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