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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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Monday, 24 November 14
CHOPPY WATERS IN DRY BULK - SGX
COALspot.com: Dry bulk freight rates have experienced a sharp rise in volatility in recent weeks as bulk commodity supply has ramped up, said SGX i ...
Monday, 24 November 14
Q1 2015 FOB NEWCASTLE COAL SWAP CLOSED AT $ 52.73
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2015 delivery closed at US$ 52.73 on 21 November after losing US$ 0.40 (-0.75%) month ove ...
Monday, 24 November 14
CFR SOUTH CHINA COAL: Q2' 15 COAL SWAPS CLOSED LOWER COMPARED TO Q1' 15 SWAPS
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery has decreased US$ 0.63 (-0.99%) month over month and US$ 0.12 (-0.19%) da ...
Sunday, 23 November 14
SPOT FREIGHT RATES IMPROVED SLIGHTLY OVER PREVIOUS WEEK
COALspot.com: The BDI was up 5.41 pct week on week and closed at 1,324 points on Friday. All the segments were up this week except Panamax index.&n ...
Sunday, 23 November 14
ITALY'S STEAM COAL IMPORTS TO DROP BY 11% IN 2014 - ASSOCARBONI
COALspot.com: Italy’s steam coal imports expected to drop to 16 million tons in 2014 (-11% compared to 2013); coking coal imports to plunge t ...
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- Pendopo Energi Batubara - Indonesia
- New Zealand Coal & Carbon
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- CIMB Investment Bank - Malaysia
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- Indian Oil Corporation Limited
- Indian Energy Exchange, India
- International Coal Ventures Pvt Ltd - India
- Planning Commission, India
- Banpu Public Company Limited - Thailand
- European Bulk Services B.V. - Netherlands
- Maharashtra Electricity Regulatory Commission - India
- Agrawal Coal Company - India
- Eastern Energy - Thailand
- Ministry of Transport, Egypt
- Jindal Steel & Power Ltd - India
- Star Paper Mills Limited - India
- Coal and Oil Company - UAE
- Bhoruka Overseas - Indonesia
- Orica Mining Services - Indonesia
- Salva Resources Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Gujarat Electricity Regulatory Commission - India
- Eastern Coal Council - USA
- Ministry of Mines - Canada
- Bayan Resources Tbk. - Indonesia
- India Bulls Power Limited - India
- Australian Coal Association
- Gujarat Mineral Development Corp Ltd - India
- Sindya Power Generating Company Private Ltd
- Independent Power Producers Association of India
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- Global Green Power PLC Corporation, Philippines
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- AsiaOL BioFuels Corp., Philippines
- Toyota Tsusho Corporation, Japan
- Kideco Jaya Agung - Indonesia
- Price Waterhouse Coopers - Russia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Port Waratah Coal Services - Australia
- Chamber of Mines of South Africa
- ASAPP Information Group - India
- Uttam Galva Steels Limited - India
- Electricity Authority, New Zealand
- Africa Commodities Group - South Africa
- Latin American Coal - Colombia
- Bukit Makmur.PT - Indonesia
- Cement Manufacturers Association - India
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- Orica Australia Pty. Ltd.
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- Deloitte Consulting - India
- Anglo American - United Kingdom
- Rio Tinto Coal - Australia
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- White Energy Company Limited
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- Semirara Mining and Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- PTC India Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
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- Aditya Birla Group - India
- Neyveli Lignite Corporation Ltd, - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bulk Trading Sa - Switzerland
- Trasteel International SA, Italy
- Pipit Mutiara Jaya. PT, Indonesia
- Straits Asia Resources Limited - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Riau Bara Harum - Indonesia
- Standard Chartered Bank - UAE
- San Jose City I Power Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- GMR Energy Limited - India
- Vizag Seaport Private Limited - India
- Sarangani Energy Corporation, Philippines
- Heidelberg Cement - Germany
- Minerals Council of Australia
- Carbofer General Trading SA - India
- Chettinad Cement Corporation Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Vedanta Resources Plc - India
- Indogreen Group - Indonesia
- Ministry of Finance - Indonesia
- Tata Chemicals Ltd - India
- Mintek Dendrill Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- London Commodity Brokers - England
- LBH Netherlands Bv - Netherlands
- Coastal Gujarat Power Limited - India
- Energy Development Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Iligan Light & Power Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Directorate Of Revenue Intelligence - India
- Indo Tambangraya Megah - Indonesia
- Makarim & Taira - Indonesia
- Indika Energy - Indonesia
- ICICI Bank Limited - India
- Therma Luzon, Inc, Philippines
- Antam Resourcindo - Indonesia
- Commonwealth Bank - Australia
- Xindia Steels Limited - India
- Altura Mining Limited, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Indonesian Coal Mining Association
- Directorate General of MIneral and Coal - Indonesia
- Wilmar Investment Holdings
- Simpson Spence & Young - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Mjunction Services Limited - India
- Videocon Industries ltd - India
- Coalindo Energy - Indonesia
- Electricity Generating Authority of Thailand
- Formosa Plastics Group - Taiwan
- Mercuria Energy - Indonesia
- Medco Energi Mining Internasional
- Posco Energy - South Korea
- Timah Investasi Mineral - Indoneisa
- Central Electricity Authority - India
- Aboitiz Power Corporation - Philippines
- Romanian Commodities Exchange
- CNBM International Corporation - China
- Ind-Barath Power Infra Limited - India
- VISA Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Essar Steel Hazira Ltd - India
- Siam City Cement - Thailand
- Karaikal Port Pvt Ltd - India
- Global Business Power Corporation, Philippines
- PowerSource Philippines DevCo
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Petron Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Metalloyd Limited - United Kingdom
- Georgia Ports Authority, United States
- Mercator Lines Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ambuja Cements Ltd - India
- Sical Logistics Limited - India
- Jaiprakash Power Ventures ltd
- Kobexindo Tractors - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- SMG Consultants - Indonesia
- TeaM Sual Corporation - Philippines
- Power Finance Corporation Ltd., India
- Singapore Mercantile Exchange
- The Treasury - Australian Government
- MS Steel International - UAE
- Savvy Resources Ltd - HongKong
- Australian Commodity Traders Exchange
- Bukit Baiduri Energy - Indonesia
- Goldman Sachs - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- McConnell Dowell - Australia
- Leighton Contractors Pty Ltd - Australia
- Interocean Group of Companies - India
- Wood Mackenzie - Singapore
- Attock Cement Pakistan Limited
- Petrochimia International Co. Ltd.- Taiwan
- Kohat Cement Company Ltd. - Pakistan
- Binh Thuan Hamico - Vietnam
- Gujarat Sidhee Cement - India
- Borneo Indobara - Indonesia
- GAC Shipping (India) Pvt Ltd
- Economic Council, Georgia
- Samtan Co., Ltd - South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- Bhatia International Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Renaissance Capital - South Africa
- OPG Power Generation Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Alfred C Toepfer International GmbH - Germany
- Bangladesh Power Developement Board
- Baramulti Group, Indonesia
- Larsen & Toubro Limited - India
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- Miang Besar Coal Terminal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- GVK Power & Infra Limited - India
- The University of Queensland
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- Madhucon Powers Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Kumho Petrochemical, South Korea
- Globalindo Alam Lestari - Indonesia
- Sojitz Corporation - Japan
- Semirara Mining Corp, Philippines
- Intertek Mineral Services - Indonesia
- Lanco Infratech Ltd - India
- Merrill Lynch Commodities Europe
- IEA Clean Coal Centre - UK
- Dalmia Cement Bharat India
- Parliament of New Zealand
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- Edison Trading Spa - Italy
- Oldendorff Carriers - Singapore
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- Global Coal Blending Company Limited - Australia
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