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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, 09 December 14
API 8 CFR SOUTH CHINA COAL SWAPS FELL 1.8% MONTH OVER MONTH
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery has decreased US$ 1.84 (-2.91%) month over month and US$ 0.95 (-1.52%) we ...
Monday, 08 December 14
GOVERMENT TO WITHDRAW CNC STATUS OVER SUSPECTED FLAWS - THE JAKARTA POST
The Energy and Mineral Resources Ministry’s directorate general for mineral and coal plans to review the clean and clear (CnC) status held by ...
Monday, 08 December 14
FOB NEWCASTLE COAL SWAPS SLIP W-O-W AND M-O-M
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2015 delivery closed at US$ 52.10 on 5 December after losing US$ 0.55 (-1.04%) month over ...
Sunday, 07 December 14
SUPRAMAX S8 ROUTE SLIGHTLY INCREASED WEEK ON WEEK
COALspot.com: The BDI continued its fall as cape index fell heavily week on week.
The BDI lost around14.83 pct within last five working day an ...
Saturday, 06 December 14
TANKER FLOATING STORAGE PLAYS COULD COME INTO PLAY IF VLCC RATES STAY AT CURRENT LEVEL - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Contango: A phenomenon in commodities futures price curves where the delivery price of a futures contract is greater than the current price. With t ...
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- Timah Investasi Mineral - Indoneisa
- Toyota Tsusho Corporation, Japan
- Eastern Energy - Thailand
- Kartika Selabumi Mining - Indonesia
- Uttam Galva Steels Limited - India
- Price Waterhouse Coopers - Russia
- Medco Energi Mining Internasional
- Rio Tinto Coal - Australia
- Holcim Trading Pte Ltd - Singapore
- Central Electricity Authority - India
- GVK Power & Infra Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Interocean Group of Companies - India
- Sojitz Corporation - Japan
- Lanco Infratech Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Sarangani Energy Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Orica Australia Pty. Ltd.
- Romanian Commodities Exchange
- Bhatia International Limited - India
- Bhoruka Overseas - Indonesia
- Merrill Lynch Commodities Europe
- Iligan Light & Power Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- SMC Global Power, Philippines
- Latin American Coal - Colombia
- Leighton Contractors Pty Ltd - Australia
- Siam City Cement - Thailand
- ASAPP Information Group - India
- Indian Energy Exchange, India
- Goldman Sachs - Singapore
- SMG Consultants - Indonesia
- Global Coal Blending Company Limited - Australia
- Chamber of Mines of South Africa
- Mjunction Services Limited - India
- GMR Energy Limited - India
- IHS Mccloskey Coal Group - USA
- Grasim Industreis Ltd - India
- Port Waratah Coal Services - Australia
- Global Green Power PLC Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Borneo Indobara - Indonesia
- Mintek Dendrill Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Bhushan Steel Limited - India
- Ministry of Mines - Canada
- Edison Trading Spa - Italy
- Simpson Spence & Young - Indonesia
- Pendopo Energi Batubara - Indonesia
- McConnell Dowell - Australia
- Jindal Steel & Power Ltd - India
- LBH Netherlands Bv - Netherlands
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Antam Resourcindo - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Attock Cement Pakistan Limited
- Star Paper Mills Limited - India
- The Treasury - Australian Government
- CNBM International Corporation - China
- Energy Link Ltd, New Zealand
- Orica Mining Services - Indonesia
- Meenaskhi Energy Private Limited - India
- Minerals Council of Australia
- TNB Fuel Sdn Bhd - Malaysia
- Wood Mackenzie - Singapore
- CIMB Investment Bank - Malaysia
- Intertek Mineral Services - Indonesia
- Sical Logistics Limited - India
- San Jose City I Power Corp, Philippines
- Renaissance Capital - South Africa
- Karbindo Abesyapradhi - Indoneisa
- Thai Mozambique Logistica
- Bangladesh Power Developement Board
- Carbofer General Trading SA - India
- Malabar Cements Ltd - India
- Siam City Cement PLC, Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Trasteel International SA, Italy
- Parliament of New Zealand
- Banpu Public Company Limited - Thailand
- Marubeni Corporation - India
- Africa Commodities Group - South Africa
- Indo Tambangraya Megah - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Agrawal Coal Company - India
- Directorate General of MIneral and Coal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Salva Resources Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Semirara Mining Corp, Philippines
- Ind-Barath Power Infra Limited - India
- Deloitte Consulting - India
- Gujarat Sidhee Cement - India
- Commonwealth Bank - Australia
- Makarim & Taira - Indonesia
- Bharathi Cement Corporation - India
- Samtan Co., Ltd - South Korea
- Indian Oil Corporation Limited
- Cement Manufacturers Association - India
- Kapuas Tunggal Persada - Indonesia
- Indika Energy - Indonesia
- Economic Council, Georgia
- MS Steel International - UAE
- Posco Energy - South Korea
- Kohat Cement Company Ltd. - Pakistan
- Bayan Resources Tbk. - Indonesia
- Bukit Baiduri Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Altura Mining Limited, Indonesia
- Binh Thuan Hamico - Vietnam
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vizag Seaport Private Limited - India
- Indonesian Coal Mining Association
- Electricity Generating Authority of Thailand
- Karaikal Port Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Coalindo Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Independent Power Producers Association of India
- Oldendorff Carriers - Singapore
- Rashtriya Ispat Nigam Limited - India
- Australian Coal Association
- Thiess Contractors Indonesia
- Kumho Petrochemical, South Korea
- Georgia Ports Authority, United States
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Directorate Of Revenue Intelligence - India
- Jorong Barutama Greston.PT - Indonesia
- Vedanta Resources Plc - India
- AsiaOL BioFuels Corp., Philippines
- PNOC Exploration Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- Coal and Oil Company - UAE
- Therma Luzon, Inc, Philippines
- Parry Sugars Refinery, India
- The State Trading Corporation of India Ltd
- Ministry of Transport, Egypt
- Global Business Power Corporation, Philippines
- Indogreen Group - Indonesia
- VISA Power Limited - India
- European Bulk Services B.V. - Netherlands
- Straits Asia Resources Limited - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Singapore Mercantile Exchange
- PTC India Limited - India
- Meralco Power Generation, Philippines
- Larsen & Toubro Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Ceylon Electricity Board - Sri Lanka
- PowerSource Philippines DevCo
- Bukit Makmur.PT - Indonesia
- Australian Commodity Traders Exchange
- Manunggal Multi Energi - Indonesia
- White Energy Company Limited
- Barasentosa Lestari - Indonesia
- India Bulls Power Limited - India
- Heidelberg Cement - Germany
- Kalimantan Lumbung Energi - Indonesia
- Tamil Nadu electricity Board
- Ministry of Finance - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Aboitiz Power Corporation - Philippines
- Formosa Plastics Group - Taiwan
- Cigading International Bulk Terminal - Indonesia
- Electricity Authority, New Zealand
- Xindia Steels Limited - India
- Bulk Trading Sa - Switzerland
- Petron Corporation, Philippines
- Riau Bara Harum - Indonesia
- Baramulti Group, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Dalmia Cement Bharat India
- Mercuria Energy - Indonesia
- Ambuja Cements Ltd - India
- SN Aboitiz Power Inc, Philippines
- South Luzon Thermal Energy Corporation
- Metalloyd Limited - United Kingdom
- Petrochimia International Co. Ltd.- Taiwan
- PetroVietnam Power Coal Import and Supply Company
- Madhucon Powers Ltd - India
- GAC Shipping (India) Pvt Ltd
- Aditya Birla Group - India
- TeaM Sual Corporation - Philippines
- Sakthi Sugars Limited - India
- International Coal Ventures Pvt Ltd - India
- The University of Queensland
- Energy Development Corp, Philippines
- Videocon Industries ltd - India
- Kideco Jaya Agung - Indonesia
- Tata Chemicals Ltd - India
- Jaiprakash Power Ventures ltd
- Standard Chartered Bank - UAE
- Vijayanagar Sugar Pvt Ltd - India
- London Commodity Brokers - England
- ICICI Bank Limited - India
- Planning Commission, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Anglo American - United Kingdom
- Power Finance Corporation Ltd., India
- Gujarat Electricity Regulatory Commission - India
- Kepco SPC Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Central Java Power - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Eastern Coal Council - USA
- Wilmar Investment Holdings
- Coastal Gujarat Power Limited - India
- Maheswari Brothers Coal Limited - India
- New Zealand Coal & Carbon
- Savvy Resources Ltd - HongKong
- Mercator Lines Limited - India
- Sree Jayajothi Cements Limited - India
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