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