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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, 17 November 14
INDONESIAN COAL PRICE REFERENCE CONTINUES FREE FALL; SLUMPS TO 69-MONTH LOW
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia revised down the coal bench mark price once again in November. HBA for t ...
Monday, 17 November 14
API 5 FOB NEWCASTLE COAL SWAP FOR Q1' 15 DELIVERY CLOSED AT $ 52.75
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2015 delivery has decreased US$ 1.77 (-3.25%) month over month and US$ 0.02 (-0.04%) day ...
Monday, 17 November 14
SOUTH CHINA COAL SWAP SLIGHTLY INCREASED WEEK OVER WEEK
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery has decreased US$ 1.73 (-2.67%) month over month and US$ 0.10 (-0.16%) da ...
Sunday, 16 November 14
THE BDI LOST 12.59% WEEK ON WEEK; THE BCI LOST 19.95%
COALspot.com: The BDI fell 12.59 percent to 1256 point week on week on Friday 14 November. All the segments were also most down this week. The cape ...
Friday, 14 November 14
U.S. WEEKLY COAL OUTPUT SLIPS SLIGHTLY WEEK ENDING NOVEMBER 08
COALspot.com – United States the world's one of the largest coal producers, produced approximately 18.9 million short tons (mmst) of coal ...
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- Indika Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Agrawal Coal Company - India
- IHS Mccloskey Coal Group - USA
- Indogreen Group - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Eastern Coal Council - USA
- Riau Bara Harum - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Indo Tambangraya Megah - Indonesia
- Wood Mackenzie - Singapore
- Electricity Generating Authority of Thailand
- Ministry of Finance - Indonesia
- Lanco Infratech Ltd - India
- Parry Sugars Refinery, India
- Iligan Light & Power Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- GVK Power & Infra Limited - India
- Savvy Resources Ltd - HongKong
- Central Electricity Authority - India
- Maharashtra Electricity Regulatory Commission - India
- Holcim Trading Pte Ltd - Singapore
- Kartika Selabumi Mining - Indonesia
- Deloitte Consulting - India
- Ambuja Cements Ltd - India
- Intertek Mineral Services - Indonesia
- Attock Cement Pakistan Limited
- Ind-Barath Power Infra Limited - India
- Sical Logistics Limited - India
- Posco Energy - South Korea
- Kalimantan Lumbung Energi - Indonesia
- Parliament of New Zealand
- Global Business Power Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Electricity Authority, New Zealand
- The Treasury - Australian Government
- Gujarat Sidhee Cement - India
- Jaiprakash Power Ventures ltd
- Alfred C Toepfer International GmbH - Germany
- CIMB Investment Bank - Malaysia
- PTC India Limited - India
- Siam City Cement - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Bukit Makmur.PT - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Xindia Steels Limited - India
- Indian Energy Exchange, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Banpu Public Company Limited - Thailand
- Power Finance Corporation Ltd., India
- Singapore Mercantile Exchange
- Energy Development Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Meralco Power Generation, Philippines
- Romanian Commodities Exchange
- Eastern Energy - Thailand
- Commonwealth Bank - Australia
- Coal and Oil Company - UAE
- Sinarmas Energy and Mining - Indonesia
- Mjunction Services Limited - India
- Cement Manufacturers Association - India
- Rio Tinto Coal - Australia
- Uttam Galva Steels Limited - India
- South Luzon Thermal Energy Corporation
- Miang Besar Coal Terminal - Indonesia
- Karaikal Port Pvt Ltd - India
- Anglo American - United Kingdom
- Bhoruka Overseas - Indonesia
- Tata Chemicals Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- GAC Shipping (India) Pvt Ltd
- Sree Jayajothi Cements Limited - India
- AsiaOL BioFuels Corp., Philippines
- Georgia Ports Authority, United States
- Straits Asia Resources Limited - Singapore
- Oldendorff Carriers - Singapore
- Edison Trading Spa - Italy
- Makarim & Taira - Indonesia
- Petron Corporation, Philippines
- Latin American Coal - Colombia
- Leighton Contractors Pty Ltd - Australia
- Vizag Seaport Private Limited - India
- Australian Commodity Traders Exchange
- Videocon Industries ltd - India
- CNBM International Corporation - China
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- McConnell Dowell - Australia
- Sarangani Energy Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Kohat Cement Company Ltd. - Pakistan
- GMR Energy Limited - India
- Meenaskhi Energy Private Limited - India
- Thiess Contractors Indonesia
- Formosa Plastics Group - Taiwan
- Mintek Dendrill Indonesia
- Australian Coal Association
- Medco Energi Mining Internasional
- Salva Resources Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Malabar Cements Ltd - India
- Globalindo Alam Lestari - Indonesia
- Heidelberg Cement - Germany
- Bahari Cakrawala Sebuku - Indonesia
- Port Waratah Coal Services - Australia
- Ministry of Transport, Egypt
- Minerals Council of Australia
- Directorate Of Revenue Intelligence - India
- Borneo Indobara - Indonesia
- Wilmar Investment Holdings
- Trasteel International SA, Italy
- SMG Consultants - Indonesia
- Grasim Industreis Ltd - India
- Sindya Power Generating Company Private Ltd
- Larsen & Toubro Limited - India
- Standard Chartered Bank - UAE
- European Bulk Services B.V. - Netherlands
- OPG Power Generation Pvt Ltd - India
- ICICI Bank Limited - India
- Rashtriya Ispat Nigam Limited - India
- MS Steel International - UAE
- Tamil Nadu electricity Board
- Kapuas Tunggal Persada - Indonesia
- Baramulti Group, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- Thai Mozambique Logistica
- Altura Mining Limited, Indonesia
- Bayan Resources Tbk. - Indonesia
- India Bulls Power Limited - India
- Global Coal Blending Company Limited - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Orica Australia Pty. Ltd.
- Energy Link Ltd, New Zealand
- Sojitz Corporation - Japan
- Independent Power Producers Association of India
- Bhushan Steel Limited - India
- The University of Queensland
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Antam Resourcindo - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Indonesian Coal Mining Association
- Kepco SPC Power Corporation, Philippines
- Carbofer General Trading SA - India
- Coalindo Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Vedanta Resources Plc - India
- Jindal Steel & Power Ltd - India
- IEA Clean Coal Centre - UK
- Essar Steel Hazira Ltd - India
- ASAPP Information Group - India
- London Commodity Brokers - England
- Sakthi Sugars Limited - India
- Bhatia International Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- GN Power Mariveles Coal Plant, Philippines
- Metalloyd Limited - United Kingdom
- PowerSource Philippines DevCo
- Semirara Mining Corp, Philippines
- Bharathi Cement Corporation - India
- Price Waterhouse Coopers - Russia
- White Energy Company Limited
- Coastal Gujarat Power Limited - India
- Chamber of Mines of South Africa
- Semirara Mining and Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Mines - Canada
- Merrill Lynch Commodities Europe
- International Coal Ventures Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Star Paper Mills Limited - India
- TeaM Sual Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Bangladesh Power Developement Board
- Pendopo Energi Batubara - Indonesia
- Madhucon Powers Ltd - India
- Global Green Power PLC Corporation, Philippines
- Interocean Group of Companies - India
- Central Java Power - Indonesia
- Dalmia Cement Bharat India
- Samtan Co., Ltd - South Korea
- Mercator Lines Limited - India
- Neyveli Lignite Corporation Ltd, - India
- New Zealand Coal & Carbon
- Mercuria Energy - Indonesia
- Indian Oil Corporation Limited
- Barasentosa Lestari - Indonesia
- Goldman Sachs - Singapore
- Manunggal Multi Energi - Indonesia
- Billiton Holdings Pty Ltd - Australia
- SMC Global Power, Philippines
- PNOC Exploration Corporation - Philippines
- Orica Mining Services - Indonesia
- Siam City Cement PLC, Thailand
- VISA Power Limited - India
- Bulk Trading Sa - Switzerland
- Marubeni Corporation - India
- Kumho Petrochemical, South Korea
- Toyota Tsusho Corporation, Japan
- Economic Council, Georgia
- Gujarat Mineral Development Corp Ltd - India
- San Jose City I Power Corp, Philippines
- Aditya Birla Group - India
- Planning Commission, India
- Bukit Baiduri Energy - Indonesia
- Renaissance Capital - South Africa
- Therma Luzon, Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Aboitiz Power Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Africa Commodities Group - South Africa
- Chettinad Cement Corporation Ltd - India
- Simpson Spence & Young - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
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