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