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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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Wednesday, 06 July 22
MARKET INSIGHT - INTERMODAL
Following the 3rd Decarbonizing Shipping Forum, held in Hamburg on June 2022, there has been a meaningful resurgence of discussions within the ship ...
Tuesday, 05 July 22
WHY ARE VLSFO PRICES SO HIGH, ESPECIALLY IN SINGAPORE? - STEVE CHRISTY, INTEGR8 FUELS
Tightness in products still trumps talks of recession
Last month we wrote about the fears of recession versus the tightness in product markets ...
Tuesday, 05 July 22
ADANI ENTERPRISES LOWEST BIDDER IN COAL INDIA'S IMPORT TENDER: REPORT - BUSINESS STANDARD
Coal India Ltd floated its first import tender on behalf of power companies, where Adani Enterprises Ltd came out to be the lowest bidder, a report ...
Tuesday, 05 July 22
CHINA POLICY KEY FOR IRON ORE OUTLOOK - ING
China’s covid lockdowns and recessionary risks hit iron ore
Iron ore prices have fallen significantly from their year-to-date high of US$ ...
Monday, 04 July 22
INDONESIAN COAL PRICE REFERENCE SLIGHTLY DOWN IN JULY
COALspot.com: Indonesian Coal Price Reference for July delivery drops 1.52 per cent month on month.
The Indonesian Coal Price Refere ...
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- The State Trading Corporation of India Ltd
- IHS Mccloskey Coal Group - USA
- Asia Pacific Energy Resources Ventures Inc, Philippines
- IEA Clean Coal Centre - UK
- Bayan Resources Tbk. - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Miang Besar Coal Terminal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Maharashtra Electricity Regulatory Commission - India
- Sinarmas Energy and Mining - Indonesia
- European Bulk Services B.V. - Netherlands
- Jorong Barutama Greston.PT - Indonesia
- Uttam Galva Steels Limited - India
- Oldendorff Carriers - Singapore
- Karbindo Abesyapradhi - Indoneisa
- New Zealand Coal & Carbon
- Independent Power Producers Association of India
- Sojitz Corporation - Japan
- Barasentosa Lestari - Indonesia
- Sree Jayajothi Cements Limited - India
- Coalindo Energy - Indonesia
- Edison Trading Spa - Italy
- Aboitiz Power Corporation - Philippines
- Energy Development Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- Marubeni Corporation - India
- Economic Council, Georgia
- Vijayanagar Sugar Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Dalmia Cement Bharat India
- GAC Shipping (India) Pvt Ltd
- Globalindo Alam Lestari - Indonesia
- Thiess Contractors Indonesia
- Kartika Selabumi Mining - Indonesia
- Madhucon Powers Ltd - India
- Sarangani Energy Corporation, Philippines
- Commonwealth Bank - Australia
- Kaltim Prima Coal - Indonesia
- Port Waratah Coal Services - Australia
- CNBM International Corporation - China
- Global Business Power Corporation, Philippines
- GMR Energy Limited - India
- Formosa Plastics Group - Taiwan
- Trasteel International SA, Italy
- Ministry of Finance - Indonesia
- Intertek Mineral Services - Indonesia
- Kideco Jaya Agung - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Tata Chemicals Ltd - India
- Minerals Council of Australia
- London Commodity Brokers - England
- Kohat Cement Company Ltd. - Pakistan
- GVK Power & Infra Limited - India
- Carbofer General Trading SA - India
- Anglo American - United Kingdom
- PowerSource Philippines DevCo
- Global Coal Blending Company Limited - Australia
- Central Java Power - Indonesia
- Indian Oil Corporation Limited
- Sindya Power Generating Company Private Ltd
- Tamil Nadu electricity Board
- Cement Manufacturers Association - India
- Antam Resourcindo - Indonesia
- Indogreen Group - Indonesia
- Directorate Of Revenue Intelligence - India
- Renaissance Capital - South Africa
- Indo Tambangraya Megah - Indonesia
- Bharathi Cement Corporation - India
- ICICI Bank Limited - India
- LBH Netherlands Bv - Netherlands
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jaiprakash Power Ventures ltd
- Binh Thuan Hamico - Vietnam
- Siam City Cement - Thailand
- Aditya Birla Group - India
- Mercator Lines Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Vizag Seaport Private Limited - India
- The Treasury - Australian Government
- Kepco SPC Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- MS Steel International - UAE
- Semirara Mining and Power Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vedanta Resources Plc - India
- Essar Steel Hazira Ltd - India
- Straits Asia Resources Limited - Singapore
- PNOC Exploration Corporation - Philippines
- VISA Power Limited - India
- Mercuria Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Georgia Ports Authority, United States
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Xindia Steels Limited - India
- Billiton Holdings Pty Ltd - Australia
- Star Paper Mills Limited - India
- Chamber of Mines of South Africa
- Energy Link Ltd, New Zealand
- OPG Power Generation Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Makarim & Taira - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Riau Bara Harum - Indonesia
- Malabar Cements Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- McConnell Dowell - Australia
- PTC India Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Heidelberg Cement - Germany
- Videocon Industries ltd - India
- Ministry of Mines - Canada
- Banpu Public Company Limited - Thailand
- Grasim Industreis Ltd - India
- Metalloyd Limited - United Kingdom
- Bukit Asam (Persero) Tbk - Indonesia
- Rio Tinto Coal - Australia
- Ceylon Electricity Board - Sri Lanka
- Mjunction Services Limited - India
- Posco Energy - South Korea
- Africa Commodities Group - South Africa
- Standard Chartered Bank - UAE
- Mintek Dendrill Indonesia
- Bangladesh Power Developement Board
- Iligan Light & Power Inc, Philippines
- Therma Luzon, Inc, Philippines
- Central Electricity Authority - India
- Kobexindo Tractors - Indoneisa
- Parry Sugars Refinery, India
- Orica Mining Services - Indonesia
- Maheswari Brothers Coal Limited - India
- Interocean Group of Companies - India
- Savvy Resources Ltd - HongKong
- Global Green Power PLC Corporation, Philippines
- Bhoruka Overseas - Indonesia
- SMG Consultants - Indonesia
- Bukit Makmur.PT - Indonesia
- Sakthi Sugars Limited - India
- Ministry of Transport, Egypt
- Bulk Trading Sa - Switzerland
- Bukit Baiduri Energy - Indonesia
- Australian Coal Association
- Attock Cement Pakistan Limited
- Eastern Energy - Thailand
- Manunggal Multi Energi - Indonesia
- South Luzon Thermal Energy Corporation
- Timah Investasi Mineral - Indoneisa
- Bhatia International Limited - India
- Singapore Mercantile Exchange
- Semirara Mining Corp, Philippines
- SMC Global Power, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Agrawal Coal Company - India
- Larsen & Toubro Limited - India
- Medco Energi Mining Internasional
- Karaikal Port Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Eastern Coal Council - USA
- Indian Energy Exchange, India
- Deloitte Consulting - India
- Romanian Commodities Exchange
- Borneo Indobara - Indonesia
- Indika Energy - Indonesia
- Power Finance Corporation Ltd., India
- ASAPP Information Group - India
- Pipit Mutiara Jaya. PT, Indonesia
- Electricity Authority, New Zealand
- India Bulls Power Limited - India
- Ind-Barath Power Infra Limited - India
- White Energy Company Limited
- Lanco Infratech Ltd - India
- Gujarat Sidhee Cement - India
- Sical Logistics Limited - India
- Goldman Sachs - Singapore
- Jindal Steel & Power Ltd - India
- Meralco Power Generation, Philippines
- Price Waterhouse Coopers - Russia
- Gujarat Electricity Regulatory Commission - India
- Thai Mozambique Logistica
- Merrill Lynch Commodities Europe
- Wood Mackenzie - Singapore
- Kapuas Tunggal Persada - Indonesia
- Siam City Cement PLC, Thailand
- Baramulti Group, Indonesia
- Coastal Gujarat Power Limited - India
- Petron Corporation, Philippines
- CIMB Investment Bank - Malaysia
- AsiaOL BioFuels Corp., Philippines
- Directorate General of MIneral and Coal - Indonesia
- Australian Commodity Traders Exchange
- International Coal Ventures Pvt Ltd - India
- Orica Australia Pty. Ltd.
- The University of Queensland
- SN Aboitiz Power Inc, Philippines
- Bhushan Steel Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Latin American Coal - Colombia
- Samtan Co., Ltd - South Korea
- TeaM Sual Corporation - Philippines
- Wilmar Investment Holdings
- Bank of Tokyo Mitsubishi UFJ Ltd
- Parliament of New Zealand
- Electricity Generating Authority of Thailand
- Ambuja Cements Ltd - India
- San Jose City I Power Corp, Philippines
- Toyota Tsusho Corporation, Japan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coal and Oil Company - UAE
- Simpson Spence & Young - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Altura Mining Limited, Indonesia
- Indonesian Coal Mining Association
- Planning Commission, India
- Salva Resources Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
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