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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, 23 December 14
Q4'15 FOB RICHARDS BAY COAL SWAPS FALL $ 3.85 IN A MONTH
COALspot.com: API 4 FOB Richards Bay Coal for delivery Q1' 2015 lost month on month.
The Q1 swap has lost US$ 2.13 (-3.17%) month on month ...
Tuesday, 23 December 14
SHIPOWNERS ARE FINALIZING MORE DEALS AS YEAR END COMES CLOSER - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS WORLDWIDE
With the 2014 year just a few days before waving goodbye, shipowners are looking to close their pending deals in both the newbuilding and S&P m ...
Monday, 22 December 14
Q2'15 CFR SOUTH CHINA COAL SWAP CLOSED $ 0.30 LOWER THAN Q1'15 CLOSING
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery has decreased by US$ 3.67 (-5.81%) month over month and US$ 0.35 (-0.58%) ...
Monday, 22 December 14
API 5 FOB NEWCASTLE COAL SWAPS ARE HEADING SOUTH
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2015 delivery lost US$ 1.71 per MT (-3.24%) and closed at US$ 51.02 on 19 December month ...
Sunday, 21 December 14
PANAMAX COAL FREIGHT FROM INDONESIA TO INDIA FALLS FURTHER
COALspot.com: The BDI continued its fall as cape index lost heavily week on week.
The BDI was down 6.95 percent week over week and closed at 8 ...
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- Metalloyd Limited - United Kingdom
- PTC India Limited - India
- Ministry of Finance - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Electricity Authority, New Zealand
- Makarim & Taira - Indonesia
- Gujarat Sidhee Cement - India
- Energy Development Corp, Philippines
- Altura Mining Limited, Indonesia
- Eastern Energy - Thailand
- Aditya Birla Group - India
- Global Coal Blending Company Limited - Australia
- Salva Resources Pvt Ltd - India
- Ministry of Mines - Canada
- Lanco Infratech Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Indogreen Group - Indonesia
- Heidelberg Cement - Germany
- Carbofer General Trading SA - India
- Bhoruka Overseas - Indonesia
- Global Business Power Corporation, Philippines
- Singapore Mercantile Exchange
- Mercuria Energy - Indonesia
- Antam Resourcindo - Indonesia
- Chamber of Mines of South Africa
- Sojitz Corporation - Japan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Goldman Sachs - Singapore
- Australian Commodity Traders Exchange
- Bukit Baiduri Energy - Indonesia
- New Zealand Coal & Carbon
- Miang Besar Coal Terminal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Kartika Selabumi Mining - Indonesia
- Manunggal Multi Energi - Indonesia
- Thiess Contractors Indonesia
- Marubeni Corporation - India
- Neyveli Lignite Corporation Ltd, - India
- Ceylon Electricity Board - Sri Lanka
- Ind-Barath Power Infra Limited - India
- OPG Power Generation Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- The University of Queensland
- Malabar Cements Ltd - India
- Renaissance Capital - South Africa
- Directorate Of Revenue Intelligence - India
- Billiton Holdings Pty Ltd - Australia
- Tamil Nadu electricity Board
- AsiaOL BioFuels Corp., Philippines
- Central Java Power - Indonesia
- Meenaskhi Energy Private Limited - India
- Romanian Commodities Exchange
- McConnell Dowell - Australia
- Bangladesh Power Developement Board
- GVK Power & Infra Limited - India
- Trasteel International SA, Italy
- Alfred C Toepfer International GmbH - Germany
- Simpson Spence & Young - Indonesia
- Formosa Plastics Group - Taiwan
- PNOC Exploration Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- SN Aboitiz Power Inc, Philippines
- Georgia Ports Authority, United States
- Global Green Power PLC Corporation, Philippines
- Dalmia Cement Bharat India
- Energy Link Ltd, New Zealand
- Vizag Seaport Private Limited - India
- PetroVietnam Power Coal Import and Supply Company
- London Commodity Brokers - England
- GAC Shipping (India) Pvt Ltd
- Madhucon Powers Ltd - India
- Kideco Jaya Agung - Indonesia
- Semirara Mining Corp, Philippines
- White Energy Company Limited
- Australian Coal Association
- Globalindo Alam Lestari - Indonesia
- LBH Netherlands Bv - Netherlands
- Bukit Asam (Persero) Tbk - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Medco Energi Mining Internasional
- Price Waterhouse Coopers - Russia
- ASAPP Information Group - India
- Karbindo Abesyapradhi - Indoneisa
- Bukit Makmur.PT - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Edison Trading Spa - Italy
- Posco Energy - South Korea
- Savvy Resources Ltd - HongKong
- Wood Mackenzie - Singapore
- The State Trading Corporation of India Ltd
- IEA Clean Coal Centre - UK
- Bharathi Cement Corporation - India
- European Bulk Services B.V. - Netherlands
- Independent Power Producers Association of India
- GMR Energy Limited - India
- Timah Investasi Mineral - Indoneisa
- Vedanta Resources Plc - India
- Videocon Industries ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Riau Bara Harum - Indonesia
- Merrill Lynch Commodities Europe
- Bulk Trading Sa - Switzerland
- Deloitte Consulting - India
- MS Steel International - UAE
- Agrawal Coal Company - India
- Sindya Power Generating Company Private Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Borneo Indobara - Indonesia
- Africa Commodities Group - South Africa
- Jaiprakash Power Ventures ltd
- India Bulls Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- South Luzon Thermal Energy Corporation
- Gujarat Electricity Regulatory Commission - India
- Iligan Light & Power Inc, Philippines
- Coastal Gujarat Power Limited - India
- PowerSource Philippines DevCo
- Parry Sugars Refinery, India
- Eastern Coal Council - USA
- Economic Council, Georgia
- Kobexindo Tractors - Indoneisa
- SMG Consultants - Indonesia
- Thai Mozambique Logistica
- Star Paper Mills Limited - India
- Indo Tambangraya Megah - Indonesia
- CNBM International Corporation - China
- CIMB Investment Bank - Malaysia
- Electricity Generating Authority of Thailand
- Siam City Cement PLC, Thailand
- Straits Asia Resources Limited - Singapore
- Planning Commission, India
- Wilmar Investment Holdings
- Kaltim Prima Coal - Indonesia
- Mercator Lines Limited - India
- Port Waratah Coal Services - Australia
- San Jose City I Power Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- International Coal Ventures Pvt Ltd - India
- Grasim Industreis Ltd - India
- Leighton Contractors Pty Ltd - Australia
- TeaM Sual Corporation - Philippines
- Larsen & Toubro Limited - India
- Orica Australia Pty. Ltd.
- Indika Energy - Indonesia
- Minerals Council of Australia
- Krishnapatnam Port Company Ltd. - India
- Bhushan Steel Limited - India
- Interocean Group of Companies - India
- SMC Global Power, Philippines
- Power Finance Corporation Ltd., India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Transport, Egypt
- Aboitiz Power Corporation - Philippines
- Kumho Petrochemical, South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Toyota Tsusho Corporation, Japan
- Oldendorff Carriers - Singapore
- Barasentosa Lestari - Indonesia
- Samtan Co., Ltd - South Korea
- Kapuas Tunggal Persada - Indonesia
- Rio Tinto Coal - Australia
- Mjunction Services Limited - India
- Meralco Power Generation, Philippines
- Sakthi Sugars Limited - India
- Chettinad Cement Corporation Ltd - India
- Standard Chartered Bank - UAE
- Indonesian Coal Mining Association
- Siam City Cement - Thailand
- Cigading International Bulk Terminal - Indonesia
- Commonwealth Bank - Australia
- Jorong Barutama Greston.PT - Indonesia
- IHS Mccloskey Coal Group - USA
- Sinarmas Energy and Mining - Indonesia
- Baramulti Group, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Therma Luzon, Inc, Philippines
- Petron Corporation, Philippines
- Mintek Dendrill Indonesia
- Semirara Mining and Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Binh Thuan Hamico - Vietnam
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indian Oil Corporation Limited
- TNB Fuel Sdn Bhd - Malaysia
- Anglo American - United Kingdom
- Bhatia International Limited - India
- Sarangani Energy Corporation, Philippines
- Xindia Steels Limited - India
- Indian Energy Exchange, India
- Jindal Steel & Power Ltd - India
- Essar Steel Hazira Ltd - India
- Sical Logistics Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Tata Chemicals Ltd - India
- Parliament of New Zealand
- Karaikal Port Pvt Ltd - India
- VISA Power Limited - India
- Bayan Resources Tbk. - Indonesia
- Ambuja Cements Ltd - India
- Cement Manufacturers Association - India
- Banpu Public Company Limited - Thailand
- Orica Mining Services - Indonesia
- Maheswari Brothers Coal Limited - India
- Coalindo Energy - Indonesia
- Coal and Oil Company - UAE
- Uttam Galva Steels Limited - India
- The Treasury - Australian Government
- Attock Cement Pakistan Limited
- Latin American Coal - Colombia
- ICICI Bank Limited - India
- Central Electricity Authority - India
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