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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, 26 July 22
WILL SOUTH AMERICA’S WINTER DEMAND DRAW LNG CARGOES AWAY FROM EUROPE? - ICIS
South America is now in the middle of its winter demand season. Last year the region increased its share of global LNG imports in winter, with Braz ...
Monday, 25 July 22
GLOBAL 2021 COAL-FIRED ELECTRICITY GENERATION SURGES TO RECORD HIGH - REUTERS
By contrast, mine output was still fractionally below the record set between 2012 and 2014 because older and less efficient coal generators have be ...
Saturday, 23 July 22
THE EU HAS BEEN REDUCING IMPORTS OF RUSSIAN REFINED OIL PRODUCTS SINCE MARCH - BANCHERO COSTA
The European Union could now ban the import and transit of fuel oil from Russia around six months ahead of the planned deadline, an EU official and ...
Saturday, 23 July 22
INDONESIA CONSIDERING SCRAPPING DOMESTIC SALES RULE FOR PALM OIL EXPORTS - REUTERS
Indonesia is considering removing a domestic sales requirement for palm oil exports because high inventories of the vegetable oil have been holding ...
Saturday, 23 July 22
STABILITY OF RUSSIAN GAS FLOWS REMAIN UNCERTAIN, DESPITE THE REOPENING OF NORD STREAM - WOOD MACKENZIE
Gazprom confirmed today that regular annual maintenance of Nord Stream is officially over and gas flows restarted at 63 million cubic metres per da ...
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- Ministry of Finance - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Lanco Infratech Ltd - India
- Oldendorff Carriers - Singapore
- Medco Energi Mining Internasional
- Gujarat Electricity Regulatory Commission - India
- Vijayanagar Sugar Pvt Ltd - India
- Eastern Coal Council - USA
- International Coal Ventures Pvt Ltd - India
- Madhucon Powers Ltd - India
- Semirara Mining Corp, Philippines
- Sojitz Corporation - Japan
- Dalmia Cement Bharat India
- Bangladesh Power Developement Board
- Renaissance Capital - South Africa
- Anglo American - United Kingdom
- Agrawal Coal Company - India
- Global Business Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Manunggal Multi Energi - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Indian Oil Corporation Limited
- Latin American Coal - Colombia
- Kideco Jaya Agung - Indonesia
- Indogreen Group - Indonesia
- Edison Trading Spa - Italy
- Australian Coal Association
- Salva Resources Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Wood Mackenzie - Singapore
- Independent Power Producers Association of India
- ASAPP Information Group - India
- Vizag Seaport Private Limited - India
- Intertek Mineral Services - Indonesia
- Kaltim Prima Coal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The University of Queensland
- Australian Commodity Traders Exchange
- Maharashtra Electricity Regulatory Commission - India
- PNOC Exploration Corporation - Philippines
- Coal and Oil Company - UAE
- Port Waratah Coal Services - Australia
- Billiton Holdings Pty Ltd - Australia
- Parliament of New Zealand
- Tata Chemicals Ltd - India
- CIMB Investment Bank - Malaysia
- Tamil Nadu electricity Board
- Wilmar Investment Holdings
- Meralco Power Generation, Philippines
- Ambuja Cements Ltd - India
- Commonwealth Bank - Australia
- PetroVietnam Power Coal Import and Supply Company
- SMC Global Power, Philippines
- Barasentosa Lestari - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Vedanta Resources Plc - India
- Toyota Tsusho Corporation, Japan
- Economic Council, Georgia
- Jorong Barutama Greston.PT - Indonesia
- Mercator Lines Limited - India
- Riau Bara Harum - Indonesia
- Sakthi Sugars Limited - India
- SN Aboitiz Power Inc, Philippines
- Formosa Plastics Group - Taiwan
- Iligan Light & Power Inc, Philippines
- Thiess Contractors Indonesia
- Bukit Makmur.PT - Indonesia
- Kartika Selabumi Mining - Indonesia
- The Treasury - Australian Government
- Kohat Cement Company Ltd. - Pakistan
- Cigading International Bulk Terminal - Indonesia
- Interocean Group of Companies - India
- Pipit Mutiara Jaya. PT, Indonesia
- GVK Power & Infra Limited - India
- Central Electricity Authority - India
- Sree Jayajothi Cements Limited - India
- Malabar Cements Ltd - India
- Rio Tinto Coal - Australia
- San Jose City I Power Corp, Philippines
- Merrill Lynch Commodities Europe
- GMR Energy Limited - India
- Singapore Mercantile Exchange
- Essar Steel Hazira Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Sindya Power Generating Company Private Ltd
- Trasteel International SA, Italy
- Semirara Mining and Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Jaiprakash Power Ventures ltd
- Makarim & Taira - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Price Waterhouse Coopers - Russia
- India Bulls Power Limited - India
- CNBM International Corporation - China
- GAC Shipping (India) Pvt Ltd
- Mercuria Energy - Indonesia
- Thai Mozambique Logistica
- Bharathi Cement Corporation - India
- Marubeni Corporation - India
- Aditya Birla Group - India
- Power Finance Corporation Ltd., India
- Goldman Sachs - Singapore
- Leighton Contractors Pty Ltd - Australia
- Sarangani Energy Corporation, Philippines
- Posco Energy - South Korea
- IEA Clean Coal Centre - UK
- Petrochimia International Co. Ltd.- Taiwan
- Kapuas Tunggal Persada - Indonesia
- Banpu Public Company Limited - Thailand
- Star Paper Mills Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Siam City Cement - Thailand
- MS Steel International - UAE
- Carbofer General Trading SA - India
- GN Power Mariveles Coal Plant, Philippines
- LBH Netherlands Bv - Netherlands
- PTC India Limited - India
- Indo Tambangraya Megah - Indonesia
- Standard Chartered Bank - UAE
- Gujarat Mineral Development Corp Ltd - India
- Attock Cement Pakistan Limited
- Heidelberg Cement - Germany
- South Luzon Thermal Energy Corporation
- Videocon Industries ltd - India
- SMG Consultants - Indonesia
- Global Coal Blending Company Limited - Australia
- Miang Besar Coal Terminal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Directorate Of Revenue Intelligence - India
- Maheswari Brothers Coal Limited - India
- Ceylon Electricity Board - Sri Lanka
- Sinarmas Energy and Mining - Indonesia
- Grasim Industreis Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Uttam Galva Steels Limited - India
- Orica Australia Pty. Ltd.
- TeaM Sual Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- The State Trading Corporation of India Ltd
- Eastern Energy - Thailand
- Baramulti Group, Indonesia
- Bhoruka Overseas - Indonesia
- White Energy Company Limited
- Ministry of Transport, Egypt
- Kobexindo Tractors - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Meenaskhi Energy Private Limited - India
- Globalindo Alam Lestari - Indonesia
- Bukit Baiduri Energy - Indonesia
- Romanian Commodities Exchange
- Borneo Indobara - Indonesia
- Electricity Authority, New Zealand
- Sical Logistics Limited - India
- Africa Commodities Group - South Africa
- Samtan Co., Ltd - South Korea
- Metalloyd Limited - United Kingdom
- Larsen & Toubro Limited - India
- Bulk Trading Sa - Switzerland
- Timah Investasi Mineral - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mintek Dendrill Indonesia
- European Bulk Services B.V. - Netherlands
- Minerals Council of Australia
- Planning Commission, India
- AsiaOL BioFuels Corp., Philippines
- ICICI Bank Limited - India
- Bayan Resources Tbk. - Indonesia
- Ind-Barath Power Infra Limited - India
- Bhatia International Limited - India
- Pendopo Energi Batubara - Indonesia
- Deloitte Consulting - India
- Savvy Resources Ltd - HongKong
- Asmin Koalindo Tuhup - Indonesia
- Coastal Gujarat Power Limited - India
- Coalindo Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Indonesian Coal Mining Association
- Altura Mining Limited, Indonesia
- Bhushan Steel Limited - India
- Chettinad Cement Corporation Ltd - India
- London Commodity Brokers - England
- Aboitiz Power Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- Global Green Power PLC Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Siam City Cement PLC, Thailand
- Ministry of Mines - Canada
- Mjunction Services Limited - India
- Therma Luzon, Inc, Philippines
- Gujarat Sidhee Cement - India
- Indian Energy Exchange, India
- PowerSource Philippines DevCo
- Indika Energy - Indonesia
- Electricity Generating Authority of Thailand
- Karaikal Port Pvt Ltd - India
- Cement Manufacturers Association - India
- Chamber of Mines of South Africa
- Energy Development Corp, Philippines
- Parry Sugars Refinery, India
- Simpson Spence & Young - Indonesia
- OPG Power Generation Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Georgia Ports Authority, United States
- Alfred C Toepfer International GmbH - Germany
- Straits Asia Resources Limited - Singapore
- New Zealand Coal & Carbon
- Petron Corporation, Philippines
- VISA Power Limited - India
- Jindal Steel & Power Ltd - India
- McConnell Dowell - Australia
- Xindia Steels Limited - India
- Orica Mining Services - Indonesia
- Central Java Power - Indonesia
- Kumho Petrochemical, South Korea
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