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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, 25 August 15
INDONESIA MINERS' NPLS TO RISE FURTHER, BANK RISKS BUILD - FITCH
The NPLs of Indonesian mine and mine services companies are likely to rise further in the short term, says Fitch Ratings, after reaching multi-year ...
Tuesday, 25 August 15
MINER'S EARNINGS DROP ON FALLING COAL PRICES; Q2'16 FOB RICHARDS BAY COAL SWAP CLOSED AT $ 52.23 A TON
COALspot.com: API4 FOB Richards Bay Coal swap for delivery 4Q' 2015 declined month over month and week over week.
The 4Q swap was down US$ ...
Monday, 24 August 15
FOB NEWCASTLE COAL SWAPS HIT FRESH LOW, DIPPING BELOW $42 A TON
COALspot.com: API 5 FOB Newcastle Coal swap for 4Q’ 2015 delivery down $ 2.20 per MT (-5.01%) month over month to US$ 41.70 per mt. The swap ...
Monday, 24 August 15
Q1'16 CFR SOUTH CHINA COAL SWAP CLOSED AT $ 48.65 PMT
COALspot.com: API 8 CFR South China Coal swap for 4Q’ 2015 delivery declined just US$ 1.89 (3.74%) per MT month over month.
A commodity ...
Monday, 24 August 15
IS CHINA'S STEEL EXPORTS ENOUGH TO SUPPORT THE FREIGHT MARKET? - BIMCO
No, it’s not enough, you will need lower Chinese iron ore production too in order to keep growing imports of iron ore into China that will su ...
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- Meralco Power Generation, Philippines
- Energy Link Ltd, New Zealand
- Bhushan Steel Limited - India
- Jindal Steel & Power Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Madhucon Powers Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Anglo American - United Kingdom
- Tata Chemicals Ltd - India
- Gujarat Sidhee Cement - India
- Gujarat Mineral Development Corp Ltd - India
- Sindya Power Generating Company Private Ltd
- Kobexindo Tractors - Indoneisa
- Grasim Industreis Ltd - India
- International Coal Ventures Pvt Ltd - India
- Tamil Nadu electricity Board
- Metalloyd Limited - United Kingdom
- Ind-Barath Power Infra Limited - India
- Edison Trading Spa - Italy
- Bukit Makmur.PT - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Petron Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Global Coal Blending Company Limited - Australia
- Ambuja Cements Ltd - India
- Power Finance Corporation Ltd., India
- Kepco SPC Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Kumho Petrochemical, South Korea
- SN Aboitiz Power Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Parry Sugars Refinery, India
- Australian Coal Association
- Kideco Jaya Agung - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- CIMB Investment Bank - Malaysia
- Toyota Tsusho Corporation, Japan
- Electricity Authority, New Zealand
- New Zealand Coal & Carbon
- Minerals Council of Australia
- Kartika Selabumi Mining - Indonesia
- Therma Luzon, Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Energy Development Corp, Philippines
- GVK Power & Infra Limited - India
- Leighton Contractors Pty Ltd - Australia
- Renaissance Capital - South Africa
- Eastern Coal Council - USA
- Carbofer General Trading SA - India
- Bukit Baiduri Energy - Indonesia
- GMR Energy Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Interocean Group of Companies - India
- Sical Logistics Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Commonwealth Bank - Australia
- Gujarat Electricity Regulatory Commission - India
- Ministry of Finance - Indonesia
- Timah Investasi Mineral - Indoneisa
- Medco Energi Mining Internasional
- Independent Power Producers Association of India
- Sarangani Energy Corporation, Philippines
- Economic Council, Georgia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Rio Tinto Coal - Australia
- Aditya Birla Group - India
- Krishnapatnam Port Company Ltd. - India
- India Bulls Power Limited - India
- Binh Thuan Hamico - Vietnam
- Samtan Co., Ltd - South Korea
- OPG Power Generation Pvt Ltd - India
- Bharathi Cement Corporation - India
- Orica Australia Pty. Ltd.
- Kapuas Tunggal Persada - Indonesia
- Indian Energy Exchange, India
- Coal and Oil Company - UAE
- IHS Mccloskey Coal Group - USA
- Sakthi Sugars Limited - India
- Semirara Mining and Power Corporation, Philippines
- London Commodity Brokers - England
- Essar Steel Hazira Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Price Waterhouse Coopers - Russia
- SMG Consultants - Indonesia
- Vizag Seaport Private Limited - India
- The State Trading Corporation of India Ltd
- Central Electricity Authority - India
- Larsen & Toubro Limited - India
- Agrawal Coal Company - India
- Cigading International Bulk Terminal - Indonesia
- Oldendorff Carriers - Singapore
- Simpson Spence & Young - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Altura Mining Limited, Indonesia
- Indogreen Group - Indonesia
- Georgia Ports Authority, United States
- Parliament of New Zealand
- Makarim & Taira - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- ICICI Bank Limited - India
- European Bulk Services B.V. - Netherlands
- Central Java Power - Indonesia
- Dalmia Cement Bharat India
- Baramulti Group, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Thiess Contractors Indonesia
- Coalindo Energy - Indonesia
- Star Paper Mills Limited - India
- PowerSource Philippines DevCo
- Neyveli Lignite Corporation Ltd, - India
- Global Business Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Orica Mining Services - Indonesia
- Wilmar Investment Holdings
- Salva Resources Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Ceylon Electricity Board - Sri Lanka
- Merrill Lynch Commodities Europe
- Vedanta Resources Plc - India
- Karbindo Abesyapradhi - Indoneisa
- Kaltim Prima Coal - Indonesia
- IEA Clean Coal Centre - UK
- Riau Bara Harum - Indonesia
- Xindia Steels Limited - India
- Sinarmas Energy and Mining - Indonesia
- Mjunction Services Limited - India
- Sojitz Corporation - Japan
- Ministry of Mines - Canada
- Global Green Power PLC Corporation, Philippines
- The University of Queensland
- Antam Resourcindo - Indonesia
- Siam City Cement - Thailand
- Indo Tambangraya Megah - Indonesia
- Bangladesh Power Developement Board
- Barasentosa Lestari - Indonesia
- Coastal Gujarat Power Limited - India
- Planning Commission, India
- SMC Global Power, Philippines
- Bhoruka Overseas - Indonesia
- Attock Cement Pakistan Limited
- Mercuria Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Africa Commodities Group - South Africa
- Deloitte Consulting - India
- Uttam Galva Steels Limited - India
- Pendopo Energi Batubara - Indonesia
- Port Waratah Coal Services - Australia
- GAC Shipping (India) Pvt Ltd
- Mintek Dendrill Indonesia
- San Jose City I Power Corp, Philippines
- Singapore Mercantile Exchange
- Indian Oil Corporation Limited
- Heidelberg Cement - Germany
- Lanco Infratech Ltd - India
- Bhatia International Limited - India
- Manunggal Multi Energi - Indonesia
- CNBM International Corporation - China
- Cement Manufacturers Association - India
- McConnell Dowell - Australia
- Intertek Mineral Services - Indonesia
- Chamber of Mines of South Africa
- Eastern Energy - Thailand
- Goldman Sachs - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Jaiprakash Power Ventures ltd
- Posco Energy - South Korea
- Borneo Indobara - Indonesia
- Bulk Trading Sa - Switzerland
- Kohat Cement Company Ltd. - Pakistan
- MS Steel International - UAE
- Semirara Mining Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Transport, Egypt
- Savvy Resources Ltd - HongKong
- Holcim Trading Pte Ltd - Singapore
- VISA Power Limited - India
- Thai Mozambique Logistica
- TeaM Sual Corporation - Philippines
- Marubeni Corporation - India
- PetroVietnam Power Coal Import and Supply Company
- PTC India Limited - India
- Standard Chartered Bank - UAE
- Sree Jayajothi Cements Limited - India
- Indika Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Wood Mackenzie - Singapore
- White Energy Company Limited
- LBH Netherlands Bv - Netherlands
- Malabar Cements Ltd - India
- Aboitiz Power Corporation - Philippines
- Latin American Coal - Colombia
- Romanian Commodities Exchange
- Mercator Lines Limited - India
- Trasteel International SA, Italy
- ASAPP Information Group - India
- Videocon Industries ltd - India
- Karaikal Port Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- South Luzon Thermal Energy Corporation
- Australian Commodity Traders Exchange
- Iligan Light & Power Inc, Philippines
- Electricity Generating Authority of Thailand
- Maharashtra Electricity Regulatory Commission - India
- Rashtriya Ispat Nigam Limited - India
- Banpu Public Company Limited - Thailand
- The Treasury - Australian Government
- Straits Asia Resources Limited - Singapore
- PNOC Exploration Corporation - Philippines
- Formosa Plastics Group - Taiwan
- Indonesian Coal Mining Association
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