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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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Friday, 19 December 14
HOW WILL LOWER BUNKER PRICES AFFECT THE SUBSTANTIAL OVERCAPACITY IN DRY BULK MARKET? - BIMCO
As bunker fuel costs have come down from USD 600 per tonnes to USD 330 per tonnes in the past 6 months, much talk about increased ship speed have s ...
Friday, 19 December 14
U.S WEEKLY COAL PRODUCTION REACHED APPROXIMATELY 19.8 MMST; UP 1.0% WOW
COALspot.com – United States the world's one of the largest coal producers, produced approximately 19.8 million short tons (mmst) of coal ...
Friday, 19 December 14
HANDY: SOFTER TONE; PANAMAX: QUIET WEEK; CAPESIZE; PAINFUL WEEK
Handy
A softer tone for rates and volumes for the Supras, perhaps less apparent in the Pacific the last week before the season holidays and good ...
Thursday, 18 December 14
INDONESIA TO REVISE UP COAL OUTPUT TARGET TO 460 MILLION TONS IN 2015
COALspot.com: Indonesian government has revised up its next year coal output forecast to 460 million tons from its previous forecast of 421 million ...
Wednesday, 17 December 14
CAPES RATES SLIPPED BELOW $5,600/DAY, FELL 84% YOY
COALspot.com: In the very rare occurrence when the BCI stands below the BDI, words to describe market sentiment are probably poor, said Intermodal ...
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- Rashtriya Ispat Nigam Limited - India
- Kepco SPC Power Corporation, Philippines
- White Energy Company Limited
- International Coal Ventures Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Mines - Canada
- ICICI Bank Limited - India
- Global Coal Blending Company Limited - Australia
- Coalindo Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Coastal Gujarat Power Limited - India
- Maheswari Brothers Coal Limited - India
- Mercuria Energy - Indonesia
- Banpu Public Company Limited - Thailand
- PNOC Exploration Corporation - Philippines
- Formosa Plastics Group - Taiwan
- Toyota Tsusho Corporation, Japan
- Binh Thuan Hamico - Vietnam
- Karaikal Port Pvt Ltd - India
- London Commodity Brokers - England
- Romanian Commodities Exchange
- Marubeni Corporation - India
- Agrawal Coal Company - India
- Karbindo Abesyapradhi - Indoneisa
- Independent Power Producers Association of India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Salva Resources Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Africa Commodities Group - South Africa
- Price Waterhouse Coopers - Russia
- Power Finance Corporation Ltd., India
- Parry Sugars Refinery, India
- Siam City Cement - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Orica Mining Services - Indonesia
- Savvy Resources Ltd - HongKong
- Essar Steel Hazira Ltd - India
- Bangladesh Power Developement Board
- Wood Mackenzie - Singapore
- Ambuja Cements Ltd - India
- Australian Coal Association
- Indo Tambangraya Megah - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Bharathi Cement Corporation - India
- Krishnapatnam Port Company Ltd. - India
- VISA Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- Semirara Mining and Power Corporation, Philippines
- Lanco Infratech Ltd - India
- OPG Power Generation Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Electricity Authority, New Zealand
- Economic Council, Georgia
- GMR Energy Limited - India
- Semirara Mining Corp, Philippines
- Renaissance Capital - South Africa
- Orica Australia Pty. Ltd.
- Sree Jayajothi Cements Limited - India
- Mercator Lines Limited - India
- Ind-Barath Power Infra Limited - India
- Electricity Generating Authority of Thailand
- Madhucon Powers Ltd - India
- Kaltim Prima Coal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Oldendorff Carriers - Singapore
- Ministry of Finance - Indonesia
- CNBM International Corporation - China
- CIMB Investment Bank - Malaysia
- Energy Link Ltd, New Zealand
- AsiaOL BioFuels Corp., Philippines
- Thai Mozambique Logistica
- Carbofer General Trading SA - India
- Bahari Cakrawala Sebuku - Indonesia
- Goldman Sachs - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Edison Trading Spa - Italy
- Ministry of Transport, Egypt
- Gujarat Sidhee Cement - India
- Iligan Light & Power Inc, Philippines
- Jindal Steel & Power Ltd - India
- MS Steel International - UAE
- Eastern Energy - Thailand
- Chamber of Mines of South Africa
- Minerals Council of Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Barasentosa Lestari - Indonesia
- Petron Corporation, Philippines
- Vizag Seaport Private Limited - India
- Medco Energi Mining Internasional
- Grasim Industreis Ltd - India
- The Treasury - Australian Government
- SMG Consultants - Indonesia
- Anglo American - United Kingdom
- Central Electricity Authority - India
- Singapore Mercantile Exchange
- Bhatia International Limited - India
- Interocean Group of Companies - India
- PetroVietnam Power Coal Import and Supply Company
- GAC Shipping (India) Pvt Ltd
- Tamil Nadu electricity Board
- Baramulti Group, Indonesia
- Simpson Spence & Young - Indonesia
- Meralco Power Generation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- New Zealand Coal & Carbon
- Global Green Power PLC Corporation, Philippines
- Indika Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- Global Business Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Sakthi Sugars Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Aditya Birla Group - India
- Jaiprakash Power Ventures ltd
- Riau Bara Harum - Indonesia
- Manunggal Multi Energi - Indonesia
- Bukit Makmur.PT - Indonesia
- Central Java Power - Indonesia
- Bhushan Steel Limited - India
- The State Trading Corporation of India Ltd
- Videocon Industries ltd - India
- Timah Investasi Mineral - Indoneisa
- PowerSource Philippines DevCo
- Malabar Cements Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Miang Besar Coal Terminal - Indonesia
- Therma Luzon, Inc, Philippines
- Merrill Lynch Commodities Europe
- Coal and Oil Company - UAE
- The University of Queensland
- Kohat Cement Company Ltd. - Pakistan
- Straits Asia Resources Limited - Singapore
- TeaM Sual Corporation - Philippines
- PTC India Limited - India
- Energy Development Corp, Philippines
- Star Paper Mills Limited - India
- Sinarmas Energy and Mining - Indonesia
- Sarangani Energy Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- LBH Netherlands Bv - Netherlands
- Holcim Trading Pte Ltd - Singapore
- Borneo Indobara - Indonesia
- Georgia Ports Authority, United States
- Larsen & Toubro Limited - India
- Port Waratah Coal Services - Australia
- ASAPP Information Group - India
- Asmin Koalindo Tuhup - Indonesia
- Indian Oil Corporation Limited
- Tata Chemicals Ltd - India
- Rio Tinto Coal - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Altura Mining Limited, Indonesia
- Sindya Power Generating Company Private Ltd
- Posco Energy - South Korea
- Bayan Resources Tbk. - Indonesia
- Makarim & Taira - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Vijayanagar Sugar Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Metalloyd Limited - United Kingdom
- Bhoruka Overseas - Indonesia
- European Bulk Services B.V. - Netherlands
- Wilmar Investment Holdings
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mjunction Services Limited - India
- Kapuas Tunggal Persada - Indonesia
- Aboitiz Power Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- SN Aboitiz Power Inc, Philippines
- Vedanta Resources Plc - India
- Xindia Steels Limited - India
- Samtan Co., Ltd - South Korea
- Thiess Contractors Indonesia
- Commonwealth Bank - Australia
- Heidelberg Cement - Germany
- Standard Chartered Bank - UAE
- Mintek Dendrill Indonesia
- Uttam Galva Steels Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Sojitz Corporation - Japan
- Eastern Coal Council - USA
- Deloitte Consulting - India
- Australian Commodity Traders Exchange
- Kobexindo Tractors - Indoneisa
- Siam City Cement PLC, Thailand
- Directorate General of MIneral and Coal - Indonesia
- South Luzon Thermal Energy Corporation
- SMC Global Power, Philippines
- India Bulls Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Meenaskhi Energy Private Limited - India
- Parliament of New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Kumho Petrochemical, South Korea
- Intertek Mineral Services - Indonesia
- Indian Energy Exchange, India
- McConnell Dowell - Australia
- Dalmia Cement Bharat India
- Latin American Coal - Colombia
- Indonesian Coal Mining Association
- Pendopo Energi Batubara - Indonesia
- Planning Commission, India
- Ceylon Electricity Board - Sri Lanka
- Bulk Trading Sa - Switzerland
- San Jose City I Power Corp, Philippines
- Trasteel International SA, Italy
- Maharashtra Electricity Regulatory Commission - India
- Sical Logistics Limited - India
- Indogreen Group - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- GVK Power & Infra Limited - India
- Kideco Jaya Agung - Indonesia
- Attock Cement Pakistan Limited
- Cement Manufacturers Association - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
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