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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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Thursday, 22 December 22
RUSSIAN OIL EXPORTS CRATER BY 54% IN THE FIRST FULL WEEK OF THE EU'S EMBARGO AMID A SHORTAGE OF TANKERS WILLING TO CARRY CARGOES - BUSINESS INSIDER
Since the European Union imposed its seaborne crude sanctions, Russian oil exports have tumbled by more than half, according to data compiled by Bl ...
Thursday, 22 December 22
CHINA TIGHTENS VERIFICATION OF SHIPS’ ENERGY CONSUMPTION DATA - GARD
From 22 December 2022, ships trading to Chinese ports must record their energy consumption data in accordance with the requirements of their Ship E ...
Thursday, 22 December 22
AN OVERVIEW OF THE LNG MARKET - VESSELSVALUE
LNG values have continued to strengthen, spurred by skyrocketing earnings that have surpassed last year’s record breaking peaks. In November, ...
Thursday, 22 December 22
COKING COAL SLUMPS AS TALKS ON AUSTRALIA-CHINA TRADE RIFT LOOM - REUTERS
Chinese coking coal futures dropped more than 3 per cent on Tuesday (Dec 20), extending losses, as supply of the steelmaking input might increase i ...
Thursday, 22 December 22
COAL AND GAS PRICE CAPS MAY COMPOUND POLITICAL RISK FOR AUSTRALIAN CORPORATES - FITCH RATINGS
Australia’s introduction of temporary price caps on domestic sales of gas and coal used for electricity generation will probably have limited ...
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- Pendopo Energi Batubara - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Electricity Authority, New Zealand
- Gujarat Electricity Regulatory Commission - India
- The University of Queensland
- Makarim & Taira - Indonesia
- Semirara Mining Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Aboitiz Power Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Merrill Lynch Commodities Europe
- Heidelberg Cement - Germany
- Africa Commodities Group - South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- Samtan Co., Ltd - South Korea
- Interocean Group of Companies - India
- GAC Shipping (India) Pvt Ltd
- White Energy Company Limited
- Gujarat Sidhee Cement - India
- San Jose City I Power Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- Anglo American - United Kingdom
- Cigading International Bulk Terminal - Indonesia
- Petron Corporation, Philippines
- Economic Council, Georgia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- India Bulls Power Limited - India
- Parry Sugars Refinery, India
- Xindia Steels Limited - India
- Carbofer General Trading SA - India
- Krishnapatnam Port Company Ltd. - India
- Meenaskhi Energy Private Limited - India
- Global Business Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Indika Energy - Indonesia
- Tamil Nadu electricity Board
- Leighton Contractors Pty Ltd - Australia
- Kepco SPC Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Electricity Generating Authority of Thailand
- Kapuas Tunggal Persada - Indonesia
- Ind-Barath Power Infra Limited - India
- Siam City Cement PLC, Thailand
- ASAPP Information Group - India
- Rio Tinto Coal - Australia
- Bahari Cakrawala Sebuku - Indonesia
- The State Trading Corporation of India Ltd
- Indian Energy Exchange, India
- Bhushan Steel Limited - India
- Larsen & Toubro Limited - India
- Parliament of New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Star Paper Mills Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Borneo Indobara - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Australian Coal Association
- Kartika Selabumi Mining - Indonesia
- Coal and Oil Company - UAE
- Indonesian Coal Mining Association
- ICICI Bank Limited - India
- Oldendorff Carriers - Singapore
- Indian Oil Corporation Limited
- TNB Fuel Sdn Bhd - Malaysia
- Manunggal Multi Energi - Indonesia
- PNOC Exploration Corporation - Philippines
- Bangladesh Power Developement Board
- Kohat Cement Company Ltd. - Pakistan
- Chamber of Mines of South Africa
- Sical Logistics Limited - India
- Miang Besar Coal Terminal - Indonesia
- Banpu Public Company Limited - Thailand
- Agrawal Coal Company - India
- Mintek Dendrill Indonesia
- Deloitte Consulting - India
- Chettinad Cement Corporation Ltd - India
- AsiaOL BioFuels Corp., Philippines
- CIMB Investment Bank - Malaysia
- Sojitz Corporation - Japan
- Marubeni Corporation - India
- Kalimantan Lumbung Energi - Indonesia
- Orica Mining Services - Indonesia
- Eastern Coal Council - USA
- Intertek Mineral Services - Indonesia
- Karaikal Port Pvt Ltd - India
- Meralco Power Generation, Philippines
- SMC Global Power, Philippines
- McConnell Dowell - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Romanian Commodities Exchange
- Sinarmas Energy and Mining - Indonesia
- Minerals Council of Australia
- Globalindo Alam Lestari - Indonesia
- Malabar Cements Ltd - India
- New Zealand Coal & Carbon
- Wilmar Investment Holdings
- Cement Manufacturers Association - India
- Videocon Industries ltd - India
- Therma Luzon, Inc, Philippines
- CNBM International Corporation - China
- Dalmia Cement Bharat India
- Ambuja Cements Ltd - India
- Sakthi Sugars Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Madhucon Powers Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Planning Commission, India
- Central Electricity Authority - India
- Coalindo Energy - Indonesia
- Ministry of Transport, Egypt
- Power Finance Corporation Ltd., India
- Riau Bara Harum - Indonesia
- Bayan Resources Tbk. - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bulk Trading Sa - Switzerland
- The Treasury - Australian Government
- Savvy Resources Ltd - HongKong
- Orica Australia Pty. Ltd.
- Baramulti Group, Indonesia
- Energy Development Corp, Philippines
- Latin American Coal - Colombia
- Straits Asia Resources Limited - Singapore
- Vedanta Resources Plc - India
- Altura Mining Limited, Indonesia
- Port Waratah Coal Services - Australia
- Australian Commodity Traders Exchange
- Attock Cement Pakistan Limited
- Bharathi Cement Corporation - India
- Ministry of Finance - Indonesia
- Energy Link Ltd, New Zealand
- Semirara Mining and Power Corporation, Philippines
- Singapore Mercantile Exchange
- Independent Power Producers Association of India
- Eastern Energy - Thailand
- VISA Power Limited - India
- Ministry of Mines - Canada
- Wood Mackenzie - Singapore
- Timah Investasi Mineral - Indoneisa
- Posco Energy - South Korea
- IHS Mccloskey Coal Group - USA
- Thiess Contractors Indonesia
- Formosa Plastics Group - Taiwan
- London Commodity Brokers - England
- Georgia Ports Authority, United States
- Petrochimia International Co. Ltd.- Taiwan
- Directorate Of Revenue Intelligence - India
- Indogreen Group - Indonesia
- Goldman Sachs - Singapore
- SMG Consultants - Indonesia
- Simpson Spence & Young - Indonesia
- Antam Resourcindo - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Kideco Jaya Agung - Indonesia
- Trasteel International SA, Italy
- Jorong Barutama Greston.PT - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Rashtriya Ispat Nigam Limited - India
- LBH Netherlands Bv - Netherlands
- Vizag Seaport Private Limited - India
- PowerSource Philippines DevCo
- Neyveli Lignite Corporation Ltd, - India
- Sree Jayajothi Cements Limited - India
- Bhoruka Overseas - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- IEA Clean Coal Centre - UK
- Lanco Infratech Ltd - India
- South Luzon Thermal Energy Corporation
- Mjunction Services Limited - India
- Salva Resources Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Kobexindo Tractors - Indoneisa
- GVK Power & Infra Limited - India
- SN Aboitiz Power Inc, Philippines
- Uttam Galva Steels Limited - India
- Renaissance Capital - South Africa
- TeaM Sual Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- GMR Energy Limited - India
- PTC India Limited - India
- Tata Chemicals Ltd - India
- Sindya Power Generating Company Private Ltd
- Maheswari Brothers Coal Limited - India
- European Bulk Services B.V. - Netherlands
- Sarangani Energy Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Bukit Baiduri Energy - Indonesia
- Coastal Gujarat Power Limited - India
- OPG Power Generation Pvt Ltd - India
- Medco Energi Mining Internasional
- Standard Chartered Bank - UAE
- Kaltim Prima Coal - Indonesia
- Jaiprakash Power Ventures ltd
- Barasentosa Lestari - Indonesia
- Binh Thuan Hamico - Vietnam
- Commonwealth Bank - Australia
- Kumho Petrochemical, South Korea
- Mercator Lines Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhatia International Limited - India
- Bukit Makmur.PT - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Edison Trading Spa - Italy
- Billiton Holdings Pty Ltd - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- International Coal Ventures Pvt Ltd - India
- Siam City Cement - Thailand
- Central Java Power - Indonesia
- Mercuria Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Thai Mozambique Logistica
- Aditya Birla Group - India
- Iligan Light & Power Inc, Philippines
- Grasim Industreis Ltd - India
- MS Steel International - UAE
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