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