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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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Tuesday, 26 January 16
OUTLOOK FOR GLOBAL OIL MARKETS - OPEC SECRETARY GENERAL
Opening address by HE Abdalla S. El-Badri, OPEC Secretary General, at the Chatham House Conference: Middle East and North Africa Energy 2016, Theme ...
Monday, 25 January 16
5700 GAR COAL INDEX CLOSED $ 50.08 PER TON, $0.20 LOWER FROM LAST WEEK
COALspot.com: Average 5000 GAR coal index of Indonesian origin decline 1.35 percent week over week to averaging $39.39 per ton on this past Friday, ...
Monday, 25 January 16
SHOULD A DEFAULTING PARTY BE ENTITLED TO AN INNOCENT PARTY'S SAVING, FOLLOWING THEIR BREACH OF CONTRACT? - THE NEW FLAMENCO REVISITED
KNOWLEDGE TO ELEVATE
This case was addressed by the club in our of January 2015, when the High Court decision became available. The background ...
Monday, 25 January 16
DRY BULK SHIPPING: A MISERABLE START TO A NEW YEAR, WHERE THE MARKET STRUGGLES TO GROW AT ALL - BIMCO
The global production of steel dropped in 2015 compared to 2014, to a larger extent outside China, as China exported its surplus of steel to destin ...
Sunday, 24 January 16
PANAMAX MARKET WEAKENS ACROSS THE BOARD
COALspot.com: The Baltic Dry Index, which gauges the cost of shipping dry bulk including iron ore, cement, grain, coal and fertiliser, fell ninetee ...
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- Gujarat Mineral Development Corp Ltd - India
- Pendopo Energi Batubara - Indonesia
- SMG Consultants - Indonesia
- Star Paper Mills Limited - India
- Renaissance Capital - South Africa
- Eastern Coal Council - USA
- Makarim & Taira - Indonesia
- PNOC Exploration Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- Banpu Public Company Limited - Thailand
- The University of Queensland
- Energy Development Corp, Philippines
- White Energy Company Limited
- Kumho Petrochemical, South Korea
- Parliament of New Zealand
- Deloitte Consulting - India
- Kobexindo Tractors - Indoneisa
- Thai Mozambique Logistica
- Global Green Power PLC Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- CIMB Investment Bank - Malaysia
- Gujarat Electricity Regulatory Commission - India
- Planning Commission, India
- Ministry of Finance - Indonesia
- Salva Resources Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Dalmia Cement Bharat India
- Africa Commodities Group - South Africa
- International Coal Ventures Pvt Ltd - India
- Oldendorff Carriers - Singapore
- SMC Global Power, Philippines
- Wilmar Investment Holdings
- Kepco SPC Power Corporation, Philippines
- Carbofer General Trading SA - India
- Chamber of Mines of South Africa
- Sojitz Corporation - Japan
- Antam Resourcindo - Indonesia
- Ind-Barath Power Infra Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Agrawal Coal Company - India
- Kideco Jaya Agung - Indonesia
- ASAPP Information Group - India
- Sical Logistics Limited - India
- London Commodity Brokers - England
- IHS Mccloskey Coal Group - USA
- Indogreen Group - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- India Bulls Power Limited - India
- Central Java Power - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Mines - Canada
- Kapuas Tunggal Persada - Indonesia
- Attock Cement Pakistan Limited
- Bharathi Cement Corporation - India
- Independent Power Producers Association of India
- Trasteel International SA, Italy
- Maheswari Brothers Coal Limited - India
- Semirara Mining and Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Timah Investasi Mineral - Indoneisa
- Altura Mining Limited, Indonesia
- GVK Power & Infra Limited - India
- Barasentosa Lestari - Indonesia
- The State Trading Corporation of India Ltd
- MS Steel International - UAE
- Bayan Resources Tbk. - Indonesia
- VISA Power Limited - India
- Simpson Spence & Young - Indonesia
- Port Waratah Coal Services - Australia
- San Jose City I Power Corp, Philippines
- PTC India Limited - India
- Rashtriya Ispat Nigam Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhatia International Limited - India
- LBH Netherlands Bv - Netherlands
- Malabar Cements Ltd - India
- Meralco Power Generation, Philippines
- Tata Chemicals Ltd - India
- Coal and Oil Company - UAE
- Intertek Mineral Services - Indonesia
- Bhushan Steel Limited - India
- Interocean Group of Companies - India
- Baramulti Group, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Indika Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Electricity Generating Authority of Thailand
- Wood Mackenzie - Singapore
- Meenaskhi Energy Private Limited - India
- Latin American Coal - Colombia
- Vijayanagar Sugar Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Minerals Council of Australia
- CNBM International Corporation - China
- Indian Oil Corporation Limited
- Lanco Infratech Ltd - India
- Mintek Dendrill Indonesia
- PowerSource Philippines DevCo
- Ambuja Cements Ltd - India
- Price Waterhouse Coopers - Russia
- Bukit Makmur.PT - Indonesia
- Iligan Light & Power Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Aditya Birla Group - India
- Mercuria Energy - Indonesia
- Ministry of Transport, Egypt
- Cigading International Bulk Terminal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Cement Manufacturers Association - India
- Siam City Cement - Thailand
- Parry Sugars Refinery, India
- Sakthi Sugars Limited - India
- Posco Energy - South Korea
- Miang Besar Coal Terminal - Indonesia
- Mjunction Services Limited - India
- Riau Bara Harum - Indonesia
- Larsen & Toubro Limited - India
- Electricity Authority, New Zealand
- Sindya Power Generating Company Private Ltd
- Indo Tambangraya Megah - Indonesia
- Madhucon Powers Ltd - India
- Rio Tinto Coal - Australia
- TeaM Sual Corporation - Philippines
- Commonwealth Bank - Australia
- Maharashtra Electricity Regulatory Commission - India
- PetroVietnam Power Coal Import and Supply Company
- Petrochimia International Co. Ltd.- Taiwan
- Tamil Nadu electricity Board
- Merrill Lynch Commodities Europe
- Mercator Lines Limited - India
- AsiaOL BioFuels Corp., Philippines
- Heidelberg Cement - Germany
- Energy Link Ltd, New Zealand
- Indian Energy Exchange, India
- GMR Energy Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- IEA Clean Coal Centre - UK
- Global Coal Blending Company Limited - Australia
- Georgia Ports Authority, United States
- Asia Pacific Energy Resources Ventures Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Marubeni Corporation - India
- Standard Chartered Bank - UAE
- Uttam Galva Steels Limited - India
- Indonesian Coal Mining Association
- Coastal Gujarat Power Limited - India
- Kaltim Prima Coal - Indonesia
- Jindal Steel & Power Ltd - India
- Manunggal Multi Energi - Indonesia
- Grasim Industreis Ltd - India
- Sree Jayajothi Cements Limited - India
- Anglo American - United Kingdom
- GN Power Mariveles Coal Plant, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Semirara Mining Corp, Philippines
- Global Business Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Xindia Steels Limited - India
- Eastern Energy - Thailand
- ICICI Bank Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Bulk Trading Sa - Switzerland
- Romanian Commodities Exchange
- Directorate General of MIneral and Coal - Indonesia
- Edison Trading Spa - Italy
- Toyota Tsusho Corporation, Japan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Central Electricity Authority - India
- Petron Corporation, Philippines
- Medco Energi Mining Internasional
- Thiess Contractors Indonesia
- Gujarat Sidhee Cement - India
- Savvy Resources Ltd - HongKong
- Videocon Industries ltd - India
- Globalindo Alam Lestari - Indonesia
- GAC Shipping (India) Pvt Ltd
- Bhoruka Overseas - Indonesia
- Australian Coal Association
- Orica Mining Services - Indonesia
- Formosa Plastics Group - Taiwan
- South Luzon Thermal Energy Corporation
- Bangladesh Power Developement Board
- Goldman Sachs - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Sinarmas Energy and Mining - Indonesia
- Power Finance Corporation Ltd., India
- The Treasury - Australian Government
- Jaiprakash Power Ventures ltd
- Borneo Indobara - Indonesia
- New Zealand Coal & Carbon
- Singapore Mercantile Exchange
- Binh Thuan Hamico - Vietnam
- McConnell Dowell - Australia
- Holcim Trading Pte Ltd - Singapore
- Bukit Baiduri Energy - Indonesia
- Vizag Seaport Private Limited - India
- Australian Commodity Traders Exchange
- Economic Council, Georgia
- Ceylon Electricity Board - Sri Lanka
- Bukit Asam (Persero) Tbk - Indonesia
- European Bulk Services B.V. - Netherlands
- Metalloyd Limited - United Kingdom
- Siam City Cement PLC, Thailand
- Aboitiz Power Corporation - Philippines
- Therma Luzon, Inc, Philippines
- Orica Australia Pty. Ltd.
- Bahari Cakrawala Sebuku - Indonesia
- Directorate Of Revenue Intelligence - India
- Vedanta Resources Plc - India
- Straits Asia Resources Limited - Singapore
- Coalindo Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Essar Steel Hazira Ltd - India
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