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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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Friday, 18 November 22
REALITIES OF LOI LIABILITIES - BALTIC EXCHANGE
KNOWLEDGE TO ELEVATE
The cargo misdelivery claim in Trafigura Maritime Logistics Pte Ltd v. Clearlake Shipping Pte Ltd (Miracle Hope) [2022] E ...
Tuesday, 15 November 22
CHINA SEES RISING COAL STORAGE AMID SUPPLY PUSH - XINHUA
Coal stockpiles at China’s power plants have seen considerable increases, ensuring energy supply for the winter, the country’s energy r ...
Tuesday, 15 November 22
SEABORNE THERMAL COAL PRICES START TO EASE, BUT PROCESS IS UNEVEN - REUTERS
Prices for seaborne thermal coal have started to drop as fears of a winter energy crunch ease, but the rate of decline has varied across the differ ...
Thursday, 10 November 22
INDIA: THERMAL PLANTS HAVE ADEQUATE COAL STOCKS AT 25.6 MILLION TONNES, SAYS GOVT - IANS
The coal stock with domestic dry fuel-based power plants, as on October 31, was 25.6 million tonnes, the government said, adding that the availabil ...
Tuesday, 08 November 22
OUTLOOK ON CHINA’S WEAKENED BASIC MATERIALS SECTOR CLOUDED BY POLICY SWINGS - FITCH RATINGS
Fitch Ratings expects basic materials demand in China to improve qoq in 4Q22, driven by seasonally higher construction activity, solid infrastructu ...
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- Billiton Holdings Pty Ltd - Australia
- Coalindo Energy - Indonesia
- Siam City Cement - Thailand
- Salva Resources Pvt Ltd - India
- Wood Mackenzie - Singapore
- White Energy Company Limited
- Altura Mining Limited, Indonesia
- Aditya Birla Group - India
- Xindia Steels Limited - India
- Simpson Spence & Young - Indonesia
- SN Aboitiz Power Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Siam City Cement PLC, Thailand
- Maharashtra Electricity Regulatory Commission - India
- Gujarat Sidhee Cement - India
- Romanian Commodities Exchange
- GAC Shipping (India) Pvt Ltd
- Energy Development Corp, Philippines
- London Commodity Brokers - England
- Kartika Selabumi Mining - Indonesia
- Bayan Resources Tbk. - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Price Waterhouse Coopers - Russia
- MS Steel International - UAE
- Semirara Mining and Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- GN Power Mariveles Coal Plant, Philippines
- The Treasury - Australian Government
- Parliament of New Zealand
- Ministry of Transport, Egypt
- Directorate General of MIneral and Coal - Indonesia
- Orica Australia Pty. Ltd.
- Sarangani Energy Corporation, Philippines
- Latin American Coal - Colombia
- Borneo Indobara - Indonesia
- Electricity Generating Authority of Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Mines - Canada
- Iligan Light & Power Inc, Philippines
- Semirara Mining Corp, Philippines
- Coastal Gujarat Power Limited - India
- SMC Global Power, Philippines
- Vedanta Resources Plc - India
- Indian Oil Corporation Limited
- PTC India Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Thai Mozambique Logistica
- Bahari Cakrawala Sebuku - Indonesia
- Mintek Dendrill Indonesia
- Commonwealth Bank - Australia
- Binh Thuan Hamico - Vietnam
- Marubeni Corporation - India
- Globalindo Alam Lestari - Indonesia
- LBH Netherlands Bv - Netherlands
- Meralco Power Generation, Philippines
- Eastern Energy - Thailand
- PowerSource Philippines DevCo
- Electricity Authority, New Zealand
- Orica Mining Services - Indonesia
- Planning Commission, India
- Deloitte Consulting - India
- Essar Steel Hazira Ltd - India
- Manunggal Multi Energi - Indonesia
- Therma Luzon, Inc, Philippines
- Jaiprakash Power Ventures ltd
- Star Paper Mills Limited - India
- Grasim Industreis Ltd - India
- Global Coal Blending Company Limited - Australia
- Malabar Cements Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- New Zealand Coal & Carbon
- Uttam Galva Steels Limited - India
- OPG Power Generation Pvt Ltd - India
- Interocean Group of Companies - India
- Jindal Steel & Power Ltd - India
- Global Green Power PLC Corporation, Philippines
- IEA Clean Coal Centre - UK
- Holcim Trading Pte Ltd - Singapore
- Savvy Resources Ltd - HongKong
- Formosa Plastics Group - Taiwan
- Bhoruka Overseas - Indonesia
- VISA Power Limited - India
- Intertek Mineral Services - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Parry Sugars Refinery, India
- Agrawal Coal Company - India
- AsiaOL BioFuels Corp., Philippines
- Kaltim Prima Coal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Independent Power Producers Association of India
- Georgia Ports Authority, United States
- Madhucon Powers Ltd - India
- Coal and Oil Company - UAE
- Eastern Coal Council - USA
- Sakthi Sugars Limited - India
- ASAPP Information Group - India
- Sinarmas Energy and Mining - Indonesia
- Economic Council, Georgia
- Kideco Jaya Agung - Indonesia
- Larsen & Toubro Limited - India
- Meenaskhi Energy Private Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Toyota Tsusho Corporation, Japan
- Sree Jayajothi Cements Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Directorate Of Revenue Intelligence - India
- Africa Commodities Group - South Africa
- Energy Link Ltd, New Zealand
- Mercuria Energy - Indonesia
- Carbofer General Trading SA - India
- Kumho Petrochemical, South Korea
- Neyveli Lignite Corporation Ltd, - India
- Kepco SPC Power Corporation, Philippines
- Ambuja Cements Ltd - India
- Cement Manufacturers Association - India
- Standard Chartered Bank - UAE
- International Coal Ventures Pvt Ltd - India
- ICICI Bank Limited - India
- Makarim & Taira - Indonesia
- CNBM International Corporation - China
- Krishnapatnam Port Company Ltd. - India
- Samtan Co., Ltd - South Korea
- Trasteel International SA, Italy
- Power Finance Corporation Ltd., India
- Gujarat Mineral Development Corp Ltd - India
- Minerals Council of Australia
- McConnell Dowell - Australia
- Central Java Power - Indonesia
- GVK Power & Infra Limited - India
- India Bulls Power Limited - India
- Bulk Trading Sa - Switzerland
- CIMB Investment Bank - Malaysia
- Rio Tinto Coal - Australia
- Indo Tambangraya Megah - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Anglo American - United Kingdom
- Goldman Sachs - Singapore
- Ceylon Electricity Board - Sri Lanka
- Petron Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Bhatia International Limited - India
- Bharathi Cement Corporation - India
- Riau Bara Harum - Indonesia
- Lanco Infratech Ltd - India
- Posco Energy - South Korea
- Gujarat Electricity Regulatory Commission - India
- Miang Besar Coal Terminal - Indonesia
- Australian Commodity Traders Exchange
- Indian Energy Exchange, India
- Jorong Barutama Greston.PT - Indonesia
- Indika Energy - Indonesia
- Dalmia Cement Bharat India
- Mjunction Services Limited - India
- Tamil Nadu electricity Board
- Kobexindo Tractors - Indoneisa
- Bhushan Steel Limited - India
- Tata Chemicals Ltd - India
- Leighton Contractors Pty Ltd - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Sojitz Corporation - Japan
- IHS Mccloskey Coal Group - USA
- Asmin Koalindo Tuhup - Indonesia
- Wilmar Investment Holdings
- Ministry of Finance - Indonesia
- SMG Consultants - Indonesia
- Port Waratah Coal Services - Australia
- Ind-Barath Power Infra Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indogreen Group - Indonesia
- Attock Cement Pakistan Limited
- Sical Logistics Limited - India
- Global Business Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Central Electricity Authority - India
- Alfred C Toepfer International GmbH - Germany
- Bukit Baiduri Energy - Indonesia
- Merrill Lynch Commodities Europe
- Maheswari Brothers Coal Limited - India
- Australian Coal Association
- Cigading International Bulk Terminal - Indonesia
- Bukit Makmur.PT - Indonesia
- GMR Energy Limited - India
- Bangladesh Power Developement Board
- TeaM Sual Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- South Luzon Thermal Energy Corporation
- Chettinad Cement Corporation Ltd - India
- Mercator Lines Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Metalloyd Limited - United Kingdom
- Edison Trading Spa - Italy
- Timah Investasi Mineral - Indoneisa
- The State Trading Corporation of India Ltd
- Karbindo Abesyapradhi - Indoneisa
- Banpu Public Company Limited - Thailand
- Thiess Contractors Indonesia
- Vizag Seaport Private Limited - India
- Pendopo Energi Batubara - Indonesia
- PNOC Exploration Corporation - Philippines
- Singapore Mercantile Exchange
- The University of Queensland
- Heidelberg Cement - Germany
- Sindya Power Generating Company Private Ltd
- Aboitiz Power Corporation - Philippines
- Antam Resourcindo - Indonesia
- Baramulti Group, Indonesia
- Renaissance Capital - South Africa
- European Bulk Services B.V. - Netherlands
- Barasentosa Lestari - Indonesia
- Chamber of Mines of South Africa
- Straits Asia Resources Limited - Singapore
- Videocon Industries ltd - India
- Indonesian Coal Mining Association
- Medco Energi Mining Internasional
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