOWS; COAL OVERSUPPLY WILL CONTINUE TO PUSH PRICE DOWN
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia revised down Indonesian coal bench mark price this month to US$ 63.84. T ...
Monday, 19 January 15
CFR SOUTH CHINA COAL SWAPS REMAIN WEAK
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery declined US$ 3.37 (-5.63%) per MT month over month and US$ 0.74 (-1.29%) ...
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- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Larsen & Toubro Limited - India
- Marubeni Corporation - India
- Karaikal Port Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Malabar Cements Ltd - India
- Binh Thuan Hamico - Vietnam
- Chamber of Mines of South Africa
- Tamil Nadu electricity Board
- Indian Energy Exchange, India
- ICICI Bank Limited - India
- Leighton Contractors Pty Ltd - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Savvy Resources Ltd - HongKong
- Salva Resources Pvt Ltd - India
- SMC Global Power, Philippines
- Ministry of Finance - Indonesia
- Mercator Lines Limited - India
- Videocon Industries ltd - India
- Ministry of Mines - Canada
- Global Coal Blending Company Limited - Australia
- Singapore Mercantile Exchange
- Agrawal Coal Company - India
- Wilmar Investment Holdings
- Merrill Lynch Commodities Europe
- Orica Mining Services - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Riau Bara Harum - Indonesia
- Lanco Infratech Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Sidhee Cement - India
- European Bulk Services B.V. - Netherlands
- Commonwealth Bank - Australia
- Dalmia Cement Bharat India
- Pendopo Energi Batubara - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Anglo American - United Kingdom
- Medco Energi Mining Internasional
- Minerals Council of Australia
- Edison Trading Spa - Italy
- Jindal Steel & Power Ltd - India
- Xindia Steels Limited - India
- Bukit Baiduri Energy - Indonesia
- Vedanta Resources Plc - India
- Coastal Gujarat Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Oldendorff Carriers - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Meenaskhi Energy Private Limited - India
- Bayan Resources Tbk. - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Ambuja Cements Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Kobexindo Tractors - Indoneisa
- MS Steel International - UAE
- Bhatia International Limited - India
- Romanian Commodities Exchange
- OPG Power Generation Pvt Ltd - India
- Sical Logistics Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Thai Mozambique Logistica
- Bhushan Steel Limited - India
- Simpson Spence & Young - Indonesia
- IEA Clean Coal Centre - UK
- Bharathi Cement Corporation - India
- Aboitiz Power Corporation - Philippines
- Metalloyd Limited - United Kingdom
- Sree Jayajothi Cements Limited - India
- Antam Resourcindo - Indonesia
- Coal and Oil Company - UAE
- Therma Luzon, Inc, Philippines
- GVK Power & Infra Limited - India
- Makarim & Taira - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Semirara Mining Corp, Philippines
- Samtan Co., Ltd - South Korea
- London Commodity Brokers - England
- South Luzon Thermal Energy Corporation
- Wood Mackenzie - Singapore
- Grasim Industreis Ltd - India
- Standard Chartered Bank - UAE
- Africa Commodities Group - South Africa
- Siam City Cement - Thailand
- Global Green Power PLC Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Latin American Coal - Colombia
- Port Waratah Coal Services - Australia
- Intertek Mineral Services - Indonesia
- SN Aboitiz Power Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Australian Commodity Traders Exchange
- Globalindo Alam Lestari - Indonesia
- Parliament of New Zealand
- Australian Coal Association
- Petron Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Bhoruka Overseas - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Carbofer General Trading SA - India
- Kumho Petrochemical, South Korea
- Iligan Light & Power Inc, Philippines
- Tata Chemicals Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Eastern Energy - Thailand
- Heidelberg Cement - Germany
- Indian Oil Corporation Limited
- The Treasury - Australian Government
- Manunggal Multi Energi - Indonesia
- Energy Development Corp, Philippines
- New Zealand Coal & Carbon
- Formosa Plastics Group - Taiwan
- Kideco Jaya Agung - Indonesia
- Altura Mining Limited, Indonesia
- Thiess Contractors Indonesia
- Power Finance Corporation Ltd., India
- Coalindo Energy - Indonesia
- GMR Energy Limited - India
- GAC Shipping (India) Pvt Ltd
- San Jose City I Power Corp, Philippines
- Renaissance Capital - South Africa
- Sarangani Energy Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Energy Link Ltd, New Zealand
- Baramulti Group, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Madhucon Powers Ltd - India
- Borneo Indobara - Indonesia
- Meralco Power Generation, Philippines
- International Coal Ventures Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Bulk Trading Sa - Switzerland
- Economic Council, Georgia
- ASAPP Information Group - India
- McConnell Dowell - Australia
- Holcim Trading Pte Ltd - Singapore
- Trasteel International SA, Italy
- Indonesian Coal Mining Association
- AsiaOL BioFuels Corp., Philippines
- Chettinad Cement Corporation Ltd - India
- Aditya Birla Group - India
- PTC India Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Mjunction Services Limited - India
- The University of Queensland
- Gujarat Mineral Development Corp Ltd - India
- Vizag Seaport Private Limited - India
- Gujarat Electricity Regulatory Commission - India
- White Energy Company Limited
- Ministry of Transport, Egypt
- Toyota Tsusho Corporation, Japan
- Central Electricity Authority - India
- Sindya Power Generating Company Private Ltd
- Indika Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Central Java Power - Indonesia
- TeaM Sual Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Parry Sugars Refinery, India
- Sojitz Corporation - Japan
- TNB Fuel Sdn Bhd - Malaysia
- Ceylon Electricity Board - Sri Lanka
- Eastern Coal Council - USA
- Posco Energy - South Korea
- Bukit Makmur.PT - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- SMG Consultants - Indonesia
- Deloitte Consulting - India
- Maharashtra Electricity Regulatory Commission - India
- Interocean Group of Companies - India
- Goldman Sachs - Singapore
- CNBM International Corporation - China
- VISA Power Limited - India
- Price Waterhouse Coopers - Russia
- Mintek Dendrill Indonesia
- Kepco SPC Power Corporation, Philippines
- Planning Commission, India
- Georgia Ports Authority, United States
- Jaiprakash Power Ventures ltd
- Indo Tambangraya Megah - Indonesia
- CIMB Investment Bank - Malaysia
- Vijayanagar Sugar Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Star Paper Mills Limited - India
- Cement Manufacturers Association - India
- Electricity Authority, New Zealand
- Bangladesh Power Developement Board
- Directorate General of MIneral and Coal - Indonesia
- Attock Cement Pakistan Limited
- Timah Investasi Mineral - Indoneisa
- Mercuria Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Orica Australia Pty. Ltd.
- Indogreen Group - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Essar Steel Hazira Ltd - India
- Straits Asia Resources Limited - Singapore
- The State Trading Corporation of India Ltd
- PowerSource Philippines DevCo
- Rio Tinto Coal - Australia
- Sakthi Sugars Limited - India
- Banpu Public Company Limited - Thailand
- IHS Mccloskey Coal Group - USA
- India Bulls Power Limited - India
- Siam City Cement PLC, Thailand
- Ind-Barath Power Infra Limited - India
- Maheswari Brothers Coal Limited - India
- Sinarmas Energy and Mining - Indonesia
- Independent Power Producers Association of India
- Uttam Galva Steels Limited - India
- Electricity Generating Authority of Thailand
- Directorate Of Revenue Intelligence - India
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