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Friday, 23 September 22
EUROPEAN STEEL BUYERS SEEK DIRECTION IN VOLATILE MARKET - MEPS INTERNATIONAL
Demand for steel is slow to recover, after the summer break. Mill production costs continue to increase. Steel purchasers are uncertain about the future direction of the market.
European steel buyers returned cautiously to the market, as the traditional summer break extended into early September. Inventory levels remain relatively high, for current demand. Sensing that the bottom of the current cycle had been reached, however, some purchasers placed orders for small quantities, to reduce their average stock value.
European steel prices continued to decline, last month. In late August and early September, the mills started to announce increases, in line with rising costs, across the carbon steel product range. These efforts were against the background of spiralling international energy values.
Major steel manufacturers led the way. Their efforts, initially, were undermined by certain producers seeking to fill their order books. Large, proposed increases were accompanied by a willingness to negotiate, or to extend the validity of previous prices, to their regular customers who had just returned from holiday. This eroded buyers’ confidence in the strength of such moves.
As order books weaken, steel mills are aligning production to apparent demand. Capacity cuts have been implemented, although perhaps not soon enough. Several blast furnaces have been taken offline, for extended periods. Rerollers are restricting production to night-time and weekend working, to control electricity consumption. As a consequence, delivery lead times are once again extending, rather than contracting.
Industry, as a whole, is looking to the authorities to address problems with energy supply and costs. The EU has announced measures to cap energy prices, partly funded by additional taxes on excess profits of energy providers. This should protect private consumers, to some extent. Policies show little detail for energy-intensive manufacturers. Some individual states have mandated a reduction in electricity usage.
In the UK, political decisions are delayed during the period of mourning for Her Late Majesty Queen Elizabeth II. A cap on domestic electricity costs has been announced. Further proposals, for industrial users, are reportedly in preparation.
The possibility of steelmakers implementing energy-related surcharges is again a topic of interest. Most market observers consider such a move to be impracticable for commodity grade steel. It is also extremely doubtful that producers who propose such a move would be willing to open their energy usage and supply contracts to the scrutiny such a clause would require.
Elevated energy costs are not isolated to primary steel producers. Oil, gas and electricity are used throughout the supply chain, resulting in incremental charges at each stage. Finally, it is the individual consumer who pays, or chooses not to. Escalating household energy costs and the subsequent drain on disposable income lead to reduced downstream steel demand. High inflation rates also restrict private expenditure.
Source: MEPS International Ltd
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Friday, 06 September 24
REBOUND IN OIL DEMAND COULD LIFT MARKET IN LATTER HALF OF 2024 - BIMCO
Supply/demand
Based on a strong second half demand, the supply/balance is forecast to strengthen in 2024 but weaken slightly in 2025 as n ...
Friday, 06 September 24
GLOBAL SEABORNE LNG TRADE HAS CONTINUED TO INCREASE LAST YEAR - BANCHERO COSTA
Global seaborne LNG trade has continued to increase last year, helped also by the events in Ukraine which forced Europe to diversify away from Russ ...
Wednesday, 28 August 24
SEABORNE COAL IMPORTS INTO INDIA INCREASED BY +9.9% Y-O-Y TO 146.6 MLN T - BANCHERO COSTA
Global coal trade has really picked up pace over the past year, and is now fully back to pre-Covid levels said Banchero Costa Research in its lates ...
Tuesday, 06 August 24
EXERCISE CAUTION WITH AMMONIA SWITCH - BALTIC EXCHANGE
A new study from the Massachusetts Institute of Technology (MIT) has thrown a spanner into the plan to transition ships from diesel fuel to ammonia ...
Friday, 02 August 24
ENERGY MARKET DEVELOPMENTS: COAL AND NATURAL GAS PRICES REACH RECORD HIGHS - WORLD BANK
The recent surge in natural gas and coal prices has been so swift that the main benchmarks were roughly three times higher in 2022Q2 compared to a ...
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- McConnell Dowell - Australia
- Eastern Coal Council - USA
- London Commodity Brokers - England
- Goldman Sachs - Singapore
- Chettinad Cement Corporation Ltd - India
- Mjunction Services Limited - India
- IHS Mccloskey Coal Group - USA
- Meenaskhi Energy Private Limited - India
- Coalindo Energy - Indonesia
- Sical Logistics Limited - India
- Thai Mozambique Logistica
- Formosa Plastics Group - Taiwan
- Ind-Barath Power Infra Limited - India
- Australian Commodity Traders Exchange
- SMC Global Power, Philippines
- Indian Energy Exchange, India
- Coastal Gujarat Power Limited - India
- South Luzon Thermal Energy Corporation
- Merrill Lynch Commodities Europe
- Trasteel International SA, Italy
- Australian Coal Association
- The University of Queensland
- Mercator Lines Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Oldendorff Carriers - Singapore
- Vedanta Resources Plc - India
- PTC India Limited - India
- Bhushan Steel Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Mines - Canada
- Kohat Cement Company Ltd. - Pakistan
- Latin American Coal - Colombia
- Bangladesh Power Developement Board
- AsiaOL BioFuels Corp., Philippines
- Indonesian Coal Mining Association
- Kobexindo Tractors - Indoneisa
- Timah Investasi Mineral - Indoneisa
- Dalmia Cement Bharat India
- Bhatia International Limited - India
- Vizag Seaport Private Limited - India
- SMG Consultants - Indonesia
- Globalindo Alam Lestari - Indonesia
- Indika Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- ICICI Bank Limited - India
- India Bulls Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Interocean Group of Companies - India
- Orica Australia Pty. Ltd.
- GMR Energy Limited - India
- Kartika Selabumi Mining - Indonesia
- Savvy Resources Ltd - HongKong
- Ambuja Cements Ltd - India
- CNBM International Corporation - China
- Bulk Trading Sa - Switzerland
- Bukit Makmur.PT - Indonesia
- Bukit Baiduri Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Sojitz Corporation - Japan
- Indian Oil Corporation Limited
- The State Trading Corporation of India Ltd
- Wilmar Investment Holdings
- Kideco Jaya Agung - Indonesia
- Sindya Power Generating Company Private Ltd
- Rio Tinto Coal - Australia
- Cigading International Bulk Terminal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Minerals Council of Australia
- Electricity Authority, New Zealand
- OPG Power Generation Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Uttam Galva Steels Limited - India
- Sree Jayajothi Cements Limited - India
- CIMB Investment Bank - Malaysia
- Intertek Mineral Services - Indonesia
- Electricity Generating Authority of Thailand
- Salva Resources Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Larsen & Toubro Limited - India
- Indogreen Group - Indonesia
- Kepco SPC Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Barasentosa Lestari - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Ministry of Transport, Egypt
- Miang Besar Coal Terminal - Indonesia
- Carbofer General Trading SA - India
- Heidelberg Cement - Germany
- Pipit Mutiara Jaya. PT, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Global Green Power PLC Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Baramulti Group, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Jindal Steel & Power Ltd - India
- Makarim & Taira - Indonesia
- Ministry of Finance - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Metalloyd Limited - United Kingdom
- Siam City Cement - Thailand
- Global Business Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Port Waratah Coal Services - Australia
- Riau Bara Harum - Indonesia
- Grasim Industreis Ltd - India
- Africa Commodities Group - South Africa
- Energy Development Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Tata Chemicals Ltd - India
- Banpu Public Company Limited - Thailand
- Samtan Co., Ltd - South Korea
- Chamber of Mines of South Africa
- Attock Cement Pakistan Limited
- Posco Energy - South Korea
- Binh Thuan Hamico - Vietnam
- Agrawal Coal Company - India
- MS Steel International - UAE
- Mintek Dendrill Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Coal and Oil Company - UAE
- Orica Mining Services - Indonesia
- Maheswari Brothers Coal Limited - India
- GAC Shipping (India) Pvt Ltd
- Directorate Of Revenue Intelligence - India
- Videocon Industries ltd - India
- VISA Power Limited - India
- PNOC Exploration Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Independent Power Producers Association of India
- Deloitte Consulting - India
- Straits Asia Resources Limited - Singapore
- Toyota Tsusho Corporation, Japan
- LBH Netherlands Bv - Netherlands
- Altura Mining Limited, Indonesia
- Wood Mackenzie - Singapore
- Ceylon Electricity Board - Sri Lanka
- ASAPP Information Group - India
- Global Coal Blending Company Limited - Australia
- Central Electricity Authority - India
- Aditya Birla Group - India
- New Zealand Coal & Carbon
- Malabar Cements Ltd - India
- Mercuria Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- Bharathi Cement Corporation - India
- Marubeni Corporation - India
- Bhoruka Overseas - Indonesia
- Price Waterhouse Coopers - Russia
- Petrochimia International Co. Ltd.- Taiwan
- Edison Trading Spa - Italy
- Xindia Steels Limited - India
- Economic Council, Georgia
- International Coal Ventures Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Standard Chartered Bank - UAE
- Bahari Cakrawala Sebuku - Indonesia
- Parry Sugars Refinery, India
- Romanian Commodities Exchange
- Madhucon Powers Ltd - India
- Renaissance Capital - South Africa
- Lanco Infratech Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Iligan Light & Power Inc, Philippines
- Thiess Contractors Indonesia
- Sakthi Sugars Limited - India
- Parliament of New Zealand
- The Treasury - Australian Government
- Energy Link Ltd, New Zealand
- Cement Manufacturers Association - India
- Central Java Power - Indonesia
- GVK Power & Infra Limited - India
- SN Aboitiz Power Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Meralco Power Generation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- TeaM Sual Corporation - Philippines
- IEA Clean Coal Centre - UK
- Kaltim Prima Coal - Indonesia
- Borneo Indobara - Indonesia
- Anglo American - United Kingdom
- Rashtriya Ispat Nigam Limited - India
- Gujarat Sidhee Cement - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- White Energy Company Limited
- PowerSource Philippines DevCo
- Simpson Spence & Young - Indonesia
- Singapore Mercantile Exchange
- Therma Luzon, Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Tamil Nadu electricity Board
- Kumho Petrochemical, South Korea
- Jaiprakash Power Ventures ltd
- Georgia Ports Authority, United States
- Semirara Mining Corp, Philippines
- Medco Energi Mining Internasional
- Essar Steel Hazira Ltd - India
- Commonwealth Bank - Australia
- Siam City Cement PLC, Thailand
- Power Finance Corporation Ltd., India
- Petron Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Eastern Energy - Thailand
- Gujarat Electricity Regulatory Commission - India
- Star Paper Mills Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- Krishnapatnam Port Company Ltd. - India
- Planning Commission, India
- Bukit Asam (Persero) Tbk - Indonesia
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