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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, 30 January 15
CAN BULKER CONVERSIONS SPOIL THE TANKER MARKET'S PARTY? - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Oversupply of tonnage has always been in the back of the head of ship owners when it comes to taking advantage of favorable market conditions. As s ...
Thursday, 29 January 15
CHINA ENERGY DEMAND MUST BE REVIEWED DUE TO FUNDAMENTAL ECONOMIC CHANGES - WOOD MACKENZIE
New patterns emerging as energy demand growth decoupled significantly from GDP growth for the first time in 2014
Wood Mackenzie says 2014 was ...
Thursday, 29 January 15
CAPE MARKET IS STILL STRUGGLING WITH LOW DEMAND AND LOW COMMODITY PRICES
Handy
Supramax rates are heading south with slipping rates all across the block. USG activity is slow with mid-week levels in the mid 8.000s, Fea ...
Wednesday, 28 January 15
MARKET INSIGHT - STELIOS KOLLINTZAS
With most traders having returned to action from year end festivities, we have already seen signs of activity in the specialized product markets. L ...
Wednesday, 28 January 15
CAPES CONTINUED THEIR UPWARD MOVEMENT LAST WEEK - INTERMODAL
COALspot.com: The Dry Bulk market displayed a mirror performance of that of the week prior, with the Capesize market correcting further upwards and ...
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- Chamber of Mines of South Africa
- Price Waterhouse Coopers - Russia
- Essar Steel Hazira Ltd - India
- Indika Energy - Indonesia
- Mercuria Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- SN Aboitiz Power Inc, Philippines
- Intertek Mineral Services - Indonesia
- Attock Cement Pakistan Limited
- Eastern Coal Council - USA
- Trasteel International SA, Italy
- Gujarat Sidhee Cement - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indian Energy Exchange, India
- Planning Commission, India
- Orica Mining Services - Indonesia
- The State Trading Corporation of India Ltd
- PNOC Exploration Corporation - Philippines
- Australian Coal Association
- Baramulti Group, Indonesia
- Wood Mackenzie - Singapore
- Gujarat Electricity Regulatory Commission - India
- Aditya Birla Group - India
- Vijayanagar Sugar Pvt Ltd - India
- India Bulls Power Limited - India
- Marubeni Corporation - India
- Pipit Mutiara Jaya. PT, Indonesia
- Makarim & Taira - Indonesia
- GMR Energy Limited - India
- Independent Power Producers Association of India
- Orica Australia Pty. Ltd.
- Karbindo Abesyapradhi - Indoneisa
- Thiess Contractors Indonesia
- Samtan Co., Ltd - South Korea
- Manunggal Multi Energi - Indonesia
- GAC Shipping (India) Pvt Ltd
- Chettinad Cement Corporation Ltd - India
- Ambuja Cements Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Barasentosa Lestari - Indonesia
- Savvy Resources Ltd - HongKong
- Renaissance Capital - South Africa
- Economic Council, Georgia
- Global Green Power PLC Corporation, Philippines
- Indonesian Coal Mining Association
- Meenaskhi Energy Private Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Miang Besar Coal Terminal - Indonesia
- Toyota Tsusho Corporation, Japan
- Cigading International Bulk Terminal - Indonesia
- Merrill Lynch Commodities Europe
- Gujarat Mineral Development Corp Ltd - India
- Bhoruka Overseas - Indonesia
- Kartika Selabumi Mining - Indonesia
- Maheswari Brothers Coal Limited - India
- VISA Power Limited - India
- Tamil Nadu electricity Board
- Bhushan Steel Limited - India
- Electricity Generating Authority of Thailand
- Ministry of Transport, Egypt
- Coalindo Energy - Indonesia
- Dalmia Cement Bharat India
- Antam Resourcindo - Indonesia
- Jindal Steel & Power Ltd - India
- Vizag Seaport Private Limited - India
- Mintek Dendrill Indonesia
- Agrawal Coal Company - India
- Bhatia International Limited - India
- Krishnapatnam Port Company Ltd. - India
- Banpu Public Company Limited - Thailand
- Parry Sugars Refinery, India
- Xindia Steels Limited - India
- LBH Netherlands Bv - Netherlands
- Commonwealth Bank - Australia
- Energy Development Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- Jorong Barutama Greston.PT - Indonesia
- IEA Clean Coal Centre - UK
- Wilmar Investment Holdings
- European Bulk Services B.V. - Netherlands
- Standard Chartered Bank - UAE
- Sakthi Sugars Limited - India
- Thai Mozambique Logistica
- Romanian Commodities Exchange
- TeaM Sual Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Borneo Indobara - Indonesia
- Mjunction Services Limited - India
- Vedanta Resources Plc - India
- Kumho Petrochemical, South Korea
- Grasim Industreis Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Star Paper Mills Limited - India
- Tata Chemicals Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Indian Oil Corporation Limited
- Port Waratah Coal Services - Australia
- GVK Power & Infra Limited - India
- Ministry of Finance - Indonesia
- Uttam Galva Steels Limited - India
- Coal and Oil Company - UAE
- Petron Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Indo Tambangraya Megah - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Siam City Cement PLC, Thailand
- Parliament of New Zealand
- London Commodity Brokers - England
- Minerals Council of Australia
- Bharathi Cement Corporation - India
- Formosa Plastics Group - Taiwan
- Global Coal Blending Company Limited - Australia
- Karaikal Port Pvt Ltd - India
- Central Electricity Authority - India
- Globalindo Alam Lestari - Indonesia
- Interocean Group of Companies - India
- Kalimantan Lumbung Energi - Indonesia
- Oldendorff Carriers - Singapore
- Africa Commodities Group - South Africa
- Anglo American - United Kingdom
- Madhucon Powers Ltd - India
- McConnell Dowell - Australia
- Power Finance Corporation Ltd., India
- Energy Link Ltd, New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Medco Energi Mining Internasional
- Posco Energy - South Korea
- Timah Investasi Mineral - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Business Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Lanco Infratech Ltd - India
- Jaiprakash Power Ventures ltd
- Goldman Sachs - Singapore
- Meralco Power Generation, Philippines
- Rio Tinto Coal - Australia
- MS Steel International - UAE
- PowerSource Philippines DevCo
- San Jose City I Power Corp, Philippines
- SMG Consultants - Indonesia
- White Energy Company Limited
- Siam City Cement - Thailand
- Semirara Mining and Power Corporation, Philippines
- Larsen & Toubro Limited - India
- Riau Bara Harum - Indonesia
- Electricity Authority, New Zealand
- The Treasury - Australian Government
- Georgia Ports Authority, United States
- Semirara Mining Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- PTC India Limited - India
- Heidelberg Cement - Germany
- Edison Trading Spa - Italy
- Kepco SPC Power Corporation, Philippines
- Videocon Industries ltd - India
- CIMB Investment Bank - Malaysia
- Binh Thuan Hamico - Vietnam
- Asmin Koalindo Tuhup - Indonesia
- Bulk Trading Sa - Switzerland
- The University of Queensland
- Therma Luzon, Inc, Philippines
- Sical Logistics Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Coastal Gujarat Power Limited - India
- Indogreen Group - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Sree Jayajothi Cements Limited - India
- Pendopo Energi Batubara - Indonesia
- ASAPP Information Group - India
- Eastern Energy - Thailand
- Simpson Spence & Young - Indonesia
- Altura Mining Limited, Indonesia
- Sarangani Energy Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Deloitte Consulting - India
- Ind-Barath Power Infra Limited - India
- ICICI Bank Limited - India
- Aboitiz Power Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- New Zealand Coal & Carbon
- Ministry of Mines - Canada
- Singapore Mercantile Exchange
- South Luzon Thermal Energy Corporation
- Sojitz Corporation - Japan
- Ceylon Electricity Board - Sri Lanka
- Latin American Coal - Colombia
- Bahari Cakrawala Sebuku - Indonesia
- Central Java Power - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Malabar Cements Ltd - India
- Bukit Baiduri Energy - Indonesia
- Cement Manufacturers Association - India
- Bukit Makmur.PT - Indonesia
- SMC Global Power, Philippines
- Bangladesh Power Developement Board
- Kobexindo Tractors - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- International Coal Ventures Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Bayan Resources Tbk. - Indonesia
- Straits Asia Resources Limited - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Metalloyd Limited - United Kingdom
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mercator Lines Limited - India
- OPG Power Generation Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- IHS Mccloskey Coal Group - USA
- Iligan Light & Power Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Salva Resources Pvt Ltd - India
- Carbofer General Trading SA - India
- CNBM International Corporation - China
- Directorate Of Revenue Intelligence - India
- Australian Commodity Traders Exchange
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