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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, 16 December 15
MARKET INSIGHT - KATERINA RESTIS
On Friday 4th of December the meeting of OPEC was held in Vienna, Austria. Since its last meeting, oil and product stock levels have continued to r ...
Tuesday, 15 December 15
THE GOVERNMENT DECLARED THERMAL COAL BENCHMARK PRICE CRASHING ONCE AGAIN
COALspot.com: Low coal demand and excess supplies sent Indonesian benchmark coal price down to below 2009 level. HBA has slumped by 1.69% mo ...
Tuesday, 15 December 15
API 5 FOB NEWCASTLE COAL SWAP FIRM W-W; WEAK M-M
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2016 delivery slid $.13 per ton (0.35%) month over month to US$ 37.07 per ton. The swap w ...
Monday, 14 December 15
5000 GAR CS (I) COAL INDEX DECLINE US$ 0.04 PER TON W-O-W
COALspot.com: The 5000 GAR CS (i) coal index decline US$ 0.04 per ton (-0.10 %) week over week.
According to the CS (i) coal (system generated ...
Monday, 14 December 15
CFR SOUTH CHINA COAL SWAP IS STILL SLIDING
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2016 delivery declined US$ 0.93(2.18%) per ton month over month.
A commodity swap ...
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- Sical Logistics Limited - India
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- Savvy Resources Ltd - HongKong
- Binh Thuan Hamico - Vietnam
- Semirara Mining and Power Corporation, Philippines
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- Electricity Authority, New Zealand
- Bangladesh Power Developement Board
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- Iligan Light & Power Inc, Philippines
- Independent Power Producers Association of India
- Anglo American - United Kingdom
- The University of Queensland
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- Maheswari Brothers Coal Limited - India
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- Bank of Tokyo Mitsubishi UFJ Ltd
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- Petron Corporation, Philippines
- Deloitte Consulting - India
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- Romanian Commodities Exchange
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- IEA Clean Coal Centre - UK
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- Tata Chemicals Ltd - India
- Kepco SPC Power Corporation, Philippines
- Mercator Lines Limited - India
- Siam City Cement - Thailand
- London Commodity Brokers - England
- Larsen & Toubro Limited - India
- Global Green Power PLC Corporation, Philippines
- Bhatia International Limited - India
- Bhoruka Overseas - Indonesia
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- Merrill Lynch Commodities Europe
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- Therma Luzon, Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Simpson Spence & Young - Indonesia
- Kideco Jaya Agung - Indonesia
- Attock Cement Pakistan Limited
- Indogreen Group - Indonesia
- Kumho Petrochemical, South Korea
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- PNOC Exploration Corporation - Philippines
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- ICICI Bank Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Pendopo Energi Batubara - Indonesia
- Power Finance Corporation Ltd., India
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- Malabar Cements Ltd - India
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- Carbofer General Trading SA - India
- LBH Netherlands Bv - Netherlands
- Ministry of Transport, Egypt
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- Timah Investasi Mineral - Indoneisa
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- Riau Bara Harum - Indonesia
- Edison Trading Spa - Italy
- Energy Development Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Commonwealth Bank - Australia
- Parliament of New Zealand
- Africa Commodities Group - South Africa
- Medco Energi Mining Internasional
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- Tamil Nadu electricity Board
- Borneo Indobara - Indonesia
- Star Paper Mills Limited - India
- Australian Commodity Traders Exchange
- SMG Consultants - Indonesia
- Salva Resources Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Wood Mackenzie - Singapore
- Ministry of Finance - Indonesia
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- Gujarat Electricity Regulatory Commission - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sojitz Corporation - Japan
- Interocean Group of Companies - India
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- Makarim & Taira - Indonesia
- Goldman Sachs - Singapore
- Trasteel International SA, Italy
- Bhushan Steel Limited - India
- SN Aboitiz Power Inc, Philippines
- Vizag Seaport Private Limited - India
- Indian Oil Corporation Limited
- Samtan Co., Ltd - South Korea
- New Zealand Coal & Carbon
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- Orica Mining Services - Indonesia
- Intertek Mineral Services - Indonesia
- Eastern Energy - Thailand
- Mjunction Services Limited - India
- Aboitiz Power Corporation - Philippines
- Baramulti Group, Indonesia
- Meralco Power Generation, Philippines
- Electricity Generating Authority of Thailand
- Sakthi Sugars Limited - India
- GVK Power & Infra Limited - India
- Central Java Power - Indonesia
- Bukit Makmur.PT - Indonesia
- Kaltim Prima Coal - Indonesia
- Orica Australia Pty. Ltd.
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- GAC Shipping (India) Pvt Ltd
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- Kalimantan Lumbung Energi - Indonesia
- Economic Council, Georgia
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- The Treasury - Australian Government
- AsiaOL BioFuels Corp., Philippines
- Sinarmas Energy and Mining - Indonesia
- Siam City Cement PLC, Thailand
- Central Electricity Authority - India
- Alfred C Toepfer International GmbH - Germany
- Altura Mining Limited, Indonesia
- Price Waterhouse Coopers - Russia
- Indonesian Coal Mining Association
- Uttam Galva Steels Limited - India
- Coalindo Energy - Indonesia
- South Luzon Thermal Energy Corporation
- White Energy Company Limited
- Straits Asia Resources Limited - Singapore
- Dalmia Cement Bharat India
- Indika Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Toyota Tsusho Corporation, Japan
- Indo Tambangraya Megah - Indonesia
- Minerals Council of Australia
- Thiess Contractors Indonesia
- PowerSource Philippines DevCo
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Renaissance Capital - South Africa
- IHS Mccloskey Coal Group - USA
- Mercuria Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- PTC India Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Australian Coal Association
- VISA Power Limited - India
- Ministry of Mines - Canada
- Bukit Baiduri Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Rio Tinto Coal - Australia
- Kobexindo Tractors - Indoneisa
- Xindia Steels Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Eastern Coal Council - USA
- Cement Manufacturers Association - India
- Indian Energy Exchange, India
- San Jose City I Power Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Energy Link Ltd, New Zealand
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- European Bulk Services B.V. - Netherlands
- Jaiprakash Power Ventures ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Petrochimia International Co. Ltd.- Taiwan
- Rashtriya Ispat Nigam Limited - India
- McConnell Dowell - Australia
- Antam Resourcindo - Indonesia
- Grasim Industreis Ltd - India
- Barasentosa Lestari - Indonesia
- Global Business Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
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- PetroVietnam Power Coal Import and Supply Company
- Georgia Ports Authority, United States
- Madhucon Powers Ltd - India
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- Port Waratah Coal Services - Australia
- Lanco Infratech Ltd - India
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- Coal and Oil Company - UAE
- Singapore Mercantile Exchange
- Mintek Dendrill Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
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