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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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Tuesday, 30 December 14
INDIA INC TO BENEFIT AS IMPORTED COAL PRICES SET TO FALL - RAHUL PRITHIANI
The Hindu: India‘s coal import volumes are set to rise by over 30 per cent over the next two years to 214 million tonnes in 2015-16, as domes ...
Tuesday, 30 December 14
U.S WEEKLY COAL PRODUCTION ALMOST FLAT AT -0.2%
COALspot.com – United States the world's one of the largest coal producers, produced approximately 19.8 million short tons (mmst) of coal ...
Monday, 29 December 14
CHINESE COAL IMPORTS: REGULATORY RISKS? - CLARKSONS
In recent years, Chinese seaborne coal imports have surged, registering average growth of 67% p.a. between 2009 and 2013 to total 265mt. However, t ...
Monday, 29 December 14
BULK MARKET ENDS YEAR ON SOUR NOTE, SHIPBROKER SEES 'BUMPY ROAD AHEAD' - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
2014 was supposed to be the year that the dry bulk market would stage a comeback and a sustainable one for that matter. However, while for the most ...
Monday, 29 December 14
Q1'15 CFR SOUTH CHINA COAL SWAP CLOSED AT $59.42
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery has decreased by US$ 3.51 (-5.58%) month over month and US$ 0.08 (-0.13%) ...
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- Holcim Trading Pte Ltd - Singapore
- Globalindo Alam Lestari - Indonesia
- Formosa Plastics Group - Taiwan
- Trasteel International SA, Italy
- PetroVietnam Power Coal Import and Supply Company
- San Jose City I Power Corp, Philippines
- MS Steel International - UAE
- Salva Resources Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Barasentosa Lestari - Indonesia
- PTC India Limited - India
- Romanian Commodities Exchange
- Metalloyd Limited - United Kingdom
- Energy Development Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Singapore Mercantile Exchange
- Bhoruka Overseas - Indonesia
- Toyota Tsusho Corporation, Japan
- Therma Luzon, Inc, Philippines
- Madhucon Powers Ltd - India
- SMG Consultants - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Kaltim Prima Coal - Indonesia
- McConnell Dowell - Australia
- Meenaskhi Energy Private Limited - India
- Kumho Petrochemical, South Korea
- Australian Commodity Traders Exchange
- Deloitte Consulting - India
- Aboitiz Power Corporation - Philippines
- The University of Queensland
- CNBM International Corporation - China
- Merrill Lynch Commodities Europe
- South Luzon Thermal Energy Corporation
- Kepco SPC Power Corporation, Philippines
- Parry Sugars Refinery, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Central Electricity Authority - India
- Rashtriya Ispat Nigam Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Petrochimia International Co. Ltd.- Taiwan
- CIMB Investment Bank - Malaysia
- Wood Mackenzie - Singapore
- Ambuja Cements Ltd - India
- Carbofer General Trading SA - India
- Global Business Power Corporation, Philippines
- Chamber of Mines of South Africa
- Bhushan Steel Limited - India
- Pendopo Energi Batubara - Indonesia
- Dalmia Cement Bharat India
- Rio Tinto Coal - Australia
- Ministry of Finance - Indonesia
- Wilmar Investment Holdings
- Goldman Sachs - Singapore
- Straits Asia Resources Limited - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Attock Cement Pakistan Limited
- Binh Thuan Hamico - Vietnam
- Chettinad Cement Corporation Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jindal Steel & Power Ltd - India
- Iligan Light & Power Inc, Philippines
- Independent Power Producers Association of India
- Economic Council, Georgia
- Bukit Makmur.PT - Indonesia
- The State Trading Corporation of India Ltd
- Renaissance Capital - South Africa
- OPG Power Generation Pvt Ltd - India
- Anglo American - United Kingdom
- Commonwealth Bank - Australia
- Indogreen Group - Indonesia
- Jaiprakash Power Ventures ltd
- Kartika Selabumi Mining - Indonesia
- Baramulti Group, Indonesia
- Borneo Indobara - Indonesia
- Essar Steel Hazira Ltd - India
- Standard Chartered Bank - UAE
- ASAPP Information Group - India
- Energy Link Ltd, New Zealand
- Samtan Co., Ltd - South Korea
- Semirara Mining and Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Jorong Barutama Greston.PT - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Posco Energy - South Korea
- Billiton Holdings Pty Ltd - Australia
- Asmin Koalindo Tuhup - Indonesia
- Mjunction Services Limited - India
- Port Waratah Coal Services - Australia
- Indonesian Coal Mining Association
- Electricity Generating Authority of Thailand
- Heidelberg Cement - Germany
- Aditya Birla Group - India
- Uttam Galva Steels Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Parliament of New Zealand
- Coastal Gujarat Power Limited - India
- Bayan Resources Tbk. - Indonesia
- Savvy Resources Ltd - HongKong
- PNOC Exploration Corporation - Philippines
- Vedanta Resources Plc - India
- Mercuria Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- International Coal Ventures Pvt Ltd - India
- Australian Coal Association
- VISA Power Limited - India
- White Energy Company Limited
- Gujarat Electricity Regulatory Commission - India
- Bukit Baiduri Energy - Indonesia
- Tata Chemicals Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Bharathi Cement Corporation - India
- Simpson Spence & Young - Indonesia
- Eastern Coal Council - USA
- Latin American Coal - Colombia
- GVK Power & Infra Limited - India
- SMC Global Power, Philippines
- Karaikal Port Pvt Ltd - India
- Siam City Cement - Thailand
- ICICI Bank Limited - India
- London Commodity Brokers - England
- Larsen & Toubro Limited - India
- Ind-Barath Power Infra Limited - India
- Petron Corporation, Philippines
- Semirara Mining Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- Vizag Seaport Private Limited - India
- Sinarmas Energy and Mining - Indonesia
- TeaM Sual Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Africa Commodities Group - South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Gujarat Sidhee Cement - India
- Interocean Group of Companies - India
- Riau Bara Harum - Indonesia
- IHS Mccloskey Coal Group - USA
- Leighton Contractors Pty Ltd - Australia
- Ceylon Electricity Board - Sri Lanka
- Kobexindo Tractors - Indoneisa
- Price Waterhouse Coopers - Russia
- SN Aboitiz Power Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Malabar Cements Ltd - India
- Thai Mozambique Logistica
- Mercator Lines Limited - India
- Xindia Steels Limited - India
- Mintek Dendrill Indonesia
- Grasim Industreis Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Green Power PLC Corporation, Philippines
- Ministry of Mines - Canada
- Electricity Authority, New Zealand
- Timah Investasi Mineral - Indoneisa
- Indian Energy Exchange, India
- Orica Mining Services - Indonesia
- Coalindo Energy - Indonesia
- The Treasury - Australian Government
- Maheswari Brothers Coal Limited - India
- Thiess Contractors Indonesia
- Bhatia International Limited - India
- Bulk Trading Sa - Switzerland
- Gujarat Mineral Development Corp Ltd - India
- Siam City Cement PLC, Thailand
- Indian Oil Corporation Limited
- Central Java Power - Indonesia
- Power Finance Corporation Ltd., India
- Indika Energy - Indonesia
- Edison Trading Spa - Italy
- Agrawal Coal Company - India
- Sarangani Energy Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Sakthi Sugars Limited - India
- Georgia Ports Authority, United States
- Tamil Nadu electricity Board
- Sical Logistics Limited - India
- Krishnapatnam Port Company Ltd. - India
- Star Paper Mills Limited - India
- Marubeni Corporation - India
- Ministry of Transport, Egypt
- Bahari Cakrawala Sebuku - Indonesia
- LBH Netherlands Bv - Netherlands
- Bangladesh Power Developement Board
- Antam Resourcindo - Indonesia
- Planning Commission, India
- GAC Shipping (India) Pvt Ltd
- Cement Manufacturers Association - India
- Maharashtra Electricity Regulatory Commission - India
- Oldendorff Carriers - Singapore
- Eastern Energy - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Directorate General of MIneral and Coal - Indonesia
- Minerals Council of Australia
- Sree Jayajothi Cements Limited - India
- Coal and Oil Company - UAE
- Meralco Power Generation, Philippines
- India Bulls Power Limited - India
- Banpu Public Company Limited - Thailand
- Sojitz Corporation - Japan
- Orica Australia Pty. Ltd.
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Videocon Industries ltd - India
- Makarim & Taira - Indonesia
- IEA Clean Coal Centre - UK
- Intertek Mineral Services - Indonesia
- Medco Energi Mining Internasional
- GMR Energy Limited - India
- Lanco Infratech Ltd - India
- Altura Mining Limited, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- PowerSource Philippines DevCo
- Karbindo Abesyapradhi - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- New Zealand Coal & Carbon
- Manunggal Multi Energi - Indonesia
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