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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, 29 December 14
SGX'S FOB NEWCASTLE COAL SWAPS IMPROVED W-O-W, LOST M-O-M
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2015 delivery lost US$ 1.44 per MT (-2.73%) month over month and gained US$ 0.36 (+0.71%) ...
Friday, 26 December 14
SHIPS FACE LOWER SULPHUR FUEL REQUIREMENTS IN EMISSION CONTROL AREAS FROM 1 JANUARY 2015 - IMO
Ships trading in designated emission control areas will have to use on board fuel oil with a sulphur content of no more than 0.10% from 1 January 2 ...
Wednesday, 24 December 14
CAPE DEMAND WAS STILL EXTREMELY SOFT THIS PAST WEEK ACROSS BOTH BASINS - INTERMODAL
COALspot.com: The performance of the Dry Bulk market, which found itself in desperate search of support for yet another week, has left very little ...
Wednesday, 24 December 14
MARKET INSIGHT - JOHN N. COTZIAS, INTERMODAL SNP BROKER
The year is coming to an end, and we should be able to assess if this was a good year, a bad year, or even a lousy one? The answer clearly de ...
Tuesday, 23 December 14
Q1'15 FOB INDONESIA COAL SWAP GAINED 48 CENTS IN ONE WEEK
COALspot.com: Indonesian coal swaps for delivery Q1' 2015 lost month on month and gained week over week and day on day.
The Q1 swap has lo ...
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- Makarim & Taira - Indonesia
- Gujarat Sidhee Cement - India
- Trasteel International SA, Italy
- Global Green Power PLC Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Cement Manufacturers Association - India
- Semirara Mining and Power Corporation, Philippines
- Coal and Oil Company - UAE
- New Zealand Coal & Carbon
- Romanian Commodities Exchange
- Aditya Birla Group - India
- Mjunction Services Limited - India
- PTC India Limited - India
- Samtan Co., Ltd - South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- Independent Power Producers Association of India
- Medco Energi Mining Internasional
- Kohat Cement Company Ltd. - Pakistan
- Carbofer General Trading SA - India
- Bulk Trading Sa - Switzerland
- Xindia Steels Limited - India
- Ministry of Finance - Indonesia
- SN Aboitiz Power Inc, Philippines
- Chamber of Mines of South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Riau Bara Harum - Indonesia
- Mintek Dendrill Indonesia
- Attock Cement Pakistan Limited
- Sakthi Sugars Limited - India
- Marubeni Corporation - India
- Lanco Infratech Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Tamil Nadu electricity Board
- Energy Development Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Aboitiz Power Corporation - Philippines
- Dalmia Cement Bharat India
- Indo Tambangraya Megah - Indonesia
- Heidelberg Cement - Germany
- Sojitz Corporation - Japan
- Jorong Barutama Greston.PT - Indonesia
- Orica Australia Pty. Ltd.
- Gujarat Mineral Development Corp Ltd - India
- CNBM International Corporation - China
- SMG Consultants - Indonesia
- Africa Commodities Group - South Africa
- Indika Energy - Indonesia
- ASAPP Information Group - India
- Bangladesh Power Developement Board
- Toyota Tsusho Corporation, Japan
- Economic Council, Georgia
- Edison Trading Spa - Italy
- Oldendorff Carriers - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Parry Sugars Refinery, India
- Barasentosa Lestari - Indonesia
- Thiess Contractors Indonesia
- Alfred C Toepfer International GmbH - Germany
- GMR Energy Limited - India
- Bhushan Steel Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Tata Chemicals Ltd - India
- Thai Mozambique Logistica
- Simpson Spence & Young - Indonesia
- Global Coal Blending Company Limited - Australia
- Cigading International Bulk Terminal - Indonesia
- Commonwealth Bank - Australia
- Coalindo Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Rashtriya Ispat Nigam Limited - India
- AsiaOL BioFuels Corp., Philippines
- Grasim Industreis Ltd - India
- Standard Chartered Bank - UAE
- Siam City Cement PLC, Thailand
- Australian Commodity Traders Exchange
- Ambuja Cements Ltd - India
- Ind-Barath Power Infra Limited - India
- Indian Oil Corporation Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Anglo American - United Kingdom
- Binh Thuan Hamico - Vietnam
- Indian Energy Exchange, India
- GN Power Mariveles Coal Plant, Philippines
- Antam Resourcindo - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Sical Logistics Limited - India
- Electricity Generating Authority of Thailand
- Singapore Mercantile Exchange
- Kaltim Prima Coal - Indonesia
- Kumho Petrochemical, South Korea
- Electricity Authority, New Zealand
- Sarangani Energy Corporation, Philippines
- Malabar Cements Ltd - India
- Meenaskhi Energy Private Limited - India
- CIMB Investment Bank - Malaysia
- Savvy Resources Ltd - HongKong
- Mercator Lines Limited - India
- GVK Power & Infra Limited - India
- Directorate Of Revenue Intelligence - India
- Bukit Asam (Persero) Tbk - Indonesia
- Videocon Industries ltd - India
- Goldman Sachs - Singapore
- South Luzon Thermal Energy Corporation
- Borneo Indobara - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Petron Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Bukit Baiduri Energy - Indonesia
- Indonesian Coal Mining Association
- Ministry of Mines - Canada
- Vedanta Resources Plc - India
- Kalimantan Lumbung Energi - Indonesia
- Port Waratah Coal Services - Australia
- Madhucon Powers Ltd - India
- Karaikal Port Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Parliament of New Zealand
- Neyveli Lignite Corporation Ltd, - India
- Renaissance Capital - South Africa
- Eastern Energy - Thailand
- Intertek Mineral Services - Indonesia
- London Commodity Brokers - England
- Kartika Selabumi Mining - Indonesia
- The Treasury - Australian Government
- Australian Coal Association
- Deloitte Consulting - India
- Sindya Power Generating Company Private Ltd
- Minerals Council of Australia
- VISA Power Limited - India
- ICICI Bank Limited - India
- PowerSource Philippines DevCo
- Karbindo Abesyapradhi - Indoneisa
- Iligan Light & Power Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Bhoruka Overseas - Indonesia
- Holcim Trading Pte Ltd - Singapore
- San Jose City I Power Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- The University of Queensland
- PetroVietnam Power Coal Import and Supply Company
- Interocean Group of Companies - India
- Bhatia International Limited - India
- Orica Mining Services - Indonesia
- Global Business Power Corporation, Philippines
- Larsen & Toubro Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- White Energy Company Limited
- GAC Shipping (India) Pvt Ltd
- Ministry of Transport, Egypt
- Planning Commission, India
- Metalloyd Limited - United Kingdom
- Sree Jayajothi Cements Limited - India
- IEA Clean Coal Centre - UK
- Kepco SPC Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Uttam Galva Steels Limited - India
- Wilmar Investment Holdings
- Banpu Public Company Limited - Thailand
- TeaM Sual Corporation - Philippines
- Jindal Steel & Power Ltd - India
- European Bulk Services B.V. - Netherlands
- Krishnapatnam Port Company Ltd. - India
- Semirara Mining Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Kideco Jaya Agung - Indonesia
- Vizag Seaport Private Limited - India
- Agrawal Coal Company - India
- Coastal Gujarat Power Limited - India
- Altura Mining Limited, Indonesia
- Central Java Power - Indonesia
- Pendopo Energi Batubara - Indonesia
- International Coal Ventures Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Meralco Power Generation, Philippines
- India Bulls Power Limited - India
- Latin American Coal - Colombia
- Indogreen Group - Indonesia
- Mercuria Energy - Indonesia
- Central Electricity Authority - India
- Merrill Lynch Commodities Europe
- Siam City Cement - Thailand
- Globalindo Alam Lestari - Indonesia
- MS Steel International - UAE
- Georgia Ports Authority, United States
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Therma Luzon, Inc, Philippines
- SMC Global Power, Philippines
- Maheswari Brothers Coal Limited - India
- Eastern Coal Council - USA
- Manunggal Multi Energi - Indonesia
- The State Trading Corporation of India Ltd
- Bharathi Cement Corporation - India
- PNOC Exploration Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Leighton Contractors Pty Ltd - Australia
- Sinarmas Energy and Mining - Indonesia
- Energy Link Ltd, New Zealand
- Posco Energy - South Korea
- IHS Mccloskey Coal Group - USA
- Bayan Resources Tbk. - Indonesia
- Salva Resources Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Price Waterhouse Coopers - Russia
- Essar Steel Hazira Ltd - India
- Jaiprakash Power Ventures ltd
- Bukit Makmur.PT - Indonesia
- Wood Mackenzie - Singapore
- Kobexindo Tractors - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Baramulti Group, Indonesia
- Rio Tinto Coal - Australia
- Maharashtra Electricity Regulatory Commission - India
- Star Paper Mills Limited - India
- LBH Netherlands Bv - Netherlands
- McConnell Dowell - Australia
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