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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, 23 August 22
SHIPPING: GLOBAL TAX REFORM - WATSON FARLEY & WILLIAMS
OECD rules designed to implement a global minimum corporate tax rate for very large multinational groups have now been published and are expected t ...
Tuesday, 23 August 22
PARTIES CONCLUDE JOINT R&D AGREEMENT FOR WORLD’S FIRST AMMONIA FLOATING STORAGE AND REGASIFICATION BARGE CONTRIBUTING TO PROMOTING THE EARLY INTRODUCTION OF AMMONIA FUEL - NYK
NYK Line, Nihon Shipyard Co., Ltd. (NSY), ClassNK, and IHI Corporation (IHI) signed a joint research and development agreement for the commercializ ...
Monday, 22 August 22
INDONESIAN GOVERNMENT IMPOSED ON NEW PROGRESSIVE ROYALTIES FOR COAL
Indonesian President Joko Widodo has signed a Government Regulation (Number 26 of 2022) on 15 August 2022 related to the progressive royalty rates ...
Monday, 22 August 22
CHINA'S JULY RUSSIAN COAL IMPORTS HIT 5-YR HIGH AS WEST SHUNS MOSCOW - REUTERS
China’s coal imports from Russia jumped 14% in July from a year earlier to their highest in at least five years, as China bought discounted c ...
Sunday, 21 August 22
COAL-RICH POLAND FACES WINTER OF ENERGY DISCONTENT - DW
Poland uses 10 million tons of coal a year to heat households — a whopping 87% of all coal consumed in EU homes in 2019, according to the War ...
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- Semirara Mining and Power Corporation, Philippines
- GMR Energy Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Baramulti Group, Indonesia
- Global Business Power Corporation, Philippines
- Larsen & Toubro Limited - India
- Therma Luzon, Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- Economic Council, Georgia
- South Luzon Thermal Energy Corporation
- PNOC Exploration Corporation - Philippines
- Renaissance Capital - South Africa
- Indonesian Coal Mining Association
- Thiess Contractors Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Antam Resourcindo - Indonesia
- SMG Consultants - Indonesia
- Essar Steel Hazira Ltd - India
- IEA Clean Coal Centre - UK
- Price Waterhouse Coopers - Russia
- Altura Mining Limited, Indonesia
- Orica Australia Pty. Ltd.
- Medco Energi Mining Internasional
- Toyota Tsusho Corporation, Japan
- Madhucon Powers Ltd - India
- Goldman Sachs - Singapore
- Binh Thuan Hamico - Vietnam
- Mjunction Services Limited - India
- Parry Sugars Refinery, India
- Rashtriya Ispat Nigam Limited - India
- MS Steel International - UAE
- Ind-Barath Power Infra Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- India Bulls Power Limited - India
- Metalloyd Limited - United Kingdom
- Electricity Authority, New Zealand
- London Commodity Brokers - England
- Cement Manufacturers Association - India
- Bharathi Cement Corporation - India
- Salva Resources Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Marubeni Corporation - India
- Kideco Jaya Agung - Indonesia
- Tamil Nadu electricity Board
- Kobexindo Tractors - Indoneisa
- Intertek Mineral Services - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Rio Tinto Coal - Australia
- Barasentosa Lestari - Indonesia
- Sakthi Sugars Limited - India
- Borneo Indobara - Indonesia
- Xindia Steels Limited - India
- Port Waratah Coal Services - Australia
- Pendopo Energi Batubara - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Minerals Council of Australia
- Siam City Cement - Thailand
- Star Paper Mills Limited - India
- Global Coal Blending Company Limited - Australia
- Neyveli Lignite Corporation Ltd, - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Heidelberg Cement - Germany
- Interocean Group of Companies - India
- New Zealand Coal & Carbon
- Ceylon Electricity Board - Sri Lanka
- Ministry of Mines - Canada
- Attock Cement Pakistan Limited
- Leighton Contractors Pty Ltd - Australia
- International Coal Ventures Pvt Ltd - India
- Eastern Energy - Thailand
- Eastern Coal Council - USA
- Mintek Dendrill Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Krishnapatnam Port Company Ltd. - India
- Vizag Seaport Private Limited - India
- ASAPP Information Group - India
- Vedanta Resources Plc - India
- Aditya Birla Group - India
- Directorate Of Revenue Intelligence - India
- Mercator Lines Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Anglo American - United Kingdom
- Orica Mining Services - Indonesia
- Videocon Industries ltd - India
- The University of Queensland
- Africa Commodities Group - South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Deloitte Consulting - India
- Malabar Cements Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Kaltim Prima Coal - Indonesia
- Bangladesh Power Developement Board
- Cigading International Bulk Terminal - Indonesia
- Parliament of New Zealand
- Indo Tambangraya Megah - Indonesia
- Uttam Galva Steels Limited - India
- Globalindo Alam Lestari - Indonesia
- LBH Netherlands Bv - Netherlands
- Ambuja Cements Ltd - India
- SMC Global Power, Philippines
- Jindal Steel & Power Ltd - India
- Meralco Power Generation, Philippines
- Indogreen Group - Indonesia
- IHS Mccloskey Coal Group - USA
- Chettinad Cement Corporation Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Straits Asia Resources Limited - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Sical Logistics Limited - India
- Bhushan Steel Limited - India
- Jaiprakash Power Ventures ltd
- The State Trading Corporation of India Ltd
- Sojitz Corporation - Japan
- Ministry of Transport, Egypt
- Mercuria Energy - Indonesia
- Indian Energy Exchange, India
- Tata Chemicals Ltd - India
- Central Java Power - Indonesia
- TeaM Sual Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- Timah Investasi Mineral - Indoneisa
- Standard Chartered Bank - UAE
- Samtan Co., Ltd - South Korea
- GVK Power & Infra Limited - India
- Bayan Resources Tbk. - Indonesia
- ICICI Bank Limited - India
- Australian Coal Association
- Georgia Ports Authority, United States
- San Jose City I Power Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- McConnell Dowell - Australia
- The Treasury - Australian Government
- OPG Power Generation Pvt Ltd - India
- Trasteel International SA, Italy
- Edison Trading Spa - Italy
- Kapuas Tunggal Persada - Indonesia
- Kartika Selabumi Mining - Indonesia
- CIMB Investment Bank - Malaysia
- Coalindo Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Bhatia International Limited - India
- Petron Corporation, Philippines
- Merrill Lynch Commodities Europe
- White Energy Company Limited
- Electricity Generating Authority of Thailand
- Grasim Industreis Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Global Green Power PLC Corporation, Philippines
- Wood Mackenzie - Singapore
- PTC India Limited - India
- Coal and Oil Company - UAE
- Maharashtra Electricity Regulatory Commission - India
- Bukit Makmur.PT - Indonesia
- Energy Link Ltd, New Zealand
- Planning Commission, India
- Power Finance Corporation Ltd., India
- TNB Fuel Sdn Bhd - Malaysia
- Wilmar Investment Holdings
- Independent Power Producers Association of India
- Aboitiz Power Corporation - Philippines
- Banpu Public Company Limited - Thailand
- Kumho Petrochemical, South Korea
- Miang Besar Coal Terminal - Indonesia
- Ministry of Finance - Indonesia
- Makarim & Taira - Indonesia
- European Bulk Services B.V. - Netherlands
- Posco Energy - South Korea
- Thai Mozambique Logistica
- Latin American Coal - Colombia
- Sindya Power Generating Company Private Ltd
- Formosa Plastics Group - Taiwan
- Singapore Mercantile Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Commonwealth Bank - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Riau Bara Harum - Indonesia
- Semirara Mining Corp, Philippines
- Lanco Infratech Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Sarangani Energy Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- GAC Shipping (India) Pvt Ltd
- Gujarat Sidhee Cement - India
- Carbofer General Trading SA - India
- Sree Jayajothi Cements Limited - India
- Indika Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- VISA Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Alfred C Toepfer International GmbH - Germany
- Bulk Trading Sa - Switzerland
- Bhoruka Overseas - Indonesia
- Karaikal Port Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Simpson Spence & Young - Indonesia
- Agrawal Coal Company - India
- Coastal Gujarat Power Limited - India
- CNBM International Corporation - China
- Bahari Cakrawala Sebuku - Indonesia
- Meenaskhi Energy Private Limited - India
- Romanian Commodities Exchange
- Dalmia Cement Bharat India
- PowerSource Philippines DevCo
- Indian Oil Corporation Limited
- Central Electricity Authority - India
- Manunggal Multi Energi - Indonesia
- Australian Commodity Traders Exchange
- Chamber of Mines of South Africa
- Siam City Cement PLC, Thailand
- Energy Development Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
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