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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, 12 January 15
SHIPPING - CHALLENGES AND RESOLUTIONS - EVA TZIMA
Last year has without a doubt been another challenging one both for both our industry and our country. As Greece is currently dominated by election ...
Sunday, 11 January 15
BDI DECLINED 8% ON WEEK; BCI LOST 31%
COALspot.com: The BDI continued its decline in the first week of this year or lost 8 pct week over week. The BDI was closed at 709 points whi ...
Friday, 09 January 15
U.S. EASTERN SPOT STEAM COAL PRICES FELL IN 2014; ROSE IN WEST - EIA
U.S. Eastern spot steam coal prices declined in 2014 compared to 2013 levels because of a decline in steam coal exports.
According to U.S. Ene ...
Friday, 09 January 15
WEEKLY U.S. COAL PRODUCTION UP AN ESTIMATED 2.2% Y-O-Y
COALspot.com – United States the world's one of the largest coal producers, produced approximately 17.6 million short tons (mmst) of coal ...
Thursday, 08 January 15
INDONESIA PRESSES ON WITH HIGHER COAL ROYALTY FEE TO BOOST STATE REVENUE - JG
The Indonesian government is pressing on with its plan to raise the royalty charged to coal miners in order to increase state revenue, but the move ...
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- European Bulk Services B.V. - Netherlands
- Oldendorff Carriers - Singapore
- The State Trading Corporation of India Ltd
- Posco Energy - South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- Altura Mining Limited, Indonesia
- Therma Luzon, Inc, Philippines
- Videocon Industries ltd - India
- Bangladesh Power Developement Board
- Electricity Generating Authority of Thailand
- Deloitte Consulting - India
- Directorate General of MIneral and Coal - Indonesia
- Maheswari Brothers Coal Limited - India
- Coalindo Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Heidelberg Cement - Germany
- Kideco Jaya Agung - Indonesia
- Sree Jayajothi Cements Limited - India
- Power Finance Corporation Ltd., India
- Sojitz Corporation - Japan
- Metalloyd Limited - United Kingdom
- Sinarmas Energy and Mining - Indonesia
- White Energy Company Limited
- ICICI Bank Limited - India
- Kumho Petrochemical, South Korea
- Bharathi Cement Corporation - India
- Sical Logistics Limited - India
- McConnell Dowell - Australia
- Siam City Cement PLC, Thailand
- CIMB Investment Bank - Malaysia
- Medco Energi Mining Internasional
- San Jose City I Power Corp, Philippines
- Formosa Plastics Group - Taiwan
- India Bulls Power Limited - India
- Barasentosa Lestari - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Ministry of Mines - Canada
- Directorate Of Revenue Intelligence - India
- Banpu Public Company Limited - Thailand
- Lanco Infratech Ltd - India
- CNBM International Corporation - China
- Makarim & Taira - Indonesia
- Commonwealth Bank - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Australian Coal Association
- Leighton Contractors Pty Ltd - Australia
- Sarangani Energy Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Renaissance Capital - South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Marubeni Corporation - India
- Agrawal Coal Company - India
- Chamber of Mines of South Africa
- LBH Netherlands Bv - Netherlands
- Manunggal Multi Energi - Indonesia
- Thai Mozambique Logistica
- Simpson Spence & Young - Indonesia
- Antam Resourcindo - Indonesia
- Madhucon Powers Ltd - India
- Indonesian Coal Mining Association
- Xindia Steels Limited - India
- Bhoruka Overseas - Indonesia
- Bayan Resources Tbk. - Indonesia
- Orica Mining Services - Indonesia
- MS Steel International - UAE
- Edison Trading Spa - Italy
- Maharashtra Electricity Regulatory Commission - India
- Karaikal Port Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Asmin Koalindo Tuhup - Indonesia
- Rio Tinto Coal - Australia
- Orica Australia Pty. Ltd.
- London Commodity Brokers - England
- Gujarat Mineral Development Corp Ltd - India
- PowerSource Philippines DevCo
- Petrochimia International Co. Ltd.- Taiwan
- Independent Power Producers Association of India
- Larsen & Toubro Limited - India
- Price Waterhouse Coopers - Russia
- Parliament of New Zealand
- Baramulti Group, Indonesia
- Latin American Coal - Colombia
- Aditya Birla Group - India
- Indo Tambangraya Megah - Indonesia
- SMC Global Power, Philippines
- Standard Chartered Bank - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Straits Asia Resources Limited - Singapore
- Kobexindo Tractors - Indoneisa
- Planning Commission, India
- Global Coal Blending Company Limited - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- OPG Power Generation Pvt Ltd - India
- The Treasury - Australian Government
- PNOC Exploration Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- Indian Oil Corporation Limited
- ASAPP Information Group - India
- AsiaOL BioFuels Corp., Philippines
- Africa Commodities Group - South Africa
- Indogreen Group - Indonesia
- Bhatia International Limited - India
- Iligan Light & Power Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Ministry of Transport, Egypt
- Romanian Commodities Exchange
- Neyveli Lignite Corporation Ltd, - India
- Essar Steel Hazira Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Global Green Power PLC Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Meralco Power Generation, Philippines
- Coastal Gujarat Power Limited - India
- Goldman Sachs - Singapore
- Aboitiz Power Corporation - Philippines
- Interocean Group of Companies - India
- Mintek Dendrill Indonesia
- Thiess Contractors Indonesia
- PTC India Limited - India
- Krishnapatnam Port Company Ltd. - India
- Gujarat Electricity Regulatory Commission - India
- Intertek Mineral Services - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Grasim Industreis Ltd - India
- Georgia Ports Authority, United States
- Ind-Barath Power Infra Limited - India
- Mercator Lines Limited - India
- Mjunction Services Limited - India
- Carbofer General Trading SA - India
- International Coal Ventures Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Mercuria Energy - Indonesia
- Uttam Galva Steels Limited - India
- Holcim Trading Pte Ltd - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Petron Corporation, Philippines
- Parry Sugars Refinery, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Economic Council, Georgia
- Cigading International Bulk Terminal - Indonesia
- New Zealand Coal & Carbon
- Tata Chemicals Ltd - India
- Australian Commodity Traders Exchange
- South Luzon Thermal Energy Corporation
- Miang Besar Coal Terminal - Indonesia
- Semirara Mining Corp, Philippines
- The University of Queensland
- Jorong Barutama Greston.PT - Indonesia
- Eastern Coal Council - USA
- Savvy Resources Ltd - HongKong
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Attock Cement Pakistan Limited
- Anglo American - United Kingdom
- Kepco SPC Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Semirara Mining and Power Corporation, Philippines
- Tamil Nadu electricity Board
- Meenaskhi Energy Private Limited - India
- Port Waratah Coal Services - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Central Java Power - Indonesia
- Toyota Tsusho Corporation, Japan
- VISA Power Limited - India
- Siam City Cement - Thailand
- Sakthi Sugars Limited - India
- Vedanta Resources Plc - India
- Binh Thuan Hamico - Vietnam
- Ambuja Cements Ltd - India
- Kaltim Prima Coal - Indonesia
- Energy Link Ltd, New Zealand
- Vizag Seaport Private Limited - India
- Riau Bara Harum - Indonesia
- Coal and Oil Company - UAE
- Electricity Authority, New Zealand
- GVK Power & Infra Limited - India
- TeaM Sual Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- Trasteel International SA, Italy
- Borneo Indobara - Indonesia
- Singapore Mercantile Exchange
- Samtan Co., Ltd - South Korea
- Globalindo Alam Lestari - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Indika Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Bhushan Steel Limited - India
- Wilmar Investment Holdings
- Jindal Steel & Power Ltd - India
- Bulk Trading Sa - Switzerland
- GAC Shipping (India) Pvt Ltd
- Malabar Cements Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Dalmia Cement Bharat India
- Ministry of Finance - Indonesia
- Eastern Energy - Thailand
- Cement Manufacturers Association - India
- Central Electricity Authority - India
- Ceylon Electricity Board - Sri Lanka
- Gujarat Sidhee Cement - India
- Pendopo Energi Batubara - Indonesia
- Bukit Baiduri Energy - Indonesia
- GMR Energy Limited - India
- Minerals Council of Australia
- Global Business Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Star Paper Mills Limited - India
- Indian Energy Exchange, India
- Bukit Makmur.PT - Indonesia
- Wood Mackenzie - Singapore
- Energy Development Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- SMG Consultants - Indonesia
- IEA Clean Coal Centre - UK
- Sindya Power Generating Company Private Ltd
- Salva Resources Pvt Ltd - India
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