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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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Sunday, 14 September 14
FREIGHT RATES RALLY AS DEMAND INCREASED
COALspot.com: The Baltic Dry Index (BDI) is a number (in US$) issued daily by the London-based Baltic Exchange up 2.25 percent week on week. BDI cl ...
Friday, 12 September 14
U.S. YEAR-TO-DATE COAL PRODUCTION TOTALED 673.3 MMST, SAYS EIA
COALspot.com – United States the world's second largest coal producer, produced approximately 19.20 million short tons (mmst) of coal in ...
Thursday, 11 September 14
THE PANAMAX MARKET IS TAKING A BREATHER - FEARNLEYS
Handy
We have experienced more activity in both hemispheres this week, said Fearnleys in this week's weekly report.
"We see rates c ...
Wednesday, 10 September 14
ARE GREEK BANKS ON THE VERGE TO START LENDING AGAIN? - JOHN N. COTZIAS
It is well known that Greek Banks had suffered severely after the economic crisis of 2008. From that period onwards, major changes have occur ...
Tuesday, 09 September 14
WEAK M&A DESPITE ABUNDANT DISTRESSED INDONESIA COAL ASSETS - FITCH RATINGS
COALspot.com: Fitch Ratings says that a meaningful level of merger and acquisition (M&A) activity leading to a consolidation of the coal sector ...
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- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Thiess Contractors Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Karaikal Port Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Goldman Sachs - Singapore
- India Bulls Power Limited - India
- Sical Logistics Limited - India
- Coastal Gujarat Power Limited - India
- Standard Chartered Bank - UAE
- White Energy Company Limited
- Eastern Coal Council - USA
- Makarim & Taira - Indonesia
- Australian Coal Association
- Carbofer General Trading SA - India
- Oldendorff Carriers - Singapore
- Xindia Steels Limited - India
- Pendopo Energi Batubara - Indonesia
- South Luzon Thermal Energy Corporation
- Maharashtra Electricity Regulatory Commission - India
- Latin American Coal - Colombia
- Kapuas Tunggal Persada - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- New Zealand Coal & Carbon
- Heidelberg Cement - Germany
- Electricity Authority, New Zealand
- Ceylon Electricity Board - Sri Lanka
- Ministry of Mines - Canada
- Kohat Cement Company Ltd. - Pakistan
- Bangladesh Power Developement Board
- Bhushan Steel Limited - India
- Borneo Indobara - Indonesia
- Aboitiz Power Corporation - Philippines
- Baramulti Group, Indonesia
- Africa Commodities Group - South Africa
- Electricity Generating Authority of Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- TeaM Sual Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- Malabar Cements Ltd - India
- CNBM International Corporation - China
- GN Power Mariveles Coal Plant, Philippines
- Ind-Barath Power Infra Limited - India
- Energy Link Ltd, New Zealand
- Alfred C Toepfer International GmbH - Germany
- Kartika Selabumi Mining - Indonesia
- Savvy Resources Ltd - HongKong
- SMG Consultants - Indonesia
- Romanian Commodities Exchange
- Medco Energi Mining Internasional
- Parry Sugars Refinery, India
- Bukit Asam (Persero) Tbk - Indonesia
- London Commodity Brokers - England
- Rashtriya Ispat Nigam Limited - India
- Chettinad Cement Corporation Ltd - India
- Banpu Public Company Limited - Thailand
- Wood Mackenzie - Singapore
- Iligan Light & Power Inc, Philippines
- Petron Corporation, Philippines
- Minerals Council of Australia
- Vedanta Resources Plc - India
- Planning Commission, India
- ICICI Bank Limited - India
- Coal and Oil Company - UAE
- PTC India Limited - India
- Mercuria Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Global Green Power PLC Corporation, Philippines
- Eastern Energy - Thailand
- VISA Power Limited - India
- Tamil Nadu electricity Board
- Uttam Galva Steels Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhoruka Overseas - Indonesia
- Price Waterhouse Coopers - Russia
- Timah Investasi Mineral - Indoneisa
- Agrawal Coal Company - India
- Bharathi Cement Corporation - India
- Vizag Seaport Private Limited - India
- Georgia Ports Authority, United States
- Meralco Power Generation, Philippines
- Jaiprakash Power Ventures ltd
- Indonesian Coal Mining Association
- Renaissance Capital - South Africa
- Australian Commodity Traders Exchange
- Sindya Power Generating Company Private Ltd
- Indian Oil Corporation Limited
- Indika Energy - Indonesia
- Mjunction Services Limited - India
- Kumho Petrochemical, South Korea
- Cement Manufacturers Association - India
- Aditya Birla Group - India
- Videocon Industries ltd - India
- Ministry of Finance - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mintek Dendrill Indonesia
- IEA Clean Coal Centre - UK
- PetroVietnam Power Coal Import and Supply Company
- Kaltim Prima Coal - Indonesia
- Simpson Spence & Young - Indonesia
- MS Steel International - UAE
- Commonwealth Bank - Australia
- Semirara Mining Corp, Philippines
- Indian Energy Exchange, India
- GVK Power & Infra Limited - India
- Global Business Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Samtan Co., Ltd - South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- Marubeni Corporation - India
- Attock Cement Pakistan Limited
- Ambuja Cements Ltd - India
- Madhucon Powers Ltd - India
- Chamber of Mines of South Africa
- SN Aboitiz Power Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Larsen & Toubro Limited - India
- AsiaOL BioFuels Corp., Philippines
- Manunggal Multi Energi - Indonesia
- Edison Trading Spa - Italy
- Parliament of New Zealand
- Kobexindo Tractors - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Cigading International Bulk Terminal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Wilmar Investment Holdings
- Binh Thuan Hamico - Vietnam
- Posco Energy - South Korea
- Economic Council, Georgia
- McConnell Dowell - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- International Coal Ventures Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- ASAPP Information Group - India
- Krishnapatnam Port Company Ltd. - India
- Mercator Lines Limited - India
- The Treasury - Australian Government
- Semirara Mining and Power Corporation, Philippines
- Dalmia Cement Bharat India
- Energy Development Corp, Philippines
- Riau Bara Harum - Indonesia
- Siam City Cement PLC, Thailand
- Sakthi Sugars Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- LBH Netherlands Bv - Netherlands
- Indogreen Group - Indonesia
- Thai Mozambique Logistica
- IHS Mccloskey Coal Group - USA
- Gujarat Sidhee Cement - India
- Bayan Resources Tbk. - Indonesia
- Indo Tambangraya Megah - Indonesia
- Lanco Infratech Ltd - India
- Orica Australia Pty. Ltd.
- Globalindo Alam Lestari - Indonesia
- Trasteel International SA, Italy
- Gujarat Electricity Regulatory Commission - India
- Deloitte Consulting - India
- Asmin Koalindo Tuhup - Indonesia
- Sree Jayajothi Cements Limited - India
- Sojitz Corporation - Japan
- Bulk Trading Sa - Switzerland
- Billiton Holdings Pty Ltd - Australia
- PowerSource Philippines DevCo
- Merrill Lynch Commodities Europe
- Anglo American - United Kingdom
- Kideco Jaya Agung - Indonesia
- Intertek Mineral Services - Indonesia
- Ministry of Transport, Egypt
- Global Coal Blending Company Limited - Australia
- The University of Queensland
- Orica Mining Services - Indonesia
- Directorate Of Revenue Intelligence - India
- Grasim Industreis Ltd - India
- Power Finance Corporation Ltd., India
- San Jose City I Power Corp, Philippines
- Straits Asia Resources Limited - Singapore
- GMR Energy Limited - India
- Port Waratah Coal Services - Australia
- Antam Resourcindo - Indonesia
- Central Electricity Authority - India
- Meenaskhi Energy Private Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Toyota Tsusho Corporation, Japan
- Essar Steel Hazira Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- The State Trading Corporation of India Ltd
- Bukit Baiduri Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Interocean Group of Companies - India
- Altura Mining Limited, Indonesia
- Bhatia International Limited - India
- Therma Luzon, Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Bukit Makmur.PT - Indonesia
- Salva Resources Pvt Ltd - India
- Siam City Cement - Thailand
- Central Java Power - Indonesia
- Rio Tinto Coal - Australia
- Tata Chemicals Ltd - India
- Metalloyd Limited - United Kingdom
- Coalindo Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- PNOC Exploration Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Independent Power Producers Association of India
- SMC Global Power, Philippines
- CIMB Investment Bank - Malaysia
- Jindal Steel & Power Ltd - India
- Formosa Plastics Group - Taiwan
- Star Paper Mills Limited - India
- Singapore Mercantile Exchange
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