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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, 02 December 14
FOB RICHARDS BAY COAL SWAPS LOST MONTH OVER MONTH
COALspot.com: API 4 FOB Richards Bay Coal for delivery Q1' 2015 lost month on month, week on week and day over day.
The Q1 swap has lost U ...
Tuesday, 02 December 14
SUB-BIT FOB INDONESIA COAL Q1' 15 DELIVERY SWAP CLOSED AT US$ 49.50
COALspot.com: Indonesian coal swaps for delivery Q1' 2015 lost month on month, week over week and day on day.
The Q1 swap has lost US$ 0.4 ...
Monday, 01 December 14
SGX'S FOB NEWCASTLE COAL SWAP FOR Q1' 2015 DELIVERY CLOSED AT US$ 52.50
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2015 delivery closed at US$ 52.50 on 28 November after losing US$ 1.20 (-2.23%) month ove ...
Monday, 01 December 14
Q2' 15 DELIVERY CFR SOUTH CHINA COAL SWAP CLOSED 0.42% LOWER THAN Q1' 15 DELIVERY CLOSING
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery has decreased US$ 2.45 (-3.78%) month over month and US$ 0.67 (-1.06%) we ...
Sunday, 30 November 14
SUPRAMAX COAL FREIGHT RATES FROM INDONESIA TO INDIA : FIRM
COALspot.com: The BDI fell 171 points and closed at 1153 points on Friday 28 November 2014. The Cape index also lost 887 points and closed at 2151 ...
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Showing 3336 to 3340 news of total 6871 |
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- Therma Luzon, Inc, Philippines
- Dalmia Cement Bharat India
- MS Steel International - UAE
- Sinarmas Energy and Mining - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- ASAPP Information Group - India
- Globalindo Alam Lestari - Indonesia
- Chamber of Mines of South Africa
- Kumho Petrochemical, South Korea
- Karaikal Port Pvt Ltd - India
- Siam City Cement - Thailand
- SN Aboitiz Power Inc, Philippines
- Thai Mozambique Logistica
- Attock Cement Pakistan Limited
- Binh Thuan Hamico - Vietnam
- Australian Commodity Traders Exchange
- Asmin Koalindo Tuhup - Indonesia
- Bhatia International Limited - India
- Petron Corporation, Philippines
- Aditya Birla Group - India
- The Treasury - Australian Government
- PTC India Limited - India
- Kideco Jaya Agung - Indonesia
- Tamil Nadu electricity Board
- European Bulk Services B.V. - Netherlands
- Coastal Gujarat Power Limited - India
- Maheswari Brothers Coal Limited - India
- Lanco Infratech Ltd - India
- IEA Clean Coal Centre - UK
- Riau Bara Harum - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Bangladesh Power Developement Board
- Eastern Coal Council - USA
- Star Paper Mills Limited - India
- Aboitiz Power Corporation - Philippines
- VISA Power Limited - India
- Goldman Sachs - Singapore
- Toyota Tsusho Corporation, Japan
- TeaM Sual Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- Sakthi Sugars Limited - India
- Latin American Coal - Colombia
- Neyveli Lignite Corporation Ltd, - India
- Kobexindo Tractors - Indoneisa
- Trasteel International SA, Italy
- Kartika Selabumi Mining - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Agrawal Coal Company - India
- Global Business Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Sindya Power Generating Company Private Ltd
- Merrill Lynch Commodities Europe
- Singapore Mercantile Exchange
- Bayan Resources Tbk. - Indonesia
- New Zealand Coal & Carbon
- Cigading International Bulk Terminal - Indonesia
- Heidelberg Cement - Germany
- Baramulti Group, Indonesia
- Bharathi Cement Corporation - India
- Eastern Energy - Thailand
- Global Green Power PLC Corporation, Philippines
- Ministry of Mines - Canada
- Orica Mining Services - Indonesia
- Orica Australia Pty. Ltd.
- Karbindo Abesyapradhi - Indoneisa
- Videocon Industries ltd - India
- AsiaOL BioFuels Corp., Philippines
- Maharashtra Electricity Regulatory Commission - India
- CIMB Investment Bank - Malaysia
- Metalloyd Limited - United Kingdom
- Kaltim Prima Coal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Rio Tinto Coal - Australia
- Medco Energi Mining Internasional
- Tata Chemicals Ltd - India
- Central Java Power - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Salva Resources Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Semirara Mining Corp, Philippines
- Wilmar Investment Holdings
- Ambuja Cements Ltd - India
- Samtan Co., Ltd - South Korea
- Leighton Contractors Pty Ltd - Australia
- The University of Queensland
- Standard Chartered Bank - UAE
- SMC Global Power, Philippines
- Minerals Council of Australia
- Indo Tambangraya Megah - Indonesia
- Savvy Resources Ltd - HongKong
- Altura Mining Limited, Indonesia
- Australian Coal Association
- LBH Netherlands Bv - Netherlands
- Independent Power Producers Association of India
- Renaissance Capital - South Africa
- Pendopo Energi Batubara - Indonesia
- Georgia Ports Authority, United States
- OPG Power Generation Pvt Ltd - India
- Grasim Industreis Ltd - India
- Timah Investasi Mineral - Indoneisa
- Banpu Public Company Limited - Thailand
- Intertek Mineral Services - Indonesia
- Port Waratah Coal Services - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Electricity Generating Authority of Thailand
- Kalimantan Lumbung Energi - Indonesia
- Cement Manufacturers Association - India
- Xindia Steels Limited - India
- Manunggal Multi Energi - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Jaiprakash Power Ventures ltd
- Meralco Power Generation, Philippines
- Deloitte Consulting - India
- PNOC Exploration Corporation - Philippines
- Parliament of New Zealand
- Larsen & Toubro Limited - India
- GVK Power & Infra Limited - India
- IHS Mccloskey Coal Group - USA
- Straits Asia Resources Limited - Singapore
- GMR Energy Limited - India
- Directorate Of Revenue Intelligence - India
- PowerSource Philippines DevCo
- Bhoruka Overseas - Indonesia
- South Luzon Thermal Energy Corporation
- Simpson Spence & Young - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indika Energy - Indonesia
- Anglo American - United Kingdom
- Global Coal Blending Company Limited - Australia
- Meenaskhi Energy Private Limited - India
- Krishnapatnam Port Company Ltd. - India
- Alfred C Toepfer International GmbH - Germany
- Coal and Oil Company - UAE
- Oldendorff Carriers - Singapore
- London Commodity Brokers - England
- Energy Development Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Coalindo Energy - Indonesia
- Power Finance Corporation Ltd., India
- Posco Energy - South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- GAC Shipping (India) Pvt Ltd
- San Jose City I Power Corp, Philippines
- Bulk Trading Sa - Switzerland
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Price Waterhouse Coopers - Russia
- Ceylon Electricity Board - Sri Lanka
- Borneo Indobara - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Ind-Barath Power Infra Limited - India
- Jindal Steel & Power Ltd - India
- Siam City Cement PLC, Thailand
- Gujarat Sidhee Cement - India
- International Coal Ventures Pvt Ltd - India
- Interocean Group of Companies - India
- Commonwealth Bank - Australia
- Indogreen Group - Indonesia
- Indian Oil Corporation Limited
- SMG Consultants - Indonesia
- Vedanta Resources Plc - India
- Sical Logistics Limited - India
- Sarangani Energy Corporation, Philippines
- Indian Energy Exchange, India
- Bhushan Steel Limited - India
- Iligan Light & Power Inc, Philippines
- CNBM International Corporation - China
- Pipit Mutiara Jaya. PT, Indonesia
- Energy Link Ltd, New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Romanian Commodities Exchange
- Bukit Makmur.PT - Indonesia
- Madhucon Powers Ltd - India
- Kepco SPC Power Corporation, Philippines
- Ministry of Finance - Indonesia
- Thiess Contractors Indonesia
- Uttam Galva Steels Limited - India
- Mercuria Energy - Indonesia
- Economic Council, Georgia
- Edison Trading Spa - Italy
- Gujarat Mineral Development Corp Ltd - India
- Formosa Plastics Group - Taiwan
- Bukit Baiduri Energy - Indonesia
- Marubeni Corporation - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Parry Sugars Refinery, India
- Antam Resourcindo - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Makarim & Taira - Indonesia
- Mintek Dendrill Indonesia
- Indonesian Coal Mining Association
- The State Trading Corporation of India Ltd
- Central Electricity Authority - India
- Malabar Cements Ltd - India
- Semirara Mining and Power Corporation, Philippines
- India Bulls Power Limited - India
- ICICI Bank Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Africa Commodities Group - South Africa
- McConnell Dowell - Australia
- Planning Commission, India
- Sojitz Corporation - Japan
- Barasentosa Lestari - Indonesia
- Ministry of Transport, Egypt
- Sree Jayajothi Cements Limited - India
- Vizag Seaport Private Limited - India
- Mjunction Services Limited - India
- Mercator Lines Limited - India
- Chettinad Cement Corporation Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Electricity Authority, New Zealand
- White Energy Company Limited
- Carbofer General Trading SA - India
- Kapuas Tunggal Persada - Indonesia
- Wood Mackenzie - Singapore
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