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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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- Savvy Resources Ltd - HongKong
- Global Green Power PLC Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Ind-Barath Power Infra Limited - India
- Orica Mining Services - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Jindal Steel & Power Ltd - India
- Oldendorff Carriers - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- VISA Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- AsiaOL BioFuels Corp., Philippines
- Bhatia International Limited - India
- Sarangani Energy Corporation, Philippines
- SMG Consultants - Indonesia
- Indian Oil Corporation Limited
- Deloitte Consulting - India
- Indika Energy - Indonesia
- Antam Resourcindo - Indonesia
- Indonesian Coal Mining Association
- Directorate Of Revenue Intelligence - India
- GN Power Mariveles Coal Plant, Philippines
- Mercator Lines Limited - India
- Eastern Coal Council - USA
- Baramulti Group, Indonesia
- Meralco Power Generation, Philippines
- IEA Clean Coal Centre - UK
- Vedanta Resources Plc - India
- Malabar Cements Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Commonwealth Bank - Australia
- Leighton Contractors Pty Ltd - Australia
- Vizag Seaport Private Limited - India
- GMR Energy Limited - India
- Wilmar Investment Holdings
- Maharashtra Electricity Regulatory Commission - India
- Petron Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Ministry of Mines - Canada
- Coalindo Energy - Indonesia
- Cement Manufacturers Association - India
- Globalindo Alam Lestari - Indonesia
- Mintek Dendrill Indonesia
- Maheswari Brothers Coal Limited - India
- Indo Tambangraya Megah - Indonesia
- Anglo American - United Kingdom
- Ambuja Cements Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Global Business Power Corporation, Philippines
- The University of Queensland
- PetroVietnam Power Coal Import and Supply Company
- Sakthi Sugars Limited - India
- IHS Mccloskey Coal Group - USA
- Chettinad Cement Corporation Ltd - India
- New Zealand Coal & Carbon
- European Bulk Services B.V. - Netherlands
- The State Trading Corporation of India Ltd
- Thiess Contractors Indonesia
- Intertek Mineral Services - Indonesia
- Energy Development Corp, Philippines
- Australian Coal Association
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Medco Energi Mining Internasional
- International Coal Ventures Pvt Ltd - India
- Thai Mozambique Logistica
- Madhucon Powers Ltd - India
- Planning Commission, India
- Bayan Resources Tbk. - Indonesia
- Electricity Generating Authority of Thailand
- Salva Resources Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- CIMB Investment Bank - Malaysia
- ICICI Bank Limited - India
- Meenaskhi Energy Private Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Makarim & Taira - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Africa Commodities Group - South Africa
- Minerals Council of Australia
- Altura Mining Limited, Indonesia
- Barasentosa Lestari - Indonesia
- Borneo Indobara - Indonesia
- India Bulls Power Limited - India
- Price Waterhouse Coopers - Russia
- Kobexindo Tractors - Indoneisa
- Independent Power Producers Association of India
- Binh Thuan Hamico - Vietnam
- Bukit Makmur.PT - Indonesia
- Attock Cement Pakistan Limited
- Edison Trading Spa - Italy
- Merrill Lynch Commodities Europe
- Kumho Petrochemical, South Korea
- Singapore Mercantile Exchange
- Grasim Industreis Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Interocean Group of Companies - India
- Marubeni Corporation - India
- Lanco Infratech Ltd - India
- Siam City Cement PLC, Thailand
- Riau Bara Harum - Indonesia
- Sree Jayajothi Cements Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Coal Blending Company Limited - Australia
- Coastal Gujarat Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- Port Waratah Coal Services - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Parliament of New Zealand
- PTC India Limited - India
- Latin American Coal - Colombia
- Iligan Light & Power Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Semirara Mining Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Ministry of Transport, Egypt
- Timah Investasi Mineral - Indoneisa
- Parry Sugars Refinery, India
- Chamber of Mines of South Africa
- Aboitiz Power Corporation - Philippines
- Central Electricity Authority - India
- Banpu Public Company Limited - Thailand
- Australian Commodity Traders Exchange
- Straits Asia Resources Limited - Singapore
- Carbofer General Trading SA - India
- Bangladesh Power Developement Board
- Central Java Power - Indonesia
- Bhoruka Overseas - Indonesia
- Kaltim Prima Coal - Indonesia
- Siam City Cement - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Bharathi Cement Corporation - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indogreen Group - Indonesia
- Energy Link Ltd, New Zealand
- Dalmia Cement Bharat India
- Formosa Plastics Group - Taiwan
- The Treasury - Australian Government
- Metalloyd Limited - United Kingdom
- Alfred C Toepfer International GmbH - Germany
- Gujarat Sidhee Cement - India
- Bhushan Steel Limited - India
- ASAPP Information Group - India
- Trasteel International SA, Italy
- Uttam Galva Steels Limited - India
- Power Finance Corporation Ltd., India
- Indian Energy Exchange, India
- Holcim Trading Pte Ltd - Singapore
- Economic Council, Georgia
- Xindia Steels Limited - India
- Rio Tinto Coal - Australia
- Videocon Industries ltd - India
- Tata Chemicals Ltd - India
- Kepco SPC Power Corporation, Philippines
- McConnell Dowell - Australia
- Wood Mackenzie - Singapore
- Sical Logistics Limited - India
- Ministry of Finance - Indonesia
- Kideco Jaya Agung - Indonesia
- Mercuria Energy - Indonesia
- Heidelberg Cement - Germany
- TNB Fuel Sdn Bhd - Malaysia
- Essar Steel Hazira Ltd - India
- Toyota Tsusho Corporation, Japan
- Tamil Nadu electricity Board
- Cigading International Bulk Terminal - Indonesia
- Sojitz Corporation - Japan
- Therma Luzon, Inc, Philippines
- Star Paper Mills Limited - India
- Ceylon Electricity Board - Sri Lanka
- Bulk Trading Sa - Switzerland
- Mjunction Services Limited - India
- Kapuas Tunggal Persada - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Simpson Spence & Young - Indonesia
- Renaissance Capital - South Africa
- Goldman Sachs - Singapore
- South Luzon Thermal Energy Corporation
- Larsen & Toubro Limited - India
- Standard Chartered Bank - UAE
- Bukit Baiduri Energy - Indonesia
- Agrawal Coal Company - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SMC Global Power, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- PowerSource Philippines DevCo
- Kohat Cement Company Ltd. - Pakistan
- Electricity Authority, New Zealand
- Jaiprakash Power Ventures ltd
- Karbindo Abesyapradhi - Indoneisa
- Manunggal Multi Energi - Indonesia
- CNBM International Corporation - China
- Samtan Co., Ltd - South Korea
- London Commodity Brokers - England
- White Energy Company Limited
- SN Aboitiz Power Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Romanian Commodities Exchange
- Posco Energy - South Korea
- MS Steel International - UAE
- Eastern Energy - Thailand
- GVK Power & Infra Limited - India
- Georgia Ports Authority, United States
- Orica Australia Pty. Ltd.
- Aditya Birla Group - India
- Coal and Oil Company - UAE
- Neyveli Lignite Corporation Ltd, - India
- Pendopo Energi Batubara - Indonesia
- PNOC Exploration Corporation - Philippines
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