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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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Tuesday, 18 November 14
VALEMAX DEAL TO DETERMINE DRY BULK MARKET'S FATE - DREWRY MARITIME RESEARCH
Vale’s accord to sell and lease four Valemax vessels to COSCO might have negative repercussions on dry bulk freight rates. Vale has committed ...
Tuesday, 18 November 14
SUB-BIT FOB INDONESIA COAL SWAP DELIVERY Q2' 2015 CLOSED AT $ 49.55; DOWN 4.10% M-O-M
COALspot.com: Indonesian coal swaps for delivery Q1' 2015 lost month on month, gained week on week and day on day.
The Q1 swap has lost US ...
Tuesday, 18 November 14
FOB RICHARDS BAY COAL SWAP FOR Q1' 2015 DELIVERY CLOSED AT $ 66.31; UP 1.33% W-O-W
COALspot.com: API 4 FOB Richards Bay Coal swap for Q1’ 2015 delivery has gained US$ 0.27 (+0.41%) month over month and US$ 0.87 (+1.33%) week ...
Tuesday, 18 November 14
CHEAP OIL PRICES COULD RESHAPE GLOBAL OIL EXPORTING MAP - HELLENIC SHIPPING
Tanker owners have enjoyed a rather healthy 2014, but as the year draws to a close, the fall of oil prices is bound to reshape traditional, as well ...
Monday, 17 November 14
SKULD ISSUES URGENT NOTICE ON BANKRUPTCY OF OW BUNKER A/S
Further to the Association’s advices of 7 November 2014, more information has come to light with respect to the potential impact and scale of ...
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Showing 3366 to 3370 news of total 6871 |
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- Kobexindo Tractors - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Mineral Development Corp Ltd - India
- ICICI Bank Limited - India
- Borneo Indobara - Indonesia
- Thai Mozambique Logistica
- Deloitte Consulting - India
- Tamil Nadu electricity Board
- Meenaskhi Energy Private Limited - India
- Timah Investasi Mineral - Indoneisa
- Wood Mackenzie - Singapore
- Renaissance Capital - South Africa
- Malabar Cements Ltd - India
- South Luzon Thermal Energy Corporation
- Salva Resources Pvt Ltd - India
- Mercuria Energy - Indonesia
- India Bulls Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- White Energy Company Limited
- Marubeni Corporation - India
- PetroVietnam Power Coal Import and Supply Company
- IEA Clean Coal Centre - UK
- Global Coal Blending Company Limited - Australia
- Agrawal Coal Company - India
- Ministry of Mines - Canada
- Barasentosa Lestari - Indonesia
- Mintek Dendrill Indonesia
- Carbofer General Trading SA - India
- Binh Thuan Hamico - Vietnam
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ind-Barath Power Infra Limited - India
- Dalmia Cement Bharat India
- Australian Commodity Traders Exchange
- Kumho Petrochemical, South Korea
- Semirara Mining Corp, Philippines
- MS Steel International - UAE
- Aboitiz Power Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- Interocean Group of Companies - India
- Bhatia International Limited - India
- San Jose City I Power Corp, Philippines
- Formosa Plastics Group - Taiwan
- Sree Jayajothi Cements Limited - India
- Videocon Industries ltd - India
- Independent Power Producers Association of India
- Eastern Coal Council - USA
- Parry Sugars Refinery, India
- Directorate General of MIneral and Coal - Indonesia
- The Treasury - Australian Government
- Maharashtra Electricity Regulatory Commission - India
- Globalindo Alam Lestari - Indonesia
- Global Green Power PLC Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- McConnell Dowell - Australia
- Rio Tinto Coal - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhoruka Overseas - Indonesia
- Miang Besar Coal Terminal - Indonesia
- LBH Netherlands Bv - Netherlands
- Orica Mining Services - Indonesia
- Economic Council, Georgia
- Heidelberg Cement - Germany
- Straits Asia Resources Limited - Singapore
- Central Java Power - Indonesia
- Edison Trading Spa - Italy
- Banpu Public Company Limited - Thailand
- Planning Commission, India
- Australian Coal Association
- Petron Corporation, Philippines
- Romanian Commodities Exchange
- AsiaOL BioFuels Corp., Philippines
- Karaikal Port Pvt Ltd - India
- SMG Consultants - Indonesia
- Indo Tambangraya Megah - Indonesia
- Kepco SPC Power Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Essar Steel Hazira Ltd - India
- Therma Luzon, Inc, Philippines
- Tata Chemicals Ltd - India
- Lanco Infratech Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Electricity Authority, New Zealand
- PNOC Exploration Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Pendopo Energi Batubara - Indonesia
- Samtan Co., Ltd - South Korea
- Standard Chartered Bank - UAE
- European Bulk Services B.V. - Netherlands
- Price Waterhouse Coopers - Russia
- Pipit Mutiara Jaya. PT, Indonesia
- Holcim Trading Pte Ltd - Singapore
- Bayan Resources Tbk. - Indonesia
- Oldendorff Carriers - Singapore
- Energy Link Ltd, New Zealand
- PTC India Limited - India
- Bulk Trading Sa - Switzerland
- Uttam Galva Steels Limited - India
- Larsen & Toubro Limited - India
- Coastal Gujarat Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- Mercator Lines Limited - India
- IHS Mccloskey Coal Group - USA
- Georgia Ports Authority, United States
- Ministry of Transport, Egypt
- Makarim & Taira - Indonesia
- GVK Power & Infra Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Star Paper Mills Limited - India
- Aditya Birla Group - India
- Ministry of Finance - Indonesia
- Maheswari Brothers Coal Limited - India
- Cement Manufacturers Association - India
- GAC Shipping (India) Pvt Ltd
- Ceylon Electricity Board - Sri Lanka
- Bharathi Cement Corporation - India
- Central Electricity Authority - India
- TeaM Sual Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- Coalindo Energy - Indonesia
- The University of Queensland
- Ambuja Cements Ltd - India
- International Coal Ventures Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Energy Development Corp, Philippines
- Eastern Energy - Thailand
- Electricity Generating Authority of Thailand
- Commonwealth Bank - Australia
- GN Power Mariveles Coal Plant, Philippines
- Sinarmas Energy and Mining - Indonesia
- Sarangani Energy Corporation, Philippines
- Gujarat Sidhee Cement - India
- Gujarat Electricity Regulatory Commission - India
- Savvy Resources Ltd - HongKong
- Petrochimia International Co. Ltd.- Taiwan
- PowerSource Philippines DevCo
- Coal and Oil Company - UAE
- Trasteel International SA, Italy
- Iligan Light & Power Inc, Philippines
- Siam City Cement - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Kideco Jaya Agung - Indonesia
- Anglo American - United Kingdom
- Metalloyd Limited - United Kingdom
- Kartika Selabumi Mining - Indonesia
- Mjunction Services Limited - India
- Directorate Of Revenue Intelligence - India
- Merrill Lynch Commodities Europe
- Goldman Sachs - Singapore
- Indonesian Coal Mining Association
- Toyota Tsusho Corporation, Japan
- Bukit Makmur.PT - Indonesia
- CNBM International Corporation - China
- The State Trading Corporation of India Ltd
- Attock Cement Pakistan Limited
- SMC Global Power, Philippines
- Simpson Spence & Young - Indonesia
- Parliament of New Zealand
- Minerals Council of Australia
- Sical Logistics Limited - India
- Meralco Power Generation, Philippines
- SN Aboitiz Power Inc, Philippines
- Posco Energy - South Korea
- Billiton Holdings Pty Ltd - Australia
- Vedanta Resources Plc - India
- Antam Resourcindo - Indonesia
- Vizag Seaport Private Limited - India
- Singapore Mercantile Exchange
- Neyveli Lignite Corporation Ltd, - India
- Karbindo Abesyapradhi - Indoneisa
- Global Business Power Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- GMR Energy Limited - India
- Rashtriya Ispat Nigam Limited - India
- Power Finance Corporation Ltd., India
- Grasim Industreis Ltd - India
- Madhucon Powers Ltd - India
- Baramulti Group, Indonesia
- Orica Australia Pty. Ltd.
- Kalimantan Lumbung Energi - Indonesia
- Indian Oil Corporation Limited
- Bukit Baiduri Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Bhushan Steel Limited - India
- Thiess Contractors Indonesia
- Wilmar Investment Holdings
- Sakthi Sugars Limited - India
- Chamber of Mines of South Africa
- Jindal Steel & Power Ltd - India
- London Commodity Brokers - England
- Medco Energi Mining Internasional
- Offshore Bulk Terminal Pte Ltd, Singapore
- New Zealand Coal & Carbon
- Bukit Asam (Persero) Tbk - Indonesia
- Riau Bara Harum - Indonesia
- ASAPP Information Group - India
- VISA Power Limited - India
- Intertek Mineral Services - Indonesia
- Altura Mining Limited, Indonesia
- Indian Energy Exchange, India
- Indogreen Group - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Latin American Coal - Colombia
- Manunggal Multi Energi - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Siam City Cement PLC, Thailand
- Sojitz Corporation - Japan
- Africa Commodities Group - South Africa
- Leighton Contractors Pty Ltd - Australia
- Jaiprakash Power Ventures ltd
- Bangladesh Power Developement Board
- Chettinad Cement Corporation Ltd - India
- Port Waratah Coal Services - Australia
- Indika Energy - Indonesia
- Xindia Steels Limited - India
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