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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, 14 January 15
DRY BULK MARKET NOTED ANOTHER WEEKLY DECLINE - INTERMODAL
COALspot.com: The Dry bulk market noted another weekly decline on Friday, with the performance of the Capesize market still weighing down on the re ...
Wednesday, 14 January 15
MARKET INSIGHT - TIMOS PAPADIMITRIOU
In Oil we trust! The Barrel price has declined by almost a third in comparison to the 2014 January and has being on the downhill since early last s ...
Wednesday, 14 January 15
COMMODITIES AREN'T PRIMED FOR A REBOUND DURING 2015: SHIPPING COULD BENEFIT FROM LOWER PRICES - ROUSSANOGLOU, HELLENIC SHIPPING NEWS
In the recent past, higher commodity prices were driven by an increase in demand from developing countries, which spelled good news for ship owners ...
Wednesday, 14 January 15
SUB-BIT FOB INDONESIA COAL SWAP FOR Q1 DELIVERY CLOSED AT US$ 46.97 PMT
COALspot.com: Indonesian coal swaps for delivery Q1' 2015 declined month on month and week over week.
The Q1 swap has fell US$ 1.53 (-3.15 ...
Wednesday, 14 January 15
Q4' 15 FOB NEWCASTLE COAL SWAP CLOSED 4.51% LOWER COMPARED TO Q1' 15 PRICE
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2015 delivery lost US$ 1.56 per MT (-3.0%) month over month and US$ 1.03 (-2.0%) week ove ...
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- Renaissance Capital - South Africa
- Coalindo Energy - Indonesia
- Kumho Petrochemical, South Korea
- Barasentosa Lestari - Indonesia
- Thiess Contractors Indonesia
- PowerSource Philippines DevCo
- Jindal Steel & Power Ltd - India
- Ministry of Transport, Egypt
- Manunggal Multi Energi - Indonesia
- Intertek Mineral Services - Indonesia
- Price Waterhouse Coopers - Russia
- Indika Energy - Indonesia
- Tata Chemicals Ltd - India
- Electricity Generating Authority of Thailand
- Larsen & Toubro Limited - India
- OPG Power Generation Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- CIMB Investment Bank - Malaysia
- Orica Mining Services - Indonesia
- Kepco SPC Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- San Jose City I Power Corp, Philippines
- Makarim & Taira - Indonesia
- Binh Thuan Hamico - Vietnam
- Ministry of Finance - Indonesia
- Medco Energi Mining Internasional
- Metalloyd Limited - United Kingdom
- Sree Jayajothi Cements Limited - India
- Globalindo Alam Lestari - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Georgia Ports Authority, United States
- Directorate Of Revenue Intelligence - India
- Sical Logistics Limited - India
- Petron Corporation, Philippines
- India Bulls Power Limited - India
- Latin American Coal - Colombia
- Bharathi Cement Corporation - India
- Chettinad Cement Corporation Ltd - India
- GMR Energy Limited - India
- Mercator Lines Limited - India
- Kaltim Prima Coal - Indonesia
- VISA Power Limited - India
- Goldman Sachs - Singapore
- Malabar Cements Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Agrawal Coal Company - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mjunction Services Limited - India
- Riau Bara Harum - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coal and Oil Company - UAE
- Romanian Commodities Exchange
- Marubeni Corporation - India
- Rashtriya Ispat Nigam Limited - India
- Xindia Steels Limited - India
- Anglo American - United Kingdom
- Miang Besar Coal Terminal - Indonesia
- Tamil Nadu electricity Board
- Uttam Galva Steels Limited - India
- Indo Tambangraya Megah - Indonesia
- Aditya Birla Group - India
- Billiton Holdings Pty Ltd - Australia
- Jorong Barutama Greston.PT - Indonesia
- Bhoruka Overseas - Indonesia
- SN Aboitiz Power Inc, Philippines
- Bangladesh Power Developement Board
- Singapore Mercantile Exchange
- Cigading International Bulk Terminal - Indonesia
- IHS Mccloskey Coal Group - USA
- Rio Tinto Coal - Australia
- Energy Development Corp, Philippines
- Vedanta Resources Plc - India
- Australian Commodity Traders Exchange
- Trasteel International SA, Italy
- Gujarat Electricity Regulatory Commission - India
- Meenaskhi Energy Private Limited - India
- Economic Council, Georgia
- Minerals Council of Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- SMC Global Power, Philippines
- Merrill Lynch Commodities Europe
- Africa Commodities Group - South Africa
- PNOC Exploration Corporation - Philippines
- London Commodity Brokers - England
- Grasim Industreis Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Altura Mining Limited, Indonesia
- Simpson Spence & Young - Indonesia
- Antam Resourcindo - Indonesia
- Wood Mackenzie - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Standard Chartered Bank - UAE
- Mintek Dendrill Indonesia
- Port Waratah Coal Services - Australia
- Holcim Trading Pte Ltd - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Aboitiz Power Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- International Coal Ventures Pvt Ltd - India
- Eastern Energy - Thailand
- Kapuas Tunggal Persada - Indonesia
- Electricity Authority, New Zealand
- Independent Power Producers Association of India
- Thai Mozambique Logistica
- Baramulti Group, Indonesia
- Vizag Seaport Private Limited - India
- Sakthi Sugars Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Australian Coal Association
- Coastal Gujarat Power Limited - India
- Carbofer General Trading SA - India
- European Bulk Services B.V. - Netherlands
- Jaiprakash Power Ventures ltd
- Sojitz Corporation - Japan
- Bhatia International Limited - India
- Krishnapatnam Port Company Ltd. - India
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Therma Luzon, Inc, Philippines
- McConnell Dowell - Australia
- IEA Clean Coal Centre - UK
- Posco Energy - South Korea
- The Treasury - Australian Government
- CNBM International Corporation - China
- Mercuria Energy - Indonesia
- ASAPP Information Group - India
- ICICI Bank Limited - India
- Savvy Resources Ltd - HongKong
- Ministry of Mines - Canada
- Gujarat Sidhee Cement - India
- Central Electricity Authority - India
- Global Business Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Indonesian Coal Mining Association
- Interocean Group of Companies - India
- Semirara Mining and Power Corporation, Philippines
- Central Java Power - Indonesia
- Power Finance Corporation Ltd., India
- South Luzon Thermal Energy Corporation
- Kohat Cement Company Ltd. - Pakistan
- Star Paper Mills Limited - India
- Commonwealth Bank - Australia
- Planning Commission, India
- Indogreen Group - Indonesia
- Bayan Resources Tbk. - Indonesia
- Sindya Power Generating Company Private Ltd
- Siam City Cement PLC, Thailand
- Energy Link Ltd, New Zealand
- The State Trading Corporation of India Ltd
- Global Coal Blending Company Limited - Australia
- MS Steel International - UAE
- Meralco Power Generation, Philippines
- Samtan Co., Ltd - South Korea
- Borneo Indobara - Indonesia
- Cement Manufacturers Association - India
- Formosa Plastics Group - Taiwan
- Essar Steel Hazira Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Ceylon Electricity Board - Sri Lanka
- White Energy Company Limited
- Banpu Public Company Limited - Thailand
- Global Green Power PLC Corporation, Philippines
- SMG Consultants - Indonesia
- Parry Sugars Refinery, India
- TNB Fuel Sdn Bhd - Malaysia
- Indian Energy Exchange, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Siam City Cement - Thailand
- Petrochimia International Co. Ltd.- Taiwan
- LBH Netherlands Bv - Netherlands
- Kobexindo Tractors - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- Indian Oil Corporation Limited
- Bukit Makmur.PT - Indonesia
- Iligan Light & Power Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Heidelberg Cement - Germany
- New Zealand Coal & Carbon
- Chamber of Mines of South Africa
- Deloitte Consulting - India
- Pendopo Energi Batubara - Indonesia
- Videocon Industries ltd - India
- Kalimantan Lumbung Energi - Indonesia
- TeaM Sual Corporation - Philippines
- Eastern Coal Council - USA
- Oldendorff Carriers - Singapore
- Madhucon Powers Ltd - India
- The University of Queensland
- Bulk Trading Sa - Switzerland
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Parliament of New Zealand
- Lanco Infratech Ltd - India
- Wilmar Investment Holdings
- Offshore Bulk Terminal Pte Ltd, Singapore
- GVK Power & Infra Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Kideco Jaya Agung - Indonesia
- Ambuja Cements Ltd - India
- Edison Trading Spa - Italy
- Orica Australia Pty. Ltd.
- Bhushan Steel Limited - India
- Dalmia Cement Bharat India
- Attock Cement Pakistan Limited
- PTC India Limited - India
- Semirara Mining Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Bukit Baiduri Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Timah Investasi Mineral - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
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