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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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- Sakthi Sugars Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Indian Energy Exchange, India
- Anglo American - United Kingdom
- Kumho Petrochemical, South Korea
- Georgia Ports Authority, United States
- Holcim Trading Pte Ltd - Singapore
- Parry Sugars Refinery, India
- Standard Chartered Bank - UAE
- Directorate General of MIneral and Coal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Timah Investasi Mineral - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- Global Coal Blending Company Limited - Australia
- Renaissance Capital - South Africa
- Pendopo Energi Batubara - Indonesia
- Baramulti Group, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- India Bulls Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Latin American Coal - Colombia
- GAC Shipping (India) Pvt Ltd
- Bukit Makmur.PT - Indonesia
- Bhatia International Limited - India
- Makarim & Taira - Indonesia
- Chamber of Mines of South Africa
- Ind-Barath Power Infra Limited - India
- Commonwealth Bank - Australia
- GMR Energy Limited - India
- Coastal Gujarat Power Limited - India
- Goldman Sachs - Singapore
- ICICI Bank Limited - India
- Riau Bara Harum - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Marubeni Corporation - India
- Therma Luzon, Inc, Philippines
- Global Business Power Corporation, Philippines
- Aditya Birla Group - India
- Sojitz Corporation - Japan
- Vedanta Resources Plc - India
- Orica Australia Pty. Ltd.
- Globalindo Alam Lestari - Indonesia
- Petron Corporation, Philippines
- CNBM International Corporation - China
- Parliament of New Zealand
- LBH Netherlands Bv - Netherlands
- Sinarmas Energy and Mining - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Straits Asia Resources Limited - Singapore
- Larsen & Toubro Limited - India
- Ambuja Cements Ltd - India
- Cement Manufacturers Association - India
- Malabar Cements Ltd - India
- Agrawal Coal Company - India
- TNB Fuel Sdn Bhd - Malaysia
- Asmin Koalindo Tuhup - Indonesia
- The State Trading Corporation of India Ltd
- Billiton Holdings Pty Ltd - Australia
- Meenaskhi Energy Private Limited - India
- Videocon Industries ltd - India
- Australian Coal Association
- Coal and Oil Company - UAE
- Directorate Of Revenue Intelligence - India
- Semirara Mining and Power Corporation, Philippines
- Independent Power Producers Association of India
- Kartika Selabumi Mining - Indonesia
- Coalindo Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Medco Energi Mining Internasional
- Bulk Trading Sa - Switzerland
- SN Aboitiz Power Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- PowerSource Philippines DevCo
- Planning Commission, India
- Vizag Seaport Private Limited - India
- Semirara Mining Corp, Philippines
- Simpson Spence & Young - Indonesia
- Ministry of Finance - Indonesia
- The University of Queensland
- Sical Logistics Limited - India
- Lanco Infratech Ltd - India
- Africa Commodities Group - South Africa
- Tamil Nadu electricity Board
- Thiess Contractors Indonesia
- Siam City Cement PLC, Thailand
- Samtan Co., Ltd - South Korea
- Toyota Tsusho Corporation, Japan
- OPG Power Generation Pvt Ltd - India
- Indonesian Coal Mining Association
- Grasim Industreis Ltd - India
- Salva Resources Pvt Ltd - India
- Dalmia Cement Bharat India
- San Jose City I Power Corp, Philippines
- Deloitte Consulting - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Metalloyd Limited - United Kingdom
- Eastern Coal Council - USA
- Sree Jayajothi Cements Limited - India
- Alfred C Toepfer International GmbH - Germany
- Electricity Generating Authority of Thailand
- CIMB Investment Bank - Malaysia
- Siam City Cement - Thailand
- Attock Cement Pakistan Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Mines - Canada
- Ministry of Transport, Egypt
- Heidelberg Cement - Germany
- Savvy Resources Ltd - HongKong
- Bayan Resources Tbk. - Indonesia
- Aboitiz Power Corporation - Philippines
- Wilmar Investment Holdings
- Sarangani Energy Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Intertek Mineral Services - Indonesia
- Merrill Lynch Commodities Europe
- Bangladesh Power Developement Board
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Mineral Development Corp Ltd - India
- GVK Power & Infra Limited - India
- McConnell Dowell - Australia
- Rio Tinto Coal - Australia
- Jorong Barutama Greston.PT - Indonesia
- Oldendorff Carriers - Singapore
- Gujarat Sidhee Cement - India
- The Treasury - Australian Government
- Neyveli Lignite Corporation Ltd, - India
- Carbofer General Trading SA - India
- Kideco Jaya Agung - Indonesia
- Price Waterhouse Coopers - Russia
- Bharathi Cement Corporation - India
- Singapore Mercantile Exchange
- International Coal Ventures Pvt Ltd - India
- ASAPP Information Group - India
- Posco Energy - South Korea
- Madhucon Powers Ltd - India
- Minerals Council of Australia
- Orica Mining Services - Indonesia
- SMC Global Power, Philippines
- AsiaOL BioFuels Corp., Philippines
- Central Java Power - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- SMG Consultants - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Mintek Dendrill Indonesia
- Barasentosa Lestari - Indonesia
- Indian Oil Corporation Limited
- Bhushan Steel Limited - India
- Power Finance Corporation Ltd., India
- Trasteel International SA, Italy
- Star Paper Mills Limited - India
- Indika Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Port Waratah Coal Services - Australia
- MS Steel International - UAE
- Australian Commodity Traders Exchange
- Wood Mackenzie - Singapore
- New Zealand Coal & Carbon
- Jindal Steel & Power Ltd - India
- European Bulk Services B.V. - Netherlands
- Krishnapatnam Port Company Ltd. - India
- Tata Chemicals Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Edison Trading Spa - Italy
- Borneo Indobara - Indonesia
- Indogreen Group - Indonesia
- Iligan Light & Power Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Interocean Group of Companies - India
- Formosa Plastics Group - Taiwan
- Jaiprakash Power Ventures ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Romanian Commodities Exchange
- Meralco Power Generation, Philippines
- Maheswari Brothers Coal Limited - India
- Cigading International Bulk Terminal - Indonesia
- Economic Council, Georgia
- Bhoruka Overseas - Indonesia
- Xindia Steels Limited - India
- Altura Mining Limited, Indonesia
- Kobexindo Tractors - Indoneisa
- Eastern Energy - Thailand
- Ceylon Electricity Board - Sri Lanka
- VISA Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- Chettinad Cement Corporation Ltd - India
- Central Electricity Authority - India
- White Energy Company Limited
- IHS Mccloskey Coal Group - USA
- Essar Steel Hazira Ltd - India
- Electricity Authority, New Zealand
- Energy Link Ltd, New Zealand
- Mercuria Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Antam Resourcindo - Indonesia
- Uttam Galva Steels Limited - India
- South Luzon Thermal Energy Corporation
- PTC India Limited - India
- Energy Development Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Mjunction Services Limited - India
- Banpu Public Company Limited - Thailand
- Manunggal Multi Energi - Indonesia
- Karaikal Port Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- PNOC Exploration Corporation - Philippines
- Mercator Lines Limited - India
- Thai Mozambique Logistica
- Kalimantan Lumbung Energi - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- IEA Clean Coal Centre - UK
- London Commodity Brokers - England
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Baiduri Energy - Indonesia
- TeaM Sual Corporation - Philippines
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