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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, 26 November 14
SHIPPING MARKET INSIGHT - EVA TZIMA
The tanker market has been enjoying some good returns lately. Ok, that may be a big understatement, but with all the ups and downs of the past year ...
Tuesday, 25 November 14
FISCAL BREAKEVEN OIL PRICES SHOW SOVEREIGN VULNERABILITY - FITCH
COALspot.com: The vulnerability of the sovereign credit profiles of net oil exporters, as shown by their fiscal breakeven oil prices, suggests that ...
Tuesday, 25 November 14
UK: TRIBUNAL RULES ON SPEED AND PERFORMANCE CLAIMS UNDER TWO CONSECUTIVE TIME CHARTERPARTIES - REED SMITH
KNOWLEDGE TO ELEVATE
“Owners not to be responsible if the vessel under the currency of this charter party stays at port or anchorage or ...
Tuesday, 25 November 14
FOB RICHARDS BAY COAL SWAP FOR Q4' 15 DELIVERY CLOSED AT US$ 68.20
COALspot.com: API 4 FOB Richards Bay Coal for delivery Q1' 2015 gained month on month, week on week and day over day.
The Q1 swap has gain ...
Tuesday, 25 November 14
SUB-BIT FOB INDONESIA COAL SWAP FOR Q2' 15 DELIVERY CLOSED AT $ 49.55
COALspot.com: Indonesian coal swaps for delivery Q1' 2015 lost month on month, gained week on week.
The Q1 swap has lost US$ 0.12 (-0.24%) ...
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- Electricity Authority, New Zealand
- Bharathi Cement Corporation - India
- Carbofer General Trading SA - India
- Vizag Seaport Private Limited - India
- Central Java Power - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- The University of Queensland
- Kumho Petrochemical, South Korea
- Simpson Spence & Young - Indonesia
- Heidelberg Cement - Germany
- Therma Luzon, Inc, Philippines
- Banpu Public Company Limited - Thailand
- Aditya Birla Group - India
- Energy Development Corp, Philippines
- Australian Coal Association
- Singapore Mercantile Exchange
- Trasteel International SA, Italy
- Xindia Steels Limited - India
- Tamil Nadu electricity Board
- SN Aboitiz Power Inc, Philippines
- Wood Mackenzie - Singapore
- Kideco Jaya Agung - Indonesia
- Vedanta Resources Plc - India
- Sree Jayajothi Cements Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Global Green Power PLC Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Tata Chemicals Ltd - India
- Dalmia Cement Bharat India
- Bulk Trading Sa - Switzerland
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Directorate Of Revenue Intelligence - India
- GN Power Mariveles Coal Plant, Philippines
- Semirara Mining and Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Medco Energi Mining Internasional
- Sakthi Sugars Limited - India
- MS Steel International - UAE
- Pendopo Energi Batubara - Indonesia
- Power Finance Corporation Ltd., India
- Sical Logistics Limited - India
- Bangladesh Power Developement Board
- Sojitz Corporation - Japan
- ASAPP Information Group - India
- McConnell Dowell - Australia
- CNBM International Corporation - China
- Coal and Oil Company - UAE
- Ministry of Transport, Egypt
- OPG Power Generation Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Krishnapatnam Port Company Ltd. - India
- London Commodity Brokers - England
- Antam Resourcindo - Indonesia
- Cement Manufacturers Association - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indian Oil Corporation Limited
- LBH Netherlands Bv - Netherlands
- Coastal Gujarat Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Agrawal Coal Company - India
- Barasentosa Lestari - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Siam City Cement - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Malabar Cements Ltd - India
- Riau Bara Harum - Indonesia
- Economic Council, Georgia
- Mjunction Services Limited - India
- ICICI Bank Limited - India
- Bayan Resources Tbk. - Indonesia
- Metalloyd Limited - United Kingdom
- International Coal Ventures Pvt Ltd - India
- Star Paper Mills Limited - India
- PowerSource Philippines DevCo
- Attock Cement Pakistan Limited
- Orica Australia Pty. Ltd.
- Videocon Industries ltd - India
- Thai Mozambique Logistica
- Price Waterhouse Coopers - Russia
- GAC Shipping (India) Pvt Ltd
- Timah Investasi Mineral - Indoneisa
- Kartika Selabumi Mining - Indonesia
- Semirara Mining Corp, Philippines
- GMR Energy Limited - India
- Manunggal Multi Energi - Indonesia
- Savvy Resources Ltd - HongKong
- Miang Besar Coal Terminal - Indonesia
- Baramulti Group, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Offshore Bulk Terminal Pte Ltd, Singapore
- European Bulk Services B.V. - Netherlands
- Wilmar Investment Holdings
- Kapuas Tunggal Persada - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Deloitte Consulting - India
- Billiton Holdings Pty Ltd - Australia
- Gujarat Electricity Regulatory Commission - India
- Posco Energy - South Korea
- Grasim Industreis Ltd - India
- San Jose City I Power Corp, Philippines
- SMC Global Power, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Mintek Dendrill Indonesia
- Kaltim Prima Coal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Africa Commodities Group - South Africa
- Ind-Barath Power Infra Limited - India
- Larsen & Toubro Limited - India
- Thiess Contractors Indonesia
- Sarangani Energy Corporation, Philippines
- Madhucon Powers Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Mercuria Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Independent Power Producers Association of India
- India Bulls Power Limited - India
- Georgia Ports Authority, United States
- Altura Mining Limited, Indonesia
- Commonwealth Bank - Australia
- White Energy Company Limited
- Indian Energy Exchange, India
- Oldendorff Carriers - Singapore
- Bhatia International Limited - India
- Global Business Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Petron Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Indika Energy - Indonesia
- Mercator Lines Limited - India
- Rashtriya Ispat Nigam Limited - India
- Samtan Co., Ltd - South Korea
- South Luzon Thermal Energy Corporation
- Borneo Indobara - Indonesia
- Parry Sugars Refinery, India
- VISA Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Eastern Coal Council - USA
- Toyota Tsusho Corporation, Japan
- Makarim & Taira - Indonesia
- Coalindo Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- SMG Consultants - Indonesia
- Parliament of New Zealand
- Aboitiz Power Corporation - Philippines
- Ministry of Mines - Canada
- Intertek Mineral Services - Indonesia
- Bukit Makmur.PT - Indonesia
- Indo Tambangraya Megah - Indonesia
- Kobexindo Tractors - Indoneisa
- Uttam Galva Steels Limited - India
- TeaM Sual Corporation - Philippines
- Port Waratah Coal Services - Australia
- PNOC Exploration Corporation - Philippines
- GVK Power & Infra Limited - India
- The State Trading Corporation of India Ltd
- Interocean Group of Companies - India
- Lanco Infratech Ltd - India
- Australian Commodity Traders Exchange
- Romanian Commodities Exchange
- Binh Thuan Hamico - Vietnam
- IEA Clean Coal Centre - UK
- Kepco SPC Power Corporation, Philippines
- Eastern Energy - Thailand
- Indonesian Coal Mining Association
- Marubeni Corporation - India
- Karbindo Abesyapradhi - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- Iligan Light & Power Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Leighton Contractors Pty Ltd - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Merrill Lynch Commodities Europe
- Siam City Cement PLC, Thailand
- Sindya Power Generating Company Private Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Minerals Council of Australia
- Karaikal Port Pvt Ltd - India
- Anglo American - United Kingdom
- Petrochimia International Co. Ltd.- Taiwan
- Rio Tinto Coal - Australia
- Neyveli Lignite Corporation Ltd, - India
- PTC India Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Planning Commission, India
- Indogreen Group - Indonesia
- Central Electricity Authority - India
- Electricity Generating Authority of Thailand
- Chamber of Mines of South Africa
- Bukit Baiduri Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Ministry of Finance - Indonesia
- Renaissance Capital - South Africa
- Latin American Coal - Colombia
- New Zealand Coal & Carbon
- AsiaOL BioFuels Corp., Philippines
- Edison Trading Spa - Italy
- The Treasury - Australian Government
- Bhoruka Overseas - Indonesia
- Salva Resources Pvt Ltd - India
- Bhushan Steel Limited - India
- Holcim Trading Pte Ltd - Singapore
- Goldman Sachs - Singapore
- Maheswari Brothers Coal Limited - India
- Formosa Plastics Group - Taiwan
- Energy Link Ltd, New Zealand
- Orica Mining Services - Indonesia
- IHS Mccloskey Coal Group - USA
- Meralco Power Generation, Philippines
- Jaiprakash Power Ventures ltd
- Ambuja Cements Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Standard Chartered Bank - UAE
- Gujarat Sidhee Cement - India
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