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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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- Mercuria Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Maheswari Brothers Coal Limited - India
- Oldendorff Carriers - Singapore
- Ceylon Electricity Board - Sri Lanka
- Grasim Industreis Ltd - India
- Iligan Light & Power Inc, Philippines
- Tamil Nadu electricity Board
- Banpu Public Company Limited - Thailand
- Timah Investasi Mineral - Indoneisa
- Vizag Seaport Private Limited - India
- Central Java Power - Indonesia
- Bhoruka Overseas - Indonesia
- Chettinad Cement Corporation Ltd - India
- Eastern Energy - Thailand
- ICICI Bank Limited - India
- Kartika Selabumi Mining - Indonesia
- Central Electricity Authority - India
- Sree Jayajothi Cements Limited - India
- GAC Shipping (India) Pvt Ltd
- International Coal Ventures Pvt Ltd - India
- Electricity Authority, New Zealand
- Jaiprakash Power Ventures ltd
- Madhucon Powers Ltd - India
- India Bulls Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- Indo Tambangraya Megah - Indonesia
- Thai Mozambique Logistica
- ASAPP Information Group - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coalindo Energy - Indonesia
- Siam City Cement - Thailand
- VISA Power Limited - India
- Ambuja Cements Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- SN Aboitiz Power Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Mjunction Services Limited - India
- Samtan Co., Ltd - South Korea
- Kapuas Tunggal Persada - Indonesia
- Videocon Industries ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Malabar Cements Ltd - India
- Australian Commodity Traders Exchange
- Jindal Steel & Power Ltd - India
- Planning Commission, India
- Sojitz Corporation - Japan
- Xindia Steels Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Medco Energi Mining Internasional
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indian Oil Corporation Limited
- Ind-Barath Power Infra Limited - India
- PTC India Limited - India
- Romanian Commodities Exchange
- Port Waratah Coal Services - Australia
- Interocean Group of Companies - India
- SMC Global Power, Philippines
- Bukit Baiduri Energy - Indonesia
- Parliament of New Zealand
- Dalmia Cement Bharat India
- AsiaOL BioFuels Corp., Philippines
- Commonwealth Bank - Australia
- Attock Cement Pakistan Limited
- Indika Energy - Indonesia
- Latin American Coal - Colombia
- Meralco Power Generation, Philippines
- Sakthi Sugars Limited - India
- PowerSource Philippines DevCo
- Meenaskhi Energy Private Limited - India
- Mercator Lines Limited - India
- Aditya Birla Group - India
- OPG Power Generation Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Independent Power Producers Association of India
- Billiton Holdings Pty Ltd - Australia
- Heidelberg Cement - Germany
- Africa Commodities Group - South Africa
- The University of Queensland
- Antam Resourcindo - Indonesia
- Bhushan Steel Limited - India
- Karaikal Port Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Indonesian Coal Mining Association
- Ministry of Finance - Indonesia
- Indian Energy Exchange, India
- Jorong Barutama Greston.PT - Indonesia
- Sical Logistics Limited - India
- Larsen & Toubro Limited - India
- Holcim Trading Pte Ltd - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Indogreen Group - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Bukit Makmur.PT - Indonesia
- Gujarat Sidhee Cement - India
- Kideco Jaya Agung - Indonesia
- Global Green Power PLC Corporation, Philippines
- Singapore Mercantile Exchange
- Orica Mining Services - Indonesia
- Kaltim Prima Coal - Indonesia
- SMG Consultants - Indonesia
- Petron Corporation, Philippines
- Riau Bara Harum - Indonesia
- Aboitiz Power Corporation - Philippines
- Electricity Generating Authority of Thailand
- Pendopo Energi Batubara - Indonesia
- Altura Mining Limited, Indonesia
- Kumho Petrochemical, South Korea
- Eastern Coal Council - USA
- Essar Steel Hazira Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Trasteel International SA, Italy
- London Commodity Brokers - England
- Leighton Contractors Pty Ltd - Australia
- Cigading International Bulk Terminal - Indonesia
- Kepco SPC Power Corporation, Philippines
- CNBM International Corporation - China
- Renaissance Capital - South Africa
- Vedanta Resources Plc - India
- Metalloyd Limited - United Kingdom
- GVK Power & Infra Limited - India
- Australian Coal Association
- Salva Resources Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Price Waterhouse Coopers - Russia
- Minerals Council of Australia
- Bhatia International Limited - India
- Straits Asia Resources Limited - Singapore
- Ministry of Mines - Canada
- Directorate General of MIneral and Coal - Indonesia
- Coastal Gujarat Power Limited - India
- Makarim & Taira - Indonesia
- Global Business Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Manunggal Multi Energi - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Standard Chartered Bank - UAE
- CIMB Investment Bank - Malaysia
- Bharathi Cement Corporation - India
- Tata Chemicals Ltd - India
- Parry Sugars Refinery, India
- Directorate Of Revenue Intelligence - India
- Gujarat Mineral Development Corp Ltd - India
- Orica Australia Pty. Ltd.
- Coal and Oil Company - UAE
- Kohat Cement Company Ltd. - Pakistan
- Bulk Trading Sa - Switzerland
- Baramulti Group, Indonesia
- The Treasury - Australian Government
- Star Paper Mills Limited - India
- The State Trading Corporation of India Ltd
- Gujarat Electricity Regulatory Commission - India
- Therma Luzon, Inc, Philippines
- McConnell Dowell - Australia
- Edison Trading Spa - Italy
- Simpson Spence & Young - Indonesia
- Rio Tinto Coal - Australia
- Energy Link Ltd, New Zealand
- Sindya Power Generating Company Private Ltd
- Posco Energy - South Korea
- Semirara Mining and Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Carbofer General Trading SA - India
- San Jose City I Power Corp, Philippines
- Lanco Infratech Ltd - India
- Barasentosa Lestari - Indonesia
- Economic Council, Georgia
- PetroVietnam Power Coal Import and Supply Company
- Wilmar Investment Holdings
- Bayan Resources Tbk. - Indonesia
- Siam City Cement PLC, Thailand
- Asmin Koalindo Tuhup - Indonesia
- Cement Manufacturers Association - India
- Power Finance Corporation Ltd., India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Deloitte Consulting - India
- Goldman Sachs - Singapore
- New Zealand Coal & Carbon
- Ministry of Transport, Egypt
- Mintek Dendrill Indonesia
- Miang Besar Coal Terminal - Indonesia
- White Energy Company Limited
- Savvy Resources Ltd - HongKong
- Thiess Contractors Indonesia
- Agrawal Coal Company - India
- Maharashtra Electricity Regulatory Commission - India
- Wood Mackenzie - Singapore
- MS Steel International - UAE
- Energy Development Corp, Philippines
- Bangladesh Power Developement Board
- Sarangani Energy Corporation, Philippines
- Georgia Ports Authority, United States
- Binh Thuan Hamico - Vietnam
- Borneo Indobara - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Krishnapatnam Port Company Ltd. - India
- IEA Clean Coal Centre - UK
- Marubeni Corporation - India
- PNOC Exploration Corporation - Philippines
- Uttam Galva Steels Limited - India
- Chamber of Mines of South Africa
- TeaM Sual Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- Global Coal Blending Company Limited - Australia
- GMR Energy Limited - India
- European Bulk Services B.V. - Netherlands
- Merrill Lynch Commodities Europe
- GN Power Mariveles Coal Plant, Philippines
- Kobexindo Tractors - Indoneisa
- Intertek Mineral Services - Indonesia
- Semirara Mining Corp, Philippines
- Anglo American - United Kingdom
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