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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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Thursday, 09 November 23
GREEK AND CHINESE COMPANIES OWN 34% OF THE GLOBAL FLEET’S CARGO CAPACITY - BIMCO
“The global fleet of cargo carrying ships consists of around 61,000 ships with a deadweight capacity of about 2,200 million tonnes. The ships ...
Monday, 23 October 23
CHINA SEPT COAL OUTPUT HITS SIX-MONTH HIGH ON RISING POWER DEMAND - REUTERS
China’s September coal output rose 0.4% from August to the highest level since March, official data showed on Wednesday, on rising power dema ...
Monday, 23 October 23
INDIA COAL INVENTORIES DROP AT FASTEST PACE IN TWO YEARS, BOOSTING IMPORTS - REUTERS
Coal inventories at Indian power plants in the first half of October fell at their fastest rate in two years, an analysis of government data showed ...
Tuesday, 19 September 23
LNG SHIPPING STOCKS: THE ASIAN GROWTH UP-INDICES
Last week, the UP World LNG Shipping Index (UPI) gained 3.81 points or 2.51%, closing at 155.85 points. This index tracks the performance of LNG sh ...
Sunday, 10 September 23
GOLDMAN SACHS PREDICTS OIL PRICE TO HIT $100 ON OPEC CUTS - YAHOO FINANCE
Oil supply cuts by Saudi Arabia and Russia could lead to Brent crude jumping as high as $107 a barrel in 2024, Goldman Sachs Commodities Research h ...
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- Energy Development Corp, Philippines
- Vedanta Resources Plc - India
- Heidelberg Cement - Germany
- Sindya Power Generating Company Private Ltd
- Maheswari Brothers Coal Limited - India
- Bharathi Cement Corporation - India
- Ceylon Electricity Board - Sri Lanka
- Pipit Mutiara Jaya. PT, Indonesia
- Videocon Industries ltd - India
- Cement Manufacturers Association - India
- Electricity Generating Authority of Thailand
- Intertek Mineral Services - Indonesia
- Central Java Power - Indonesia
- Africa Commodities Group - South Africa
- Eastern Coal Council - USA
- Ministry of Mines - Canada
- Directorate General of MIneral and Coal - Indonesia
- Marubeni Corporation - India
- Petrochimia International Co. Ltd.- Taiwan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kepco SPC Power Corporation, Philippines
- Indian Oil Corporation Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- Binh Thuan Hamico - Vietnam
- SN Aboitiz Power Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Madhucon Powers Ltd - India
- Rio Tinto Coal - Australia
- Meralco Power Generation, Philippines
- Kideco Jaya Agung - Indonesia
- VISA Power Limited - India
- Coal and Oil Company - UAE
- Ambuja Cements Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Neyveli Lignite Corporation Ltd, - India
- Sical Logistics Limited - India
- Parry Sugars Refinery, India
- Borneo Indobara - Indonesia
- Coalindo Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Aboitiz Power Corporation - Philippines
- IEA Clean Coal Centre - UK
- Independent Power Producers Association of India
- GN Power Mariveles Coal Plant, Philippines
- PNOC Exploration Corporation - Philippines
- New Zealand Coal & Carbon
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Coal Blending Company Limited - Australia
- Sinarmas Energy and Mining - Indonesia
- IHS Mccloskey Coal Group - USA
- European Bulk Services B.V. - Netherlands
- Indo Tambangraya Megah - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Indian Energy Exchange, India
- Interocean Group of Companies - India
- Standard Chartered Bank - UAE
- Minerals Council of Australia
- GVK Power & Infra Limited - India
- International Coal Ventures Pvt Ltd - India
- Thai Mozambique Logistica
- Wood Mackenzie - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Baramulti Group, Indonesia
- Global Business Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- London Commodity Brokers - England
- Goldman Sachs - Singapore
- Georgia Ports Authority, United States
- Ministry of Transport, Egypt
- Formosa Plastics Group - Taiwan
- Riau Bara Harum - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Tamil Nadu electricity Board
- TeaM Sual Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- Power Finance Corporation Ltd., India
- McConnell Dowell - Australia
- Bhoruka Overseas - Indonesia
- Sakthi Sugars Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Wilmar Investment Holdings
- Price Waterhouse Coopers - Russia
- Samtan Co., Ltd - South Korea
- Deloitte Consulting - India
- Toyota Tsusho Corporation, Japan
- Eastern Energy - Thailand
- Kohat Cement Company Ltd. - Pakistan
- Malabar Cements Ltd - India
- Commonwealth Bank - Australia
- Latin American Coal - Colombia
- Bahari Cakrawala Sebuku - Indonesia
- ICICI Bank Limited - India
- Kartika Selabumi Mining - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Orica Australia Pty. Ltd.
- Energy Link Ltd, New Zealand
- Central Electricity Authority - India
- Grasim Industreis Ltd - India
- Bukit Makmur.PT - Indonesia
- Globalindo Alam Lestari - Indonesia
- Anglo American - United Kingdom
- Straits Asia Resources Limited - Singapore
- White Energy Company Limited
- AsiaOL BioFuels Corp., Philippines
- Timah Investasi Mineral - Indoneisa
- SMC Global Power, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Agrawal Coal Company - India
- Barasentosa Lestari - Indonesia
- SMG Consultants - Indonesia
- Ministry of Finance - Indonesia
- Romanian Commodities Exchange
- Australian Commodity Traders Exchange
- Bukit Baiduri Energy - Indonesia
- Indonesian Coal Mining Association
- Renaissance Capital - South Africa
- PTC India Limited - India
- Indika Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Economic Council, Georgia
- The State Trading Corporation of India Ltd
- Kumho Petrochemical, South Korea
- MS Steel International - UAE
- Banpu Public Company Limited - Thailand
- Coastal Gujarat Power Limited - India
- Sojitz Corporation - Japan
- India Bulls Power Limited - India
- The Treasury - Australian Government
- Manunggal Multi Energi - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Chamber of Mines of South Africa
- Billiton Holdings Pty Ltd - Australia
- Singapore Mercantile Exchange
- Mintek Dendrill Indonesia
- Thiess Contractors Indonesia
- Kaltim Prima Coal - Indonesia
- Therma Luzon, Inc, Philippines
- Electricity Authority, New Zealand
- PowerSource Philippines DevCo
- Simpson Spence & Young - Indonesia
- Iligan Light & Power Inc, Philippines
- Aditya Birla Group - India
- Chettinad Cement Corporation Ltd - India
- Tata Chemicals Ltd - India
- Orica Mining Services - Indonesia
- Uttam Galva Steels Limited - India
- Mercator Lines Limited - India
- Savvy Resources Ltd - HongKong
- GMR Energy Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Bhatia International Limited - India
- Makarim & Taira - Indonesia
- Posco Energy - South Korea
- Gujarat Sidhee Cement - India
- San Jose City I Power Corp, Philippines
- Attock Cement Pakistan Limited
- Meenaskhi Energy Private Limited - India
- Maharashtra Electricity Regulatory Commission - India
- CIMB Investment Bank - Malaysia
- Semirara Mining Corp, Philippines
- Jindal Steel & Power Ltd - India
- Bangladesh Power Developement Board
- Merrill Lynch Commodities Europe
- Vizag Seaport Private Limited - India
- Bayan Resources Tbk. - Indonesia
- Altura Mining Limited, Indonesia
- CNBM International Corporation - China
- Gujarat Electricity Regulatory Commission - India
- Semirara Mining and Power Corporation, Philippines
- Edison Trading Spa - Italy
- Medco Energi Mining Internasional
- PetroVietnam Power Coal Import and Supply Company
- Siam City Cement - Thailand
- Bhushan Steel Limited - India
- OPG Power Generation Pvt Ltd - India
- Mjunction Services Limited - India
- Port Waratah Coal Services - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Karaikal Port Pvt Ltd - India
- Dalmia Cement Bharat India
- The University of Queensland
- Larsen & Toubro Limited - India
- Metalloyd Limited - United Kingdom
- Antam Resourcindo - Indonesia
- Trasteel International SA, Italy
- Salva Resources Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Star Paper Mills Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Planning Commission, India
- Ind-Barath Power Infra Limited - India
- Oldendorff Carriers - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- ASAPP Information Group - India
- Bulk Trading Sa - Switzerland
- Holcim Trading Pte Ltd - Singapore
- Xindia Steels Limited - India
- Parliament of New Zealand
- Sarangani Energy Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Jaiprakash Power Ventures ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Australian Coal Association
- Kapuas Tunggal Persada - Indonesia
- Petron Corporation, Philippines
- Carbofer General Trading SA - India
- Mercuria Energy - Indonesia
- Lanco Infratech Ltd - India
- Pendopo Energi Batubara - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Indogreen Group - Indonesia
- Directorate Of Revenue Intelligence - India
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