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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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Saturday, 06 August 22
SUMITOMO Q1 PROFIT RISES 45% ON STRONGER PRICES OF COAL, NICKEL - REUTERS
Japanese trading house Sumitomo Corp 8053.T said on Wednesday its net profit for the April-June quarter rose 45% to a record thanks to higher price ...
Saturday, 06 August 22
GERMANY'S ENERGY U-TURN: COAL INSTEAD OF GAS - DEUTSCHE WELLE
Berlin has realized it will never again import as much energy from Russia as before the Ukraine war. So the challenge is to wean Germany off its de ...
Saturday, 30 July 22
NUANCES OF FORCE MAJEURE CLAUSE - BALTIC EXCHANGE
Knowledge to Elevate
In NKD Maritime Limited v. Bart Maritime (No 2) Inc (Shagang Giant) [2022] EWHC 1615 (Comm), Bart Maritime (No 2) Inc (th ...
Saturday, 30 July 22
AEMO URGES QUICKER SHIFT TO RENEWABLES AMID COAL FAILURES AND SOARING FOSSIL FUEL COSTS
The Australian Energy Market Operator has called for an accelerated shift to wind and solar, backed up by batteries and other storage, as a devasta ...
Friday, 29 July 22
GLENCORE TO SUPPLY COAL TO NIPPON STEEL AT $375 PER TON - BLOOMBERG
Glencore Plc, agreed to supply coal to Nippon Steel at one of the highest prices ever paid by the Japan Bloomberg reported on July 27.
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- Bayan Resources Tbk. - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Savvy Resources Ltd - HongKong
- Madhucon Powers Ltd - India
- Carbofer General Trading SA - India
- Power Finance Corporation Ltd., India
- PetroVietnam Power Coal Import and Supply Company
- Australian Commodity Traders Exchange
- Cement Manufacturers Association - India
- LBH Netherlands Bv - Netherlands
- Indogreen Group - Indonesia
- Heidelberg Cement - Germany
- Merrill Lynch Commodities Europe
- Kideco Jaya Agung - Indonesia
- Eastern Coal Council - USA
- Kobexindo Tractors - Indoneisa
- Vedanta Resources Plc - India
- GN Power Mariveles Coal Plant, Philippines
- Coal and Oil Company - UAE
- Global Coal Blending Company Limited - Australia
- Simpson Spence & Young - Indonesia
- Bhushan Steel Limited - India
- Planning Commission, India
- Energy Link Ltd, New Zealand
- Videocon Industries ltd - India
- London Commodity Brokers - England
- Edison Trading Spa - Italy
- Banpu Public Company Limited - Thailand
- Jaiprakash Power Ventures ltd
- Sojitz Corporation - Japan
- Antam Resourcindo - Indonesia
- The Treasury - Australian Government
- Mercuria Energy - Indonesia
- CNBM International Corporation - China
- Kepco SPC Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Meenaskhi Energy Private Limited - India
- Anglo American - United Kingdom
- Sakthi Sugars Limited - India
- Central Electricity Authority - India
- Pipit Mutiara Jaya. PT, Indonesia
- Siam City Cement - Thailand
- Agrawal Coal Company - India
- Petrochimia International Co. Ltd.- Taiwan
- Africa Commodities Group - South Africa
- Pendopo Energi Batubara - Indonesia
- Posco Energy - South Korea
- ASAPP Information Group - India
- Altura Mining Limited, Indonesia
- Mercator Lines Limited - India
- Wood Mackenzie - Singapore
- Electricity Authority, New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ind-Barath Power Infra Limited - India
- Australian Coal Association
- Romanian Commodities Exchange
- SN Aboitiz Power Inc, Philippines
- Vizag Seaport Private Limited - India
- Borneo Indobara - Indonesia
- ICICI Bank Limited - India
- Commonwealth Bank - Australia
- Kalimantan Lumbung Energi - Indonesia
- International Coal Ventures Pvt Ltd - India
- Parliament of New Zealand
- VISA Power Limited - India
- Medco Energi Mining Internasional
- CIMB Investment Bank - Malaysia
- European Bulk Services B.V. - Netherlands
- Jindal Steel & Power Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jorong Barutama Greston.PT - Indonesia
- McConnell Dowell - Australia
- PNOC Exploration Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- Ambuja Cements Ltd - India
- Georgia Ports Authority, United States
- Bangladesh Power Developement Board
- Bhoruka Overseas - Indonesia
- The State Trading Corporation of India Ltd
- TeaM Sual Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- SMC Global Power, Philippines
- Bukit Baiduri Energy - Indonesia
- Indian Energy Exchange, India
- Toyota Tsusho Corporation, Japan
- Karaikal Port Pvt Ltd - India
- Independent Power Producers Association of India
- Bulk Trading Sa - Switzerland
- Gujarat Sidhee Cement - India
- Intertek Mineral Services - Indonesia
- IHS Mccloskey Coal Group - USA
- Neyveli Lignite Corporation Ltd, - India
- Bukit Makmur.PT - Indonesia
- OPG Power Generation Pvt Ltd - India
- Ministry of Mines - Canada
- Tata Chemicals Ltd - India
- Orica Mining Services - Indonesia
- Marubeni Corporation - India
- Sical Logistics Limited - India
- Larsen & Toubro Limited - India
- Electricity Generating Authority of Thailand
- Kaltim Prima Coal - Indonesia
- Ministry of Transport, Egypt
- GMR Energy Limited - India
- San Jose City I Power Corp, Philippines
- New Zealand Coal & Carbon
- Globalindo Alam Lestari - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Manunggal Multi Energi - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Star Paper Mills Limited - India
- Binh Thuan Hamico - Vietnam
- Semirara Mining Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Aditya Birla Group - India
- Petron Corporation, Philippines
- Economic Council, Georgia
- Singapore Mercantile Exchange
- Coalindo Energy - Indonesia
- Tamil Nadu electricity Board
- Goldman Sachs - Singapore
- Essar Steel Hazira Ltd - India
- Bhatia International Limited - India
- Mintek Dendrill Indonesia
- Meralco Power Generation, Philippines
- Orica Australia Pty. Ltd.
- Bahari Cakrawala Sebuku - Indonesia
- Sarangani Energy Corporation, Philippines
- Central Java Power - Indonesia
- Leighton Contractors Pty Ltd - Australia
- IEA Clean Coal Centre - UK
- Eastern Energy - Thailand
- White Energy Company Limited
- Barasentosa Lestari - Indonesia
- The University of Queensland
- MS Steel International - UAE
- Deloitte Consulting - India
- Salva Resources Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- PowerSource Philippines DevCo
- PTC India Limited - India
- Maheswari Brothers Coal Limited - India
- Global Business Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- GVK Power & Infra Limited - India
- Indo Tambangraya Megah - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- India Bulls Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indika Energy - Indonesia
- Minerals Council of Australia
- Uttam Galva Steels Limited - India
- Interocean Group of Companies - India
- Port Waratah Coal Services - Australia
- Ministry of Finance - Indonesia
- Metalloyd Limited - United Kingdom
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Baramulti Group, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Latin American Coal - Colombia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- South Luzon Thermal Energy Corporation
- Price Waterhouse Coopers - Russia
- Makarim & Taira - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Aboitiz Power Corporation - Philippines
- Chamber of Mines of South Africa
- Xindia Steels Limited - India
- Kapuas Tunggal Persada - Indonesia
- Thiess Contractors Indonesia
- Rio Tinto Coal - Australia
- Semirara Mining and Power Corporation, Philippines
- Indonesian Coal Mining Association
- Attock Cement Pakistan Limited
- Malabar Cements Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Wilmar Investment Holdings
- AsiaOL BioFuels Corp., Philippines
- Gujarat Mineral Development Corp Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Sindya Power Generating Company Private Ltd
- Krishnapatnam Port Company Ltd. - India
- Timah Investasi Mineral - Indoneisa
- Thai Mozambique Logistica
- SMG Consultants - Indonesia
- Lanco Infratech Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Siam City Cement PLC, Thailand
- Trasteel International SA, Italy
- Chettinad Cement Corporation Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Renaissance Capital - South Africa
- Riau Bara Harum - Indonesia
- Bharathi Cement Corporation - India
- Dalmia Cement Bharat India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kartika Selabumi Mining - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Grasim Industreis Ltd - India
- GAC Shipping (India) Pvt Ltd
- Mjunction Services Limited - India
- Straits Asia Resources Limited - Singapore
- Therma Luzon, Inc, Philippines
- Kumho Petrochemical, South Korea
- Samtan Co., Ltd - South Korea
- Indian Oil Corporation Limited
- Gujarat Electricity Regulatory Commission - India
- Directorate Of Revenue Intelligence - India
- Oldendorff Carriers - Singapore
- Global Green Power PLC Corporation, Philippines
- Energy Development Corp, Philippines
- Parry Sugars Refinery, India
- Coastal Gujarat Power Limited - India
- Standard Chartered Bank - UAE
- Formosa Plastics Group - Taiwan
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