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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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Tuesday, 29 November 22
SEABORNE COAL FLOWS IN 2022 - SIGNAL
This year is crucial for the energy mix in European countries, as the EU has imposed new sanctions on Russia. It is important to emphasize that the ...
Friday, 25 November 22
APAC THERMAL COAL PRICES CORRECT FROM RECORD HIGH - FITCH RATINGS
Prices of Newcastle 6,000kcal/kg coal have corrected following falling European gas and coal prices, and more supply from Australia could help miti ...
Thursday, 24 November 22
VIETNAM BOOSTS COAL USE PLAN FOR 2030 AS G7 CLIMATE OFFER STALLS - REUTERS
Vietnam has increased its coal power target for 2030 under a revised draft energy plan, government documents seen by Reuters show, while renewables ...
Tuesday, 22 November 22
THE GENCON 2022 CHARTERPARTY - GARD
KNOWLEDGE TO ELEVATE
BIMCO has published a revamped version of the popular GENCON charterparty. Our author, Helena Biggs, was a member of the ...
Tuesday, 22 November 22
INDIA POWER BINGES ON COAL, OUTPACES ASIA - REUTERS
India’s coal-fired power output has increased much faster than any other country in the Asia Pacific since Russia’s invasion of Ukraine ...
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- Indian Energy Exchange, India
- Uttam Galva Steels Limited - India
- Binh Thuan Hamico - Vietnam
- OPG Power Generation Pvt Ltd - India
- Bhatia International Limited - India
- Jorong Barutama Greston.PT - Indonesia
- VISA Power Limited - India
- Mercuria Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- London Commodity Brokers - England
- Gujarat Sidhee Cement - India
- Agrawal Coal Company - India
- LBH Netherlands Bv - Netherlands
- Carbofer General Trading SA - India
- Karaikal Port Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Georgia Ports Authority, United States
- Price Waterhouse Coopers - Russia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ministry of Mines - Canada
- Dalmia Cement Bharat India
- Videocon Industries ltd - India
- South Luzon Thermal Energy Corporation
- Tamil Nadu electricity Board
- SN Aboitiz Power Inc, Philippines
- Essar Steel Hazira Ltd - India
- Timah Investasi Mineral - Indoneisa
- Chamber of Mines of South Africa
- Altura Mining Limited, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Parliament of New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- New Zealand Coal & Carbon
- Independent Power Producers Association of India
- Planning Commission, India
- Simpson Spence & Young - Indonesia
- Orica Australia Pty. Ltd.
- Global Coal Blending Company Limited - Australia
- Standard Chartered Bank - UAE
- Iligan Light & Power Inc, Philippines
- CNBM International Corporation - China
- Rashtriya Ispat Nigam Limited - India
- Merrill Lynch Commodities Europe
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- Thai Mozambique Logistica
- Energy Development Corp, Philippines
- Latin American Coal - Colombia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- TeaM Sual Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- SMC Global Power, Philippines
- Bulk Trading Sa - Switzerland
- ICICI Bank Limited - India
- Indika Energy - Indonesia
- Posco Energy - South Korea
- Lanco Infratech Ltd - India
- CIMB Investment Bank - Malaysia
- Leighton Contractors Pty Ltd - Australia
- Kepco SPC Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Kideco Jaya Agung - Indonesia
- Parry Sugars Refinery, India
- ASAPP Information Group - India
- PTC India Limited - India
- Thiess Contractors Indonesia
- Goldman Sachs - Singapore
- GMR Energy Limited - India
- Savvy Resources Ltd - HongKong
- Minerals Council of Australia
- Power Finance Corporation Ltd., India
- Mercator Lines Limited - India
- Edison Trading Spa - Italy
- Makarim & Taira - Indonesia
- Larsen & Toubro Limited - India
- GVK Power & Infra Limited - India
- Bukit Baiduri Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Eastern Energy - Thailand
- GAC Shipping (India) Pvt Ltd
- SMG Consultants - Indonesia
- The Treasury - Australian Government
- Maharashtra Electricity Regulatory Commission - India
- Central Java Power - Indonesia
- Siam City Cement - Thailand
- Attock Cement Pakistan Limited
- Krishnapatnam Port Company Ltd. - India
- Kohat Cement Company Ltd. - Pakistan
- Kumho Petrochemical, South Korea
- IHS Mccloskey Coal Group - USA
- Intertek Mineral Services - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Coalindo Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- White Energy Company Limited
- Sarangani Energy Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Jaiprakash Power Ventures ltd
- PNOC Exploration Corporation - Philippines
- Anglo American - United Kingdom
- Sojitz Corporation - Japan
- Sical Logistics Limited - India
- Star Paper Mills Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Directorate General of MIneral and Coal - Indonesia
- Bharathi Cement Corporation - India
- Therma Luzon, Inc, Philippines
- Romanian Commodities Exchange
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- Borneo Indobara - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Indogreen Group - Indonesia
- Renaissance Capital - South Africa
- Indonesian Coal Mining Association
- Barasentosa Lestari - Indonesia
- Ministry of Finance - Indonesia
- PowerSource Philippines DevCo
- Aboitiz Power Corporation - Philippines
- Ministry of Transport, Egypt
- MS Steel International - UAE
- IEA Clean Coal Centre - UK
- Coal and Oil Company - UAE
- Tata Chemicals Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Africa Commodities Group - South Africa
- Medco Energi Mining Internasional
- Commonwealth Bank - Australia
- Bhushan Steel Limited - India
- Orica Mining Services - Indonesia
- Kartika Selabumi Mining - Indonesia
- Marubeni Corporation - India
- Manunggal Multi Energi - Indonesia
- Bayan Resources Tbk. - Indonesia
- Samtan Co., Ltd - South Korea
- Bangladesh Power Developement Board
- India Bulls Power Limited - India
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- Semirara Mining and Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Chettinad Cement Corporation Ltd - India
- Meralco Power Generation, Philippines
- McConnell Dowell - Australia
- Neyveli Lignite Corporation Ltd, - India
- Riau Bara Harum - Indonesia
- Antam Resourcindo - Indonesia
- Ambuja Cements Ltd - India
- Siam City Cement PLC, Thailand
- Oldendorff Carriers - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Central Electricity Authority - India
- Xindia Steels Limited - India
- Directorate Of Revenue Intelligence - India
- Semirara Mining Corp, Philippines
- Meenaskhi Energy Private Limited - India
- Economic Council, Georgia
- Metalloyd Limited - United Kingdom
- Port Waratah Coal Services - Australia
- Singapore Mercantile Exchange
- Heidelberg Cement - Germany
- Interocean Group of Companies - India
- Salva Resources Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Rio Tinto Coal - Australia
- European Bulk Services B.V. - Netherlands
- Pendopo Energi Batubara - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Petron Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Billiton Holdings Pty Ltd - Australia
- The University of Queensland
- PetroVietnam Power Coal Import and Supply Company
- Kaltim Prima Coal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- San Jose City I Power Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- The State Trading Corporation of India Ltd
- Indo Tambangraya Megah - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Madhucon Powers Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Deloitte Consulting - India
- Eastern Coal Council - USA
- International Coal Ventures Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Vedanta Resources Plc - India
- Sakthi Sugars Limited - India
- Mjunction Services Limited - India
- Vizag Seaport Private Limited - India
- Trasteel International SA, Italy
- Holcim Trading Pte Ltd - Singapore
- Ceylon Electricity Board - Sri Lanka
- Petrochimia International Co. Ltd.- Taiwan
- Baramulti Group, Indonesia
- Wilmar Investment Holdings
- Jindal Steel & Power Ltd - India
- Aditya Birla Group - India
- Sree Jayajothi Cements Limited - India
- Globalindo Alam Lestari - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Formosa Plastics Group - Taiwan
- Cement Manufacturers Association - India
- Malabar Cements Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Australian Coal Association
- Global Business Power Corporation, Philippines
- Wood Mackenzie - Singapore
- Electricity Authority, New Zealand
- Indian Oil Corporation Limited
- Banpu Public Company Limited - Thailand
- Grasim Industreis Ltd - India
- Electricity Generating Authority of Thailand
- Gujarat Electricity Regulatory Commission - India
- Australian Commodity Traders Exchange
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