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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, 18 November 22
REALITIES OF LOI LIABILITIES - BALTIC EXCHANGE
KNOWLEDGE TO ELEVATE
The cargo misdelivery claim in Trafigura Maritime Logistics Pte Ltd v. Clearlake Shipping Pte Ltd (Miracle Hope) [2022] E ...
Tuesday, 15 November 22
CHINA SEES RISING COAL STORAGE AMID SUPPLY PUSH - XINHUA
Coal stockpiles at China’s power plants have seen considerable increases, ensuring energy supply for the winter, the country’s energy r ...
Tuesday, 15 November 22
SEABORNE THERMAL COAL PRICES START TO EASE, BUT PROCESS IS UNEVEN - REUTERS
Prices for seaborne thermal coal have started to drop as fears of a winter energy crunch ease, but the rate of decline has varied across the differ ...
Thursday, 10 November 22
INDIA: THERMAL PLANTS HAVE ADEQUATE COAL STOCKS AT 25.6 MILLION TONNES, SAYS GOVT - IANS
The coal stock with domestic dry fuel-based power plants, as on October 31, was 25.6 million tonnes, the government said, adding that the availabil ...
Tuesday, 08 November 22
OUTLOOK ON CHINA’S WEAKENED BASIC MATERIALS SECTOR CLOUDED BY POLICY SWINGS - FITCH RATINGS
Fitch Ratings expects basic materials demand in China to improve qoq in 4Q22, driven by seasonally higher construction activity, solid infrastructu ...
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- MS Steel International - UAE
- Petron Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Mercator Lines Limited - India
- India Bulls Power Limited - India
- Global Coal Blending Company Limited - Australia
- Agrawal Coal Company - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Meenaskhi Energy Private Limited - India
- PowerSource Philippines DevCo
- Aditya Birla Group - India
- Chamber of Mines of South Africa
- Rio Tinto Coal - Australia
- Sree Jayajothi Cements Limited - India
- Central Electricity Authority - India
- Kideco Jaya Agung - Indonesia
- Makarim & Taira - Indonesia
- European Bulk Services B.V. - Netherlands
- Trasteel International SA, Italy
- Anglo American - United Kingdom
- Binh Thuan Hamico - Vietnam
- Deloitte Consulting - India
- Chettinad Cement Corporation Ltd - India
- Riau Bara Harum - Indonesia
- CIMB Investment Bank - Malaysia
- Mintek Dendrill Indonesia
- Indian Energy Exchange, India
- Romanian Commodities Exchange
- Eastern Coal Council - USA
- Medco Energi Mining Internasional
- SN Aboitiz Power Inc, Philippines
- Goldman Sachs - Singapore
- Krishnapatnam Port Company Ltd. - India
- ASAPP Information Group - India
- Larsen & Toubro Limited - India
- South Luzon Thermal Energy Corporation
- Thai Mozambique Logistica
- Offshore Bulk Terminal Pte Ltd, Singapore
- White Energy Company Limited
- Sojitz Corporation - Japan
- GVK Power & Infra Limited - India
- Commonwealth Bank - Australia
- Ambuja Cements Ltd - India
- Renaissance Capital - South Africa
- Antam Resourcindo - Indonesia
- Standard Chartered Bank - UAE
- Baramulti Group, Indonesia
- Marubeni Corporation - India
- Orica Mining Services - Indonesia
- Ind-Barath Power Infra Limited - India
- Carbofer General Trading SA - India
- Parliament of New Zealand
- Meralco Power Generation, Philippines
- Coalindo Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- AsiaOL BioFuels Corp., Philippines
- TeaM Sual Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- SMG Consultants - Indonesia
- Eastern Energy - Thailand
- Kepco SPC Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Sidhee Cement - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Oldendorff Carriers - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Malabar Cements Ltd - India
- Tata Chemicals Ltd - India
- Kobexindo Tractors - Indoneisa
- Vedanta Resources Plc - India
- Bukit Makmur.PT - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Bukit Baiduri Energy - Indonesia
- Siam City Cement PLC, Thailand
- Port Waratah Coal Services - Australia
- Samtan Co., Ltd - South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Tamil Nadu electricity Board
- Singapore Mercantile Exchange
- Kartika Selabumi Mining - Indonesia
- Minerals Council of Australia
- Cement Manufacturers Association - India
- Global Business Power Corporation, Philippines
- Indika Energy - Indonesia
- Ministry of Transport, Egypt
- PNOC Exploration Corporation - Philippines
- Bhoruka Overseas - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Xindia Steels Limited - India
- Global Green Power PLC Corporation, Philippines
- London Commodity Brokers - England
- Posco Energy - South Korea
- Jorong Barutama Greston.PT - Indonesia
- Semirara Mining Corp, Philippines
- Coal and Oil Company - UAE
- Kalimantan Lumbung Energi - Indonesia
- Globalindo Alam Lestari - Indonesia
- Intertek Mineral Services - Indonesia
- Iligan Light & Power Inc, Philippines
- Bhatia International Limited - India
- Energy Link Ltd, New Zealand
- Essar Steel Hazira Ltd - India
- Ministry of Mines - Canada
- LBH Netherlands Bv - Netherlands
- Electricity Generating Authority of Thailand
- Dalmia Cement Bharat India
- Bayan Resources Tbk. - Indonesia
- CNBM International Corporation - China
- Kohat Cement Company Ltd. - Pakistan
- Star Paper Mills Limited - India
- Ceylon Electricity Board - Sri Lanka
- Lanco Infratech Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Wood Mackenzie - Singapore
- Bangladesh Power Developement Board
- Sakthi Sugars Limited - India
- The University of Queensland
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Price Waterhouse Coopers - Russia
- PetroVietnam Power Coal Import and Supply Company
- VISA Power Limited - India
- Sindya Power Generating Company Private Ltd
- Australian Coal Association
- Miang Besar Coal Terminal - Indonesia
- Wilmar Investment Holdings
- SMC Global Power, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Interocean Group of Companies - India
- Mercuria Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Indian Oil Corporation Limited
- Manunggal Multi Energi - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Bharathi Cement Corporation - India
- TNB Fuel Sdn Bhd - Malaysia
- Bhushan Steel Limited - India
- Altura Mining Limited, Indonesia
- Vizag Seaport Private Limited - India
- Africa Commodities Group - South Africa
- Jindal Steel & Power Ltd - India
- Indonesian Coal Mining Association
- PTC India Limited - India
- Indogreen Group - Indonesia
- Ministry of Finance - Indonesia
- Savvy Resources Ltd - HongKong
- GMR Energy Limited - India
- Jaiprakash Power Ventures ltd
- Gujarat Electricity Regulatory Commission - India
- ICICI Bank Limited - India
- Siam City Cement - Thailand
- Independent Power Producers Association of India
- GAC Shipping (India) Pvt Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Maheswari Brothers Coal Limited - India
- Toyota Tsusho Corporation, Japan
- IHS Mccloskey Coal Group - USA
- Videocon Industries ltd - India
- Simpson Spence & Young - Indonesia
- Coastal Gujarat Power Limited - India
- Madhucon Powers Ltd - India
- Banpu Public Company Limited - Thailand
- Attock Cement Pakistan Limited
- Latin American Coal - Colombia
- McConnell Dowell - Australia
- Barasentosa Lestari - Indonesia
- Sarangani Energy Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- IEA Clean Coal Centre - UK
- Mjunction Services Limited - India
- Sical Logistics Limited - India
- Aboitiz Power Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- Electricity Authority, New Zealand
- Grasim Industreis Ltd - India
- Parry Sugars Refinery, India
- Orica Australia Pty. Ltd.
- New Zealand Coal & Carbon
- Economic Council, Georgia
- Holcim Trading Pte Ltd - Singapore
- Alfred C Toepfer International GmbH - Germany
- Billiton Holdings Pty Ltd - Australia
- Borneo Indobara - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Bulk Trading Sa - Switzerland
- Edison Trading Spa - Italy
- Merrill Lynch Commodities Europe
- Timah Investasi Mineral - Indoneisa
- Formosa Plastics Group - Taiwan
- Georgia Ports Authority, United States
- Australian Commodity Traders Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Thiess Contractors Indonesia
- Salva Resources Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Therma Luzon, Inc, Philippines
- The Treasury - Australian Government
- Heidelberg Cement - Germany
- Cigading International Bulk Terminal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Planning Commission, India
- Karaikal Port Pvt Ltd - India
- Central Java Power - Indonesia
- Directorate Of Revenue Intelligence - India
- Kapuas Tunggal Persada - Indonesia
- Metalloyd Limited - United Kingdom
- Uttam Galva Steels Limited - India
- International Coal Ventures Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Energy Development Corp, Philippines
- San Jose City I Power Corp, Philippines
- Power Finance Corporation Ltd., India
- Kumho Petrochemical, South Korea
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