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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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Thursday, 03 December 15
PANAMAX BUSINESS REMAINED UNDER PRESSURE LAST WEEK
COALspot.com: Following the new record lows the Dry Bulk market witnessed the week prior, the BDI took a much needed breath during the past days.
...
Wednesday, 02 December 15
Q3' 16 FOB RICHARDS BAY COAL SWAP SLIGHTLY UP FOR THE THIRD STRAIGHT WEEK
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q1’ 2016 up month over month and fell week over week.
The Q1’ 2016 &nbs ...
Wednesday, 02 December 15
MARKET INSIGHT - VASSILIS LOGOTHETIS
Boom and bust cycles in commodity prices are not something rare, yet they have important implications both for the world economy in general and for ...
Tuesday, 01 December 15
FOB NEWCASTLE COAL SWAP UP THIS PAST WEEK
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2016 delivery slid $3.75 per ton (9.26%) month over month to US$ 36.75 per ton. The swap ...
Tuesday, 01 December 15
TANKERS VERSUS BULKERS - JUST PLAYING CATCH UP? - CLARKSONS
It’s now more than a year since the tanker market took off. In mid-2014 tanker earnings picked up and since then have been in the $30-$40,000 ...
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- Aboitiz Power Corporation - Philippines
- Gujarat Sidhee Cement - India
- IEA Clean Coal Centre - UK
- Gujarat Electricity Regulatory Commission - India
- Maheswari Brothers Coal Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- South Luzon Thermal Energy Corporation
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhatia International Limited - India
- Simpson Spence & Young - Indonesia
- Bhoruka Overseas - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Cement Manufacturers Association - India
- Coal and Oil Company - UAE
- Madhucon Powers Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Baramulti Group, Indonesia
- Sindya Power Generating Company Private Ltd
- Neyveli Lignite Corporation Ltd, - India
- Indian Oil Corporation Limited
- Heidelberg Cement - Germany
- Trasteel International SA, Italy
- Kalimantan Lumbung Energi - Indonesia
- The State Trading Corporation of India Ltd
- ICICI Bank Limited - India
- Essar Steel Hazira Ltd - India
- Savvy Resources Ltd - HongKong
- Metalloyd Limited - United Kingdom
- Independent Power Producers Association of India
- Eastern Energy - Thailand
- Bhushan Steel Limited - India
- Singapore Mercantile Exchange
- Bayan Resources Tbk. - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Chettinad Cement Corporation Ltd - India
- Bulk Trading Sa - Switzerland
- GMR Energy Limited - India
- Timah Investasi Mineral - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Parliament of New Zealand
- IHS Mccloskey Coal Group - USA
- Karbindo Abesyapradhi - Indoneisa
- Uttam Galva Steels Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Anglo American - United Kingdom
- Antam Resourcindo - Indonesia
- Karaikal Port Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Goldman Sachs - Singapore
- SN Aboitiz Power Inc, Philippines
- CNBM International Corporation - China
- Barasentosa Lestari - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Vizag Seaport Private Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Siam City Cement - Thailand
- Interocean Group of Companies - India
- Directorate Of Revenue Intelligence - India
- Petrochimia International Co. Ltd.- Taiwan
- Orica Mining Services - Indonesia
- Meenaskhi Energy Private Limited - India
- Georgia Ports Authority, United States
- Economic Council, Georgia
- Kartika Selabumi Mining - Indonesia
- Energy Link Ltd, New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Thiess Contractors Indonesia
- Grasim Industreis Ltd - India
- Therma Luzon, Inc, Philippines
- Power Finance Corporation Ltd., India
- Iligan Light & Power Inc, Philippines
- Chamber of Mines of South Africa
- Dalmia Cement Bharat India
- Manunggal Multi Energi - Indonesia
- London Commodity Brokers - England
- Sarangani Energy Corporation, Philippines
- Port Waratah Coal Services - Australia
- OPG Power Generation Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- India Bulls Power Limited - India
- McConnell Dowell - Australia
- Sakthi Sugars Limited - India
- Kumho Petrochemical, South Korea
- TeaM Sual Corporation - Philippines
- New Zealand Coal & Carbon
- Bharathi Cement Corporation - India
- Australian Commodity Traders Exchange
- International Coal Ventures Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Jaiprakash Power Ventures ltd
- Pendopo Energi Batubara - Indonesia
- Formosa Plastics Group - Taiwan
- Jorong Barutama Greston.PT - Indonesia
- Central Electricity Authority - India
- Indonesian Coal Mining Association
- Videocon Industries ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The University of Queensland
- SMC Global Power, Philippines
- Indian Energy Exchange, India
- Edison Trading Spa - Italy
- Global Green Power PLC Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Australian Coal Association
- Parry Sugars Refinery, India
- Minerals Council of Australia
- Lanco Infratech Ltd - India
- Larsen & Toubro Limited - India
- Deloitte Consulting - India
- Borneo Indobara - Indonesia
- Global Business Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Central Java Power - Indonesia
- Coastal Gujarat Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Makarim & Taira - Indonesia
- Wood Mackenzie - Singapore
- Straits Asia Resources Limited - Singapore
- Sical Logistics Limited - India
- GAC Shipping (India) Pvt Ltd
- SMG Consultants - Indonesia
- PNOC Exploration Corporation - Philippines
- Standard Chartered Bank - UAE
- Oldendorff Carriers - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Meralco Power Generation, Philippines
- Ministry of Mines - Canada
- Electricity Authority, New Zealand
- Mintek Dendrill Indonesia
- Malabar Cements Ltd - India
- Cigading International Bulk Terminal - Indonesia
- PTC India Limited - India
- Carbofer General Trading SA - India
- Siam City Cement PLC, Thailand
- GVK Power & Infra Limited - India
- Semirara Mining and Power Corporation, Philippines
- Energy Development Corp, Philippines
- Sojitz Corporation - Japan
- Indogreen Group - Indonesia
- Marubeni Corporation - India
- Pipit Mutiara Jaya. PT, Indonesia
- Mercuria Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Indika Energy - Indonesia
- Romanian Commodities Exchange
- Bukit Makmur.PT - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Eastern Coal Council - USA
- Commonwealth Bank - Australia
- VISA Power Limited - India
- Agrawal Coal Company - India
- CIMB Investment Bank - Malaysia
- Ceylon Electricity Board - Sri Lanka
- Tamil Nadu electricity Board
- The Treasury - Australian Government
- ASAPP Information Group - India
- Ministry of Finance - Indonesia
- Medco Energi Mining Internasional
- Kobexindo Tractors - Indoneisa
- Binh Thuan Hamico - Vietnam
- Rio Tinto Coal - Australia
- European Bulk Services B.V. - Netherlands
- San Jose City I Power Corp, Philippines
- Kideco Jaya Agung - Indonesia
- PowerSource Philippines DevCo
- Mercator Lines Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Ambuja Cements Ltd - India
- Coalindo Energy - Indonesia
- Vedanta Resources Plc - India
- White Energy Company Limited
- Salva Resources Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- MS Steel International - UAE
- Star Paper Mills Limited - India
- Thai Mozambique Logistica
- Renaissance Capital - South Africa
- Indo Tambangraya Megah - Indonesia
- Posco Energy - South Korea
- Rashtriya Ispat Nigam Limited - India
- Attock Cement Pakistan Limited
- Orica Australia Pty. Ltd.
- Altura Mining Limited, Indonesia
- Africa Commodities Group - South Africa
- Globalindo Alam Lestari - Indonesia
- Global Coal Blending Company Limited - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Intertek Mineral Services - Indonesia
- Toyota Tsusho Corporation, Japan
- Kohat Cement Company Ltd. - Pakistan
- Xindia Steels Limited - India
- Samtan Co., Ltd - South Korea
- Price Waterhouse Coopers - Russia
- Ministry of Transport, Egypt
- Latin American Coal - Colombia
- Aditya Birla Group - India
- Holcim Trading Pte Ltd - Singapore
- Miang Besar Coal Terminal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Mjunction Services Limited - India
- Kapuas Tunggal Persada - Indonesia
- Petron Corporation, Philippines
- Tata Chemicals Ltd - India
- Semirara Mining Corp, Philippines
- Planning Commission, India
- Alfred C Toepfer International GmbH - Germany
- Ind-Barath Power Infra Limited - India
- Bangladesh Power Developement Board
- Banpu Public Company Limited - Thailand
- Merrill Lynch Commodities Europe
- Wilmar Investment Holdings
- LBH Netherlands Bv - Netherlands
- Offshore Bulk Terminal Pte Ltd, Singapore
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