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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, 15 December 14
INDONESIAN COAL PRICE REFERENCE CRASHES THROUGH $65
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia revised down the coal bench mark price once again in December. HBA for t ...
Monday, 15 December 14
CFR SOUTH CHINA COAL SWAP LOST $3.37 M-O-M
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery has decreased by US$ 3,37 (-5.33%) month over month and US$ 1.58 (-2.57%) ...
Monday, 15 December 14
Q1' 15 FOB NEWCASTLE COAL SWAP CLOSED AT $ 51.45 ON 12 DEC
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2015 delivery lost US$ 1.45 per MT (-2.74%) closed at US$ 51.45 on 12 December month over ...
Sunday, 14 December 14
FREIGHT RATES ARE EXPECTED TO BE SOFT NEXT WEEK
COALspot.com: The Baltic Dry Index (BDI), a measure of commodity-shipping costs, fell 12.12 pct to 863 points week ending 12 December 2014.
Th ...
Friday, 12 December 14
LIMITED TRADING AND AN OVERSUPPLY OF TONNAGE PUSHED HANDY SIZE SHIPS TO DOWN IN USG
Handy
We have seen the TA spot market come down this week lead by limited trading and an oversupply of tonnage in the USG, Fearnleys said in its ...
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- Kohat Cement Company Ltd. - Pakistan
- Georgia Ports Authority, United States
- Vijayanagar Sugar Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- Sical Logistics Limited - India
- Thiess Contractors Indonesia
- SN Aboitiz Power Inc, Philippines
- Indian Energy Exchange, India
- Deloitte Consulting - India
- Malabar Cements Ltd - India
- Indonesian Coal Mining Association
- Antam Resourcindo - Indonesia
- Central Electricity Authority - India
- Krishnapatnam Port Company Ltd. - India
- Makarim & Taira - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Riau Bara Harum - Indonesia
- Commonwealth Bank - Australia
- Rashtriya Ispat Nigam Limited - India
- Vizag Seaport Private Limited - India
- Star Paper Mills Limited - India
- Siam City Cement PLC, Thailand
- Indo Tambangraya Megah - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Bukit Baiduri Energy - Indonesia
- Thai Mozambique Logistica
- TeaM Sual Corporation - Philippines
- Electricity Authority, New Zealand
- GMR Energy Limited - India
- Central Java Power - Indonesia
- Chamber of Mines of South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Asmin Koalindo Tuhup - Indonesia
- Eastern Energy - Thailand
- London Commodity Brokers - England
- Singapore Mercantile Exchange
- Oldendorff Carriers - Singapore
- OPG Power Generation Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Globalindo Alam Lestari - Indonesia
- Siam City Cement - Thailand
- Leighton Contractors Pty Ltd - Australia
- Miang Besar Coal Terminal - Indonesia
- Coal and Oil Company - UAE
- Semirara Mining Corp, Philippines
- San Jose City I Power Corp, Philippines
- Mercuria Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Bukit Makmur.PT - Indonesia
- Kaltim Prima Coal - Indonesia
- Videocon Industries ltd - India
- Coalindo Energy - Indonesia
- Trasteel International SA, Italy
- Ministry of Finance - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Petron Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Vedanta Resources Plc - India
- Indika Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Romanian Commodities Exchange
- Eastern Coal Council - USA
- Formosa Plastics Group - Taiwan
- Neyveli Lignite Corporation Ltd, - India
- Barasentosa Lestari - Indonesia
- Orica Australia Pty. Ltd.
- Xindia Steels Limited - India
- CNBM International Corporation - China
- Energy Development Corp, Philippines
- Kideco Jaya Agung - Indonesia
- VISA Power Limited - India
- Sakthi Sugars Limited - India
- Cement Manufacturers Association - India
- Independent Power Producers Association of India
- Power Finance Corporation Ltd., India
- TNB Fuel Sdn Bhd - Malaysia
- Marubeni Corporation - India
- Gujarat Mineral Development Corp Ltd - India
- Coastal Gujarat Power Limited - India
- ICICI Bank Limited - India
- Attock Cement Pakistan Limited
- PowerSource Philippines DevCo
- McConnell Dowell - Australia
- Rio Tinto Coal - Australia
- Kobexindo Tractors - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- Metalloyd Limited - United Kingdom
- Uttam Galva Steels Limited - India
- Directorate Of Revenue Intelligence - India
- Billiton Holdings Pty Ltd - Australia
- Anglo American - United Kingdom
- Latin American Coal - Colombia
- Parry Sugars Refinery, India
- IEA Clean Coal Centre - UK
- Interocean Group of Companies - India
- Agrawal Coal Company - India
- Lanco Infratech Ltd - India
- Jindal Steel & Power Ltd - India
- GVK Power & Infra Limited - India
- Posco Energy - South Korea
- Chettinad Cement Corporation Ltd - India
- Port Waratah Coal Services - Australia
- Alfred C Toepfer International GmbH - Germany
- Timah Investasi Mineral - Indoneisa
- Tata Chemicals Ltd - India
- European Bulk Services B.V. - Netherlands
- Aboitiz Power Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- New Zealand Coal & Carbon
- ASAPP Information Group - India
- Straits Asia Resources Limited - Singapore
- Goldman Sachs - Singapore
- Mercator Lines Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Pendopo Energi Batubara - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Banpu Public Company Limited - Thailand
- Australian Commodity Traders Exchange
- Meenaskhi Energy Private Limited - India
- Madhucon Powers Ltd - India
- Simpson Spence & Young - Indonesia
- Therma Luzon, Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Tamil Nadu electricity Board
- Borneo Indobara - Indonesia
- Indian Oil Corporation Limited
- Bhushan Steel Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Merrill Lynch Commodities Europe
- Sojitz Corporation - Japan
- Karaikal Port Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Samtan Co., Ltd - South Korea
- Bangladesh Power Developement Board
- India Bulls Power Limited - India
- Toyota Tsusho Corporation, Japan
- LBH Netherlands Bv - Netherlands
- Larsen & Toubro Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Bharathi Cement Corporation - India
- Meralco Power Generation, Philippines
- Iligan Light & Power Inc, Philippines
- The University of Queensland
- PetroVietnam Power Coal Import and Supply Company
- Wilmar Investment Holdings
- Price Waterhouse Coopers - Russia
- SMG Consultants - Indonesia
- Bhoruka Overseas - Indonesia
- International Coal Ventures Pvt Ltd - India
- Heidelberg Cement - Germany
- South Luzon Thermal Energy Corporation
- Karbindo Abesyapradhi - Indoneisa
- Holcim Trading Pte Ltd - Singapore
- Kartika Selabumi Mining - Indonesia
- Wood Mackenzie - Singapore
- PTC India Limited - India
- Global Coal Blending Company Limited - Australia
- Ambuja Cements Ltd - India
- Energy Link Ltd, New Zealand
- Sindya Power Generating Company Private Ltd
- Kalimantan Lumbung Energi - Indonesia
- Mjunction Services Limited - India
- Maheswari Brothers Coal Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Altura Mining Limited, Indonesia
- Medco Energi Mining Internasional
- Kumho Petrochemical, South Korea
- Economic Council, Georgia
- The Treasury - Australian Government
- Ind-Barath Power Infra Limited - India
- IHS Mccloskey Coal Group - USA
- Global Green Power PLC Corporation, Philippines
- Minerals Council of Australia
- Jaiprakash Power Ventures ltd
- Electricity Generating Authority of Thailand
- Dalmia Cement Bharat India
- Edison Trading Spa - Italy
- SMC Global Power, Philippines
- Bulk Trading Sa - Switzerland
- CIMB Investment Bank - Malaysia
- The State Trading Corporation of India Ltd
- Manunggal Multi Energi - Indonesia
- Indogreen Group - Indonesia
- Intertek Mineral Services - Indonesia
- Salva Resources Pvt Ltd - India
- Carbofer General Trading SA - India
- Africa Commodities Group - South Africa
- Parliament of New Zealand
- Bhatia International Limited - India
- Essar Steel Hazira Ltd - India
- White Energy Company Limited
- Ministry of Mines - Canada
- Offshore Bulk Terminal Pte Ltd, Singapore
- PNOC Exploration Corporation - Philippines
- Savvy Resources Ltd - HongKong
- Ministry of Transport, Egypt
- MS Steel International - UAE
- GAC Shipping (India) Pvt Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Planning Commission, India
- Standard Chartered Bank - UAE
- Australian Coal Association
- Orica Mining Services - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Binh Thuan Hamico - Vietnam
- Mintek Dendrill Indonesia
- Renaissance Capital - South Africa
- Grasim Industreis Ltd - India
- Baramulti Group, Indonesia
- Global Business Power Corporation, Philippines
- Aditya Birla Group - India
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