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