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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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Friday, 29 May 15
SOUTH KOREAN STATE-OWNED UTILITY KOREA MIDLAND POWER INVITES BIDS FOR 780K MT OF COAL FOR H2' 15
COALspot.com: South Korean state-owned utility Korea Midland Power (KOMIPO) issued an new tender to buy total 780K Metric Tons (MT) of HCV and LCV ...
Thursday, 28 May 15
TIMEBAR FOR DEMURRAGE CLAIMS - SKULD
KNOWLEDGE TO ELEVATE
English law has traditionally had a strict approach to contractually agreed time bars between commercial parties as well ...
Wednesday, 27 May 15
MARKET INSIGHT - TIMOS PAPADIMITRIOU
Earlier in the year I looked at how the market was reacting to the prolonged fall of the price of oil. Back then it was still unclear if the fallin ...
Tuesday, 26 May 15
HOW HAS THE DROP IN OIL PRICES AFFECTED OTHER COMMODITIES? - CLYDE & CO
KNOWLEDGE TO ELEVATE
The effects of the dramatic drop in the price of both Ice March Brent, the international oil marker, and its US counterpa ...
Tuesday, 26 May 15
MINING ASSOCIATION PERHAPI PUSHES FOR 35,000 MEGAWATT ELECTRICITY PROGRAM - JG
The Indonesian Mining Professionals Association, or Perhapi, has announced its support for a 35,000-megawatt national electricity program, saying i ...
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- Meenaskhi Energy Private Limited - India
- Manunggal Multi Energi - Indonesia
- Madhucon Powers Ltd - India
- TeaM Sual Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Sakthi Sugars Limited - India
- Parry Sugars Refinery, India
- Price Waterhouse Coopers - Russia
- Jaiprakash Power Ventures ltd
- Salva Resources Pvt Ltd - India
- Grasim Industreis Ltd - India
- Romanian Commodities Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Borneo Indobara - Indonesia
- IEA Clean Coal Centre - UK
- Australian Commodity Traders Exchange
- Semirara Mining and Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- The State Trading Corporation of India Ltd
- Kalimantan Lumbung Energi - Indonesia
- Eastern Coal Council - USA
- Interocean Group of Companies - India
- Holcim Trading Pte Ltd - Singapore
- India Bulls Power Limited - India
- Bangladesh Power Developement Board
- Wood Mackenzie - Singapore
- Bharathi Cement Corporation - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- SMC Global Power, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- McConnell Dowell - Australia
- GMR Energy Limited - India
- Globalindo Alam Lestari - Indonesia
- Mercuria Energy - Indonesia
- Uttam Galva Steels Limited - India
- Aditya Birla Group - India
- LBH Netherlands Bv - Netherlands
- Orica Mining Services - Indonesia
- The University of Queensland
- Medco Energi Mining Internasional
- Sarangani Energy Corporation, Philippines
- London Commodity Brokers - England
- Bukit Baiduri Energy - Indonesia
- Bhatia International Limited - India
- Lanco Infratech Ltd - India
- Iligan Light & Power Inc, Philippines
- White Energy Company Limited
- Posco Energy - South Korea
- Electricity Authority, New Zealand
- Siam City Cement - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Australian Coal Association
- PTC India Limited - India
- Planning Commission, India
- Bhushan Steel Limited - India
- Parliament of New Zealand
- AsiaOL BioFuels Corp., Philippines
- Krishnapatnam Port Company Ltd. - India
- Directorate General of MIneral and Coal - Indonesia
- Banpu Public Company Limited - Thailand
- Formosa Plastics Group - Taiwan
- International Coal Ventures Pvt Ltd - India
- Tata Chemicals Ltd - India
- Videocon Industries ltd - India
- Georgia Ports Authority, United States
- Energy Link Ltd, New Zealand
- Trasteel International SA, Italy
- Kideco Jaya Agung - Indonesia
- Indonesian Coal Mining Association
- Energy Development Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Petrochimia International Co. Ltd.- Taiwan
- New Zealand Coal & Carbon
- Rio Tinto Coal - Australia
- Independent Power Producers Association of India
- CIMB Investment Bank - Malaysia
- TNB Fuel Sdn Bhd - Malaysia
- Aboitiz Power Corporation - Philippines
- Savvy Resources Ltd - HongKong
- IHS Mccloskey Coal Group - USA
- Ministry of Finance - Indonesia
- Ministry of Transport, Egypt
- ICICI Bank Limited - India
- Indian Oil Corporation Limited
- Kohat Cement Company Ltd. - Pakistan
- Indogreen Group - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Toyota Tsusho Corporation, Japan
- Electricity Generating Authority of Thailand
- Thiess Contractors Indonesia
- Singapore Mercantile Exchange
- Bayan Resources Tbk. - Indonesia
- Edison Trading Spa - Italy
- Gujarat Electricity Regulatory Commission - India
- Altura Mining Limited, Indonesia
- Ind-Barath Power Infra Limited - India
- South Luzon Thermal Energy Corporation
- MS Steel International - UAE
- Ministry of Mines - Canada
- Global Green Power PLC Corporation, Philippines
- Star Paper Mills Limited - India
- Antam Resourcindo - Indonesia
- Merrill Lynch Commodities Europe
- Cigading International Bulk Terminal - Indonesia
- PowerSource Philippines DevCo
- Sojitz Corporation - Japan
- Maharashtra Electricity Regulatory Commission - India
- Bahari Cakrawala Sebuku - Indonesia
- Simpson Spence & Young - Indonesia
- GAC Shipping (India) Pvt Ltd
- Economic Council, Georgia
- Leighton Contractors Pty Ltd - Australia
- Jindal Steel & Power Ltd - India
- The Treasury - Australian Government
- Samtan Co., Ltd - South Korea
- Eastern Energy - Thailand
- Straits Asia Resources Limited - Singapore
- GVK Power & Infra Limited - India
- VISA Power Limited - India
- Carbofer General Trading SA - India
- Oldendorff Carriers - Singapore
- Bhoruka Overseas - Indonesia
- Malabar Cements Ltd - India
- Standard Chartered Bank - UAE
- Neyveli Lignite Corporation Ltd, - India
- Xindia Steels Limited - India
- Central Electricity Authority - India
- SMG Consultants - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Renaissance Capital - South Africa
- Central Java Power - Indonesia
- Sindya Power Generating Company Private Ltd
- Mintek Dendrill Indonesia
- Agrawal Coal Company - India
- SN Aboitiz Power Inc, Philippines
- Mjunction Services Limited - India
- Sical Logistics Limited - India
- Ambuja Cements Ltd - India
- Siam City Cement PLC, Thailand
- Karbindo Abesyapradhi - Indoneisa
- Bukit Makmur.PT - Indonesia
- Indika Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Indian Energy Exchange, India
- Timah Investasi Mineral - Indoneisa
- Global Business Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Therma Luzon, Inc, Philippines
- Mercator Lines Limited - India
- Minerals Council of Australia
- Larsen & Toubro Limited - India
- Goldman Sachs - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Binh Thuan Hamico - Vietnam
- San Jose City I Power Corp, Philippines
- Anglo American - United Kingdom
- ASAPP Information Group - India
- Karaikal Port Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Global Coal Blending Company Limited - Australia
- GN Power Mariveles Coal Plant, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Africa Commodities Group - South Africa
- Petron Corporation, Philippines
- Thai Mozambique Logistica
- Essar Steel Hazira Ltd - India
- Wilmar Investment Holdings
- Bulk Trading Sa - Switzerland
- Heidelberg Cement - Germany
- Riau Bara Harum - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Marubeni Corporation - India
- Pendopo Energi Batubara - Indonesia
- Dalmia Cement Bharat India
- European Bulk Services B.V. - Netherlands
- Barasentosa Lestari - Indonesia
- Gujarat Sidhee Cement - India
- Metalloyd Limited - United Kingdom
- Power Finance Corporation Ltd., India
- Kobexindo Tractors - Indoneisa
- Coal and Oil Company - UAE
- Kaltim Prima Coal - Indonesia
- CNBM International Corporation - China
- Coastal Gujarat Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- Commonwealth Bank - Australia
- Sinarmas Energy and Mining - Indonesia
- Makarim & Taira - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Chamber of Mines of South Africa
- Indo Tambangraya Megah - Indonesia
- Directorate Of Revenue Intelligence - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- OPG Power Generation Pvt Ltd - India
- Deloitte Consulting - India
- Vedanta Resources Plc - India
- Orica Australia Pty. Ltd.
- Vizag Seaport Private Limited - India
- Semirara Mining Corp, Philippines
- Baramulti Group, Indonesia
- Intertek Mineral Services - Indonesia
- Latin American Coal - Colombia
- Attock Cement Pakistan Limited
- Maheswari Brothers Coal Limited - India
- PNOC Exploration Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Meralco Power Generation, Philippines
- Kumho Petrochemical, South Korea
- Port Waratah Coal Services - Australia
- Coalindo Energy - Indonesia
- Cement Manufacturers Association - India
- Gujarat Mineral Development Corp Ltd - India
- Tamil Nadu electricity Board
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