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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, 05 January 15
CFR SOUTH CHINA COAL SWAPS GAINED WEEK OVER WEEK, SGX DATA SHOWS
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery has decreased by US$ 2.50 (-4.02%) month over month and gained US$ 0.20 ( ...
Monday, 05 January 15
FIVE ENERGY SURPRISES FOR 2015: THE POSSIBLE AND THE IMPROBABLE - KURT COBB
The coming year is likely to be as full of surprises in the field of energy as 2014 was. We just don't know which surprises! I am not predictin ...
Monday, 05 January 15
THE SHIPPING MARKET IN 2014 AND LOOKING FORWARD - BIMCO
2014 started with plenty of optimism for a considerably better global economy and an improved shipping market. Things turned out somewhat different ...
Monday, 05 January 15
API 5 FOB NEWCASTLE COAL SWAP FOR Q1'15 DELIVERY CLOSED US$ 0.45 HIGHER COMPARED TO Q2'15 CLOSING
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2015 delivery lost US$ 0.60 per MT (-1.15%) month over month and gained US$ 0.02 (+0.04%) ...
Sunday, 04 January 15
BALTIC DRY INDEX CONTINUES ITS DECLINE IN 2015
Wish you all a very Happy New Year 2015. The last report was dated 19th Dec 2014 and due to Christmas and new year holidays no reports were publish ...
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- Africa Commodities Group - South Africa
- Sindya Power Generating Company Private Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Coal and Oil Company - UAE
- Kumho Petrochemical, South Korea
- Minerals Council of Australia
- Timah Investasi Mineral - Indoneisa
- Global Green Power PLC Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Grasim Industreis Ltd - India
- Bhushan Steel Limited - India
- Eastern Energy - Thailand
- Borneo Indobara - Indonesia
- Bayan Resources Tbk. - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Essar Steel Hazira Ltd - India
- Jaiprakash Power Ventures ltd
- Vedanta Resources Plc - India
- Larsen & Toubro Limited - India
- CIMB Investment Bank - Malaysia
- MS Steel International - UAE
- Kepco SPC Power Corporation, Philippines
- Ambuja Cements Ltd - India
- White Energy Company Limited
- Standard Chartered Bank - UAE
- Merrill Lynch Commodities Europe
- Iligan Light & Power Inc, Philippines
- Bhatia International Limited - India
- Sarangani Energy Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Siam City Cement PLC, Thailand
- San Jose City I Power Corp, Philippines
- Barasentosa Lestari - Indonesia
- Vizag Seaport Private Limited - India
- Gujarat Mineral Development Corp Ltd - India
- New Zealand Coal & Carbon
- Energy Development Corp, Philippines
- Romanian Commodities Exchange
- Dalmia Cement Bharat India
- Electricity Generating Authority of Thailand
- Riau Bara Harum - Indonesia
- Commonwealth Bank - Australia
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Finance - Indonesia
- Bulk Trading Sa - Switzerland
- Samtan Co., Ltd - South Korea
- Price Waterhouse Coopers - Russia
- Aditya Birla Group - India
- Eastern Coal Council - USA
- Coastal Gujarat Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- SMG Consultants - Indonesia
- PTC India Limited - India
- Star Paper Mills Limited - India
- Trasteel International SA, Italy
- Siam City Cement - Thailand
- Uttam Galva Steels Limited - India
- GAC Shipping (India) Pvt Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Billiton Holdings Pty Ltd - Australia
- Mintek Dendrill Indonesia
- Ceylon Electricity Board - Sri Lanka
- PNOC Exploration Corporation - Philippines
- Indogreen Group - Indonesia
- Pendopo Energi Batubara - Indonesia
- Indo Tambangraya Megah - Indonesia
- Anglo American - United Kingdom
- Posco Energy - South Korea
- Lanco Infratech Ltd - India
- Holcim Trading Pte Ltd - Singapore
- ICICI Bank Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Sinarmas Energy and Mining - Indonesia
- AsiaOL BioFuels Corp., Philippines
- European Bulk Services B.V. - Netherlands
- Orica Mining Services - Indonesia
- Binh Thuan Hamico - Vietnam
- Bharathi Cement Corporation - India
- Kobexindo Tractors - Indoneisa
- Kartika Selabumi Mining - Indonesia
- Toyota Tsusho Corporation, Japan
- Antam Resourcindo - Indonesia
- Deloitte Consulting - India
- Meenaskhi Energy Private Limited - India
- Krishnapatnam Port Company Ltd. - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Asmin Koalindo Tuhup - Indonesia
- Mercator Lines Limited - India
- Power Finance Corporation Ltd., India
- Agrawal Coal Company - India
- Wilmar Investment Holdings
- Wood Mackenzie - Singapore
- Interocean Group of Companies - India
- IEA Clean Coal Centre - UK
- Kapuas Tunggal Persada - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Coalindo Energy - Indonesia
- Latin American Coal - Colombia
- Orica Australia Pty. Ltd.
- LBH Netherlands Bv - Netherlands
- Economic Council, Georgia
- Sakthi Sugars Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Bhoruka Overseas - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Semirara Mining Corp, Philippines
- India Bulls Power Limited - India
- GMR Energy Limited - India
- Karaikal Port Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- GN Power Mariveles Coal Plant, Philippines
- Metalloyd Limited - United Kingdom
- Makarim & Taira - Indonesia
- TeaM Sual Corporation - Philippines
- Gujarat Sidhee Cement - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- International Coal Ventures Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Chamber of Mines of South Africa
- Globalindo Alam Lestari - Indonesia
- Madhucon Powers Ltd - India
- Energy Link Ltd, New Zealand
- Kaltim Prima Coal - Indonesia
- Ind-Barath Power Infra Limited - India
- Carbofer General Trading SA - India
- ASAPP Information Group - India
- Maheswari Brothers Coal Limited - India
- Xindia Steels Limited - India
- Singapore Mercantile Exchange
- Videocon Industries ltd - India
- GVK Power & Infra Limited - India
- Australian Commodity Traders Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Thai Mozambique Logistica
- Petrochimia International Co. Ltd.- Taiwan
- Tamil Nadu electricity Board
- Port Waratah Coal Services - Australia
- Cement Manufacturers Association - India
- Edison Trading Spa - Italy
- Thiess Contractors Indonesia
- CNBM International Corporation - China
- Rio Tinto Coal - Australia
- PowerSource Philippines DevCo
- Formosa Plastics Group - Taiwan
- Ministry of Transport, Egypt
- Mercuria Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Indian Energy Exchange, India
- Cigading International Bulk Terminal - Indonesia
- Aboitiz Power Corporation - Philippines
- Goldman Sachs - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Renaissance Capital - South Africa
- Rashtriya Ispat Nigam Limited - India
- Altura Mining Limited, Indonesia
- Global Business Power Corporation, Philippines
- McConnell Dowell - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Mines - Canada
- Indika Energy - Indonesia
- Sojitz Corporation - Japan
- Mjunction Services Limited - India
- Marubeni Corporation - India
- Attock Cement Pakistan Limited
- Australian Coal Association
- Chettinad Cement Corporation Ltd - India
- VISA Power Limited - India
- Simpson Spence & Young - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Intertek Mineral Services - Indonesia
- Medco Energi Mining Internasional
- The University of Queensland
- Bukit Baiduri Energy - Indonesia
- Heidelberg Cement - Germany
- PetroVietnam Power Coal Import and Supply Company
- Bukit Makmur.PT - Indonesia
- Indian Oil Corporation Limited
- South Luzon Thermal Energy Corporation
- Straits Asia Resources Limited - Singapore
- Malabar Cements Ltd - India
- Central Java Power - Indonesia
- Banpu Public Company Limited - Thailand
- Semirara Mining and Power Corporation, Philippines
- Independent Power Producers Association of India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- OPG Power Generation Pvt Ltd - India
- Central Electricity Authority - India
- Therma Luzon, Inc, Philippines
- Savvy Resources Ltd - HongKong
- Parry Sugars Refinery, India
- Sical Logistics Limited - India
- Electricity Authority, New Zealand
- Manunggal Multi Energi - Indonesia
- Indonesian Coal Mining Association
- Georgia Ports Authority, United States
- Parliament of New Zealand
- London Commodity Brokers - England
- Jindal Steel & Power Ltd - India
- Petron Corporation, Philippines
- Bangladesh Power Developement Board
- Global Coal Blending Company Limited - Australia
- The Treasury - Australian Government
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Baramulti Group, Indonesia
- Meralco Power Generation, Philippines
- Planning Commission, India
- Oldendorff Carriers - Singapore
- Tata Chemicals Ltd - India
- SMC Global Power, Philippines
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