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