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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, 13 January 15
MORE PITFALLS FOR OWNERS LOOKING TO TERMINATE FOR UNPAID HIRE - INCE & CO
KNOWLEDGE TO ELEVATE
It is a debatable point whether or not the obligation to pay hire under a time charter is a condition of the contract or ...
Tuesday, 13 January 15
Q2 CFR SOUTH CHINA COAL SWAP DECLINED 8.66% M-O-M
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery declined by US$ 3.48 (-5.73%) month over month and US$ 2.35 (-3.94%) week ...
Tuesday, 13 January 15
Q1' 2015 RICHARDS BAY COAL SWAP SLIGHTLY HIGHER THAN Q2 & Q4 2015 SWAPS
COALspot.com: API 4 FOB Richards Bay Coal swap for delivery Q1' 2015 lost month on month and week over week.
The Q1 swap has lost US$ 7.21 ...
Monday, 12 January 15
COAL: LOW PRICES ARE EXPECTED TO DRIVE A SUPPLY-DRIVEN RECOVERY IN THE MEDIUM TERM - SGX
COALspot.com: Thermal coal prices dropped to six-year lows in 2014 driven by persistent oversupply, SGX says in its “ Commodities 2014 - A ye ...
Monday, 12 January 15
FREIGHT MARKET: 2015 FLEET SUPPLY GROWTH IS EXPECTED TO REMAIN SLIGHTLY AHEAD OF CARGO GROWTH - SGX
COALspot.com: The dry bulk freight market was forced to digest a number of negatives in 2014 leading the Baltic Dry Index to fall 66% through the y ...
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- Heidelberg Cement - Germany
- Neyveli Lignite Corporation Ltd, - India
- GAC Shipping (India) Pvt Ltd
- The University of Queensland
- Ambuja Cements Ltd - India
- Tata Chemicals Ltd - India
- Indonesian Coal Mining Association
- Binh Thuan Hamico - Vietnam
- Billiton Holdings Pty Ltd - Australia
- AsiaOL BioFuels Corp., Philippines
- Aboitiz Power Corporation - Philippines
- Marubeni Corporation - India
- Electricity Authority, New Zealand
- Price Waterhouse Coopers - Russia
- Malabar Cements Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- San Jose City I Power Corp, Philippines
- Bhushan Steel Limited - India
- Sical Logistics Limited - India
- Bukit Makmur.PT - Indonesia
- Oldendorff Carriers - Singapore
- Grasim Industreis Ltd - India
- MS Steel International - UAE
- Samtan Co., Ltd - South Korea
- Chamber of Mines of South Africa
- Intertek Mineral Services - Indonesia
- Wilmar Investment Holdings
- Jorong Barutama Greston.PT - Indonesia
- Savvy Resources Ltd - HongKong
- Bahari Cakrawala Sebuku - Indonesia
- Mintek Dendrill Indonesia
- CIMB Investment Bank - Malaysia
- Globalindo Alam Lestari - Indonesia
- Salva Resources Pvt Ltd - India
- Meralco Power Generation, Philippines
- Mercator Lines Limited - India
- Indika Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Videocon Industries ltd - India
- GN Power Mariveles Coal Plant, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- PetroVietnam Power Coal Import and Supply Company
- Ceylon Electricity Board - Sri Lanka
- Goldman Sachs - Singapore
- Chettinad Cement Corporation Ltd - India
- Australian Coal Association
- Ministry of Transport, Egypt
- Jindal Steel & Power Ltd - India
- Toyota Tsusho Corporation, Japan
- Alfred C Toepfer International GmbH - Germany
- Energy Development Corp, Philippines
- Vizag Seaport Private Limited - India
- Rio Tinto Coal - Australia
- CNBM International Corporation - China
- GVK Power & Infra Limited - India
- Coal and Oil Company - UAE
- Directorate General of MIneral and Coal - Indonesia
- Agrawal Coal Company - India
- Ind-Barath Power Infra Limited - India
- Standard Chartered Bank - UAE
- Energy Link Ltd, New Zealand
- Bhatia International Limited - India
- Sarangani Energy Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Port Waratah Coal Services - Australia
- Lanco Infratech Ltd - India
- Commonwealth Bank - Australia
- Simpson Spence & Young - Indonesia
- Barasentosa Lestari - Indonesia
- White Energy Company Limited
- SMG Consultants - Indonesia
- Attock Cement Pakistan Limited
- Leighton Contractors Pty Ltd - Australia
- Sakthi Sugars Limited - India
- Ministry of Mines - Canada
- Manunggal Multi Energi - Indonesia
- Pendopo Energi Batubara - Indonesia
- Bayan Resources Tbk. - Indonesia
- Rashtriya Ispat Nigam Limited - India
- PowerSource Philippines DevCo
- Holcim Trading Pte Ltd - Singapore
- OPG Power Generation Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Kumho Petrochemical, South Korea
- PTC India Limited - India
- Eastern Energy - Thailand
- Sinarmas Energy and Mining - Indonesia
- Power Finance Corporation Ltd., India
- Kaltim Prima Coal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Indian Oil Corporation Limited
- Star Paper Mills Limited - India
- Timah Investasi Mineral - Indoneisa
- Essar Steel Hazira Ltd - India
- Thai Mozambique Logistica
- IEA Clean Coal Centre - UK
- Independent Power Producers Association of India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bangladesh Power Developement Board
- Makarim & Taira - Indonesia
- Bukit Baiduri Energy - Indonesia
- London Commodity Brokers - England
- India Bulls Power Limited - India
- Global Coal Blending Company Limited - Australia
- The State Trading Corporation of India Ltd
- Tamil Nadu electricity Board
- ASAPP Information Group - India
- Latin American Coal - Colombia
- Kepco SPC Power Corporation, Philippines
- Posco Energy - South Korea
- Economic Council, Georgia
- Semirara Mining Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Petron Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- Carbofer General Trading SA - India
- Uttam Galva Steels Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Romanian Commodities Exchange
- Bhoruka Overseas - Indonesia
- Baramulti Group, Indonesia
- Minerals Council of Australia
- Bulk Trading Sa - Switzerland
- Singapore Mercantile Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Antam Resourcindo - Indonesia
- Karaikal Port Pvt Ltd - India
- Australian Commodity Traders Exchange
- Orica Mining Services - Indonesia
- Siam City Cement PLC, Thailand
- IHS Mccloskey Coal Group - USA
- New Zealand Coal & Carbon
- Kalimantan Lumbung Energi - Indonesia
- Parry Sugars Refinery, India
- Sojitz Corporation - Japan
- Asmin Koalindo Tuhup - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Indogreen Group - Indonesia
- Siam City Cement - Thailand
- ICICI Bank Limited - India
- Indo Tambangraya Megah - Indonesia
- Orica Australia Pty. Ltd.
- Meenaskhi Energy Private Limited - India
- Eastern Coal Council - USA
- Maharashtra Electricity Regulatory Commission - India
- Cement Manufacturers Association - India
- LBH Netherlands Bv - Netherlands
- Mercuria Energy - Indonesia
- Medco Energi Mining Internasional
- South Luzon Thermal Energy Corporation
- Trasteel International SA, Italy
- Larsen & Toubro Limited - India
- McConnell Dowell - Australia
- Banpu Public Company Limited - Thailand
- Gujarat Sidhee Cement - India
- Xindia Steels Limited - India
- Cigading International Bulk Terminal - Indonesia
- Planning Commission, India
- Maheswari Brothers Coal Limited - India
- The Treasury - Australian Government
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SN Aboitiz Power Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Borneo Indobara - Indonesia
- Africa Commodities Group - South Africa
- Therma Luzon, Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- PNOC Exploration Corporation - Philippines
- Formosa Plastics Group - Taiwan
- Georgia Ports Authority, United States
- Madhucon Powers Ltd - India
- Dalmia Cement Bharat India
- Central Electricity Authority - India
- European Bulk Services B.V. - Netherlands
- TeaM Sual Corporation - Philippines
- Anglo American - United Kingdom
- Iligan Light & Power Inc, Philippines
- Aditya Birla Group - India
- Sindya Power Generating Company Private Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Directorate Of Revenue Intelligence - India
- GMR Energy Limited - India
- Kobexindo Tractors - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- Interocean Group of Companies - India
- Global Business Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Coalindo Energy - Indonesia
- Renaissance Capital - South Africa
- Ministry of Finance - Indonesia
- Deloitte Consulting - India
- Kartika Selabumi Mining - Indonesia
- Electricity Generating Authority of Thailand
- Miang Besar Coal Terminal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Global Green Power PLC Corporation, Philippines
- Edison Trading Spa - Italy
- Mjunction Services Limited - India
- Bharathi Cement Corporation - India
- SMC Global Power, Philippines
- Wood Mackenzie - Singapore
- Indian Energy Exchange, India
- VISA Power Limited - India
- Vedanta Resources Plc - India
- Jaiprakash Power Ventures ltd
- Riau Bara Harum - Indonesia
- Parliament of New Zealand
- Thiess Contractors Indonesia
- Central Java Power - Indonesia
- Merrill Lynch Commodities Europe
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