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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, 28 October 14
SGX'S FOB RICHARDS BAY COAL SWAP FOR DELIVERY Q1' 2015 CLOSED AT $ 68.07 ON 24 OCT
COALspot.com: API 4 FOB Richards Bay coal swap for Q4’ 2014 delivery decreased US$ 0.65 (-0.96%) month over month and increased US$ 1.79 (+2. ...
Tuesday, 28 October 14
SUB-BIT FOB INDONESIA COAL SWAP FOR Q1' 15 DELIVERY CLOSED 3.68% LOWER MONTH ON MONTH
COALspot.com: Indonesian coal swaps for delivery Q4' 2014 lost month on month and gained day on day and week on week.
The swap has lost US ...
Monday, 27 October 14
GOVT PROMISES TO EASE LICENSING PROCEDURES IN MINING SECTOR - THE JAKARTA POST
The Energy and Mineral Resources Ministry’s directorate general for mineral and coal plans to simplify the complicated licensing procedures i ...
Monday, 27 October 14
FOB NEWCASTLE COAL SWAP FOR Q1' 15 DELIVERY CLOSED $ 0.10 LESSER THAN Q4' 14 CLOSING OF $ 53.27 PMT
COALspot.com: API 5 FOB Newcastle Coal swap for Q4’ 2014 delivery decreased US$ 1.43 (-2.61%) month over month and increased US$ 0.05 (+0.09% ...
Monday, 27 October 14
CFR SOUTH CHINA COAL SWAPS PERFORMED POSITIVE THIS PAST WEEK
COALspot.com: API 8 CFR South China Coal swap for Q4’ 2014 delivery decreased US$ 1.68 (-2.55%) month over month and increased US$ 0.87 (+1.3 ...
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- Maharashtra Electricity Regulatory Commission - India
- Siam City Cement - Thailand
- Africa Commodities Group - South Africa
- Altura Mining Limited, Indonesia
- VISA Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Parry Sugars Refinery, India
- Eastern Coal Council - USA
- Ministry of Transport, Egypt
- Global Green Power PLC Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Baramulti Group, Indonesia
- PNOC Exploration Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- Ministry of Finance - Indonesia
- Port Waratah Coal Services - Australia
- Videocon Industries ltd - India
- Miang Besar Coal Terminal - Indonesia
- Electricity Authority, New Zealand
- Binh Thuan Hamico - Vietnam
- Metalloyd Limited - United Kingdom
- Coalindo Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- CIMB Investment Bank - Malaysia
- Vedanta Resources Plc - India
- Electricity Generating Authority of Thailand
- London Commodity Brokers - England
- Directorate Of Revenue Intelligence - India
- Siam City Cement PLC, Thailand
- Edison Trading Spa - Italy
- Commonwealth Bank - Australia
- Interocean Group of Companies - India
- Bulk Trading Sa - Switzerland
- Attock Cement Pakistan Limited
- Directorate General of MIneral and Coal - Indonesia
- Agrawal Coal Company - India
- Salva Resources Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Rio Tinto Coal - Australia
- The State Trading Corporation of India Ltd
- Gujarat Electricity Regulatory Commission - India
- White Energy Company Limited
- Price Waterhouse Coopers - Russia
- Bangladesh Power Developement Board
- PowerSource Philippines DevCo
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Mines - Canada
- OPG Power Generation Pvt Ltd - India
- Sical Logistics Limited - India
- Carbofer General Trading SA - India
- TNB Fuel Sdn Bhd - Malaysia
- Deloitte Consulting - India
- Australian Commodity Traders Exchange
- Sakthi Sugars Limited - India
- Bhatia International Limited - India
- Orica Australia Pty. Ltd.
- Bharathi Cement Corporation - India
- Sindya Power Generating Company Private Ltd
- Petron Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Essar Steel Hazira Ltd - India
- Chamber of Mines of South Africa
- Antam Resourcindo - Indonesia
- Kumho Petrochemical, South Korea
- Singapore Mercantile Exchange
- Karaikal Port Pvt Ltd - India
- Makarim & Taira - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Kepco SPC Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Bukit Makmur.PT - Indonesia
- Medco Energi Mining Internasional
- Pendopo Energi Batubara - Indonesia
- SMG Consultants - Indonesia
- MS Steel International - UAE
- Timah Investasi Mineral - Indoneisa
- Mjunction Services Limited - India
- Economic Council, Georgia
- Xindia Steels Limited - India
- Trasteel International SA, Italy
- Central Java Power - Indonesia
- Indian Oil Corporation Limited
- The Treasury - Australian Government
- Larsen & Toubro Limited - India
- Planning Commission, India
- Eastern Energy - Thailand
- Indian Energy Exchange, India
- International Coal Ventures Pvt Ltd - India
- GVK Power & Infra Limited - India
- Anglo American - United Kingdom
- Parliament of New Zealand
- Jindal Steel & Power Ltd - India
- Indo Tambangraya Megah - Indonesia
- SN Aboitiz Power Inc, Philippines
- GMR Energy Limited - India
- Central Electricity Authority - India
- Standard Chartered Bank - UAE
- Neyveli Lignite Corporation Ltd, - India
- Formosa Plastics Group - Taiwan
- European Bulk Services B.V. - Netherlands
- Bhoruka Overseas - Indonesia
- Globalindo Alam Lestari - Indonesia
- Meralco Power Generation, Philippines
- Toyota Tsusho Corporation, Japan
- Jaiprakash Power Ventures ltd
- Samtan Co., Ltd - South Korea
- AsiaOL BioFuels Corp., Philippines
- South Luzon Thermal Energy Corporation
- Barasentosa Lestari - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Power Finance Corporation Ltd., India
- Semirara Mining Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Energy Development Corp, Philippines
- Thiess Contractors Indonesia
- SMC Global Power, Philippines
- Cement Manufacturers Association - India
- Independent Power Producers Association of India
- Sinarmas Energy and Mining - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Petrochimia International Co. Ltd.- Taiwan
- Marubeni Corporation - India
- Kaltim Prima Coal - Indonesia
- Borneo Indobara - Indonesia
- LBH Netherlands Bv - Netherlands
- Aditya Birla Group - India
- Grasim Industreis Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Business Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Kapuas Tunggal Persada - Indonesia
- Mintek Dendrill Indonesia
- Cigading International Bulk Terminal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- PetroVietnam Power Coal Import and Supply Company
- Global Coal Blending Company Limited - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Star Paper Mills Limited - India
- Sree Jayajothi Cements Limited - India
- Jorong Barutama Greston.PT - Indonesia
- San Jose City I Power Corp, Philippines
- PTC India Limited - India
- Krishnapatnam Port Company Ltd. - India
- CNBM International Corporation - China
- Therma Luzon, Inc, Philippines
- Tata Chemicals Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Orica Mining Services - Indonesia
- New Zealand Coal & Carbon
- Mercuria Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- TeaM Sual Corporation - Philippines
- Georgia Ports Authority, United States
- Coal and Oil Company - UAE
- Karbindo Abesyapradhi - Indoneisa
- ICICI Bank Limited - India
- Romanian Commodities Exchange
- Ceylon Electricity Board - Sri Lanka
- Sarangani Energy Corporation, Philippines
- Bhushan Steel Limited - India
- Ambuja Cements Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Leighton Contractors Pty Ltd - Australia
- Alfred C Toepfer International GmbH - Germany
- Indika Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Latin American Coal - Colombia
- Uttam Galva Steels Limited - India
- Wood Mackenzie - Singapore
- Indonesian Coal Mining Association
- Riau Bara Harum - Indonesia
- Vizag Seaport Private Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Goldman Sachs - Singapore
- Lanco Infratech Ltd - India
- Kartika Selabumi Mining - Indonesia
- Thai Mozambique Logistica
- Australian Coal Association
- Merrill Lynch Commodities Europe
- Intertek Mineral Services - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Savvy Resources Ltd - HongKong
- Wilmar Investment Holdings
- McConnell Dowell - Australia
- Oldendorff Carriers - Singapore
- The University of Queensland
- Dalmia Cement Bharat India
- Indogreen Group - Indonesia
- Kideco Jaya Agung - Indonesia
- Kobexindo Tractors - Indoneisa
- Sojitz Corporation - Japan
- Straits Asia Resources Limited - Singapore
- Bayan Resources Tbk. - Indonesia
- Aboitiz Power Corporation - Philippines
- Heidelberg Cement - Germany
- ASAPP Information Group - India
- Malabar Cements Ltd - India
- Coastal Gujarat Power Limited - India
- GAC Shipping (India) Pvt Ltd
- Banpu Public Company Limited - Thailand
- Madhucon Powers Ltd - India
- India Bulls Power Limited - India
- Energy Link Ltd, New Zealand
- Ind-Barath Power Infra Limited - India
- Mercator Lines Limited - India
- Minerals Council of Australia
- Posco Energy - South Korea
- Renaissance Capital - South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Tamil Nadu electricity Board
- IEA Clean Coal Centre - UK
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Simpson Spence & Young - Indonesia
- Gujarat Sidhee Cement - India
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