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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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Wednesday, 03 December 14
SHIPPING MARKET INSIGHT - KONSTANTINOS KONTOMICHIS
The dry bulk market seems unable to turn sentiment round and is still looking for direction. The BCI's 887-point free fall last week had an obv ...
Wednesday, 03 December 14
CAPESIZE DRY BULK CARRIERS ENTER 2015 WITH MIXED FORTUNES, WITH A POSITIVE AND A NEGATIVE SCENARIO BOTH EMERGING - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The future of the Capesize dry bulk market appears to be engulfed from mixed “feelings” among analysts and market participants, despite ...
Tuesday, 02 December 14
KEY PLAYERS SHED NEW PERSPECTIVES ON COAL MARKETS
Press Release: Singapore’s ONLY and longest established Coal Trade event. Whilst Coal prices remain challenging, there is widespread consensu ...
Tuesday, 02 December 14
KOMIPO INVITES BIDS FOR 585,000 METRIC TONS OF COAL FOR Q1'15
COALspot.com - Korea Midland Power Co. Ltd. (KOMIPO) is inviting bids for the supply of 585,000 Metric Tons of coal. According to invitation, 5700 ...
Tuesday, 02 December 14
U.S WEEKLY COAL PRODUCTION FELL 1.4% WEEK ON WEEK - EIA
COALspot.com – United States the world's one of the largest coal producers, produced approximately 18.6 million short tons (mmst) o ...
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- Formosa Plastics Group - Taiwan
- Aditya Birla Group - India
- Xindia Steels Limited - India
- Central Electricity Authority - India
- Interocean Group of Companies - India
- Borneo Indobara - Indonesia
- CIMB Investment Bank - Malaysia
- Toyota Tsusho Corporation, Japan
- Kepco SPC Power Corporation, Philippines
- Rio Tinto Coal - Australia
- Gujarat Sidhee Cement - India
- Ministry of Transport, Egypt
- Kohat Cement Company Ltd. - Pakistan
- Manunggal Multi Energi - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Central Java Power - Indonesia
- Siam City Cement PLC, Thailand
- Chamber of Mines of South Africa
- Cement Manufacturers Association - India
- Anglo American - United Kingdom
- Dalmia Cement Bharat India
- Madhucon Powers Ltd - India
- Trasteel International SA, Italy
- GVK Power & Infra Limited - India
- AsiaOL BioFuels Corp., Philippines
- Meenaskhi Energy Private Limited - India
- Kobexindo Tractors - Indoneisa
- Bukit Baiduri Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Energy Link Ltd, New Zealand
- Antam Resourcindo - Indonesia
- White Energy Company Limited
- Sical Logistics Limited - India
- Aboitiz Power Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Commonwealth Bank - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Minerals Council of Australia
- Banpu Public Company Limited - Thailand
- Timah Investasi Mineral - Indoneisa
- Standard Chartered Bank - UAE
- GMR Energy Limited - India
- Larsen & Toubro Limited - India
- Energy Development Corp, Philippines
- San Jose City I Power Corp, Philippines
- Barasentosa Lestari - Indonesia
- CNBM International Corporation - China
- Latin American Coal - Colombia
- Indonesian Coal Mining Association
- Karbindo Abesyapradhi - Indoneisa
- Power Finance Corporation Ltd., India
- Miang Besar Coal Terminal - Indonesia
- Renaissance Capital - South Africa
- Heidelberg Cement - Germany
- Binh Thuan Hamico - Vietnam
- International Coal Ventures Pvt Ltd - India
- Siam City Cement - Thailand
- MS Steel International - UAE
- Georgia Ports Authority, United States
- Indogreen Group - Indonesia
- Kumho Petrochemical, South Korea
- Ambuja Cements Ltd - India
- New Zealand Coal & Carbon
- Electricity Generating Authority of Thailand
- Bhoruka Overseas - Indonesia
- London Commodity Brokers - England
- Sarangani Energy Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Gujarat Electricity Regulatory Commission - India
- GN Power Mariveles Coal Plant, Philippines
- Altura Mining Limited, Indonesia
- Kapuas Tunggal Persada - Indonesia
- Iligan Light & Power Inc, Philippines
- Indian Oil Corporation Limited
- Attock Cement Pakistan Limited
- Wood Mackenzie - Singapore
- Eastern Coal Council - USA
- Price Waterhouse Coopers - Russia
- Ceylon Electricity Board - Sri Lanka
- Videocon Industries ltd - India
- IEA Clean Coal Centre - UK
- Cigading International Bulk Terminal - Indonesia
- Ministry of Finance - Indonesia
- Port Waratah Coal Services - Australia
- Oldendorff Carriers - Singapore
- Asmin Koalindo Tuhup - Indonesia
- OPG Power Generation Pvt Ltd - India
- Mercator Lines Limited - India
- Merrill Lynch Commodities Europe
- ASAPP Information Group - India
- Semirara Mining Corp, Philippines
- Grasim Industreis Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Samtan Co., Ltd - South Korea
- Maheswari Brothers Coal Limited - India
- Singapore Mercantile Exchange
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Global Green Power PLC Corporation, Philippines
- The University of Queensland
- Lanco Infratech Ltd - India
- Agrawal Coal Company - India
- Salva Resources Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- PowerSource Philippines DevCo
- Bayan Resources Tbk. - Indonesia
- Therma Luzon, Inc, Philippines
- Baramulti Group, Indonesia
- LBH Netherlands Bv - Netherlands
- Australian Commodity Traders Exchange
- Electricity Authority, New Zealand
- Goldman Sachs - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Eastern Energy - Thailand
- Petron Corporation, Philippines
- PTC India Limited - India
- Sindya Power Generating Company Private Ltd
- Malabar Cements Ltd - India
- Meralco Power Generation, Philippines
- Kideco Jaya Agung - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Jorong Barutama Greston.PT - Indonesia
- SMG Consultants - Indonesia
- Tata Chemicals Ltd - India
- Karaikal Port Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Billiton Holdings Pty Ltd - Australia
- Kaltim Prima Coal - Indonesia
- TeaM Sual Corporation - Philippines
- Parry Sugars Refinery, India
- Mjunction Services Limited - India
- Global Coal Blending Company Limited - Australia
- Bulk Trading Sa - Switzerland
- Coastal Gujarat Power Limited - India
- Parliament of New Zealand
- Maharashtra Electricity Regulatory Commission - India
- Medco Energi Mining Internasional
- Jaiprakash Power Ventures ltd
- IHS Mccloskey Coal Group - USA
- Sinarmas Energy and Mining - Indonesia
- Marubeni Corporation - India
- Independent Power Producers Association of India
- European Bulk Services B.V. - Netherlands
- ICICI Bank Limited - India
- Bangladesh Power Developement Board
- Africa Commodities Group - South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Petrochimia International Co. Ltd.- Taiwan
- Posco Energy - South Korea
- Australian Coal Association
- Edison Trading Spa - Italy
- Riau Bara Harum - Indonesia
- India Bulls Power Limited - India
- McConnell Dowell - Australia
- Sree Jayajothi Cements Limited - India
- The State Trading Corporation of India Ltd
- Ind-Barath Power Infra Limited - India
- Indika Energy - Indonesia
- Makarim & Taira - Indonesia
- Orica Australia Pty. Ltd.
- Straits Asia Resources Limited - Singapore
- Bhatia International Limited - India
- Indo Tambangraya Megah - Indonesia
- VISA Power Limited - India
- The Treasury - Australian Government
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Metalloyd Limited - United Kingdom
- Coal and Oil Company - UAE
- Tamil Nadu electricity Board
- Orica Mining Services - Indonesia
- Pendopo Energi Batubara - Indonesia
- Ministry of Mines - Canada
- Global Business Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- PNOC Exploration Corporation - Philippines
- Sakthi Sugars Limited - India
- Vizag Seaport Private Limited - India
- SN Aboitiz Power Inc, Philippines
- Indian Energy Exchange, India
- Star Paper Mills Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mintek Dendrill Indonesia
- Directorate Of Revenue Intelligence - India
- Uttam Galva Steels Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bharathi Cement Corporation - India
- Wilmar Investment Holdings
- Thai Mozambique Logistica
- Thiess Contractors Indonesia
- Savvy Resources Ltd - HongKong
- Coalindo Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Romanian Commodities Exchange
- Mercuria Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Planning Commission, India
- Carbofer General Trading SA - India
- Chettinad Cement Corporation Ltd - India
- Jindal Steel & Power Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Deloitte Consulting - India
- Bhushan Steel Limited - India
- Leighton Contractors Pty Ltd - Australia
- GAC Shipping (India) Pvt Ltd
- Intertek Mineral Services - Indonesia
- Essar Steel Hazira Ltd - India
- SMC Global Power, Philippines
- Economic Council, Georgia
- Vijayanagar Sugar Pvt Ltd - India
- Sojitz Corporation - Japan
- Vedanta Resources Plc - India
- Simpson Spence & Young - Indonesia
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