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