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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, 12 November 14
PANAMAX: WITNESSED A FAIRLY STABLE MARKET IN THE ATLANTIC
COALspot.com: Despite the fact that the Dry Bulk market noted another weekly increase, clouds of uncertainty returned mid-week onwards, as the mini ...
Wednesday, 12 November 14
SHIPPING MARKET INSIGHT - CHRISTOPHER T. WHITTY
COALspot.com: The fight continues between the low-cost iron ore producers and the big three: Vale, Rio Tinto and BHP Billiton. We are moving into a ...
Tuesday, 11 November 14
FACING CHALLENGES AND MEETING OPPORTUNITIES - INTERNATIONAL EPC CONFERENCE & EXHIBITION
Press Release: SKYCONNECTION and TRANSEVENT, which is fully supported by the Institution of Engineers Indonesia and Ministry of Industry of the Rep ...
Tuesday, 11 November 14
NEWCASTLE COAL SWAP CLOSED AT $ 52.65 FOR Q1' 15 DELIVERY
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2015 delivery decreased US$ 2.83 (-5.10%) month over month and US$ 1.35 (-2.50%) week ove ...
Tuesday, 11 November 14
PORT OF NEWCASTLE'S OCTOBER COAL SHIPMENTS SLIPPED 7.40% M-O-M
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port, has shipped $1,115.7 mil ...
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- Barasentosa Lestari - Indonesia
- Africa Commodities Group - South Africa
- Pendopo Energi Batubara - Indonesia
- Sarangani Energy Corporation, Philippines
- Edison Trading Spa - Italy
- Kumho Petrochemical, South Korea
- Essar Steel Hazira Ltd - India
- Planning Commission, India
- PTC India Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Wilmar Investment Holdings
- Orica Mining Services - Indonesia
- Price Waterhouse Coopers - Russia
- Formosa Plastics Group - Taiwan
- GMR Energy Limited - India
- Vizag Seaport Private Limited - India
- Global Business Power Corporation, Philippines
- Standard Chartered Bank - UAE
- SMC Global Power, Philippines
- Indogreen Group - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Ministry of Transport, Egypt
- Port Waratah Coal Services - Australia
- Bayan Resources Tbk. - Indonesia
- Georgia Ports Authority, United States
- Independent Power Producers Association of India
- New Zealand Coal & Carbon
- CIMB Investment Bank - Malaysia
- PetroVietnam Power Coal Import and Supply Company
- Indo Tambangraya Megah - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Sojitz Corporation - Japan
- Krishnapatnam Port Company Ltd. - India
- Ind-Barath Power Infra Limited - India
- Kepco SPC Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- Parry Sugars Refinery, India
- Videocon Industries ltd - India
- Merrill Lynch Commodities Europe
- Intertek Mineral Services - Indonesia
- Cement Manufacturers Association - India
- Chamber of Mines of South Africa
- Latin American Coal - Colombia
- Alfred C Toepfer International GmbH - Germany
- Dalmia Cement Bharat India
- Economic Council, Georgia
- Altura Mining Limited, Indonesia
- Siam City Cement PLC, Thailand
- SMG Consultants - Indonesia
- Australian Coal Association
- San Jose City I Power Corp, Philippines
- Iligan Light & Power Inc, Philippines
- Central Java Power - Indonesia
- White Energy Company Limited
- Aboitiz Power Corporation - Philippines
- Samtan Co., Ltd - South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- Lanco Infratech Ltd - India
- Madhucon Powers Ltd - India
- ICICI Bank Limited - India
- Timah Investasi Mineral - Indoneisa
- IHS Mccloskey Coal Group - USA
- Ceylon Electricity Board - Sri Lanka
- Bulk Trading Sa - Switzerland
- Riau Bara Harum - Indonesia
- TeaM Sual Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Power Finance Corporation Ltd., India
- LBH Netherlands Bv - Netherlands
- Pipit Mutiara Jaya. PT, Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Banpu Public Company Limited - Thailand
- VISA Power Limited - India
- Kartika Selabumi Mining - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Coal and Oil Company - UAE
- Uttam Galva Steels Limited - India
- Kapuas Tunggal Persada - Indonesia
- Globalindo Alam Lestari - Indonesia
- Oldendorff Carriers - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Thai Mozambique Logistica
- Global Coal Blending Company Limited - Australia
- Mercuria Energy - Indonesia
- Malabar Cements Ltd - India
- Antam Resourcindo - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Tata Chemicals Ltd - India
- Anglo American - United Kingdom
- Petron Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Mintek Dendrill Indonesia
- Cigading International Bulk Terminal - Indonesia
- Attock Cement Pakistan Limited
- Jorong Barutama Greston.PT - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Medco Energi Mining Internasional
- European Bulk Services B.V. - Netherlands
- Neyveli Lignite Corporation Ltd, - India
- Parliament of New Zealand
- Ministry of Mines - Canada
- Indonesian Coal Mining Association
- Straits Asia Resources Limited - Singapore
- Holcim Trading Pte Ltd - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Manunggal Multi Energi - Indonesia
- Agrawal Coal Company - India
- SN Aboitiz Power Inc, Philippines
- The University of Queensland
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indian Oil Corporation Limited
- GVK Power & Infra Limited - India
- Meralco Power Generation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- The Treasury - Australian Government
- Electricity Generating Authority of Thailand
- Global Green Power PLC Corporation, Philippines
- Posco Energy - South Korea
- Ambuja Cements Ltd - India
- CNBM International Corporation - China
- Marubeni Corporation - India
- Deloitte Consulting - India
- Indian Energy Exchange, India
- Eastern Coal Council - USA
- Larsen & Toubro Limited - India
- South Luzon Thermal Energy Corporation
- Simpson Spence & Young - Indonesia
- Jaiprakash Power Ventures ltd
- Gujarat Electricity Regulatory Commission - India
- Energy Development Corp, Philippines
- Trasteel International SA, Italy
- Coastal Gujarat Power Limited - India
- Sical Logistics Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sindya Power Generating Company Private Ltd
- Tamil Nadu electricity Board
- Miang Besar Coal Terminal - Indonesia
- Electricity Authority, New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- Australian Commodity Traders Exchange
- Ministry of Finance - Indonesia
- Carbofer General Trading SA - India
- Meenaskhi Energy Private Limited - India
- PowerSource Philippines DevCo
- Directorate Of Revenue Intelligence - India
- Romanian Commodities Exchange
- Xindia Steels Limited - India
- Indika Energy - Indonesia
- IEA Clean Coal Centre - UK
- Energy Link Ltd, New Zealand
- London Commodity Brokers - England
- Grasim Industreis Ltd - India
- Bhushan Steel Limited - India
- Leighton Contractors Pty Ltd - Australia
- Minerals Council of Australia
- Chettinad Cement Corporation Ltd - India
- Gujarat Sidhee Cement - India
- Singapore Mercantile Exchange
- Interocean Group of Companies - India
- MS Steel International - UAE
- Salva Resources Pvt Ltd - India
- Central Electricity Authority - India
- Kobexindo Tractors - Indoneisa
- OPG Power Generation Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Jindal Steel & Power Ltd - India
- Sakthi Sugars Limited - India
- Therma Luzon, Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Karaikal Port Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Toyota Tsusho Corporation, Japan
- Bharathi Cement Corporation - India
- Semirara Mining Corp, Philippines
- Siam City Cement - Thailand
- Maheswari Brothers Coal Limited - India
- Aditya Birla Group - India
- Bangladesh Power Developement Board
- Binh Thuan Hamico - Vietnam
- Vedanta Resources Plc - India
- Rashtriya Ispat Nigam Limited - India
- Renaissance Capital - South Africa
- Bahari Cakrawala Sebuku - Indonesia
- GAC Shipping (India) Pvt Ltd
- Bhoruka Overseas - Indonesia
- Bhatia International Limited - India
- Rio Tinto Coal - Australia
- Goldman Sachs - Singapore
- Metalloyd Limited - United Kingdom
- Kalimantan Lumbung Energi - Indonesia
- Coalindo Energy - Indonesia
- ASAPP Information Group - India
- Commonwealth Bank - Australia
- Borneo Indobara - Indonesia
- Wood Mackenzie - Singapore
- Baramulti Group, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Mjunction Services Limited - India
- Billiton Holdings Pty Ltd - Australia
- Bukit Baiduri Energy - Indonesia
- Heidelberg Cement - Germany
- Star Paper Mills Limited - India
- Bukit Makmur.PT - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Karbindo Abesyapradhi - Indoneisa
- Sree Jayajothi Cements Limited - India
- McConnell Dowell - Australia
- Thiess Contractors Indonesia
- Semirara Mining and Power Corporation, Philippines
- Eastern Energy - Thailand
- Mercator Lines Limited - India
- Gujarat Mineral Development Corp Ltd - India
- India Bulls Power Limited - India
- Savvy Resources Ltd - HongKong
- Makarim & Taira - Indonesia
- Kaltim Prima Coal - Indonesia
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