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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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Saturday, 03 January 15
U.S WEEKLY COAL PRODUCTION FELL 11.2% TO 17.6 MMST WEEK OVER WEEK - EIA
COALspot.com – United States the world's one of the largest coal producers, produced approximately 17.6 million short tons (mmst) of coal ...
Thursday, 01 January 15
FOB RICHARDS BAY COAL SWAPS CLOSED AT $63.47 PMT ON 26 DEC, SGX DATA SHOWS
COALspot.com: API 4 FOB Richards Bay Coal for delivery Q1' 2015 lost month on month and week over week.
The Q1 swap has lost US$ 3.37 (-4. ...
Wednesday, 31 December 14
COASTAL ENERGEN (C&O) COMMENCES 1ST UNIT OF 1200 MW POWER PLANT IN INDIA
COALspot.com: Coastal Energen, part of the Coal & Oil Group, announced last week the commissioning and commencement of power production at the ...
Wednesday, 31 December 14
SUB-BIT INDONESIA COAL Q2' 15 DELIVERY SWAP CLOSED 1.03% LOWER COMPARED TO AVERAGE Q1' 15 DELIVERY PRICE - SGX
COALspot.com: Indonesian coal swaps for delivery Q1' 2015 lost month on month and gained week over week.
The Q1 swap has lost US$ 1.35 (-2 ...
Tuesday, 30 December 14
SHIP PRICES KEEP ON FALLING, SALES COME EARLY FOR SHIP OWNERS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Ship prices keep on falling on the back of low freight rates. According to the latest report from shipbroker Allied Shipbroking, January sales seem ...
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- Rashtriya Ispat Nigam Limited - India
- Price Waterhouse Coopers - Russia
- Miang Besar Coal Terminal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Indika Energy - Indonesia
- Marubeni Corporation - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Deloitte Consulting - India
- Savvy Resources Ltd - HongKong
- Economic Council, Georgia
- Vizag Seaport Private Limited - India
- Indogreen Group - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- The Treasury - Australian Government
- GVK Power & Infra Limited - India
- Madhucon Powers Ltd - India
- Intertek Mineral Services - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Electricity Generating Authority of Thailand
- Straits Asia Resources Limited - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Coalindo Energy - Indonesia
- PowerSource Philippines DevCo
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Port Waratah Coal Services - Australia
- Manunggal Multi Energi - Indonesia
- Mercator Lines Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Thai Mozambique Logistica
- Globalindo Alam Lestari - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Sojitz Corporation - Japan
- MS Steel International - UAE
- Standard Chartered Bank - UAE
- Coal and Oil Company - UAE
- Trasteel International SA, Italy
- Meenaskhi Energy Private Limited - India
- Baramulti Group, Indonesia
- SMC Global Power, Philippines
- ICICI Bank Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Banpu Public Company Limited - Thailand
- European Bulk Services B.V. - Netherlands
- Sree Jayajothi Cements Limited - India
- Edison Trading Spa - Italy
- The University of Queensland
- Kobexindo Tractors - Indoneisa
- Ind-Barath Power Infra Limited - India
- Karbindo Abesyapradhi - Indoneisa
- GMR Energy Limited - India
- Commonwealth Bank - Australia
- Bhushan Steel Limited - India
- Medco Energi Mining Internasional
- Kepco SPC Power Corporation, Philippines
- Goldman Sachs - Singapore
- Global Green Power PLC Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Bulk Trading Sa - Switzerland
- Thiess Contractors Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vedanta Resources Plc - India
- International Coal Ventures Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Star Paper Mills Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Coastal Gujarat Power Limited - India
- Bayan Resources Tbk. - Indonesia
- Ambuja Cements Ltd - India
- Binh Thuan Hamico - Vietnam
- White Energy Company Limited
- Lanco Infratech Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Sical Logistics Limited - India
- Billiton Holdings Pty Ltd - Australia
- ASAPP Information Group - India
- Oldendorff Carriers - Singapore
- Indo Tambangraya Megah - Indonesia
- Barasentosa Lestari - Indonesia
- Georgia Ports Authority, United States
- Simpson Spence & Young - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Directorate Of Revenue Intelligence - India
- CNBM International Corporation - China
- TNB Fuel Sdn Bhd - Malaysia
- Maheswari Brothers Coal Limited - India
- Bharathi Cement Corporation - India
- IHS Mccloskey Coal Group - USA
- Samtan Co., Ltd - South Korea
- Salva Resources Pvt Ltd - India
- Makarim & Taira - Indonesia
- Toyota Tsusho Corporation, Japan
- Parry Sugars Refinery, India
- Directorate General of MIneral and Coal - Indonesia
- Karaikal Port Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Siam City Cement - Thailand
- Bukit Baiduri Energy - Indonesia
- Jindal Steel & Power Ltd - India
- CIMB Investment Bank - Malaysia
- Formosa Plastics Group - Taiwan
- Antam Resourcindo - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Rio Tinto Coal - Australia
- Indian Oil Corporation Limited
- Cement Manufacturers Association - India
- Metalloyd Limited - United Kingdom
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Finance - Indonesia
- Uttam Galva Steels Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Aboitiz Power Corporation - Philippines
- Chamber of Mines of South Africa
- San Jose City I Power Corp, Philippines
- London Commodity Brokers - England
- Posco Energy - South Korea
- Energy Development Corp, Philippines
- Agrawal Coal Company - India
- Siam City Cement PLC, Thailand
- Larsen & Toubro Limited - India
- Orica Mining Services - Indonesia
- Singapore Mercantile Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Iligan Light & Power Inc, Philippines
- Borneo Indobara - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Tamil Nadu electricity Board
- Mjunction Services Limited - India
- AsiaOL BioFuels Corp., Philippines
- Jaiprakash Power Ventures ltd
- TeaM Sual Corporation - Philippines
- Parliament of New Zealand
- PTC India Limited - India
- Australian Coal Association
- Kapuas Tunggal Persada - Indonesia
- Merrill Lynch Commodities Europe
- Meralco Power Generation, Philippines
- Semirara Mining Corp, Philippines
- Therma Luzon, Inc, Philippines
- Eastern Energy - Thailand
- Kohat Cement Company Ltd. - Pakistan
- Bhatia International Limited - India
- Ministry of Transport, Egypt
- Kumho Petrochemical, South Korea
- Kideco Jaya Agung - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Chettinad Cement Corporation Ltd - India
- India Bulls Power Limited - India
- Eastern Coal Council - USA
- Electricity Authority, New Zealand
- VISA Power Limited - India
- Bukit Makmur.PT - Indonesia
- Global Coal Blending Company Limited - Australia
- Minerals Council of Australia
- Kartika Selabumi Mining - Indonesia
- Bangladesh Power Developement Board
- Australian Commodity Traders Exchange
- Power Finance Corporation Ltd., India
- Indonesian Coal Mining Association
- New Zealand Coal & Carbon
- Alfred C Toepfer International GmbH - Germany
- McConnell Dowell - Australia
- Mercuria Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Renaissance Capital - South Africa
- Attock Cement Pakistan Limited
- Energy Link Ltd, New Zealand
- Ceylon Electricity Board - Sri Lanka
- South Luzon Thermal Energy Corporation
- Timah Investasi Mineral - Indoneisa
- The State Trading Corporation of India Ltd
- Africa Commodities Group - South Africa
- Planning Commission, India
- SMG Consultants - Indonesia
- PNOC Exploration Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- Interocean Group of Companies - India
- IEA Clean Coal Centre - UK
- Petron Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Xindia Steels Limited - India
- Indian Energy Exchange, India
- Aditya Birla Group - India
- Anglo American - United Kingdom
- Tata Chemicals Ltd - India
- LBH Netherlands Bv - Netherlands
- Videocon Industries ltd - India
- Ministry of Mines - Canada
- Gujarat Mineral Development Corp Ltd - India
- Mintek Dendrill Indonesia
- Krishnapatnam Port Company Ltd. - India
- Wilmar Investment Holdings
- Malabar Cements Ltd - India
- Grasim Industreis Ltd - India
- Global Business Power Corporation, Philippines
- Sakthi Sugars Limited - India
- Latin American Coal - Colombia
- Dalmia Cement Bharat India
- Maharashtra Electricity Regulatory Commission - India
- Orica Australia Pty. Ltd.
- Jorong Barutama Greston.PT - Indonesia
- Altura Mining Limited, Indonesia
- Central Java Power - Indonesia
- Heidelberg Cement - Germany
- Independent Power Producers Association of India
- SN Aboitiz Power Inc, Philippines
- Carbofer General Trading SA - India
- Kaltim Prima Coal - Indonesia
- Wood Mackenzie - Singapore
- Essar Steel Hazira Ltd - India
- Riau Bara Harum - Indonesia
- Romanian Commodities Exchange
- Sindya Power Generating Company Private Ltd
- Central Electricity Authority - India
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