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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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Saturday, 18 March 23
HEDGE TO OFFSET LNG VOLATILITY, TRADERS TOLD - BALTIC EXCHANGE
A shift in imports from Asia to Europe led to significant volatility in liquefied natural gas shipping last year, prompting industry experts to urg ...
Friday, 17 March 23
INDONESIAN COAL PRICE REFERENCE UP AROUND 2.17% IN MARCH 2023
COALspot.com: Indonesian Coal Price Reference up around 2.17% in March 2023.
According to the new HBA regulation No. 41.K/MB.0 ...
Saturday, 11 March 23
MARKET INSIGHT - INTERMODAL
Uncertainty over the recovery of Chinese demand, demand destruction in Europe, as well as weather conditions will pivot the LNG market this summer. ...
Wednesday, 08 March 23
INDONESIAN COAL REFERENCE PRICE FORMULA HAS OFFICIALLY CHANGED
Indonesian Minister of Energy and Mineral Resources has officially changed the guideline for determining the benchmark price for the sale of coal c ...
Thursday, 02 March 23
INDIA'S SEABORNE CRUDE OIL IMPORTS IN 2022 INCREASED BY 11.5% YOY - BANCHERO COSTA
2022 has turned out to be a very positive year for crude oil trade, despite the surging oil prices and risks of economic recession, Banchero Costa ...
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- Planning Commission, India
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- Commonwealth Bank - Australia
- Posco Energy - South Korea
- Tata Chemicals Ltd - India
- Parliament of New Zealand
- Asmin Koalindo Tuhup - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Central Java Power - Indonesia
- Kobexindo Tractors - Indoneisa
- Madhucon Powers Ltd - India
- Bhoruka Overseas - Indonesia
- PNOC Exploration Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
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- PowerSource Philippines DevCo
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- Videocon Industries ltd - India
- Ministry of Transport, Egypt
- CNBM International Corporation - China
- Siam City Cement - Thailand
- CIMB Investment Bank - Malaysia
- GVK Power & Infra Limited - India
- Chamber of Mines of South Africa
- Georgia Ports Authority, United States
- Kartika Selabumi Mining - Indonesia
- Minerals Council of Australia
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- Coastal Gujarat Power Limited - India
- Australian Commodity Traders Exchange
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- Central Electricity Authority - India
- Metalloyd Limited - United Kingdom
- Timah Investasi Mineral - Indoneisa
- Maheswari Brothers Coal Limited - India
- San Jose City I Power Corp, Philippines
- Sojitz Corporation - Japan
- Petron Corporation, Philippines
- Romanian Commodities Exchange
- Wilmar Investment Holdings
- Leighton Contractors Pty Ltd - Australia
- The University of Queensland
- Krishnapatnam Port Company Ltd. - India
- Mintek Dendrill Indonesia
- Larsen & Toubro Limited - India
- Tamil Nadu electricity Board
- Economic Council, Georgia
- Billiton Holdings Pty Ltd - Australia
- IEA Clean Coal Centre - UK
- Eastern Energy - Thailand
- India Bulls Power Limited - India
- Globalindo Alam Lestari - Indonesia
- Malabar Cements Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Gujarat Sidhee Cement - India
- McConnell Dowell - Australia
- Ministry of Finance - Indonesia
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- Kalimantan Lumbung Energi - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Jindal Steel & Power Ltd - India
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- The State Trading Corporation of India Ltd
- Mercuria Energy - Indonesia
- Energy Link Ltd, New Zealand
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- Bhushan Steel Limited - India
- Sarangani Energy Corporation, Philippines
- SMG Consultants - Indonesia
- Savvy Resources Ltd - HongKong
- Antam Resourcindo - Indonesia
- Anglo American - United Kingdom
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- Intertek Mineral Services - Indonesia
- Oldendorff Carriers - Singapore
- Sical Logistics Limited - India
- Makarim & Taira - Indonesia
- Vizag Seaport Private Limited - India
- Rashtriya Ispat Nigam Limited - India
- International Coal Ventures Pvt Ltd - India
- PTC India Limited - India
- Price Waterhouse Coopers - Russia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Deloitte Consulting - India
- Wood Mackenzie - Singapore
- Parry Sugars Refinery, India
- Grasim Industreis Ltd - India
- Bukit Baiduri Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Jorong Barutama Greston.PT - Indonesia
- Siam City Cement PLC, Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Independent Power Producers Association of India
- Formosa Plastics Group - Taiwan
- Straits Asia Resources Limited - Singapore
- Interocean Group of Companies - India
- Kumho Petrochemical, South Korea
- Simpson Spence & Young - Indonesia
- Barasentosa Lestari - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Sinarmas Energy and Mining - Indonesia
- Sindya Power Generating Company Private Ltd
- Semirara Mining Corp, Philippines
- Samtan Co., Ltd - South Korea
- Gujarat Mineral Development Corp Ltd - India
- Port Waratah Coal Services - Australia
- Carbofer General Trading SA - India
- Trasteel International SA, Italy
- Goldman Sachs - Singapore
- Agrawal Coal Company - India
- VISA Power Limited - India
- Borneo Indobara - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- MS Steel International - UAE
- Chettinad Cement Corporation Ltd - India
- Bulk Trading Sa - Switzerland
- Power Finance Corporation Ltd., India
- Kaltim Prima Coal - Indonesia
- Binh Thuan Hamico - Vietnam
- SMC Global Power, Philippines
- Sree Jayajothi Cements Limited - India
- Toyota Tsusho Corporation, Japan
- Banpu Public Company Limited - Thailand
- Miang Besar Coal Terminal - Indonesia
- European Bulk Services B.V. - Netherlands
- TeaM Sual Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- Electricity Generating Authority of Thailand
- Latin American Coal - Colombia
- Singapore Mercantile Exchange
- Indian Energy Exchange, India
- Bhatia International Limited - India
- Edison Trading Spa - Italy
- Ind-Barath Power Infra Limited - India
- Alfred C Toepfer International GmbH - Germany
- IHS Mccloskey Coal Group - USA
- Salva Resources Pvt Ltd - India
- Vedanta Resources Plc - India
- Bukit Makmur.PT - Indonesia
- Attock Cement Pakistan Limited
- Coal and Oil Company - UAE
- Renaissance Capital - South Africa
- Bayan Resources Tbk. - Indonesia
- Indian Oil Corporation Limited
- London Commodity Brokers - England
- Bharathi Cement Corporation - India
- Electricity Authority, New Zealand
- Orica Mining Services - Indonesia
- South Luzon Thermal Energy Corporation
- Global Coal Blending Company Limited - Australia
- Indogreen Group - Indonesia
- Therma Luzon, Inc, Philippines
- ASAPP Information Group - India
- Uttam Galva Steels Limited - India
- SN Aboitiz Power Inc, Philippines
- Medco Energi Mining Internasional
- The Treasury - Australian Government
- Altura Mining Limited, Indonesia
- Baramulti Group, Indonesia
- Cigading International Bulk Terminal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- LBH Netherlands Bv - Netherlands
- Lanco Infratech Ltd - India
- ICICI Bank Limited - India
- Semirara Mining and Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Cement Manufacturers Association - India
- Australian Coal Association
- Mjunction Services Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Indika Energy - Indonesia
- Heidelberg Cement - Germany
- Indo Tambangraya Megah - Indonesia
- Africa Commodities Group - South Africa
- Thiess Contractors Indonesia
- GMR Energy Limited - India
- Coalindo Energy - Indonesia
- Ministry of Mines - Canada
- Karaikal Port Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Eastern Coal Council - USA
- Aditya Birla Group - India
- Bangladesh Power Developement Board
- Thai Mozambique Logistica
- Indonesian Coal Mining Association
- Xindia Steels Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Mercator Lines Limited - India
- Kapuas Tunggal Persada - Indonesia
- Meralco Power Generation, Philippines
- Merrill Lynch Commodities Europe
- Gujarat Electricity Regulatory Commission - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Standard Chartered Bank - UAE
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