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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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Wednesday, 30 July 14
CAPES SEEMED TO BE STRANDED AT THE SAME LEVELS; PANAMAXES MANAGED TO SLIGHTLY REVIVE - INTERMODAL
COALspot.com: The Dry Bulk market took a breath this past week, as both Panamaxes and Supras started to see a small influx of activity, which was j ...
Tuesday, 29 July 14
TOTAL SELLS ITS SOUTH AFRICAN COAL MINING ASSETS TO EXXARO
Total has signed an agreement with Exxaro Resources Ltd for the sale of its 100% stake in Total Coal South Africa (TCSA), its coal-producing affili ...
Tuesday, 29 July 14
GENCO: DRY BULK SHIPPING VALUATIONS NO LONGER ANCHORED TO DISCOUNTED CASH FLOW METHOD - WEIL
KNOWLEDGE TO ELEVATE
Discounted cash flow analysis is a mainstay among the valuation methodologies used by restructuring professionals and bank ...
Tuesday, 29 July 14
SHIP OWNERS' DEMAND OF NEW VESSELS DENTED AS A RESULT OF LOWER FREIGHT RATES - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The sharp downward direction of dry bulk freight rates has had a negative impact on investors’ secondhand buying appetite that wait to see th ...
Monday, 28 July 14
Q3' 14, SUB-BIT FOB INDONESIA COAL SWAP GAINED $ 0.08 DAY ON DAY AND $ 0.68 WEEK ON WEEK
COALspot.com: Indonesian coal swaps for average Q3’ 2014 increased by just US$ 0.08 day on day and US$ 0.68 week on week. The swap was lost U ...
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- Grasim Industreis Ltd - India
- Siam City Cement - Thailand
- Sakthi Sugars Limited - India
- Mintek Dendrill Indonesia
- Renaissance Capital - South Africa
- Aboitiz Power Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- Essar Steel Hazira Ltd - India
- Indika Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Bayan Resources Tbk. - Indonesia
- Wood Mackenzie - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Rashtriya Ispat Nigam Limited - India
- SN Aboitiz Power Inc, Philippines
- Bhatia International Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Malabar Cements Ltd - India
- Merrill Lynch Commodities Europe
- Cement Manufacturers Association - India
- Latin American Coal - Colombia
- Kapuas Tunggal Persada - Indonesia
- Trasteel International SA, Italy
- Central Electricity Authority - India
- Vizag Seaport Private Limited - India
- CIMB Investment Bank - Malaysia
- Sindya Power Generating Company Private Ltd
- Meralco Power Generation, Philippines
- Metalloyd Limited - United Kingdom
- Power Finance Corporation Ltd., India
- Vedanta Resources Plc - India
- Maheswari Brothers Coal Limited - India
- Australian Coal Association
- Interocean Group of Companies - India
- PetroVietnam Power Coal Import and Supply Company
- TNB Fuel Sdn Bhd - Malaysia
- Petrochimia International Co. Ltd.- Taiwan
- Vijayanagar Sugar Pvt Ltd - India
- Mjunction Services Limited - India
- South Luzon Thermal Energy Corporation
- Kobexindo Tractors - Indoneisa
- Parry Sugars Refinery, India
- Global Business Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- McConnell Dowell - Australia
- Lanco Infratech Ltd - India
- Pendopo Energi Batubara - Indonesia
- Xindia Steels Limited - India
- Parliament of New Zealand
- Meenaskhi Energy Private Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Marubeni Corporation - India
- New Zealand Coal & Carbon
- ASAPP Information Group - India
- TeaM Sual Corporation - Philippines
- Kepco SPC Power Corporation, Philippines
- Wilmar Investment Holdings
- Antam Resourcindo - Indonesia
- Kumho Petrochemical, South Korea
- Indogreen Group - Indonesia
- Savvy Resources Ltd - HongKong
- VISA Power Limited - India
- Billiton Holdings Pty Ltd - Australia
- Mercuria Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Edison Trading Spa - Italy
- Indian Energy Exchange, India
- Coalindo Energy - Indonesia
- Goldman Sachs - Singapore
- Energy Development Corp, Philippines
- Heidelberg Cement - Germany
- GVK Power & Infra Limited - India
- Indian Oil Corporation Limited
- Karbindo Abesyapradhi - Indoneisa
- IHS Mccloskey Coal Group - USA
- Bhushan Steel Limited - India
- Economic Council, Georgia
- Kaltim Prima Coal - Indonesia
- Oldendorff Carriers - Singapore
- AsiaOL BioFuels Corp., Philippines
- Globalindo Alam Lestari - Indonesia
- Minerals Council of Australia
- LBH Netherlands Bv - Netherlands
- Riau Bara Harum - Indonesia
- Orica Mining Services - Indonesia
- Planning Commission, India
- IEA Clean Coal Centre - UK
- Ceylon Electricity Board - Sri Lanka
- PTC India Limited - India
- SMC Global Power, Philippines
- Semirara Mining and Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Gujarat Sidhee Cement - India
- Larsen & Toubro Limited - India
- Semirara Mining Corp, Philippines
- Sical Logistics Limited - India
- Standard Chartered Bank - UAE
- Toyota Tsusho Corporation, Japan
- Indonesian Coal Mining Association
- Manunggal Multi Energi - Indonesia
- Mercator Lines Limited - India
- Posco Energy - South Korea
- Samtan Co., Ltd - South Korea
- Straits Asia Resources Limited - Singapore
- Iligan Light & Power Inc, Philippines
- The State Trading Corporation of India Ltd
- Thiess Contractors Indonesia
- GAC Shipping (India) Pvt Ltd
- Binh Thuan Hamico - Vietnam
- Kideco Jaya Agung - Indonesia
- Bukit Makmur.PT - Indonesia
- Baramulti Group, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Sarangani Energy Corporation, Philippines
- Sojitz Corporation - Japan
- Dalmia Cement Bharat India
- Bahari Cakrawala Sebuku - Indonesia
- Central Java Power - Indonesia
- Commonwealth Bank - Australia
- Makarim & Taira - Indonesia
- Bhoruka Overseas - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Star Paper Mills Limited - India
- PowerSource Philippines DevCo
- Karaikal Port Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Australian Commodity Traders Exchange
- OPG Power Generation Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Jorong Barutama Greston.PT - Indonesia
- CNBM International Corporation - China
- Carbofer General Trading SA - India
- Salva Resources Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bharathi Cement Corporation - India
- White Energy Company Limited
- Bangladesh Power Developement Board
- Altura Mining Limited, Indonesia
- Madhucon Powers Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Bulk Trading Sa - Switzerland
- Port Waratah Coal Services - Australia
- SMG Consultants - Indonesia
- Borneo Indobara - Indonesia
- Africa Commodities Group - South Africa
- Tata Chemicals Ltd - India
- The Treasury - Australian Government
- Krishnapatnam Port Company Ltd. - India
- Sinarmas Energy and Mining - Indonesia
- Rio Tinto Coal - Australia
- Indo Tambangraya Megah - Indonesia
- Anglo American - United Kingdom
- Orica Australia Pty. Ltd.
- Attock Cement Pakistan Limited
- Videocon Industries ltd - India
- Eastern Energy - Thailand
- Independent Power Producers Association of India
- London Commodity Brokers - England
- MS Steel International - UAE
- The University of Queensland
- Chamber of Mines of South Africa
- Thai Mozambique Logistica
- Pipit Mutiara Jaya. PT, Indonesia
- Chettinad Cement Corporation Ltd - India
- Ind-Barath Power Infra Limited - India
- Therma Luzon, Inc, Philippines
- Georgia Ports Authority, United States
- Tamil Nadu electricity Board
- Coastal Gujarat Power Limited - India
- Deloitte Consulting - India
- Ministry of Transport, Egypt
- Sree Jayajothi Cements Limited - India
- Directorate Of Revenue Intelligence - India
- Kohat Cement Company Ltd. - Pakistan
- Energy Link Ltd, New Zealand
- Eastern Coal Council - USA
- Maharashtra Electricity Regulatory Commission - India
- Aditya Birla Group - India
- Alfred C Toepfer International GmbH - Germany
- PNOC Exploration Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Green Power PLC Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Coal and Oil Company - UAE
- Siam City Cement PLC, Thailand
- Petron Corporation, Philippines
- Ambuja Cements Ltd - India
- Ministry of Finance - Indonesia
- India Bulls Power Limited - India
- Jindal Steel & Power Ltd - India
- Price Waterhouse Coopers - Russia
- Jaiprakash Power Ventures ltd
- Electricity Authority, New Zealand
- Banpu Public Company Limited - Thailand
- Cigading International Bulk Terminal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Bukit Baiduri Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- ICICI Bank Limited - India
- Barasentosa Lestari - Indonesia
- Medco Energi Mining Internasional
- Singapore Mercantile Exchange
- Ministry of Mines - Canada
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- San Jose City I Power Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- Simpson Spence & Young - Indonesia
- GMR Energy Limited - India
- Agrawal Coal Company - India
- Bukit Asam (Persero) Tbk - Indonesia
- Romanian Commodities Exchange
- Uttam Galva Steels Limited - India
- Formosa Plastics Group - Taiwan
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