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Monday, 25 April 16
CHINESE STEEL PRICE SURGE NOT SUSTAINABLE - FITCH
 The rapid increase in Chinese steel prices so far this year is not sustainable, as it is largely due to a seasonal pick-up in construction and elevated speculation in the steel futures market, says Fitch Ratings. Fitch expects supply of steel to increase as rising prices lead to capacity resumption, but without a sustainable rise in demand. This will put significant pressure on steel prices in the near term.
According to Fitch, the Chinese steel product prices have increased over 60% year to date. For instance, prices for hot-rolled steel - one of the most widely traded products - increased to CNY3,229 per tonne from CNY1,994 per tonne at the beginning of 2016. Fitch believes the price surge is mostly driven by a seasonal pick-up in fixed-asset investment activity from a low base in the first two months of 2016. This is exacerbated by increased speculation in the steel futures market, driven by liquidity in the financial system.
On the demand side, Fitch said, fixed-asset investment was up 10.7% yoy in 1Q16. Of this, infrastructure was up 19.6% and property 6.2%. Infrastructure investment growth was in line with Fitch's expectations and the usual spurt following the Chinese New Year holidays. However, the pick-up in property investment came earlier than expected. Fitch did not anticipate an increase until 2H16, from a low base in the previous year. Overall, Fitch does not foresee a strong increase in steel demand during 2016 and expects overall fixed-asset investment growth to remain at around 10%, a similar level to 2015.
On the supply side, Fitch commented that, average daily crude steel production was lower in January and February 2016, at around 2.02 million tonnes, compared to 2.21 million tonnes in 2015. Production fell significantly at the end of 2015 due to low steel prices. The total capacity suspended (capacity that is partially in operation or mostly non-operating) in 2015 amounted to around 60 million tonnes, of which only an estimated 15 million tonnes to 17 million tonnes was permanently shut-down and eliminated from the market. With prices now surging, many of the suspended plants have resumed production. This was partially reflected in March 2016 production figures, where daily crude steel production rose to 2.28 million tonnes, up 12.9% compared to January and February 2016.
Fitch expects production to increase further in April, as the suspended furnaces are fired up. This, together with weak demand growth for steel in 2016, is likely to soon result in declining steel prices.
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Wednesday, 14 December 16
INTERNATIONAL TRIBUNAL DISMISSED CHURCHILL MINING'S DAMAGES CLAIM AGAINST REPUBLIC OF INDONESIA
The Directors of Churchill Mining plc advise that, the ICSID Tribunal (“Tribunal”) granted Indonesia’s application to dismiss the ...
Wednesday, 14 December 16
20/20 VISION! - JOHN N. COTZIAS
2020; A year that could be changing shipping. In early November, the International Maritime Organization (IMO) announced that it would set a 0.5% s ...
Tuesday, 13 December 16
THE FREIGHT MARKET MAY WELL BE SHOWING SIGNS OF HEADING FOR ITS DOWNWARD CORRECTIVE PHASE - ALLIED
2016 has been a tough market for dry bulkers and through these difficult earnings, we have seen some of the lowest prices being noted historically ...
Tuesday, 13 December 16
COAL DEMAND GROWTH TO STALL AS APPETITE WANES, ACCORDING TO IEA
Growth in global coal demand will stall over the next five years as the appetite for the fuel wanes and other energy sources gain ground, according ...
Monday, 12 December 16
U.S. WEEKLY COAL PRODUCTION TOTALS 16.3 MMST, UP 7.4% - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.3 million short ton ...
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- Kaltim Prima Coal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Indogreen Group - Indonesia
- Parliament of New Zealand
- Heidelberg Cement - Germany
- Gujarat Electricity Regulatory Commission - India
- Sree Jayajothi Cements Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Maheswari Brothers Coal Limited - India
- Pendopo Energi Batubara - Indonesia
- Kepco SPC Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Indian Oil Corporation Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Iligan Light & Power Inc, Philippines
- Minerals Council of Australia
- Agrawal Coal Company - India
- Renaissance Capital - South Africa
- Energy Development Corp, Philippines
- Indonesian Coal Mining Association
- Bhatia International Limited - India
- CIMB Investment Bank - Malaysia
- SN Aboitiz Power Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Bayan Resources Tbk. - Indonesia
- Central Electricity Authority - India
- Maharashtra Electricity Regulatory Commission - India
- Riau Bara Harum - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Petron Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Medco Energi Mining Internasional
- Barasentosa Lestari - Indonesia
- Bukit Makmur.PT - Indonesia
- PTC India Limited - India
- Merrill Lynch Commodities Europe
- Toyota Tsusho Corporation, Japan
- Bangladesh Power Developement Board
- Borneo Indobara - Indonesia
- Lanco Infratech Ltd - India
- GVK Power & Infra Limited - India
- Australian Commodity Traders Exchange
- Krishnapatnam Port Company Ltd. - India
- Banpu Public Company Limited - Thailand
- Makarim & Taira - Indonesia
- Price Waterhouse Coopers - Russia
- Energy Link Ltd, New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Larsen & Toubro Limited - India
- Indian Energy Exchange, India
- International Coal Ventures Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Formosa Plastics Group - Taiwan
- Karaikal Port Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Electricity Authority, New Zealand
- Mercuria Energy - Indonesia
- Romanian Commodities Exchange
- ICICI Bank Limited - India
- Sarangani Energy Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- IEA Clean Coal Centre - UK
- Africa Commodities Group - South Africa
- Star Paper Mills Limited - India
- Attock Cement Pakistan Limited
- Leighton Contractors Pty Ltd - Australia
- Siam City Cement PLC, Thailand
- Thai Mozambique Logistica
- IHS Mccloskey Coal Group - USA
- Manunggal Multi Energi - Indonesia
- The Treasury - Australian Government
- TNB Fuel Sdn Bhd - Malaysia
- Singapore Mercantile Exchange
- Thiess Contractors Indonesia
- Salva Resources Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Binh Thuan Hamico - Vietnam
- Cement Manufacturers Association - India
- Videocon Industries ltd - India
- VISA Power Limited - India
- Globalindo Alam Lestari - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Rio Tinto Coal - Australia
- Carbofer General Trading SA - India
- Marubeni Corporation - India
- PowerSource Philippines DevCo
- Anglo American - United Kingdom
- Eastern Coal Council - USA
- Meralco Power Generation, Philippines
- Eastern Energy - Thailand
- MS Steel International - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ambuja Cements Ltd - India
- CNBM International Corporation - China
- ASAPP Information Group - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bulk Trading Sa - Switzerland
- Coastal Gujarat Power Limited - India
- Central Java Power - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Bhushan Steel Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Meenaskhi Energy Private Limited - India
- Sical Logistics Limited - India
- Kumho Petrochemical, South Korea
- McConnell Dowell - Australia
- Dalmia Cement Bharat India
- Aditya Birla Group - India
- Karbindo Abesyapradhi - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
- Bharathi Cement Corporation - India
- Georgia Ports Authority, United States
- Kohat Cement Company Ltd. - Pakistan
- Siam City Cement - Thailand
- Sakthi Sugars Limited - India
- Ministry of Finance - Indonesia
- Mintek Dendrill Indonesia
- Baramulti Group, Indonesia
- Indo Tambangraya Megah - Indonesia
- Gujarat Sidhee Cement - India
- Deloitte Consulting - India
- Samtan Co., Ltd - South Korea
- Parry Sugars Refinery, India
- Latin American Coal - Colombia
- Ind-Barath Power Infra Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Cigading International Bulk Terminal - Indonesia
- LBH Netherlands Bv - Netherlands
- Uttam Galva Steels Limited - India
- Metalloyd Limited - United Kingdom
- Intertek Mineral Services - Indonesia
- Bukit Baiduri Energy - Indonesia
- Global Business Power Corporation, Philippines
- SMG Consultants - Indonesia
- South Luzon Thermal Energy Corporation
- Altura Mining Limited, Indonesia
- Wilmar Investment Holdings
- SMC Global Power, Philippines
- New Zealand Coal & Carbon
- Posco Energy - South Korea
- Ministry of Mines - Canada
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Therma Luzon, Inc, Philippines
- Wood Mackenzie - Singapore
- Orica Australia Pty. Ltd.
- Interocean Group of Companies - India
- Goldman Sachs - Singapore
- Oldendorff Carriers - Singapore
- Mercator Lines Limited - India
- Xindia Steels Limited - India
- GMR Energy Limited - India
- The University of Queensland
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- AsiaOL BioFuels Corp., Philippines
- Semirara Mining Corp, Philippines
- Antam Resourcindo - Indonesia
- Vizag Seaport Private Limited - India
- Commonwealth Bank - Australia
- Sojitz Corporation - Japan
- OPG Power Generation Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Orica Mining Services - Indonesia
- Economic Council, Georgia
- Semirara Mining and Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- Directorate Of Revenue Intelligence - India
- Indika Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Mjunction Services Limited - India
- Aboitiz Power Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Simpson Spence & Young - Indonesia
- Straits Asia Resources Limited - Singapore
- Chamber of Mines of South Africa
- Power Finance Corporation Ltd., India
- Jaiprakash Power Ventures ltd
- Grasim Industreis Ltd - India
- Vedanta Resources Plc - India
- European Bulk Services B.V. - Netherlands
- The State Trading Corporation of India Ltd
- Planning Commission, India
- Ministry of Transport, Egypt
- London Commodity Brokers - England
- Madhucon Powers Ltd - India
- Global Coal Blending Company Limited - Australia
- Edison Trading Spa - Italy
- PNOC Exploration Corporation - Philippines
- Coalindo Energy - Indonesia
- Independent Power Producers Association of India
- Neyveli Lignite Corporation Ltd, - India
- Bukit Asam (Persero) Tbk - Indonesia
- Global Green Power PLC Corporation, Philippines
- Trasteel International SA, Italy
- Alfred C Toepfer International GmbH - Germany
- India Bulls Power Limited - India
- Coal and Oil Company - UAE
- Standard Chartered Bank - UAE
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Malabar Cements Ltd - India
- Savvy Resources Ltd - HongKong
- Miang Besar Coal Terminal - Indonesia
- Tata Chemicals Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- White Energy Company Limited
- Australian Coal Association
- Bhoruka Overseas - Indonesia
- Chettinad Cement Corporation Ltd - India
- TeaM Sual Corporation - Philippines
- Port Waratah Coal Services - Australia
- Jorong Barutama Greston.PT - Indonesia
- Jindal Steel & Power Ltd - India
- GAC Shipping (India) Pvt Ltd
- Tamil Nadu electricity Board
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