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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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Tuesday, 29 November 22
SEABORNE COAL FLOWS IN 2022 - SIGNAL
This year is crucial for the energy mix in European countries, as the EU has imposed new sanctions on Russia. It is important to emphasize that the ...
Friday, 25 November 22
APAC THERMAL COAL PRICES CORRECT FROM RECORD HIGH - FITCH RATINGS
Prices of Newcastle 6,000kcal/kg coal have corrected following falling European gas and coal prices, and more supply from Australia could help miti ...
Thursday, 24 November 22
VIETNAM BOOSTS COAL USE PLAN FOR 2030 AS G7 CLIMATE OFFER STALLS - REUTERS
Vietnam has increased its coal power target for 2030 under a revised draft energy plan, government documents seen by Reuters show, while renewables ...
Tuesday, 22 November 22
THE GENCON 2022 CHARTERPARTY - GARD
KNOWLEDGE TO ELEVATE
BIMCO has published a revamped version of the popular GENCON charterparty. Our author, Helena Biggs, was a member of the ...
Tuesday, 22 November 22
INDIA POWER BINGES ON COAL, OUTPACES ASIA - REUTERS
India’s coal-fired power output has increased much faster than any other country in the Asia Pacific since Russia’s invasion of Ukraine ...
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- Trasteel International SA, Italy
- Central Java Power - Indonesia
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- Heidelberg Cement - Germany
- Intertek Mineral Services - Indonesia
- Toyota Tsusho Corporation, Japan
- Sojitz Corporation - Japan
- Madhucon Powers Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Australian Coal Association
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- Coalindo Energy - Indonesia
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- Ministry of Transport, Egypt
- Singapore Mercantile Exchange
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- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Makmur.PT - Indonesia
- Pendopo Energi Batubara - Indonesia
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- Aditya Birla Group - India
- Ministry of Mines - Canada
- Medco Energi Mining Internasional
- Power Finance Corporation Ltd., India
- Riau Bara Harum - Indonesia
- Holcim Trading Pte Ltd - Singapore
- McConnell Dowell - Australia
- Chettinad Cement Corporation Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Parliament of New Zealand
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- White Energy Company Limited
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- Timah Investasi Mineral - Indoneisa
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- Wood Mackenzie - Singapore
- Independent Power Producers Association of India
- Grasim Industreis Ltd - India
- Sarangani Energy Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- South Luzon Thermal Energy Corporation
- TNB Fuel Sdn Bhd - Malaysia
- Ind-Barath Power Infra Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- IHS Mccloskey Coal Group - USA
- Essar Steel Hazira Ltd - India
- Bharathi Cement Corporation - India
- OPG Power Generation Pvt Ltd - India
- Bhushan Steel Limited - India
- Parry Sugars Refinery, India
- Edison Trading Spa - Italy
- Tata Chemicals Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
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- Orica Australia Pty. Ltd.
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- Minerals Council of Australia
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- Commonwealth Bank - Australia
- SMG Consultants - Indonesia
- Mintek Dendrill Indonesia
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- Vedanta Resources Plc - India
- Kapuas Tunggal Persada - Indonesia
- VISA Power Limited - India
- SMC Global Power, Philippines
- LBH Netherlands Bv - Netherlands
- Billiton Holdings Pty Ltd - Australia
- Carbofer General Trading SA - India
- Meralco Power Generation, Philippines
- PowerSource Philippines DevCo
- Standard Chartered Bank - UAE
- Directorate Of Revenue Intelligence - India
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- Renaissance Capital - South Africa
- Bhoruka Overseas - Indonesia
- Alfred C Toepfer International GmbH - Germany
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- Bukit Baiduri Energy - Indonesia
- Antam Resourcindo - Indonesia
- The Treasury - Australian Government
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- Africa Commodities Group - South Africa
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- Bangladesh Power Developement Board
- Semirara Mining and Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
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- Anglo American - United Kingdom
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- Binh Thuan Hamico - Vietnam
- Energy Link Ltd, New Zealand
- Planning Commission, India
- Makarim & Taira - Indonesia
- ICICI Bank Limited - India
- Bulk Trading Sa - Switzerland
- Coastal Gujarat Power Limited - India
- Therma Luzon, Inc, Philippines
- Australian Commodity Traders Exchange
- Bayan Resources Tbk. - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Indonesian Coal Mining Association
- Eastern Energy - Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Electricity Authority, New Zealand
- Interocean Group of Companies - India
- ASAPP Information Group - India
- Chamber of Mines of South Africa
- Karaikal Port Pvt Ltd - India
- Marubeni Corporation - India
- Eastern Coal Council - USA
- Economic Council, Georgia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kobexindo Tractors - Indoneisa
- Petron Corporation, Philippines
- Ministry of Finance - Indonesia
- Port Waratah Coal Services - Australia
- Uttam Galva Steels Limited - India
- Romanian Commodities Exchange
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- Formosa Plastics Group - Taiwan
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- Georgia Ports Authority, United States
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- Jindal Steel & Power Ltd - India
- Rashtriya Ispat Nigam Limited - India
- MS Steel International - UAE
- London Commodity Brokers - England
- Miang Besar Coal Terminal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Ceylon Electricity Board - Sri Lanka
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