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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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Saturday, 06 December 14
MUNDRA PORT MAKES HISTORY BY HANDLING THE LARGEST BULK CARRIER TO CALL ON WEST COAST OF INDIA
COALspot.com: Adani Ports & SEZ Ltd, India’s largest port developer and part of Adani Group, yesterday said its Mundra Port successf ...
Friday, 05 December 14
U.S. YEAR-TO-DATE COAL PRODUCTION REACHED AROUND 905 MMST - EIA
COALspot.com – United States the world's one of the largest coal producers, produced approximately 19 million short tons (mmst) of coal i ...
Thursday, 04 December 14
CAPE MARKET IS DEVELOPING FROM BAD TO WORSE
Handy
The Atlantic market has been pretty stable and balanced this week, Fearnleys AS says in its latest weekly report.
The broker furt ...
Thursday, 04 December 14
DRY BULK MARKET; ANOTHER DISAPPOINTING WEEK
COALspot.com: For those who have been hoping to see alignment of freight direction across the Dry Bulk market, this must have been another disappoi ...
Wednesday, 03 December 14
PROGRESSING SMELTER PROJECTS IN INDONESIA
Press Release: Indonesia’s ban on ‘raw mineral export’ that was designed to encouraging downstream investment in mineral processi ...
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- Sinarmas Energy and Mining - Indonesia
- Simpson Spence & Young - Indonesia
- Singapore Mercantile Exchange
- Energy Link Ltd, New Zealand
- Bangladesh Power Developement Board
- Vijayanagar Sugar Pvt Ltd - India
- Chamber of Mines of South Africa
- Renaissance Capital - South Africa
- Ministry of Mines - Canada
- Malabar Cements Ltd - India
- Kumho Petrochemical, South Korea
- Antam Resourcindo - Indonesia
- OPG Power Generation Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Vizag Seaport Private Limited - India
- Barasentosa Lestari - Indonesia
- Agrawal Coal Company - India
- Global Coal Blending Company Limited - Australia
- South Luzon Thermal Energy Corporation
- Marubeni Corporation - India
- Therma Luzon, Inc, Philippines
- ASAPP Information Group - India
- European Bulk Services B.V. - Netherlands
- GN Power Mariveles Coal Plant, Philippines
- Sical Logistics Limited - India
- PTC India Limited - India
- Directorate General of MIneral and Coal - Indonesia
- TeaM Sual Corporation - Philippines
- ICICI Bank Limited - India
- Semirara Mining Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- Orica Mining Services - Indonesia
- Standard Chartered Bank - UAE
- Aditya Birla Group - India
- Parry Sugars Refinery, India
- Krishnapatnam Port Company Ltd. - India
- Kaltim Prima Coal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jorong Barutama Greston.PT - Indonesia
- Sarangani Energy Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Kalimantan Lumbung Energi - Indonesia
- Merrill Lynch Commodities Europe
- Altura Mining Limited, Indonesia
- International Coal Ventures Pvt Ltd - India
- Meralco Power Generation, Philippines
- Ind-Barath Power Infra Limited - India
- GMR Energy Limited - India
- Medco Energi Mining Internasional
- Cement Manufacturers Association - India
- Essar Steel Hazira Ltd - India
- Indika Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Interocean Group of Companies - India
- Eastern Coal Council - USA
- San Jose City I Power Corp, Philippines
- New Zealand Coal & Carbon
- Anglo American - United Kingdom
- Jindal Steel & Power Ltd - India
- VISA Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- SMC Global Power, Philippines
- Edison Trading Spa - Italy
- Australian Coal Association
- Sree Jayajothi Cements Limited - India
- Georgia Ports Authority, United States
- Kartika Selabumi Mining - Indonesia
- India Bulls Power Limited - India
- Tamil Nadu electricity Board
- Africa Commodities Group - South Africa
- Timah Investasi Mineral - Indoneisa
- McConnell Dowell - Australia
- Riau Bara Harum - Indonesia
- Baramulti Group, Indonesia
- Kideco Jaya Agung - Indonesia
- PowerSource Philippines DevCo
- Dalmia Cement Bharat India
- Port Waratah Coal Services - Australia
- Commonwealth Bank - Australia
- Binh Thuan Hamico - Vietnam
- Globalindo Alam Lestari - Indonesia
- Bayan Resources Tbk. - Indonesia
- Orica Australia Pty. Ltd.
- Madhucon Powers Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Larsen & Toubro Limited - India
- Mercator Lines Limited - India
- Maheswari Brothers Coal Limited - India
- Sakthi Sugars Limited - India
- Videocon Industries ltd - India
- Independent Power Producers Association of India
- Savvy Resources Ltd - HongKong
- Directorate Of Revenue Intelligence - India
- Alfred C Toepfer International GmbH - Germany
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Ambuja Cements Ltd - India
- Makarim & Taira - Indonesia
- The State Trading Corporation of India Ltd
- London Commodity Brokers - England
- Attock Cement Pakistan Limited
- Thai Mozambique Logistica
- Rashtriya Ispat Nigam Limited - India
- White Energy Company Limited
- Intertek Mineral Services - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Uttam Galva Steels Limited - India
- Bhoruka Overseas - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Parliament of New Zealand
- Indogreen Group - Indonesia
- Ministry of Finance - Indonesia
- PNOC Exploration Corporation - Philippines
- Mercuria Energy - Indonesia
- Economic Council, Georgia
- Indian Energy Exchange, India
- Global Green Power PLC Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- The Treasury - Australian Government
- Central Electricity Authority - India
- Rio Tinto Coal - Australia
- Minerals Council of Australia
- Carbofer General Trading SA - India
- Bhatia International Limited - India
- Trasteel International SA, Italy
- Indo Tambangraya Megah - Indonesia
- Indonesian Coal Mining Association
- The University of Queensland
- Global Business Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- SMG Consultants - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Xindia Steels Limited - India
- Deloitte Consulting - India
- Salva Resources Pvt Ltd - India
- MS Steel International - UAE
- IEA Clean Coal Centre - UK
- Energy Development Corp, Philippines
- Oldendorff Carriers - Singapore
- Electricity Generating Authority of Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Sidhee Cement - India
- Planning Commission, India
- Straits Asia Resources Limited - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Banpu Public Company Limited - Thailand
- GAC Shipping (India) Pvt Ltd
- Lanco Infratech Ltd - India
- Petron Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Toyota Tsusho Corporation, Japan
- Coalindo Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Kobexindo Tractors - Indoneisa
- GVK Power & Infra Limited - India
- Posco Energy - South Korea
- Indian Oil Corporation Limited
- PetroVietnam Power Coal Import and Supply Company
- TNB Fuel Sdn Bhd - Malaysia
- Bhushan Steel Limited - India
- Tata Chemicals Ltd - India
- Central Java Power - Indonesia
- Samtan Co., Ltd - South Korea
- Borneo Indobara - Indonesia
- CIMB Investment Bank - Malaysia
- Wilmar Investment Holdings
- Holcim Trading Pte Ltd - Singapore
- Kepco SPC Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Coal and Oil Company - UAE
- Bharathi Cement Corporation - India
- Eastern Energy - Thailand
- Ceylon Electricity Board - Sri Lanka
- Electricity Authority, New Zealand
- Latin American Coal - Colombia
- Star Paper Mills Limited - India
- Bulk Trading Sa - Switzerland
- Power Finance Corporation Ltd., India
- Asmin Koalindo Tuhup - Indonesia
- Grasim Industreis Ltd - India
- CNBM International Corporation - China
- Heidelberg Cement - Germany
- Mintek Dendrill Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Romanian Commodities Exchange
- Wood Mackenzie - Singapore
- Semirara Mining and Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Siam City Cement - Thailand
- Maharashtra Electricity Regulatory Commission - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Australian Commodity Traders Exchange
- Billiton Holdings Pty Ltd - Australia
- AsiaOL BioFuels Corp., Philippines
- Goldman Sachs - Singapore
- Sindya Power Generating Company Private Ltd
- IHS Mccloskey Coal Group - USA
- Metalloyd Limited - United Kingdom
- Mjunction Services Limited - India
- Thiess Contractors Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Cigading International Bulk Terminal - Indonesia
- Jaiprakash Power Ventures ltd
- Aboitiz Power Corporation - Philippines
- Siam City Cement PLC, Thailand
- Vedanta Resources Plc - India
- Formosa Plastics Group - Taiwan
- Bukit Makmur.PT - Indonesia
- Manunggal Multi Energi - Indonesia
- SN Aboitiz Power Inc, Philippines
- Sojitz Corporation - Japan
- Ministry of Transport, Egypt
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