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