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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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Saturday, 06 August 22
SUMITOMO Q1 PROFIT RISES 45% ON STRONGER PRICES OF COAL, NICKEL - REUTERS
Japanese trading house Sumitomo Corp 8053.T said on Wednesday its net profit for the April-June quarter rose 45% to a record thanks to higher price ...
Saturday, 06 August 22
GERMANY'S ENERGY U-TURN: COAL INSTEAD OF GAS - DEUTSCHE WELLE
Berlin has realized it will never again import as much energy from Russia as before the Ukraine war. So the challenge is to wean Germany off its de ...
Saturday, 30 July 22
NUANCES OF FORCE MAJEURE CLAUSE - BALTIC EXCHANGE
Knowledge to Elevate
In NKD Maritime Limited v. Bart Maritime (No 2) Inc (Shagang Giant) [2022] EWHC 1615 (Comm), Bart Maritime (No 2) Inc (th ...
Saturday, 30 July 22
AEMO URGES QUICKER SHIFT TO RENEWABLES AMID COAL FAILURES AND SOARING FOSSIL FUEL COSTS
The Australian Energy Market Operator has called for an accelerated shift to wind and solar, backed up by batteries and other storage, as a devasta ...
Friday, 29 July 22
GLENCORE TO SUPPLY COAL TO NIPPON STEEL AT $375 PER TON - BLOOMBERG
Glencore Plc, agreed to supply coal to Nippon Steel at one of the highest prices ever paid by the Japan Bloomberg reported on July 27.
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- Vedanta Resources Plc - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Cigading International Bulk Terminal - Indonesia
- London Commodity Brokers - England
- Merrill Lynch Commodities Europe
- CNBM International Corporation - China
- Indonesian Coal Mining Association
- Semirara Mining and Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- San Jose City I Power Corp, Philippines
- Grasim Industreis Ltd - India
- Gujarat Electricity Regulatory Commission - India
- European Bulk Services B.V. - Netherlands
- Africa Commodities Group - South Africa
- Kobexindo Tractors - Indoneisa
- South Luzon Thermal Energy Corporation
- Central Electricity Authority - India
- Rashtriya Ispat Nigam Limited - India
- SMG Consultants - Indonesia
- Parliament of New Zealand
- Ceylon Electricity Board - Sri Lanka
- Videocon Industries ltd - India
- Intertek Mineral Services - Indonesia
- Bukit Makmur.PT - Indonesia
- Commonwealth Bank - Australia
- Bhoruka Overseas - Indonesia
- Trasteel International SA, Italy
- Posco Energy - South Korea
- Marubeni Corporation - India
- Directorate Of Revenue Intelligence - India
- Globalindo Alam Lestari - Indonesia
- GAC Shipping (India) Pvt Ltd
- The University of Queensland
- Romanian Commodities Exchange
- Goldman Sachs - Singapore
- Tata Chemicals Ltd - India
- Kapuas Tunggal Persada - Indonesia
- OPG Power Generation Pvt Ltd - India
- Indian Oil Corporation Limited
- Semirara Mining Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Thiess Contractors Indonesia
- Renaissance Capital - South Africa
- Singapore Mercantile Exchange
- Attock Cement Pakistan Limited
- Jorong Barutama Greston.PT - Indonesia
- Interocean Group of Companies - India
- Baramulti Group, Indonesia
- Rio Tinto Coal - Australia
- Madhucon Powers Ltd - India
- Planning Commission, India
- Global Green Power PLC Corporation, Philippines
- Anglo American - United Kingdom
- Price Waterhouse Coopers - Russia
- Alfred C Toepfer International GmbH - Germany
- SMC Global Power, Philippines
- White Energy Company Limited
- Uttam Galva Steels Limited - India
- Aditya Birla Group - India
- Samtan Co., Ltd - South Korea
- Power Finance Corporation Ltd., India
- Energy Link Ltd, New Zealand
- Economic Council, Georgia
- India Bulls Power Limited - India
- Karaikal Port Pvt Ltd - India
- Ministry of Mines - Canada
- Mintek Dendrill Indonesia
- Siam City Cement PLC, Thailand
- Petron Corporation, Philippines
- Cement Manufacturers Association - India
- PTC India Limited - India
- Global Coal Blending Company Limited - Australia
- Port Waratah Coal Services - Australia
- Pendopo Energi Batubara - Indonesia
- PowerSource Philippines DevCo
- AsiaOL BioFuels Corp., Philippines
- Central Java Power - Indonesia
- Bayan Resources Tbk. - Indonesia
- Oldendorff Carriers - Singapore
- GVK Power & Infra Limited - India
- Agrawal Coal Company - India
- Orica Mining Services - Indonesia
- Ind-Barath Power Infra Limited - India
- Ministry of Transport, Egypt
- CIMB Investment Bank - Malaysia
- Manunggal Multi Energi - Indonesia
- Indogreen Group - Indonesia
- Coastal Gujarat Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Sojitz Corporation - Japan
- Altura Mining Limited, Indonesia
- Xindia Steels Limited - India
- Larsen & Toubro Limited - India
- Savvy Resources Ltd - HongKong
- Meenaskhi Energy Private Limited - India
- Lanco Infratech Ltd - India
- Indika Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Banpu Public Company Limited - Thailand
- Bukit Baiduri Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Billiton Holdings Pty Ltd - Australia
- Indo Tambangraya Megah - Indonesia
- Sarangani Energy Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Finance - Indonesia
- Timah Investasi Mineral - Indoneisa
- Vizag Seaport Private Limited - India
- Salva Resources Pvt Ltd - India
- MS Steel International - UAE
- Maheswari Brothers Coal Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Meralco Power Generation, Philippines
- Antam Resourcindo - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Electricity Generating Authority of Thailand
- Vijayanagar Sugar Pvt Ltd - India
- ICICI Bank Limited - India
- Bharathi Cement Corporation - India
- Jaiprakash Power Ventures ltd
- Kaltim Prima Coal - Indonesia
- Mercator Lines Limited - India
- ASAPP Information Group - India
- Aboitiz Power Corporation - Philippines
- Star Paper Mills Limited - India
- Mjunction Services Limited - India
- Wilmar Investment Holdings
- VISA Power Limited - India
- Riau Bara Harum - Indonesia
- IHS Mccloskey Coal Group - USA
- Sakthi Sugars Limited - India
- Sical Logistics Limited - India
- Eastern Coal Council - USA
- Metalloyd Limited - United Kingdom
- Gujarat Mineral Development Corp Ltd - India
- Kumho Petrochemical, South Korea
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Dalmia Cement Bharat India
- Australian Commodity Traders Exchange
- Borneo Indobara - Indonesia
- Iligan Light & Power Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Tamil Nadu electricity Board
- Siam City Cement - Thailand
- Australian Coal Association
- Bulk Trading Sa - Switzerland
- Thai Mozambique Logistica
- Medco Energi Mining Internasional
- Independent Power Producers Association of India
- Holcim Trading Pte Ltd - Singapore
- Sindya Power Generating Company Private Ltd
- Makarim & Taira - Indonesia
- TeaM Sual Corporation - Philippines
- Electricity Authority, New Zealand
- The Treasury - Australian Government
- Jindal Steel & Power Ltd - India
- Chamber of Mines of South Africa
- Formosa Plastics Group - Taiwan
- Sinarmas Energy and Mining - Indonesia
- Mercuria Energy - Indonesia
- Wood Mackenzie - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Energy Development Corp, Philippines
- Edison Trading Spa - Italy
- Binh Thuan Hamico - Vietnam
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kartika Selabumi Mining - Indonesia
- Ambuja Cements Ltd - India
- IEA Clean Coal Centre - UK
- Bhushan Steel Limited - India
- Global Business Power Corporation, Philippines
- McConnell Dowell - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Georgia Ports Authority, United States
- Essar Steel Hazira Ltd - India
- PNOC Exploration Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Toyota Tsusho Corporation, Japan
- Therma Luzon, Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- LBH Netherlands Bv - Netherlands
- Indian Energy Exchange, India
- Deloitte Consulting - India
- The State Trading Corporation of India Ltd
- Chettinad Cement Corporation Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Orica Australia Pty. Ltd.
- Directorate General of MIneral and Coal - Indonesia
- Heidelberg Cement - Germany
- GMR Energy Limited - India
- Malabar Cements Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Eastern Energy - Thailand
- Carbofer General Trading SA - India
- New Zealand Coal & Carbon
- Bukit Asam (Persero) Tbk - Indonesia
- Straits Asia Resources Limited - Singapore
- Coal and Oil Company - UAE
- Latin American Coal - Colombia
- TNB Fuel Sdn Bhd - Malaysia
- Karbindo Abesyapradhi - Indoneisa
- Parry Sugars Refinery, India
- Bangladesh Power Developement Board
- PetroVietnam Power Coal Import and Supply Company
- Bhatia International Limited - India
- Barasentosa Lestari - Indonesia
- Simpson Spence & Young - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Standard Chartered Bank - UAE
- Coalindo Energy - Indonesia
- Gujarat Sidhee Cement - India
- Minerals Council of Australia
- Kepco SPC Power Corporation, Philippines
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