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