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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, 22 December 22
RUSSIAN OIL EXPORTS CRATER BY 54% IN THE FIRST FULL WEEK OF THE EU'S EMBARGO AMID A SHORTAGE OF TANKERS WILLING TO CARRY CARGOES - BUSINESS INSIDER
Since the European Union imposed its seaborne crude sanctions, Russian oil exports have tumbled by more than half, according to data compiled by Bl ...
Thursday, 22 December 22
CHINA TIGHTENS VERIFICATION OF SHIPS’ ENERGY CONSUMPTION DATA - GARD
From 22 December 2022, ships trading to Chinese ports must record their energy consumption data in accordance with the requirements of their Ship E ...
Thursday, 22 December 22
AN OVERVIEW OF THE LNG MARKET - VESSELSVALUE
LNG values have continued to strengthen, spurred by skyrocketing earnings that have surpassed last year’s record breaking peaks. In November, ...
Thursday, 22 December 22
COKING COAL SLUMPS AS TALKS ON AUSTRALIA-CHINA TRADE RIFT LOOM - REUTERS
Chinese coking coal futures dropped more than 3 per cent on Tuesday (Dec 20), extending losses, as supply of the steelmaking input might increase i ...
Thursday, 22 December 22
COAL AND GAS PRICE CAPS MAY COMPOUND POLITICAL RISK FOR AUSTRALIAN CORPORATES - FITCH RATINGS
Australia’s introduction of temporary price caps on domestic sales of gas and coal used for electricity generation will probably have limited ...
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- Trasteel International SA, Italy
- Carbofer General Trading SA - India
- Indogreen Group - Indonesia
- Bangladesh Power Developement Board
- Global Coal Blending Company Limited - Australia
- Indian Oil Corporation Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- Goldman Sachs - Singapore
- Miang Besar Coal Terminal - Indonesia
- Independent Power Producers Association of India
- Coalindo Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Kalimantan Lumbung Energi - Indonesia
- Power Finance Corporation Ltd., India
- Intertek Mineral Services - Indonesia
- Anglo American - United Kingdom
- Kideco Jaya Agung - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Dalmia Cement Bharat India
- Uttam Galva Steels Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Indika Energy - Indonesia
- The Treasury - Australian Government
- Ind-Barath Power Infra Limited - India
- Sical Logistics Limited - India
- Latin American Coal - Colombia
- Bhoruka Overseas - Indonesia
- Sree Jayajothi Cements Limited - India
- Sakthi Sugars Limited - India
- Grasim Industreis Ltd - India
- Oldendorff Carriers - Singapore
- San Jose City I Power Corp, Philippines
- Wood Mackenzie - Singapore
- South Luzon Thermal Energy Corporation
- PTC India Limited - India
- Parry Sugars Refinery, India
- Videocon Industries ltd - India
- AsiaOL BioFuels Corp., Philippines
- McConnell Dowell - Australia
- Gujarat Sidhee Cement - India
- Indian Energy Exchange, India
- ICICI Bank Limited - India
- Coal and Oil Company - UAE
- Alfred C Toepfer International GmbH - Germany
- CIMB Investment Bank - Malaysia
- Merrill Lynch Commodities Europe
- Malabar Cements Ltd - India
- Eastern Coal Council - USA
- Siam City Cement PLC, Thailand
- Coastal Gujarat Power Limited - India
- Global Green Power PLC Corporation, Philippines
- Cement Manufacturers Association - India
- PNOC Exploration Corporation - Philippines
- White Energy Company Limited
- Wilmar Investment Holdings
- Larsen & Toubro Limited - India
- Bhatia International Limited - India
- Mjunction Services Limited - India
- Pendopo Energi Batubara - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Globalindo Alam Lestari - Indonesia
- Indo Tambangraya Megah - Indonesia
- Meralco Power Generation, Philippines
- Deloitte Consulting - India
- Karbindo Abesyapradhi - Indoneisa
- Makarim & Taira - Indonesia
- Borneo Indobara - Indonesia
- Australian Coal Association
- Africa Commodities Group - South Africa
- Vedanta Resources Plc - India
- Tata Chemicals Ltd - India
- Eastern Energy - Thailand
- Kaltim Prima Coal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Global Business Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Vizag Seaport Private Limited - India
- Minerals Council of Australia
- Central Electricity Authority - India
- Medco Energi Mining Internasional
- Semirara Mining and Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Jindal Steel & Power Ltd - India
- Riau Bara Harum - Indonesia
- International Coal Ventures Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Economic Council, Georgia
- Renaissance Capital - South Africa
- Binh Thuan Hamico - Vietnam
- Heidelberg Cement - Germany
- Altura Mining Limited, Indonesia
- TeaM Sual Corporation - Philippines
- Ambuja Cements Ltd - India
- Straits Asia Resources Limited - Singapore
- Electricity Generating Authority of Thailand
- SN Aboitiz Power Inc, Philippines
- Electricity Authority, New Zealand
- India Bulls Power Limited - India
- GVK Power & Infra Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Petron Corporation, Philippines
- Attock Cement Pakistan Limited
- PowerSource Philippines DevCo
- Agrawal Coal Company - India
- GAC Shipping (India) Pvt Ltd
- Sindya Power Generating Company Private Ltd
- Planning Commission, India
- Banpu Public Company Limited - Thailand
- Salva Resources Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Tamil Nadu electricity Board
- Orica Australia Pty. Ltd.
- Ministry of Finance - Indonesia
- Gujarat Electricity Regulatory Commission - India
- LBH Netherlands Bv - Netherlands
- Chettinad Cement Corporation Ltd - India
- Thiess Contractors Indonesia
- Indonesian Coal Mining Association
- Standard Chartered Bank - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GMR Energy Limited - India
- Gujarat Mineral Development Corp Ltd - India
- The State Trading Corporation of India Ltd
- Price Waterhouse Coopers - Russia
- MS Steel International - UAE
- SMG Consultants - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Samtan Co., Ltd - South Korea
- Kohat Cement Company Ltd. - Pakistan
- Xindia Steels Limited - India
- Baramulti Group, Indonesia
- OPG Power Generation Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- SMC Global Power, Philippines
- Lanco Infratech Ltd - India
- Romanian Commodities Exchange
- Chamber of Mines of South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Barasentosa Lestari - Indonesia
- Kumho Petrochemical, South Korea
- Leighton Contractors Pty Ltd - Australia
- Rio Tinto Coal - Australia
- ASAPP Information Group - India
- Bukit Asam (Persero) Tbk - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Interocean Group of Companies - India
- Singapore Mercantile Exchange
- Aboitiz Power Corporation - Philippines
- Aditya Birla Group - India
- Mercuria Energy - Indonesia
- IEA Clean Coal Centre - UK
- Savvy Resources Ltd - HongKong
- Manunggal Multi Energi - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- The University of Queensland
- Energy Development Corp, Philippines
- Bharathi Cement Corporation - India
- Metalloyd Limited - United Kingdom
- Bayan Resources Tbk. - Indonesia
- Maheswari Brothers Coal Limited - India
- Cigading International Bulk Terminal - Indonesia
- Mercator Lines Limited - India
- London Commodity Brokers - England
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Formosa Plastics Group - Taiwan
- Parliament of New Zealand
- Billiton Holdings Pty Ltd - Australia
- Kartika Selabumi Mining - Indonesia
- Bukit Makmur.PT - Indonesia
- Thai Mozambique Logistica
- Bukit Baiduri Energy - Indonesia
- CNBM International Corporation - China
- Therma Luzon, Inc, Philippines
- Australian Commodity Traders Exchange
- Kepco SPC Power Corporation, Philippines
- Posco Energy - South Korea
- Central Java Power - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Meenaskhi Energy Private Limited - India
- Sarangani Energy Corporation, Philippines
- Madhucon Powers Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Sojitz Corporation - Japan
- Toyota Tsusho Corporation, Japan
- Edison Trading Spa - Italy
- Petrochimia International Co. Ltd.- Taiwan
- Vijayanagar Sugar Pvt Ltd - India
- Commonwealth Bank - Australia
- Jorong Barutama Greston.PT - Indonesia
- Port Waratah Coal Services - Australia
- Georgia Ports Authority, United States
- European Bulk Services B.V. - Netherlands
- Bulk Trading Sa - Switzerland
- Timah Investasi Mineral - Indoneisa
- Karaikal Port Pvt Ltd - India
- Bhushan Steel Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Siam City Cement - Thailand
- Mintek Dendrill Indonesia
- Marubeni Corporation - India
- Orica Mining Services - Indonesia
- Holcim Trading Pte Ltd - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Mines - Canada
- Directorate General of MIneral and Coal - Indonesia
- Semirara Mining Corp, Philippines
- Essar Steel Hazira Ltd - India
- Energy Link Ltd, New Zealand
- Kobexindo Tractors - Indoneisa
- VISA Power Limited - India
- Star Paper Mills Limited - India
- Ministry of Transport, Egypt
- New Zealand Coal & Carbon
- Antam Resourcindo - Indonesia
- Simpson Spence & Young - Indonesia
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