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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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Friday, 28 November 14
NEW BIMCO CLAUSE AIMS TO REDUCE SUPPLIERS' RELIANCE ON SHIP ARREST FOR CHARTERERS' UNPAID BUNKERS
KNOWLEDGE TO ELEVATE
Ship owners can, on occasion, find themselves in the invidious position of suffering unexpected loss of hire due to a tim ...
Friday, 28 November 14
JSW ENERGY AND GRM RESOURCES JOIN GLOBALCOAL
COALspot.com: globalCOAL® announced yesterday that two new Market Members have joined its online coal trading platform. According globaCOAL&rsq ...
Thursday, 27 November 14
MINING SERVICES TAX SPIKED BY 233% - BISNIS INDONESIA
COALspot.com: The Energy and Mineral Resources Department of Indonesia said the tax contribution from mining services sector in the 3rd Q 2014 ...
Thursday, 27 November 14
PANAMAX : EXPECTATION'S FOR A STRONG END OF YEAR RUSH, DISAPPEAR DAY BY DAY - FEARNLEYS
Handy
“We have experienced a firming market the last couple of weeks. More activity from cargo owners in the Atlantic and less available to ...
Wednesday, 26 November 14
OVERSUPPLY OF TONNAGE PUSHED PANAMAX SEGMENT DOWN FOR ANOTHER WEEK
COALspot.com: The Dry Bulk market managed to reverse its course from the week prior and with the sole exception of the Panamax segment, we witnesse ...
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- Bhatia International Limited - India
- Indian Energy Exchange, India
- Jorong Barutama Greston.PT - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kaltim Prima Coal - Indonesia
- Lanco Infratech Ltd - India
- Anglo American - United Kingdom
- Antam Resourcindo - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- CNBM International Corporation - China
- Indo Tambangraya Megah - Indonesia
- Merrill Lynch Commodities Europe
- Sindya Power Generating Company Private Ltd
- Tamil Nadu electricity Board
- Barasentosa Lestari - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Eastern Coal Council - USA
- Toyota Tsusho Corporation, Japan
- Energy Link Ltd, New Zealand
- IHS Mccloskey Coal Group - USA
- Gujarat Electricity Regulatory Commission - India
- Mjunction Services Limited - India
- AsiaOL BioFuels Corp., Philippines
- Chettinad Cement Corporation Ltd - India
- Oldendorff Carriers - Singapore
- VISA Power Limited - India
- Sree Jayajothi Cements Limited - India
- Orica Mining Services - Indonesia
- Pendopo Energi Batubara - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Mintek Dendrill Indonesia
- Independent Power Producers Association of India
- Mercuria Energy - Indonesia
- Deloitte Consulting - India
- Australian Coal Association
- Timah Investasi Mineral - Indoneisa
- Metalloyd Limited - United Kingdom
- Bangladesh Power Developement Board
- Eastern Energy - Thailand
- Orica Australia Pty. Ltd.
- Grasim Industreis Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- IEA Clean Coal Centre - UK
- Gujarat Sidhee Cement - India
- Kepco SPC Power Corporation, Philippines
- Parliament of New Zealand
- Karaikal Port Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Goldman Sachs - Singapore
- Jindal Steel & Power Ltd - India
- Australian Commodity Traders Exchange
- South Luzon Thermal Energy Corporation
- Mercator Lines Limited - India
- Bayan Resources Tbk. - Indonesia
- Straits Asia Resources Limited - Singapore
- Jaiprakash Power Ventures ltd
- Siam City Cement PLC, Thailand
- Renaissance Capital - South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kartika Selabumi Mining - Indonesia
- Cement Manufacturers Association - India
- Altura Mining Limited, Indonesia
- Central Electricity Authority - India
- Star Paper Mills Limited - India
- Commonwealth Bank - Australia
- Wilmar Investment Holdings
- ICICI Bank Limited - India
- GVK Power & Infra Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Therma Luzon, Inc, Philippines
- Global Business Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Kalimantan Lumbung Energi - Indonesia
- Indika Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Tata Chemicals Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Bhoruka Overseas - Indonesia
- Thiess Contractors Indonesia
- Gujarat Mineral Development Corp Ltd - India
- MS Steel International - UAE
- Wood Mackenzie - Singapore
- Central Java Power - Indonesia
- Ministry of Transport, Egypt
- Port Waratah Coal Services - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Kobexindo Tractors - Indoneisa
- Price Waterhouse Coopers - Russia
- Petron Corporation, Philippines
- Parry Sugars Refinery, India
- Indonesian Coal Mining Association
- Maheswari Brothers Coal Limited - India
- Aditya Birla Group - India
- GAC Shipping (India) Pvt Ltd
- Meralco Power Generation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Georgia Ports Authority, United States
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Aboitiz Power Corporation - Philippines
- Indian Oil Corporation Limited
- TeaM Sual Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- The University of Queensland
- Sical Logistics Limited - India
- Sojitz Corporation - Japan
- SN Aboitiz Power Inc, Philippines
- Riau Bara Harum - Indonesia
- Directorate Of Revenue Intelligence - India
- PNOC Exploration Corporation - Philippines
- Posco Energy - South Korea
- Meenaskhi Energy Private Limited - India
- Essar Steel Hazira Ltd - India
- Economic Council, Georgia
- Manunggal Multi Energi - Indonesia
- The Treasury - Australian Government
- Semirara Mining and Power Corporation, Philippines
- Interocean Group of Companies - India
- SMC Global Power, Philippines
- Ambuja Cements Ltd - India
- The State Trading Corporation of India Ltd
- Vizag Seaport Private Limited - India
- Makarim & Taira - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Minerals Council of Australia
- Siam City Cement - Thailand
- New Zealand Coal & Carbon
- Coastal Gujarat Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Malabar Cements Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Globalindo Alam Lestari - Indonesia
- Marubeni Corporation - India
- Kumho Petrochemical, South Korea
- Madhucon Powers Ltd - India
- Africa Commodities Group - South Africa
- Cigading International Bulk Terminal - Indonesia
- Carbofer General Trading SA - India
- Iligan Light & Power Inc, Philippines
- Ind-Barath Power Infra Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Krishnapatnam Port Company Ltd. - India
- Energy Development Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Indogreen Group - Indonesia
- Simpson Spence & Young - Indonesia
- Sarangani Energy Corporation, Philippines
- Dalmia Cement Bharat India
- Power Finance Corporation Ltd., India
- Attock Cement Pakistan Limited
- LBH Netherlands Bv - Netherlands
- Holcim Trading Pte Ltd - Singapore
- Romanian Commodities Exchange
- GMR Energy Limited - India
- Bukit Baiduri Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Rio Tinto Coal - Australia
- Savvy Resources Ltd - HongKong
- Medco Energi Mining Internasional
- Videocon Industries ltd - India
- Xindia Steels Limited - India
- OPG Power Generation Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Baramulti Group, Indonesia
- Salva Resources Pvt Ltd - India
- Ministry of Mines - Canada
- Standard Chartered Bank - UAE
- Heidelberg Cement - Germany
- Miang Besar Coal Terminal - Indonesia
- Uttam Galva Steels Limited - India
- Planning Commission, India
- Singapore Mercantile Exchange
- Borneo Indobara - Indonesia
- CIMB Investment Bank - Malaysia
- Vedanta Resources Plc - India
- ASAPP Information Group - India
- European Bulk Services B.V. - Netherlands
- TNB Fuel Sdn Bhd - Malaysia
- Thai Mozambique Logistica
- Sakthi Sugars Limited - India
- McConnell Dowell - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Semirara Mining Corp, Philippines
- Formosa Plastics Group - Taiwan
- GN Power Mariveles Coal Plant, Philippines
- PTC India Limited - India
- Bhushan Steel Limited - India
- Chamber of Mines of South Africa
- Edison Trading Spa - Italy
- Coalindo Energy - Indonesia
- Electricity Authority, New Zealand
- Global Green Power PLC Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Bharathi Cement Corporation - India
- Agrawal Coal Company - India
- White Energy Company Limited
- India Bulls Power Limited - India
- SMG Consultants - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Latin American Coal - Colombia
- PowerSource Philippines DevCo
- Ministry of Finance - Indonesia
- London Commodity Brokers - England
- Electricity Generating Authority of Thailand
- Samtan Co., Ltd - South Korea
- Intertek Mineral Services - Indonesia
- Larsen & Toubro Limited - India
- International Coal Ventures Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Coal and Oil Company - UAE
- Trasteel International SA, Italy
- Karbindo Abesyapradhi - Indoneisa
- Binh Thuan Hamico - Vietnam
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