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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 University of Queensland
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- Petrochimia International Co. Ltd.- Taiwan
- AsiaOL BioFuels Corp., Philippines
- Attock Cement Pakistan Limited
- Ceylon Electricity Board - Sri Lanka
- ICICI Bank Limited - India
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- Singapore Mercantile Exchange
- Eastern Energy - Thailand
- International Coal Ventures Pvt Ltd - India
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- Indian Oil Corporation Limited
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- Alfred C Toepfer International GmbH - Germany
- Semirara Mining Corp, Philippines
- Central Electricity Authority - India
- Meenaskhi Energy Private Limited - India
- Wood Mackenzie - Singapore
- London Commodity Brokers - England
- Karbindo Abesyapradhi - Indoneisa
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- Dong Bac Coal Mineral Investment Coporation - Vietnam
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- South Luzon Thermal Energy Corporation
- Interocean Group of Companies - India
- Standard Chartered Bank - UAE
- GVK Power & Infra Limited - India
- Georgia Ports Authority, United States
- Eastern Coal Council - USA
- Deloitte Consulting - India
- Sical Logistics Limited - India
- Coastal Gujarat Power Limited - India
- Economic Council, Georgia
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- Ministry of Transport, Egypt
- PowerSource Philippines DevCo
- Gujarat Mineral Development Corp Ltd - India
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- Coal and Oil Company - UAE
- SMC Global Power, Philippines
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- Central Java Power - Indonesia
- Thai Mozambique Logistica
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- Kumho Petrochemical, South Korea
- Agrawal Coal Company - India
- Sakthi Sugars Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Directorate General of MIneral and Coal - Indonesia
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- Edison Trading Spa - Italy
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- Africa Commodities Group - South Africa
- Mercuria Energy - Indonesia
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- Intertek Mineral Services - Indonesia
- Videocon Industries ltd - India
- Miang Besar Coal Terminal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Electricity Authority, New Zealand
- Trasteel International SA, Italy
- Vedanta Resources Plc - India
- Oldendorff Carriers - Singapore
- PTC India Limited - India
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- Therma Luzon, Inc, Philippines
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- Ministry of Finance - Indonesia
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- Merrill Lynch Commodities Europe
- Baramulti Group, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- CNBM International Corporation - China
- Minerals Council of Australia
- Samtan Co., Ltd - South Korea
- Larsen & Toubro Limited - India
- McConnell Dowell - Australia
- Wilmar Investment Holdings
- Pipit Mutiara Jaya. PT, Indonesia
- Orica Mining Services - Indonesia
- Timah Investasi Mineral - Indoneisa
- Port Waratah Coal Services - Australia
- Mercator Lines Limited - India
- Chamber of Mines of South Africa
- Parliament of New Zealand
- TeaM Sual Corporation - Philippines
- Vizag Seaport Private Limited - India
- CIMB Investment Bank - Malaysia
- Bhushan Steel Limited - India
- European Bulk Services B.V. - Netherlands
- Barasentosa Lestari - Indonesia
- The Treasury - Australian Government
- Indo Tambangraya Megah - Indonesia
- Gujarat Sidhee Cement - India
- Energy Link Ltd, New Zealand
- Australian Commodity Traders Exchange
- Bharathi Cement Corporation - India
- Tamil Nadu electricity Board
- Riau Bara Harum - Indonesia
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- Bulk Trading Sa - Switzerland
- Star Paper Mills Limited - India
- Orica Australia Pty. Ltd.
- Rashtriya Ispat Nigam Limited - India
- Lanco Infratech Ltd - India
- Borneo Indobara - Indonesia
- Power Finance Corporation Ltd., India
- Uttam Galva Steels Limited - India
- Straits Asia Resources Limited - Singapore
- Kepco SPC Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- ASAPP Information Group - India
- Altura Mining Limited, Indonesia
- Leighton Contractors Pty Ltd - Australia
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- Binh Thuan Hamico - Vietnam
- Bangladesh Power Developement Board
- Electricity Generating Authority of Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Global Coal Blending Company Limited - Australia
- Siam City Cement - Thailand
- Rio Tinto Coal - Australia
- Indika Energy - Indonesia
- Posco Energy - South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Price Waterhouse Coopers - Russia
- Kohat Cement Company Ltd. - Pakistan
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