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