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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, 29 July 22
GLOBAL COAL DEMAND IS SET TO RETURN TO ITS ALL-TIME HIGH IN 2022 - IEA
The world’s consumption of coal is set to rise slightly in 2022, taking it back to the record level it reached nearly a decade ago, according ...
Thursday, 28 July 22
CREW FAMILIARISATION IS CRITICAL WHEN TAKING OVER A VESSEL - WEST P&I CLUB
Knowledge to Elevate
When a vessel changes ownership and/or manager, it can take some considerable time before the new crew and mana ...
Thursday, 28 July 22
RETURN OF COAL A THREAT TO EUROPEAN COMPANIES' ESG RATINGS - REUTERS
European companies turning to coal as an alternative to Russian gas face a hit to their environmental, social and governance ratings, leaving them ...
Wednesday, 27 July 22
MARKET INSIGHT - INTERMODAL
Amid the upcoming ban on Russian coal from the EU, which will be in full effect on August 10th, EU nations have been accelerating their coal import ...
Tuesday, 26 July 22
CAP RUSSIA'S OIL PRICE NOW - PROJECT SYNDICATE
Though the price of oil has declined in recent weeks, it is still through the roof, filtering through to gasoline prices, and causing economic and ...
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- PetroVietnam Power Coal Import and Supply Company
- Georgia Ports Authority, United States
- Central Java Power - Indonesia
- The State Trading Corporation of India Ltd
- Commonwealth Bank - Australia
- Bhushan Steel Limited - India
- London Commodity Brokers - England
- Globalindo Alam Lestari - Indonesia
- SMG Consultants - Indonesia
- San Jose City I Power Corp, Philippines
- The Treasury - Australian Government
- Indo Tambangraya Megah - Indonesia
- Central Electricity Authority - India
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- GMR Energy Limited - India
- Siam City Cement PLC, Thailand
- Energy Link Ltd, New Zealand
- SMC Global Power, Philippines
- Essar Steel Hazira Ltd - India
- Jindal Steel & Power Ltd - India
- GAC Shipping (India) Pvt Ltd
- LBH Netherlands Bv - Netherlands
- Petrochimia International Co. Ltd.- Taiwan
- Lanco Infratech Ltd - India
- Merrill Lynch Commodities Europe
- Ind-Barath Power Infra Limited - India
- Ambuja Cements Ltd - India
- Indian Oil Corporation Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Sinarmas Energy and Mining - Indonesia
- Planning Commission, India
- Bayan Resources Tbk. - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Orica Mining Services - Indonesia
- Borneo Indobara - Indonesia
- Sojitz Corporation - Japan
- Maharashtra Electricity Regulatory Commission - India
- Kalimantan Lumbung Energi - Indonesia
- European Bulk Services B.V. - Netherlands
- Economic Council, Georgia
- ICICI Bank Limited - India
- Grasim Industreis Ltd - India
- Orica Australia Pty. Ltd.
- Agrawal Coal Company - India
- Samtan Co., Ltd - South Korea
- AsiaOL BioFuels Corp., Philippines
- PNOC Exploration Corporation - Philippines
- Rio Tinto Coal - Australia
- Energy Development Corp, Philippines
- Aditya Birla Group - India
- Latin American Coal - Colombia
- Antam Resourcindo - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Jaiprakash Power Ventures ltd
- Alfred C Toepfer International GmbH - Germany
- Pendopo Energi Batubara - Indonesia
- Electricity Generating Authority of Thailand
- Semirara Mining Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Chettinad Cement Corporation Ltd - India
- Mjunction Services Limited - India
- Baramulti Group, Indonesia
- Renaissance Capital - South Africa
- Sree Jayajothi Cements Limited - India
- Mercuria Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Directorate General of MIneral and Coal - Indonesia
- Kumho Petrochemical, South Korea
- New Zealand Coal & Carbon
- Offshore Bulk Terminal Pte Ltd, Singapore
- TeaM Sual Corporation - Philippines
- Simpson Spence & Young - Indonesia
- Kartika Selabumi Mining - Indonesia
- Tata Chemicals Ltd - India
- Banpu Public Company Limited - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Altura Mining Limited, Indonesia
- Makarim & Taira - Indonesia
- Global Green Power PLC Corporation, Philippines
- Cement Manufacturers Association - India
- South Luzon Thermal Energy Corporation
- Vizag Seaport Private Limited - India
- Meenaskhi Energy Private Limited - India
- Indonesian Coal Mining Association
- Bharathi Cement Corporation - India
- Sarangani Energy Corporation, Philippines
- Romanian Commodities Exchange
- Indika Energy - Indonesia
- Bulk Trading Sa - Switzerland
- CNBM International Corporation - China
- Malabar Cements Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Thai Mozambique Logistica
- Kapuas Tunggal Persada - Indonesia
- GVK Power & Infra Limited - India
- Ministry of Transport, Egypt
- International Coal Ventures Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Port Waratah Coal Services - Australia
- ASAPP Information Group - India
- Global Coal Blending Company Limited - Australia
- Siam City Cement - Thailand
- Manunggal Multi Energi - Indonesia
- Bangladesh Power Developement Board
- Singapore Mercantile Exchange
- Savvy Resources Ltd - HongKong
- Wilmar Investment Holdings
- Rashtriya Ispat Nigam Limited - India
- Miang Besar Coal Terminal - Indonesia
- Binh Thuan Hamico - Vietnam
- Bukit Baiduri Energy - Indonesia
- Coalindo Energy - Indonesia
- Edison Trading Spa - Italy
- Sical Logistics Limited - India
- Dalmia Cement Bharat India
- Mintek Dendrill Indonesia
- Posco Energy - South Korea
- Carbofer General Trading SA - India
- Kaltim Prima Coal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Electricity Authority, New Zealand
- Ministry of Finance - Indonesia
- Karaikal Port Pvt Ltd - India
- Sakthi Sugars Limited - India
- India Bulls Power Limited - India
- Heidelberg Cement - Germany
- Attock Cement Pakistan Limited
- Global Business Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Trasteel International SA, Italy
- Australian Coal Association
- Directorate Of Revenue Intelligence - India
- Karbindo Abesyapradhi - Indoneisa
- Indian Energy Exchange, India
- MS Steel International - UAE
- Chamber of Mines of South Africa
- Barasentosa Lestari - Indonesia
- IHS Mccloskey Coal Group - USA
- Eastern Coal Council - USA
- Xindia Steels Limited - India
- Minerals Council of Australia
- White Energy Company Limited
- Therma Luzon, Inc, Philippines
- Interocean Group of Companies - India
- Standard Chartered Bank - UAE
- Intertek Mineral Services - Indonesia
- Straits Asia Resources Limited - Singapore
- Indogreen Group - Indonesia
- Iligan Light & Power Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Eastern Energy - Thailand
- Asmin Koalindo Tuhup - Indonesia
- Anglo American - United Kingdom
- OPG Power Generation Pvt Ltd - India
- Independent Power Producers Association of India
- Meralco Power Generation, Philippines
- Gujarat Sidhee Cement - India
- Parry Sugars Refinery, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SN Aboitiz Power Inc, Philippines
- McConnell Dowell - Australia
- Petron Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Oldendorff Carriers - Singapore
- VISA Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- Uttam Galva Steels Limited - India
- Maheswari Brothers Coal Limited - India
- Bukit Makmur.PT - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Parliament of New Zealand
- Kepco SPC Power Corporation, Philippines
- Ministry of Mines - Canada
- PTC India Limited - India
- Bhatia International Limited - India
- Mercator Lines Limited - India
- Wood Mackenzie - Singapore
- Timah Investasi Mineral - Indoneisa
- Salva Resources Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Kobexindo Tractors - Indoneisa
- Power Finance Corporation Ltd., India
- Price Waterhouse Coopers - Russia
- Vedanta Resources Plc - India
- Krishnapatnam Port Company Ltd. - India
- Larsen & Toubro Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coal and Oil Company - UAE
- The University of Queensland
- Videocon Industries ltd - India
- Deloitte Consulting - India
- PowerSource Philippines DevCo
- Coastal Gujarat Power Limited - India
- Marubeni Corporation - India
- Cigading International Bulk Terminal - Indonesia
- Metalloyd Limited - United Kingdom
- Bhoruka Overseas - Indonesia
- Madhucon Powers Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Sindya Power Generating Company Private Ltd
- Kideco Jaya Agung - Indonesia
- Star Paper Mills Limited - India
- Medco Energi Mining Internasional
- Aboitiz Power Corporation - Philippines
- Thiess Contractors Indonesia
- IEA Clean Coal Centre - UK
- Goldman Sachs - Singapore
- Tamil Nadu electricity Board
- Australian Commodity Traders Exchange
- Africa Commodities Group - South Africa
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