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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, 13 October 22
OPEC DOWNGRADES CRUDE OIL DEMAND, AS WORLD ECONOMY ENTERS SLOWDOWN
Crude Oil Price Movements
The OPEC Reference Basket (ORB) declined m-o-m by $6.58 in September, or 6.5%, to average $95.32/b. Pressure from equ ...
Wednesday, 12 October 22
MARKET INSIGHT - INTERMODAL
Sale and Purchase activity during the first three quarters of 2022 has been remarkable.
Focusing only on Tankers and Bulkers, such v ...
Monday, 10 October 22
ENERGY TRANSITION BOOSTS GLOBAL LONG-TERM DEMAND FOR METALS - FITCH RATINGS
The energy transition will significantly increase demand for metals used in manufacturing of electric vehicles (EVs) and renewable power generation ...
Monday, 10 October 22
GLOBAL CEOS EXPECT IMPENDING RECESSION TO BE 'SHORT AND SHARP,' POLL SHOWS - CNBC
Global CEOs are anticipating a recession in the next 12 months, according to a new survey by professional services firm KPMG, which said more than ...
Thursday, 06 October 22
AUSTRALIA’S RESOURCES REVENUE TO HIT RECORD AMID UKRAINE CONFLICT - REUTERS
Australian resources and energy export earnings are forecast to jump 7% to a record A$450 billion ($290 billion) this fiscal year, bolstered by soa ...
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- Energy Development Corp, Philippines
- Madhucon Powers Ltd - India
- Singapore Mercantile Exchange
- Siam City Cement - Thailand
- Formosa Plastics Group - Taiwan
- Manunggal Multi Energi - Indonesia
- Trasteel International SA, Italy
- Indo Tambangraya Megah - Indonesia
- Malabar Cements Ltd - India
- Uttam Galva Steels Limited - India
- Karaikal Port Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Eastern Coal Council - USA
- Kartika Selabumi Mining - Indonesia
- Mintek Dendrill Indonesia
- Indonesian Coal Mining Association
- European Bulk Services B.V. - Netherlands
- Indika Energy - Indonesia
- PowerSource Philippines DevCo
- Bahari Cakrawala Sebuku - Indonesia
- Makarim & Taira - Indonesia
- MS Steel International - UAE
- CIMB Investment Bank - Malaysia
- VISA Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Latin American Coal - Colombia
- Romanian Commodities Exchange
- Holcim Trading Pte Ltd - Singapore
- Global Business Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Banpu Public Company Limited - Thailand
- Riau Bara Harum - Indonesia
- Ministry of Transport, Egypt
- Central Java Power - Indonesia
- Bukit Makmur.PT - Indonesia
- Eastern Energy - Thailand
- Maheswari Brothers Coal Limited - India
- LBH Netherlands Bv - Netherlands
- ASAPP Information Group - India
- Wood Mackenzie - Singapore
- Ceylon Electricity Board - Sri Lanka
- Georgia Ports Authority, United States
- Toyota Tsusho Corporation, Japan
- Indian Oil Corporation Limited
- McConnell Dowell - Australia
- Coastal Gujarat Power Limited - India
- Vedanta Resources Plc - India
- Billiton Holdings Pty Ltd - Australia
- SN Aboitiz Power Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Orica Mining Services - Indonesia
- London Commodity Brokers - England
- Altura Mining Limited, Indonesia
- PNOC Exploration Corporation - Philippines
- Dalmia Cement Bharat India
- Ind-Barath Power Infra Limited - India
- Port Waratah Coal Services - Australia
- TeaM Sual Corporation - Philippines
- Energy Link Ltd, New Zealand
- Chamber of Mines of South Africa
- IEA Clean Coal Centre - UK
- Renaissance Capital - South Africa
- Kaltim Prima Coal - Indonesia
- Power Finance Corporation Ltd., India
- Antam Resourcindo - Indonesia
- Posco Energy - South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Meenaskhi Energy Private Limited - India
- Alfred C Toepfer International GmbH - Germany
- Intertek Mineral Services - Indonesia
- Cement Manufacturers Association - India
- OPG Power Generation Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Economic Council, Georgia
- San Jose City I Power Corp, Philippines
- Savvy Resources Ltd - HongKong
- Gujarat Sidhee Cement - India
- Mjunction Services Limited - India
- Jaiprakash Power Ventures ltd
- SMC Global Power, Philippines
- Barasentosa Lestari - Indonesia
- Central Electricity Authority - India
- Interocean Group of Companies - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Borneo Indobara - Indonesia
- Bhatia International Limited - India
- Coal and Oil Company - UAE
- Directorate Of Revenue Intelligence - India
- Sakthi Sugars Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Planning Commission, India
- Thiess Contractors Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Semirara Mining Corp, Philippines
- Larsen & Toubro Limited - India
- The State Trading Corporation of India Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Baiduri Energy - Indonesia
- Minerals Council of Australia
- Carbofer General Trading SA - India
- New Zealand Coal & Carbon
- Sinarmas Energy and Mining - Indonesia
- Electricity Generating Authority of Thailand
- Grasim Industreis Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Thai Mozambique Logistica
- Neyveli Lignite Corporation Ltd, - India
- GMR Energy Limited - India
- Gujarat Electricity Regulatory Commission - India
- CNBM International Corporation - China
- Xindia Steels Limited - India
- Miang Besar Coal Terminal - Indonesia
- Bayan Resources Tbk. - Indonesia
- IHS Mccloskey Coal Group - USA
- Price Waterhouse Coopers - Russia
- Indogreen Group - Indonesia
- Medco Energi Mining Internasional
- Aditya Birla Group - India
- Mercuria Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Star Paper Mills Limited - India
- Sojitz Corporation - Japan
- Kideco Jaya Agung - Indonesia
- Tamil Nadu electricity Board
- Ministry of Mines - Canada
- Kohat Cement Company Ltd. - Pakistan
- GVK Power & Infra Limited - India
- Agrawal Coal Company - India
- Kapuas Tunggal Persada - Indonesia
- Australian Coal Association
- Vijayanagar Sugar Pvt Ltd - India
- Ministry of Finance - Indonesia
- Samtan Co., Ltd - South Korea
- White Energy Company Limited
- Attock Cement Pakistan Limited
- Indian Energy Exchange, India
- Edison Trading Spa - Italy
- Mercator Lines Limited - India
- Pendopo Energi Batubara - Indonesia
- Essar Steel Hazira Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Africa Commodities Group - South Africa
- Standard Chartered Bank - UAE
- Anglo American - United Kingdom
- Petron Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Wilmar Investment Holdings
- Jorong Barutama Greston.PT - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Sical Logistics Limited - India
- Lanco Infratech Ltd - India
- Coalindo Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Bangladesh Power Developement Board
- Heidelberg Cement - Germany
- SMG Consultants - Indonesia
- India Bulls Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PetroVietnam Power Coal Import and Supply Company
- Cigading International Bulk Terminal - Indonesia
- Marubeni Corporation - India
- AsiaOL BioFuels Corp., Philippines
- Krishnapatnam Port Company Ltd. - India
- Bulk Trading Sa - Switzerland
- Bharathi Cement Corporation - India
- Vizag Seaport Private Limited - India
- Tata Chemicals Ltd - India
- Independent Power Producers Association of India
- Salva Resources Pvt Ltd - India
- Meralco Power Generation, Philippines
- Australian Commodity Traders Exchange
- Commonwealth Bank - Australia
- Bhushan Steel Limited - India
- Deloitte Consulting - India
- Bhoruka Overseas - Indonesia
- Goldman Sachs - Singapore
- Rio Tinto Coal - Australia
- Merrill Lynch Commodities Europe
- Directorate General of MIneral and Coal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- The Treasury - Australian Government
- Kumho Petrochemical, South Korea
- Kepco SPC Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Straits Asia Resources Limited - Singapore
- Chettinad Cement Corporation Ltd - India
- Orica Australia Pty. Ltd.
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PTC India Limited - India
- Sree Jayajothi Cements Limited - India
- Sarangani Energy Corporation, Philippines
- Siam City Cement PLC, Thailand
- The University of Queensland
- Global Coal Blending Company Limited - Australia
- ICICI Bank Limited - India
- Parry Sugars Refinery, India
- Baramulti Group, Indonesia
- Kobexindo Tractors - Indoneisa
- South Luzon Thermal Energy Corporation
- Videocon Industries ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Oldendorff Carriers - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Electricity Authority, New Zealand
- Metalloyd Limited - United Kingdom
- Global Green Power PLC Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Iligan Light & Power Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Parliament of New Zealand
- Binh Thuan Hamico - Vietnam
- Rashtriya Ispat Nigam Limited - India
- Ambuja Cements Ltd - India
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