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Monday, 16 November 15
DRY BULK MARKET: Q1' 2016 SHAPING UP TO BE A ' DISASTROUS' ONE OF PROJECTED LOWER IRON ORE IMPORTS FROM CHINA
 Over the course of the past year or so, it’s been the drop of coal imports from China, which has had a detrimental effect on the course of dry bulk freight rates. As we edge closer to the end of 2015 however, it seems that Chinese iron ore imports will follow suit and start declining, as the struggling steel industry, both in China and globally will limit iron ore seaborne trade. As such, it will take a significant net decline of the global dry bulk fleet, in order to offset this declining demand.
According to the latest weekly report from shipbroker Allied Shipbroking, “the steel market has made its way into the spot light this week, as several European states have increased the pressure on action to be taken against the excess dumping of “cheep” Chinese steel into their markets. The supply glut has been around for some time now and while global steel production has been on the decline for the most part of 2015, it seems as though the market is still out of balance and heavily over supplied”.
George Lazaridis, Head of Market Research & Asset Valuations with Allied noted that “Chinese steel production for the year up until September has been down by 2% compared to the same period last year and with China representing just over 50% of the global steel production, this is a considerable drop in the total volume. However it seems that in an effort to slow down its production more gradually over the course of the year, China has been pushing a large portion of its excess supply onto other markets, causing a drastic drop in the price of steel while hoping to retain if not increase its market share. This has hit several of the higher costs producers, especially in Europe and the U.S. The U.S. and other countries have already taken steps in order to prevent market distortions brought about by this “artificially” low priced steel from China, while pressure has been now mounting from the U.K and other E.U. member states for similar action to be taken within Europe as well”.
He added that “with the Chinese steel industry already noting a strong decline this year and with trade restrictions now looking likely to push it into further decline, it looks as though we will likely see a drop in trade not only for finished steel products out of China but also in imports of both Iron ore and coking coal, with both these imports being the main trades for the Capesize sector. A key point to note here is that despite the slowdown in steel production this year, China has still managed to keep iron ore imports on the rise, using the opportunity of the currently low commodity prices to not only lower the average price of the stockpiles it held, but also increase the total volume of those stockpiles in order to hedge any future upward shift in price. This has translated into an estimated 2% increase in the volume of iron ore imported into China since the beginning of the year. The issue is that this rise has proved to be grossly inadequate in keeping the freight market for Capes buoyant. The big losses in the volume of seaborne coal trade has proved costly and with less vessels now actively involved in carrying coal to China there has been an increase in available tonnage competing for the same amount of iron ore cargoes. What makes this even more dramatic is that it has been done despite the fact that the total capesize fleet has remained overall on par in terms of vessel numbers with what it was in the final quarter of 2014”. Lazaridis noted.
As such, “taking this into account and with expectations now for a further slowdown in steel production (the level of which will obviously be dependent on the severity of any new trade restrictions brought about in the market) this will surely detriment things further, something that will likely be reflected in the first quarter of 2016 which is seasonally a low point in the market. Couple this with the fact that demand for industrial commodities such as steel is not showing any potential for strong growth, as demand from major economies such as China, Europe and the U.S. has been in decline, it looks as though the Capesize market still has a considerably large re-balancing act to make moving forward and although the orderbook currently stands at 240 vessels (equivalent to 16% of the current fleet) the number of vessels which are 20 years old or over are only 116 “, Allied’s analyst concluded.
Source: Nikos Roussanoglou, Hellenic Shipping News
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Thursday, 19 November 15
CHINA STEEL PRODUCTION CAPACITY TO PEAK IN 2016 - FITCH RATINGS
COALspot.com: Fitch Ratings today says that China's steel production capacity is likely to peak in 2016, with capacity elimination over the nex ...
Thursday, 19 November 15
Q3' 16 RICHARDS BAY COAL SWAP CLOSED 9% LOWER THAN Q1' 16 DELIVERY PRICE
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q1’ 2016 up week over week and month over month.
The Q1’ 2016 swa ...
Thursday, 19 November 15
RATES FOR CAPES KEPT MOVING SOUTH - INTERMODAL
COALspot.com: With the BDI currently standing at less than 30 points above the historical lows marked in February this year and with activity acros ...
Wednesday, 18 November 15
MARKET (SHIPPING) INSIGHT - THEODORE NTALAKOS
Supply VS Demand
According to data from the IMF, global growth for 2015 is projected at 3.1 percent, 0.3 percentage point lower than in 2014, ...
Tuesday, 17 November 15
KOMIPO INVITES BIDS FOR (SEMI) ANTHRACITE COAL FOR SEOCHEON POWER PLANT
COALspot.com: South Korean state-owned utility Korea Midland Power (KOMIPO) issued an new tender for 70,000 Metric Tons of (Semi) Anthracite for Ja ...
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- Indika Energy - Indonesia
- Baramulti Group, Indonesia
- Global Coal Blending Company Limited - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- India Bulls Power Limited - India
- Agrawal Coal Company - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Meenaskhi Energy Private Limited - India
- Australian Commodity Traders Exchange
- Star Paper Mills Limited - India
- Bhoruka Overseas - Indonesia
- Kideco Jaya Agung - Indonesia
- Merrill Lynch Commodities Europe
- Coal and Oil Company - UAE
- Global Business Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Ministry of Transport, Egypt
- Ambuja Cements Ltd - India
- Mjunction Services Limited - India
- Thai Mozambique Logistica
- Banpu Public Company Limited - Thailand
- Gujarat Sidhee Cement - India
- Ministry of Finance - Indonesia
- Edison Trading Spa - Italy
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Grasim Industreis Ltd - India
- Georgia Ports Authority, United States
- Larsen & Toubro Limited - India
- Bhatia International Limited - India
- PNOC Exploration Corporation - Philippines
- The University of Queensland
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Videocon Industries ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Vedanta Resources Plc - India
- Semirara Mining and Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Manunggal Multi Energi - Indonesia
- White Energy Company Limited
- Savvy Resources Ltd - HongKong
- CIMB Investment Bank - Malaysia
- Standard Chartered Bank - UAE
- Siam City Cement - Thailand
- ICICI Bank Limited - India
- Indonesian Coal Mining Association
- Tamil Nadu electricity Board
- Indogreen Group - Indonesia
- Carbofer General Trading SA - India
- Kohat Cement Company Ltd. - Pakistan
- Commonwealth Bank - Australia
- Cigading International Bulk Terminal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- The State Trading Corporation of India Ltd
- Jindal Steel & Power Ltd - India
- VISA Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Heidelberg Cement - Germany
- Petrochimia International Co. Ltd.- Taiwan
- Independent Power Producers Association of India
- Electricity Authority, New Zealand
- Rio Tinto Coal - Australia
- Power Finance Corporation Ltd., India
- Bangladesh Power Developement Board
- GAC Shipping (India) Pvt Ltd
- South Luzon Thermal Energy Corporation
- Chettinad Cement Corporation Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- San Jose City I Power Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- McConnell Dowell - Australia
- Maheswari Brothers Coal Limited - India
- Australian Coal Association
- Therma Luzon, Inc, Philippines
- Madhucon Powers Ltd - India
- Romanian Commodities Exchange
- Kaltim Prima Coal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Medco Energi Mining Internasional
- Global Green Power PLC Corporation, Philippines
- Orica Mining Services - Indonesia
- CNBM International Corporation - China
- Jaiprakash Power Ventures ltd
- Eastern Coal Council - USA
- Krishnapatnam Port Company Ltd. - India
- Thiess Contractors Indonesia
- Dalmia Cement Bharat India
- Jorong Barutama Greston.PT - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Central Java Power - Indonesia
- Sakthi Sugars Limited - India
- Port Waratah Coal Services - Australia
- IEA Clean Coal Centre - UK
- Rashtriya Ispat Nigam Limited - India
- Sinarmas Energy and Mining - Indonesia
- ASAPP Information Group - India
- New Zealand Coal & Carbon
- Energy Development Corp, Philippines
- Parliament of New Zealand
- Price Waterhouse Coopers - Russia
- Bayan Resources Tbk. - Indonesia
- Ind-Barath Power Infra Limited - India
- Bulk Trading Sa - Switzerland
- Orica Australia Pty. Ltd.
- Gujarat Electricity Regulatory Commission - India
- Wood Mackenzie - Singapore
- LBH Netherlands Bv - Netherlands
- International Coal Ventures Pvt Ltd - India
- Borneo Indobara - Indonesia
- Aditya Birla Group - India
- SMG Consultants - Indonesia
- Sindya Power Generating Company Private Ltd
- Indo Tambangraya Megah - Indonesia
- Kartika Selabumi Mining - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Uttam Galva Steels Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bharathi Cement Corporation - India
- Marubeni Corporation - India
- MS Steel International - UAE
- Metalloyd Limited - United Kingdom
- Toyota Tsusho Corporation, Japan
- GMR Energy Limited - India
- Karaikal Port Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Interocean Group of Companies - India
- Antam Resourcindo - Indonesia
- Meralco Power Generation, Philippines
- Deloitte Consulting - India
- Iligan Light & Power Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Ministry of Mines - Canada
- Intertek Mineral Services - Indonesia
- Bukit Makmur.PT - Indonesia
- Mintek Dendrill Indonesia
- Electricity Generating Authority of Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Kepco SPC Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- Holcim Trading Pte Ltd - Singapore
- SN Aboitiz Power Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Formosa Plastics Group - Taiwan
- Africa Commodities Group - South Africa
- Pendopo Energi Batubara - Indonesia
- Salva Resources Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Altura Mining Limited, Indonesia
- Lanco Infratech Ltd - India
- Sical Logistics Limited - India
- Kobexindo Tractors - Indoneisa
- Makarim & Taira - Indonesia
- Sarangani Energy Corporation, Philippines
- Planning Commission, India
- Aboitiz Power Corporation - Philippines
- Petron Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Oldendorff Carriers - Singapore
- Singapore Mercantile Exchange
- Xindia Steels Limited - India
- Parry Sugars Refinery, India
- Bukit Asam (Persero) Tbk - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sree Jayajothi Cements Limited - India
- Malabar Cements Ltd - India
- Attock Cement Pakistan Limited
- Vizag Seaport Private Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Central Electricity Authority - India
- Trasteel International SA, Italy
- Cement Manufacturers Association - India
- European Bulk Services B.V. - Netherlands
- Samtan Co., Ltd - South Korea
- Indian Oil Corporation Limited
- Alfred C Toepfer International GmbH - Germany
- Eastern Energy - Thailand
- GVK Power & Infra Limited - India
- Tata Chemicals Ltd - India
- Coalindo Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- The Treasury - Australian Government
- Bahari Cakrawala Sebuku - Indonesia
- PowerSource Philippines DevCo
- Globalindo Alam Lestari - Indonesia
- Energy Link Ltd, New Zealand
- Leighton Contractors Pty Ltd - Australia
- Bhushan Steel Limited - India
- Posco Energy - South Korea
- Anglo American - United Kingdom
- SMC Global Power, Philippines
- Goldman Sachs - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Economic Council, Georgia
- Directorate General of MIneral and Coal - Indonesia
- PTC India Limited - India
- Sojitz Corporation - Japan
- Minerals Council of Australia
- Renaissance Capital - South Africa
- TeaM Sual Corporation - Philippines
- Coastal Gujarat Power Limited - India
- Barasentosa Lestari - Indonesia
- Directorate Of Revenue Intelligence - India
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Baiduri Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Semirara Mining Corp, Philippines
- London Commodity Brokers - England
- Ceylon Electricity Board - Sri Lanka
- Latin American Coal - Colombia
- Mercator Lines Limited - India
- Chamber of Mines of South Africa
- Wilmar Investment Holdings
- Indian Energy Exchange, India
- Siam City Cement PLC, Thailand
- Timah Investasi Mineral - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- Essar Steel Hazira Ltd - India
- Mercuria Energy - Indonesia
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