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