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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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Friday, 14 November 14
MORE NATURAL GAS FROM RUSSIA TO HELP STABILISE CHINA PRICES - FITCH RATINGS
COALspot.com: Fitch Ratings has said possible additional natural gas supplies from Russia's OAO Gazprom to China via the Altai pipeline would h ...
Thursday, 13 November 14
SLOWER AND LOWER HAS BEEN THE TREND OF THE PANAMAX IN BOTH HEMISPHERES - FEARNLEYS
Handy
We are experiencing an oversupply of tonnage in the Atlantic which is out numbering the amount of cargoes, Fearnleys broker says in its lat ...
Thursday, 13 November 14
DRY BULK MARKET'S REBOUND HINGES ON IRON ORE OVERSUPPLY ISSUES MOVING FORWARD - HELLENIC SHIPPING NEWS
“One man’s benefit, is another man’s demise” is a phrase which can be used to describe today’s situation in the dry b ...
Thursday, 13 November 14
COAL MINISTER WANTS INDIA TO STOP COAL IMPORTS IN TWO OR THREE YEARS
COALspot.com: India to ramp up coal production to a billion tonnes by 2019 from its current level of 490 million tones. According to Power and Coal ...
Thursday, 13 November 14
MODERN DRY BULK SHIPS' PRICES START FIRMING UP - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
While the main story of the past few weeks has been the rebound of the dry bulk market, which has been a result of increased Chinese iron ore impor ...
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- San Jose City I Power Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- London Commodity Brokers - England
- Marubeni Corporation - India
- Samtan Co., Ltd - South Korea
- Interocean Group of Companies - India
- Indian Energy Exchange, India
- Pipit Mutiara Jaya. PT, Indonesia
- Malabar Cements Ltd - India
- Medco Energi Mining Internasional
- Krishnapatnam Port Company Ltd. - India
- GN Power Mariveles Coal Plant, Philippines
- Energy Link Ltd, New Zealand
- Independent Power Producers Association of India
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- Karaikal Port Pvt Ltd - India
- Indika Energy - Indonesia
- Madhucon Powers Ltd - India
- Meenaskhi Energy Private Limited - India
- Ministry of Transport, Egypt
- Siam City Cement - Thailand
- Electricity Authority, New Zealand
- Petron Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Holcim Trading Pte Ltd - Singapore
- Riau Bara Harum - Indonesia
- Toyota Tsusho Corporation, Japan
- SMC Global Power, Philippines
- Orica Australia Pty. Ltd.
- Global Business Power Corporation, Philippines
- Thiess Contractors Indonesia
- Bukit Makmur.PT - Indonesia
- Goldman Sachs - Singapore
- Indo Tambangraya Megah - Indonesia
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- Latin American Coal - Colombia
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- AsiaOL BioFuels Corp., Philippines
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- Larsen & Toubro Limited - India
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- GAC Shipping (India) Pvt Ltd
- Lanco Infratech Ltd - India
- International Coal Ventures Pvt Ltd - India
- Economic Council, Georgia
- McConnell Dowell - Australia
- Jorong Barutama Greston.PT - Indonesia
- Bhoruka Overseas - Indonesia
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- Star Paper Mills Limited - India
- Georgia Ports Authority, United States
- Sarangani Energy Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Sakthi Sugars Limited - India
- Romanian Commodities Exchange
- Bharathi Cement Corporation - India
- Global Green Power PLC Corporation, Philippines
- Makarim & Taira - Indonesia
- Tamil Nadu electricity Board
- Mjunction Services Limited - India
- Siam City Cement PLC, Thailand
- Parliament of New Zealand
- ICICI Bank Limited - India
- Standard Chartered Bank - UAE
- Gujarat Mineral Development Corp Ltd - India
- Savvy Resources Ltd - HongKong
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Chettinad Cement Corporation Ltd - India
- India Bulls Power Limited - India
- Oldendorff Carriers - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Rio Tinto Coal - Australia
- Central Java Power - Indonesia
- Ministry of Mines - Canada
- IEA Clean Coal Centre - UK
- Dalmia Cement Bharat India
- The Treasury - Australian Government
- Asmin Koalindo Tuhup - Indonesia
- Kaltim Prima Coal - Indonesia
- Vedanta Resources Plc - India
- Indonesian Coal Mining Association
- The University of Queensland
- Billiton Holdings Pty Ltd - Australia
- Renaissance Capital - South Africa
- Straits Asia Resources Limited - Singapore
- LBH Netherlands Bv - Netherlands
- Mintek Dendrill Indonesia
- Sinarmas Energy and Mining - Indonesia
- Sojitz Corporation - Japan
- GMR Energy Limited - India
- Kohat Cement Company Ltd. - Pakistan
- The State Trading Corporation of India Ltd
- Kapuas Tunggal Persada - Indonesia
- Timah Investasi Mineral - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- Thai Mozambique Logistica
- CIMB Investment Bank - Malaysia
- Maheswari Brothers Coal Limited - India
- Semirara Mining and Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- Barasentosa Lestari - Indonesia
- Uttam Galva Steels Limited - India
- Agrawal Coal Company - India
- Directorate General of MIneral and Coal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Price Waterhouse Coopers - Russia
- Anglo American - United Kingdom
- Parry Sugars Refinery, India
- Electricity Generating Authority of Thailand
- MS Steel International - UAE
- Bukit Baiduri Energy - Indonesia
- Australian Coal Association
- Mercator Lines Limited - India
- Baramulti Group, Indonesia
- Kepco SPC Power Corporation, Philippines
- Carbofer General Trading SA - India
- Gujarat Electricity Regulatory Commission - India
- Eastern Energy - Thailand
- Central Electricity Authority - India
- Merrill Lynch Commodities Europe
- Ministry of Finance - Indonesia
- Simpson Spence & Young - Indonesia
- Videocon Industries ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Wilmar Investment Holdings
- Power Finance Corporation Ltd., India
- Therma Luzon, Inc, Philippines
- Antam Resourcindo - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- PTC India Limited - India
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- Bukit Asam (Persero) Tbk - Indonesia
- OPG Power Generation Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- SMG Consultants - Indonesia
- Bangladesh Power Developement Board
- Mercuria Energy - Indonesia
- Semirara Mining Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- Metalloyd Limited - United Kingdom
- Manunggal Multi Energi - Indonesia
- Indian Oil Corporation Limited
- Heidelberg Cement - Germany
- Bhushan Steel Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Formosa Plastics Group - Taiwan
- Neyveli Lignite Corporation Ltd, - India
- Posco Energy - South Korea
- Eastern Coal Council - USA
- Maharashtra Electricity Regulatory Commission - India
- Sree Jayajothi Cements Limited - India
- Bayan Resources Tbk. - Indonesia
- TeaM Sual Corporation - Philippines
- Commonwealth Bank - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- VISA Power Limited - India
- Coal and Oil Company - UAE
- Meralco Power Generation, Philippines
- Wood Mackenzie - Singapore
- Gujarat Sidhee Cement - India
- Kideco Jaya Agung - Indonesia
- Sical Logistics Limited - India
- Minerals Council of Australia
- Kartika Selabumi Mining - Indonesia
- Binh Thuan Hamico - Vietnam
- Africa Commodities Group - South Africa
- Cement Manufacturers Association - India
- Intertek Mineral Services - Indonesia
- Indogreen Group - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Coastal Gujarat Power Limited - India
- New Zealand Coal & Carbon
- Global Coal Blending Company Limited - Australia
- Pendopo Energi Batubara - Indonesia
- Attock Cement Pakistan Limited
- Bulk Trading Sa - Switzerland
- South Luzon Thermal Energy Corporation
- Edison Trading Spa - Italy
- Singapore Mercantile Exchange
- IHS Mccloskey Coal Group - USA
- White Energy Company Limited
- Essar Steel Hazira Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PowerSource Philippines DevCo
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Directorate Of Revenue Intelligence - India
- European Bulk Services B.V. - Netherlands
- PNOC Exploration Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Orica Mining Services - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Chamber of Mines of South Africa
- Banpu Public Company Limited - Thailand
- Tata Chemicals Ltd - India
- GVK Power & Infra Limited - India
- Borneo Indobara - Indonesia
- Trasteel International SA, Italy
- Planning Commission, India
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- CNBM International Corporation - China
- Jaiprakash Power Ventures ltd
- Deloitte Consulting - India
- Alfred C Toepfer International GmbH - Germany
- Vizag Seaport Private Limited - India
- Kobexindo Tractors - Indoneisa
- Grasim Industreis Ltd - India
- Australian Commodity Traders Exchange
- Globalindo Alam Lestari - Indonesia
- Aboitiz Power Corporation - Philippines
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