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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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Monday, 23 June 14
COAL SWAPS DROPS FURTHER MONTH ON MONTH ON WEAK DEMAND
COALspot.com: API 8 CFR South China Coal swaps for average Q3 14 deliveries lost 6.91 percent month on month and closed at US$ 69.00 per mt a ...
Sunday, 22 June 14
THE PANAMAX COAL FREIGHT FROM INDONESIA TO INDIA SLIPPED THIS WEEK
COALspot.com: The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, fell slightly on Friday ...
Friday, 20 June 14
DRY BULK MARKET LOOKING FOR UPSIDE ON ROBUST SEABORNE IRON ORE TRADE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market hasn’t been able to justify the heightened expectations this year. Yesterday, the Baltic Dry Index managed to inch forwar ...
Friday, 20 June 14
US WEEKLY COAL PRODUCTION DROPS 1.8% WEEK ON WEEK
COALspot.com – United States the world's second largest coal producer, produced approximately 18.3 million short tons (mmst) of coal in a ...
Thursday, 19 June 14
PANAMAX: VERY CLOSE TO BREAKING THE ALL TIME LOW RECORD - FEARNLEYS AS
Handy
The Supra-Handy market is experiencing the same market slow down as its bigger sister markets however not to the same extent. We see TA rat ...
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- Therma Luzon, Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- McConnell Dowell - Australia
- The State Trading Corporation of India Ltd
- Savvy Resources Ltd - HongKong
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- Lanco Infratech Ltd - India
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- Indonesian Coal Mining Association
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- Ministry of Finance - Indonesia
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- Billiton Holdings Pty Ltd - Australia
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- Directorate General of MIneral and Coal - Indonesia
- Planning Commission, India
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- Toyota Tsusho Corporation, Japan
- Economic Council, Georgia
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- Kobexindo Tractors - Indoneisa
- Thiess Contractors Indonesia
- Leighton Contractors Pty Ltd - Australia
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- Semirara Mining Corp, Philippines
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- GAC Shipping (India) Pvt Ltd
- Borneo Indobara - Indonesia
- Sindya Power Generating Company Private Ltd
- Singapore Mercantile Exchange
- White Energy Company Limited
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- Pipit Mutiara Jaya. PT, Indonesia
- Mjunction Services Limited - India
- Anglo American - United Kingdom
- Sakthi Sugars Limited - India
- Indogreen Group - Indonesia
- Energy Link Ltd, New Zealand
- Pendopo Energi Batubara - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Marubeni Corporation - India
- Kohat Cement Company Ltd. - Pakistan
- Iligan Light & Power Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Metalloyd Limited - United Kingdom
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- Chamber of Mines of South Africa
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- Semirara Mining and Power Corporation, Philippines
- Australian Commodity Traders Exchange
- Siam City Cement PLC, Thailand
- Goldman Sachs - Singapore
- Baramulti Group, Indonesia
- SMG Consultants - Indonesia
- Tamil Nadu electricity Board
- Merrill Lynch Commodities Europe
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- Bank of Tokyo Mitsubishi UFJ Ltd
- OPG Power Generation Pvt Ltd - India
- SMC Global Power, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Africa Commodities Group - South Africa
- LBH Netherlands Bv - Netherlands
- Ceylon Electricity Board - Sri Lanka
- Carbofer General Trading SA - India
- Parliament of New Zealand
- Indian Energy Exchange, India
- Aboitiz Power Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Australian Coal Association
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- Barasentosa Lestari - Indonesia
- Globalindo Alam Lestari - Indonesia
- IEA Clean Coal Centre - UK
- Deloitte Consulting - India
- Ministry of Mines - Canada
- India Bulls Power Limited - India
- Minerals Council of Australia
- The University of Queensland
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- Salva Resources Pvt Ltd - India
- Cement Manufacturers Association - India
- New Zealand Coal & Carbon
- Formosa Plastics Group - Taiwan
- Coal and Oil Company - UAE
- Gujarat Electricity Regulatory Commission - India
- Petron Corporation, Philippines
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- IHS Mccloskey Coal Group - USA
- Standard Chartered Bank - UAE
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- Central Java Power - Indonesia
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- Orica Mining Services - Indonesia
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- Eastern Coal Council - USA
- Renaissance Capital - South Africa
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- Xindia Steels Limited - India
- International Coal Ventures Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- TNB Fuel Sdn Bhd - Malaysia
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- Siam City Cement - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- South Luzon Thermal Energy Corporation
- Kartika Selabumi Mining - Indonesia
- ICICI Bank Limited - India
- Kumho Petrochemical, South Korea
- CNBM International Corporation - China
- Global Business Power Corporation, Philippines
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- Posco Energy - South Korea
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- Bhoruka Overseas - Indonesia
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