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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, 04 November 14
FOB NEWCASTLE COAL SWAPS GAINED WEEK OVER WEEK
COALspot.com: API 5 FOB Newcastle Coal swap for Q4’ 2014 delivery decreased US$ 1.09 (-1.99%) month over month and increased US$ 0.31 (+0.58% ...
Monday, 03 November 14
ADARO PRODUCED 41.90MT OF COAL FOR FIRST 9 MONTHS OF 2014
COALspot.com: Adaro’s coal production in the third quarter reached 14.03 Mt, a 2% increase compared to the same period of last year. Accordin ...
Monday, 03 November 14
CFR SOUTH CHINA COAL SWAP FOR Q4' 2014 DELIVERY LOST 2.80% MONTH OVER MONTH
COALspot.com: API 8 CFR South China Coal swap for Q4’ 2014 delivery has decreased US$ 1.86 (-2.80%) month over month and increased US$ 0.37 ( ...
Monday, 03 November 14
INDONESIAN'S COAL EXPORTS JUMP IN SEPTEMBER
COALspot.com: Indonesia, one of the world's largest coal producers and the global leading multi grade coal exporter shipped around $1.50 ...
Sunday, 02 November 14
CAPE INDEX WAS UP 46.65% WEEK ON WEEK
COALspot.com: The BDI and Cape index continued the strong upward trend this week. The BDI was up 19.80 pct and Cape index was up by 46.65 per ...
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- Global Business Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mercator Lines Limited - India
- Mintek Dendrill Indonesia
- Sakthi Sugars Limited - India
- PTC India Limited - India
- Parry Sugars Refinery, India
- Georgia Ports Authority, United States
- Deloitte Consulting - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Makmur.PT - Indonesia
- Chettinad Cement Corporation Ltd - India
- VISA Power Limited - India
- Maheswari Brothers Coal Limited - India
- Goldman Sachs - Singapore
- Carbofer General Trading SA - India
- Savvy Resources Ltd - HongKong
- Kideco Jaya Agung - Indonesia
- Indian Oil Corporation Limited
- Iligan Light & Power Inc, Philippines
- PNOC Exploration Corporation - Philippines
- The Treasury - Australian Government
- Independent Power Producers Association of India
- Attock Cement Pakistan Limited
- Meralco Power Generation, Philippines
- Interocean Group of Companies - India
- Directorate Of Revenue Intelligence - India
- Coastal Gujarat Power Limited - India
- Sarangani Energy Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Wilmar Investment Holdings
- Star Paper Mills Limited - India
- Sree Jayajothi Cements Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Tata Chemicals Ltd - India
- CNBM International Corporation - China
- Toyota Tsusho Corporation, Japan
- Australian Coal Association
- Posco Energy - South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- Aditya Birla Group - India
- Kapuas Tunggal Persada - Indonesia
- Orica Mining Services - Indonesia
- Bukit Baiduri Energy - Indonesia
- Electricity Generating Authority of Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Petrochimia International Co. Ltd.- Taiwan
- Semirara Mining and Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Sinarmas Energy and Mining - Indonesia
- Indo Tambangraya Megah - Indonesia
- Romanian Commodities Exchange
- Riau Bara Harum - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Africa Commodities Group - South Africa
- Edison Trading Spa - Italy
- Metalloyd Limited - United Kingdom
- Billiton Holdings Pty Ltd - Australia
- Coal and Oil Company - UAE
- SMG Consultants - Indonesia
- Mjunction Services Limited - India
- Port Waratah Coal Services - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indika Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Energy Development Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PowerSource Philippines DevCo
- Energy Link Ltd, New Zealand
- Price Waterhouse Coopers - Russia
- Uttam Galva Steels Limited - India
- Siam City Cement - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- South Luzon Thermal Energy Corporation
- Gujarat Mineral Development Corp Ltd - India
- Kartika Selabumi Mining - Indonesia
- Kepco SPC Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- White Energy Company Limited
- Global Green Power PLC Corporation, Philippines
- GMR Energy Limited - India
- Globalindo Alam Lestari - Indonesia
- Siam City Cement PLC, Thailand
- Oldendorff Carriers - Singapore
- ASAPP Information Group - India
- Singapore Mercantile Exchange
- Jorong Barutama Greston.PT - Indonesia
- Central Electricity Authority - India
- Essar Steel Hazira Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- McConnell Dowell - Australia
- Antam Resourcindo - Indonesia
- SMC Global Power, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Global Coal Blending Company Limited - Australia
- Madhucon Powers Ltd - India
- Electricity Authority, New Zealand
- Planning Commission, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- MS Steel International - UAE
- Ambuja Cements Ltd - India
- Commonwealth Bank - Australia
- The University of Queensland
- Neyveli Lignite Corporation Ltd, - India
- Bhatia International Limited - India
- Bulk Trading Sa - Switzerland
- Jindal Steel & Power Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Eastern Energy - Thailand
- Minerals Council of Australia
- Holcim Trading Pte Ltd - Singapore
- Latin American Coal - Colombia
- Indian Energy Exchange, India
- Vedanta Resources Plc - India
- GVK Power & Infra Limited - India
- The State Trading Corporation of India Ltd
- Ind-Barath Power Infra Limited - India
- Trasteel International SA, Italy
- Alfred C Toepfer International GmbH - Germany
- Bharathi Cement Corporation - India
- Krishnapatnam Port Company Ltd. - India
- Bangladesh Power Developement Board
- Parliament of New Zealand
- Maharashtra Electricity Regulatory Commission - India
- Therma Luzon, Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- Semirara Mining Corp, Philippines
- Indogreen Group - Indonesia
- New Zealand Coal & Carbon
- India Bulls Power Limited - India
- Borneo Indobara - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Formosa Plastics Group - Taiwan
- Pendopo Energi Batubara - Indonesia
- Power Finance Corporation Ltd., India
- Bank of Tokyo Mitsubishi UFJ Ltd
- SN Aboitiz Power Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Medco Energi Mining Internasional
- Timah Investasi Mineral - Indoneisa
- Thiess Contractors Indonesia
- Meenaskhi Energy Private Limited - India
- Thai Mozambique Logistica
- Australian Commodity Traders Exchange
- IEA Clean Coal Centre - UK
- Wood Mackenzie - Singapore
- Grasim Industreis Ltd - India
- Chamber of Mines of South Africa
- Lanco Infratech Ltd - India
- Altura Mining Limited, Indonesia
- Videocon Industries ltd - India
- European Bulk Services B.V. - Netherlands
- Rio Tinto Coal - Australia
- Bayan Resources Tbk. - Indonesia
- Baramulti Group, Indonesia
- Sojitz Corporation - Japan
- Gujarat Electricity Regulatory Commission - India
- TeaM Sual Corporation - Philippines
- San Jose City I Power Corp, Philippines
- Xindia Steels Limited - India
- Kumho Petrochemical, South Korea
- Anglo American - United Kingdom
- Malabar Cements Ltd - India
- IHS Mccloskey Coal Group - USA
- London Commodity Brokers - England
- Larsen & Toubro Limited - India
- LBH Netherlands Bv - Netherlands
- CIMB Investment Bank - Malaysia
- GAC Shipping (India) Pvt Ltd
- GN Power Mariveles Coal Plant, Philippines
- Sical Logistics Limited - India
- OPG Power Generation Pvt Ltd - India
- Heidelberg Cement - Germany
- Salva Resources Pvt Ltd - India
- Eastern Coal Council - USA
- Orica Australia Pty. Ltd.
- Manunggal Multi Energi - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Mercuria Energy - Indonesia
- Ministry of Transport, Egypt
- Sindya Power Generating Company Private Ltd
- Ministry of Mines - Canada
- Agrawal Coal Company - India
- Barasentosa Lestari - Indonesia
- Central Java Power - Indonesia
- Cement Manufacturers Association - India
- Petron Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Standard Chartered Bank - UAE
- Bhoruka Overseas - Indonesia
- Jaiprakash Power Ventures ltd
- Bhushan Steel Limited - India
- Ministry of Finance - Indonesia
- Vizag Seaport Private Limited - India
- Renaissance Capital - South Africa
- Dalmia Cement Bharat India
- Indonesian Coal Mining Association
- Marubeni Corporation - India
- Coalindo Energy - Indonesia
- Gujarat Sidhee Cement - India
- Economic Council, Georgia
- ICICI Bank Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Binh Thuan Hamico - Vietnam
- Simpson Spence & Young - Indonesia
- Aboitiz Power Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Asmin Koalindo Tuhup - Indonesia
- Makarim & Taira - Indonesia
- Tamil Nadu electricity Board
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