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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, 13 October 22
OPEC DOWNGRADES CRUDE OIL DEMAND, AS WORLD ECONOMY ENTERS SLOWDOWN
Crude Oil Price Movements
The OPEC Reference Basket (ORB) declined m-o-m by $6.58 in September, or 6.5%, to average $95.32/b. Pressure from equ ...
Wednesday, 12 October 22
MARKET INSIGHT - INTERMODAL
Sale and Purchase activity during the first three quarters of 2022 has been remarkable.
Focusing only on Tankers and Bulkers, such v ...
Monday, 10 October 22
ENERGY TRANSITION BOOSTS GLOBAL LONG-TERM DEMAND FOR METALS - FITCH RATINGS
The energy transition will significantly increase demand for metals used in manufacturing of electric vehicles (EVs) and renewable power generation ...
Monday, 10 October 22
GLOBAL CEOS EXPECT IMPENDING RECESSION TO BE 'SHORT AND SHARP,' POLL SHOWS - CNBC
Global CEOs are anticipating a recession in the next 12 months, according to a new survey by professional services firm KPMG, which said more than ...
Thursday, 06 October 22
AUSTRALIA’S RESOURCES REVENUE TO HIT RECORD AMID UKRAINE CONFLICT - REUTERS
Australian resources and energy export earnings are forecast to jump 7% to a record A$450 billion ($290 billion) this fiscal year, bolstered by soa ...
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- Indogreen Group - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Karaikal Port Pvt Ltd - India
- London Commodity Brokers - England
- Thai Mozambique Logistica
- Toyota Tsusho Corporation, Japan
- Attock Cement Pakistan Limited
- Petron Corporation, Philippines
- The Treasury - Australian Government
- Wood Mackenzie - Singapore
- Ceylon Electricity Board - Sri Lanka
- Jorong Barutama Greston.PT - Indonesia
- Medco Energi Mining Internasional
- ASAPP Information Group - India
- Romanian Commodities Exchange
- GMR Energy Limited - India
- Standard Chartered Bank - UAE
- International Coal Ventures Pvt Ltd - India
- Bharathi Cement Corporation - India
- Rio Tinto Coal - Australia
- Antam Resourcindo - Indonesia
- Vizag Seaport Private Limited - India
- Kalimantan Lumbung Energi - Indonesia
- PowerSource Philippines DevCo
- Ministry of Mines - Canada
- Cement Manufacturers Association - India
- Meralco Power Generation, Philippines
- Carbofer General Trading SA - India
- Bangladesh Power Developement Board
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Economic Council, Georgia
- Kumho Petrochemical, South Korea
- Directorate Of Revenue Intelligence - India
- Edison Trading Spa - Italy
- Bhatia International Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Port Waratah Coal Services - Australia
- San Jose City I Power Corp, Philippines
- Borneo Indobara - Indonesia
- White Energy Company Limited
- Xindia Steels Limited - India
- Kideco Jaya Agung - Indonesia
- Interocean Group of Companies - India
- Price Waterhouse Coopers - Russia
- Semirara Mining Corp, Philippines
- Power Finance Corporation Ltd., India
- Vijayanagar Sugar Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Parry Sugars Refinery, India
- Samtan Co., Ltd - South Korea
- Kaltim Prima Coal - Indonesia
- Commonwealth Bank - Australia
- Asmin Koalindo Tuhup - Indonesia
- Makarim & Taira - Indonesia
- Videocon Industries ltd - India
- Globalindo Alam Lestari - Indonesia
- Cigading International Bulk Terminal - Indonesia
- McConnell Dowell - Australia
- Eastern Coal Council - USA
- South Luzon Thermal Energy Corporation
- Global Green Power PLC Corporation, Philippines
- Indika Energy - Indonesia
- Energy Link Ltd, New Zealand
- Ministry of Transport, Egypt
- Australian Coal Association
- Neyveli Lignite Corporation Ltd, - India
- Petrochimia International Co. Ltd.- Taiwan
- Indian Oil Corporation Limited
- Energy Development Corp, Philippines
- Minerals Council of Australia
- Ind-Barath Power Infra Limited - India
- Agrawal Coal Company - India
- Electricity Authority, New Zealand
- Australian Commodity Traders Exchange
- Banpu Public Company Limited - Thailand
- Sojitz Corporation - Japan
- Central Java Power - Indonesia
- India Bulls Power Limited - India
- Mjunction Services Limited - India
- Mercuria Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Sinarmas Energy and Mining - Indonesia
- Mintek Dendrill Indonesia
- Madhucon Powers Ltd - India
- Star Paper Mills Limited - India
- IEA Clean Coal Centre - UK
- Global Business Power Corporation, Philippines
- Eastern Energy - Thailand
- Gujarat Sidhee Cement - India
- Aditya Birla Group - India
- Formosa Plastics Group - Taiwan
- Jindal Steel & Power Ltd - India
- New Zealand Coal & Carbon
- Bukit Baiduri Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Malabar Cements Ltd - India
- Grasim Industreis Ltd - India
- OPG Power Generation Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Coalindo Energy - Indonesia
- ICICI Bank Limited - India
- GAC Shipping (India) Pvt Ltd
- Deloitte Consulting - India
- Posco Energy - South Korea
- Manunggal Multi Energi - Indonesia
- Orica Australia Pty. Ltd.
- Salva Resources Pvt Ltd - India
- PTC India Limited - India
- Sical Logistics Limited - India
- AsiaOL BioFuels Corp., Philippines
- Bhushan Steel Limited - India
- Georgia Ports Authority, United States
- TeaM Sual Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- Sree Jayajothi Cements Limited - India
- Siam City Cement PLC, Thailand
- SN Aboitiz Power Inc, Philippines
- Altura Mining Limited, Indonesia
- Parliament of New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Ambuja Cements Ltd - India
- The University of Queensland
- SMG Consultants - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dalmia Cement Bharat India
- Planning Commission, India
- Krishnapatnam Port Company Ltd. - India
- VISA Power Limited - India
- Singapore Mercantile Exchange
- Vedanta Resources Plc - India
- Alfred C Toepfer International GmbH - Germany
- Siam City Cement - Thailand
- Wilmar Investment Holdings
- Jaiprakash Power Ventures ltd
- Bayan Resources Tbk. - Indonesia
- Indonesian Coal Mining Association
- Maheswari Brothers Coal Limited - India
- Bhoruka Overseas - Indonesia
- Tata Chemicals Ltd - India
- Sakthi Sugars Limited - India
- GVK Power & Infra Limited - India
- LBH Netherlands Bv - Netherlands
- Indian Energy Exchange, India
- Central Electricity Authority - India
- Metalloyd Limited - United Kingdom
- The State Trading Corporation of India Ltd
- Miang Besar Coal Terminal - Indonesia
- CNBM International Corporation - China
- Lanco Infratech Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Straits Asia Resources Limited - Singapore
- Binh Thuan Hamico - Vietnam
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Mercator Lines Limited - India
- Coal and Oil Company - UAE
- Trasteel International SA, Italy
- MS Steel International - UAE
- Africa Commodities Group - South Africa
- Barasentosa Lestari - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Marubeni Corporation - India
- Merrill Lynch Commodities Europe
- TNB Fuel Sdn Bhd - Malaysia
- Thiess Contractors Indonesia
- Billiton Holdings Pty Ltd - Australia
- Gujarat Mineral Development Corp Ltd - India
- Orica Mining Services - Indonesia
- IHS Mccloskey Coal Group - USA
- Baramulti Group, Indonesia
- Essar Steel Hazira Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Timah Investasi Mineral - Indoneisa
- CIMB Investment Bank - Malaysia
- Kepco SPC Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Latin American Coal - Colombia
- Holcim Trading Pte Ltd - Singapore
- Global Coal Blending Company Limited - Australia
- Pendopo Energi Batubara - Indonesia
- Ministry of Finance - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Goldman Sachs - Singapore
- Anglo American - United Kingdom
- Sarangani Energy Corporation, Philippines
- Uttam Galva Steels Limited - India
- Therma Luzon, Inc, Philippines
- Independent Power Producers Association of India
- Tamil Nadu electricity Board
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kohat Cement Company Ltd. - Pakistan
- Kartika Selabumi Mining - Indonesia
- Savvy Resources Ltd - HongKong
- Bulk Trading Sa - Switzerland
- Semirara Mining and Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Sindya Power Generating Company Private Ltd
- PNOC Exploration Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Kobexindo Tractors - Indoneisa
- SMC Global Power, Philippines
- Renaissance Capital - South Africa
- Coastal Gujarat Power Limited - India
- Larsen & Toubro Limited - India
- Electricity Generating Authority of Thailand
- Heidelberg Cement - Germany
- Chamber of Mines of South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Oldendorff Carriers - Singapore
- Iligan Light & Power Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Riau Bara Harum - Indonesia
- Intertek Mineral Services - Indonesia
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