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