State of the Steel Industry and the effect on the outlook for the Tube and Pipe Markets
|
|
- Adele Daniel
- 6 years ago
- Views:
Transcription
1 State of the Steel Industry and the effect on the outlook for the Tube and Pipe Markets Kim Leppold Metal Bulletin Research NASPD Fall Meeting October 20, 20 Austin, TX
2 Contents MBR s tube and pipe group Global steel market conditions US steel market US structural tubing markets OCTG and linepipe situation and outlook Q&A
3
4 MBR A global research & analysis team based in America, Europe, Asia and the Middle East Americas: Kim Leppold Kleppold@metalbulletinresearch.com Tel: Europe/MENA/Asia: James Ley James.ley@metalbulletinresearch.com Tel: CIS: Roman Filimonov Roman.filimonov@metalbulletinresearch.com Tel: Eastern Europe/Middle East: (based in Istanbul) Marina Vertemberg Bozkurt Marina.bozkurt@metalbulletinresearch.com Tel: China: (based in Shanghai) Ginger Ding gding@metalbulletinresearch.com Tel: * 35
5 MBR TUBE AND PIPE GROUP MBR has brought it s successful 5-year outlook reports for OCTG and LDP into an online annual service allowing a more detailed market coverage for the client Online website platform, sitting alongside detailed report, providing quarterly updates to supply/demand forecasts for the global markets Active following of all major large-diameter linepipe projects and OCTG contracts in the global markets Long-term market and price forecasting to 2022 Demo s of both data platforms are available next door!
6 GLOBAL STEEL MARKET TRENDS International steel prices found a floor in Q2 20, thanks to recovery in China, with US prices outpacing gains elsewhere Global domestic HR Coil price comparison ($/tonne) 1, China Domestic (Ex-warehouse) US Domestic (EXW) EU Southern HRC ($/tonne) Jul 10 Oct 10 Apr Jul Oct 11 Apr Jul Oct 12 Apr Jul Oct 13 Apr Jul Oct Apr Jul Oct Apr Jul Oct Apr Jul Source: MBR s Steel Forecaster
7 GLOBAL STEEL MARKET TRENDS Chinese demand growth surged in Q3 20, marking the first gain in steel consumption in over two years, growth continued in Q4 20 Global apparent steel consumption China vs ROW % Chinese demand RoW demand 10% 5% 0% -5% -10% -% Q1 20 Q2 20 Q3 20 Q4 20 Q1 20 Q2 20 Q3 20 Q4 20 Q1 20 Q2 20 Q3 20 Q4 20 Q1 20 Q2 20 Chinese steel consumption up by approximately 10% year-on-year so far in 20 Source: MBR s Steel Forecaster
8 GLOBAL STEEL MARKET TRENDS y-y changes in ADC, % China is now driving global steel consumption growth while growth in the rest of the world sputters Global apparent steel consumption China vs ROW 20% China RoW % 10% 5% 0% -5% -10% Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Feb Mar Apr May Jun Jul Apparent steel consumption growth in the rest of the world has been declining since June 20 Source: MBR s Steel Forecaster
9 GLOBAL STEEL MARKET TRENDS Mt Chinese apparent steel consumption headed lower for the rest of 20? Chinese apparent steel consumption outlook %.0% 10.0% 5.0% 0.0% -5.0% -10.0% -10 Mar May Jul Sep Nov Mar May Jul Sep Nov Mar May Jul Sep Nov -.0% Chinese demand changes y-y Chinese demand Vale ArcelorMittal Other analysts In order to meet most industry forecasts, Chinese steel demand would have to plunge for the remainder of 20 Source: MBR s Steel Forecaster
10 GLOBAL STEEL MARKET TRENDS Mt pm OECD estimates of surplus capacity are shrinking even as Chinese steelmakers increase production to meet rising domestic consumption OECD Surplus Capacity of Crude Steel (Mtpm) 70 Implied surplus monthly capacity Dec 13 Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun While we state that overcapacity is the problem, historically it is production that over-compensates for changes in consumption Source: MBR s Steel Forecaster
11 GLOBAL STEEL MARKET TRENDS Crude steel output in July 20 broke May 20 s all-time record high 0 Global crude steel production (M tonnes) Jul Sep Nov Mar May Jul Sep Nov Mar May Jul Sep Nov Mar May Jul Source: MBR s Steel Forecaster Global crude steel output up 4.6% year-on-year through July, with July output up 6.3% y-o-y, while China s output is up 5.4% y-o-y in the year-todate, and 10.3% y-o-y in July
12 GLOBAL STEEL MARKET TRENDS Both global and Chinese steel output will exceed 20 levels to reach record highs in 20 Global crude steel production (M tonnes) 1,800 1,600 1,400 China ROW 1,200 1, f 2018f Chinese crude steel output forecast to rise 4% in 20, global output forecast to rise 3% in 20 Source: MBR s Steel Forecaster
13 NORTH AMERICAN STEEL MARKET TRENDS Tell us the rules so we can play the game Source: AMM, MBR
14 NORTH AMERICAN STEEL MARKET TRENDS US apparent steel consumption rose 9% y-o-y in H1 20 US apparent steel consumption (M tons) 35,000 Total Steel Products Import Share % 40% 38% 30,000 36% 34% 32% 25,000 30% 28% 20,000 26% 24% 22%,000 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 20% Apparent consumption growth also reflects increasing imports in 20, with imports representing a rising share of total consumption Source: MBR s North American Steel Market Tracker
15 NORTH AMERICAN STEEL MARKET TRENDS '000 tons '000 tons US domestic steel supply highlights inventories rose as a result of imports, but distributor shipments remained ahead of year-ago US service center flat-rolled steel shipments and inventories US service center carbon plate shipments and inventories Daily Shipments (LHS) Inventory (RHS) Daily Shipments (LHS) Inventory (RHS) 1,500 1, '000 tons , '000 tons Jul Jul Jul Jul Jun Dec Jun Dec Jun Dec Jun 500 Source: MBR s North American Steel Market Tracker
16 NORTH AMERICAN STEEL MARKET TRENDS US apparent steel consumption climbing in 20, after two consecutive years of decline 0 US apparent steel consumption (M tons) f US apparent steel consumption in 20 will be second only to consumption in 20 Source: MBR s North American Steel Market Tracker
17 NORTH AMERICAN STEEL MARKET TRENDS US crude steel output on target to rise 4% in 20, forecast to rise 3% in 2018 US crude steel production (Mt) f 2018f US steelmakers have struggled to raise average operating rates above 75% of capacity without jeopardizing prices Source: MBR s North American Steel Market Tracker
18 NORTH AMERICAN STEEL MARKET TRENDS Scrap consumption is declining with steel production but also in market share to alternative metallics US scrap consumption (m tonnes) US scrap, pig iron, and DRI consumption (m tonnes) Scrap Pig iron DRI Source: USGS, MBR
19 NORTH AMERICAN STEEL MARKET TRENDS US scrap exports provide the swing demand that can either support or sink domestic prices US scrap exports vs. prices Mar May Jul Sep Nov Mar May Jul Sep Nov Mar May Jul 0 Scrap exports ('000 tonnes) - RHS HMS #1 ($/l.ton) - LHS Source: ISSB, MBR s Steelmaking Raw Materials Market Tracker
20 NORTH AMERICAN STEEL MARKET TRENDS Demand in 20 has not yet recovered from 20 from many of the major scrap destinations 2500 US scrap exports (YTD through July) Turkey Mexico Taiwan India South Korea China Canada Source: ISSB, MBR s Steelmaking Raw Materials Market Tracker
21 NORTH AMERICAN STEEL MARKET TRENDS Will the current prices last and what does this mean for downstream products? US domestic flat product price forecasts ($/ton) 1,000 HR Coil CR Coil HDG Forecast Jun Aug Oct Dec Feb Apr Jun Aug Oct Dec Feb Apr Jun Aug Oct Dec Prices rose at mid-year due to stronger markets and Section 232 optimism. We suspect that prices are now at or near their peak for the current cycle. Source: MBR s North American Steel Market Tracker
22 Contents MBR s tube and pipe group Global steel market conditions US steel market US structural tubing markets OCTG and linepipe situation and outlook Q&A
23 STRUCTURAL AND INDUSTRIAL PIPE OVERVIEW US structural consumption has been rising but will likely level off if construction spending continues to falter will hurricane recovery provide a boost? US structural and industrial tube and pipe consumption (kt) US HSS imports (kt) Welded round industrial and structural tube Welded square and rectangular sections 10 0 May Sep May Sep May Sep Canada Mexico South Korea Turkey Italy ROW May Source: MBR
24 STRUCTURAL AND INDUSTRIAL PIPE OVERVIEW Outside of NAFTA, Asia origins dominate the HSS supply to USA Major HSS exporting regions to the USA in H1 20 vs. H1 20 (kt) : 9 : 9 : 6 : 10 : 4 : kt vs. 360kt : 72 : 81 ` ` : 23 : 37 : 3 : 11 Source: ISSB and MBR
25 Contents MBR s tube and pipe group Global steel market conditions US steel market US structural tubing markets OCTG and linepipe situation and outlook Q&A
26 HISTORICAL OCTG OVERVIEW Global seamless OCTG production dropped sharply in 20 and did not recover in 20, the same was the case for ERW OCTG production Global seamless OCTG production by region (Mt) Global ERW OCTG production by region (Mt) North America China Middle East Europe South America Africa Other Asia CIS North America China Middle East Europe South America Africa Other Asia CIS Source: MBR
27 HISOTRICAL OCTG OVERVIEW OCTG demand fell in all regions in 20 and 20, but it was North America that displayed the sharpest declines, with the CIS the strongest performers OCTG apparent consumption by region index (2013=100) Africa China CIS Europe Middle East North America Other Asia South America Source: MBR Global OCTG Intelligence Service
28 HISOTRICAL OCTG OVERVIEW Global seamless OCTG consumption fell for three consecutive years since 20, with major drops seen in USA and China. US ERW OCTG consumption, which accounted for 70% of the global ERW market, dropped to 55% in 20. Global seamless OCTG consumption by region (Mt) Global ERW OCTG consumption by region (Mt) North America China Middle East Europe South America Africa Other Asia CIS North America China Middle East Europe South America Africa Other Asia CIS Source: MBR
29 NORTH AMERICA OCTG The US OCTG market is highly reliant on imports (more than 50% in some years), with very little exported (mainly to Canada) US consumption of OCTG (kt) US shipments, imports and exports of OCTG (kt) Welded Seamless Domestic shipments Imports Exports Source: MBR
30 NORTH AMERICAN OCTG TRENDS Indeed, total US imports (ERW and Seamless) dropped by more than half in 20 from 20 South Kora saw ERW OCTG exports fall by 2/3 rd but still remained the largest OCTG exporters to the USA Major OCTG exporting regions to the USA in 20 vs. 20 (kt) : 98 : 32 : 8 : 41 : 87 : 33 2Mt vs. 961kt : 248 : 270 ` ` : 304 : 126 : 618 : 296 : 56 : 7 (South Korea) Source: ISSB and MBR
31 NORTH AMERICAN OCTG OUTLOOK In total, we believe that North American consumption in 20 will be over 5Mt in 20, significantly higher than 20/6 but below 20 levels NA OCTG apparent consumption (seamless and welded, kt) 9,000 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1,000 0 Oil prices $50/bbl Rig numbers remain strong (928 on Oct 13th) which means OCTG demand continues to stay firm as consumption per rig continues to constantly rise Uncompleted wells increased Re-fracking Global oil production outlook mixed Section 232 looks likely to have no major impact on OCTG market for now (Commerce to provide report to Trump by 2018? After Tax changes?) Given more jobs depend on steel consumption than steel production, MBR believes that 232 will be less severe than thought Source: MBR
32 NORTH AMERICA OCTG The Permian basin is the most active shale basin in North America in terms of rig counts and well completions. This is driving OCTG consumption per rig higher than prior to the oil price downturn Rig counts from selected shale basins (unit change y/y) Eagle Ford Williston Permian Marcellus Source: Baker Hughes, EIA, MBR
33 NORTH AMERICAN OCTG TRENDS Imports in 20 have recovered strongly as a result of market forces as well as concerns over future trade restrictions Major OCTG exporting regions to the USA in 20 vs. 20 (kt, year-to-date through July) : : 105 : 23 : 45 : 9 : kt vs. 1.75Mt : 1 : 253 ` ` : 55 : 4 : 6 : 655 : 6 : 7 (South Korea) Source: ISSB and MBR
34 NORTH AMERICA OCTG ERW OCTG imports have surged back into the USA in US ERW OCTG imports ( 000 tonnes) ERW OCTG imports from South Korea are now already close to 800kt in 20 ( through September license data), could surpass 1Mt by the year end Year-end inventory concerns will slow activity now through Q4 Trends: P110 still favored but L80 picking up in popularity Oct Apr Jul Oct Apr Jul Oct Apr Jul Casing requirements are increasing in size Push up in connection requirements in the Permian (API to semi, and semi to premium, still threaded and coupled and not flush) South Korea Taiwan Canada Turkey Philippines ROW Source: ISSB and MBR
35 RECENT MARKET HISTORY LSAW production and consumption for API 5L applications has not increased significantly between 2012 and 20, averaging just over 8Mt Global LSAW production by region (kt) 10,000 9,000 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1, Global LSAW capacity by region (kt) North America South America Middle East Africa CIS Europe Asia ex China China Average global capacity utilisation (%) * North America South America MENA CIS Europe Other Asia China Source: Company interviews and MBR estimates *This is for API 5L grades and does not include API 2 structural applications etc. Global capacity has been revised up significantly in China due to more detailed information being received to MBR in recent years. Source: Company interviews and MBR estimates
36 RECENT MARKET HISTORY HSAW production for API 5L applications has remained around 5.5Mt, again there is no shortage of capacity when viewed from a total global level Global HSAW production by region (kt) Global HSAW capacity by region (kt) North America South America Middle East Africa CIS EU Other Asia China China Other Asia CIS EU MENA North America South America Average global capacity utilisation (%)* *Only includes production for the API 5L markets, and not for structural non-api certified applications Source: Company interviews and MBR estimates
37 NORTH AMERICAN LINEPIPE TRENDS Shipments and imports surged in 20 after years of flagging demand North American LDP apparent consumption (kt) 3,500 3,000 2,500 2,000 1,500 1, % 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% HSAW LSAW ERW Production Net imports Source: MBR s Five Year Strategic Global Large Diameter Linepipe Market Outlook
38 NORTH AMERICAN LDP TRENDS No dominant supplier to the US LDP market as there is in OCTG Major LDP exporting regions to the USA 20-20, average annual tonnage (kt) 1kt 73kt 808kt 107kt 86kt 84kt 47kt ` ` 188kt Source: ISSB and MBR
39 OUTLOOK INTO 20 NORTH AMERICA A new administration and a surge in drilling in the Permian will support pipeline development in the USA, but 20 will likely be a transition year Apparent LDP consumption for North America (kt) Forecast Trump Effect - Current Administration has voiced commitment to clearing the hurdles for delayed pipeline projects A surge in Permian drilling is now supporting plans for infrastructure building, transporting oil and gas to the Texas Gulf Coast and Cushing Over 1b bpd of planned oil pipeline capacity, 3k-km and over 460kt of linepipe 2k-km and 600kt of linepipe for gas Melted and manufactured requirement remains a topic of discussion waiting for recommendations * LDP = LSAW+HSAW+ERW (over OD) Source: MBR
40 OUTLOOK INTO 20 CHINA China have kicked start development of several major domestic LDP pipeline projects that saw delays in 20-20; 20 will likely be a pick-up year Apparent LDP consumption for China (kt) Forecast China is prioritizing the development of WEP connecting lines and branch lines over the undeveloped WEP trunklines Russsia-China oil and gas pipelines are moving The next major project to move in 20 the east-section of Xin-Zhe-Yue Synthetic Gas Pipeline * LDP = LSAW+HSAW+ERW (over OD) Source: MBR
41 Thank you for your time
The Iran Steel and Tube & Pipe Industry in 2015
The Iran Steel and Tube & Pipe Industry in 2015 Dr. James Ley Principal Consultant Metal Bulletin Research 15 th September 2015 Kish Island, Iran IRANIAN IRON AND STEEL CONFRENCE Contents 15 th September
More informationThursday, March 6, 2014 Houston, TX. 8:30 9:40 a.m. AN ECONOMIST S-EYE VIEW OF THE ENERGY INDUSTRY: HYDROCARBON HAT TRICK
Thursday, March 6, 214 Houston, TX 8:3 9:4 a.m. AN ECONOMIST S-EYE VIEW OF THE ENERGY INDUSTRY: HYDROCARBON HAT TRICK Presented by Jesse Thompson Business Economist Federal Reserve Bank of Dallas, Houston
More information/ PRELIMINARY STEEL IMPORTS INCREASE 2% IN MAY Import Market Share 23% in May
News Release FOR IMMEDIATE RELEASE June 25, 2013 CONTACT Lisa Harrison 202.452.7115/ lharrison@steel.org PRELIMINARY STEEL IMPORTS INCREASE 2% IN MAY Import Market Share 23% in May Washington, D.C. Based
More informationEconomic & Steel Market Development in Japan
1 Economic & Steel Market Development in Japan 68 th OECD Steel Committee Paris May 6-7, 2010 The Japan Iron & Steel Federation 2 Macro-economic overview Steel Supply and Demand v v v Steel Production
More informationGas & electricity - at a glance
$/barrel /tco 2 e p/therm /MWh Gas & electricity - at a glance Week-on-Week Annual Gas Price Changes Short-term gas contracts jump Cold snap forecast for the first half of February, lifting demand Longer-dated
More informationENERGY SLIDESHOW. Federal Reserve Bank of Dallas
ENERGY SLIDESHOW Updated: January 16, 2019 ENERGY PRICES www.dallasfed.org/research/energy Brent & WTI & Crude Brent Oil Crude Oil Dollars per barrel 140 120 100 Brent (Jan 11 = $58.64) WTI (Jan 11 = $50.78)
More informationIndia & Asia. Steel Scrap Industry BY: VED PRAKASH GEMINI CORPORATION N. V., BELGIUM
India & Asia Steel Scrap Industry BY: VED PRAKASH GEMINI CORPORATION N. V., BELGIUM 1 GEMINI CORPORATION N. V. Steel, Recyclable Plastics, Rubber and Engineered Wood Panels 2 Content How competitive are
More informationSharp Decline in Vegetable Oil Stocks Leads to Steeply Higher Prices
United States Department of Agriculture Foreign Agricultural Service Circular Series FOP 1-11 Sharp Decline in Vegetable Oil Leads to Steeply Higher Prices Commodity prices have been on an upward trend
More information2016 U.S. ETHANOL EXPORTS AND IMPORTS
2016 U.S. ETHANOL EXPORTS AND IMPORTS STATISTICAL SUMMARY Copyright 2017 Renewable Fuels Association. All Rights Reserved 2016 U.S. ETHANOL EXPORTS U.S. Ethanol Exports, 2006-2016 1,200 1,000 800 600 396
More informationSulphur Market Outlook
Sulphur Market Outlook The Outlook for the future Supply and Balance of the Global Sulphur Market Joanne Peacock, CRU International/BSC Creon Moscow December 2009 LONDON RALEIGH WASHINGTON MINNEAPOLIS
More informationPreliminary Steel Imports Decline 9% in September Import Market Share at 20%
News Release FOR IMMEDIATE RELEASE October 25, 2011 CONTACT: NANCY GRAVATT 202.452.7115/ ngravatt@steel.org Preliminary Steel Imports Decline 9% in September Import Market Share at 20% Washington, D.C.
More informationSTEEL IMPORTS DOWN 10% YEAR-TO-DATE Finished Import Market Share YTD at 25%
News Release FOR IMMEDIATE RELEASE August 24, 2018 CONTACT Lisa Harrison 202.452.7115/lharrison@steel.org STEEL IMPORTS DOWN 10% YEAR-TO-DATE Finished Import Market Share YTD at 25% Washington, D.C. Based
More information/
News Release FOR IMMEDIATE RELEASE June 26, 2012 CONTACT: NANCY GRAVATT 202.452.7115/ ngravatt@steel.org May Preliminary Finished Steel Imports 2 nd Highest Monthly Amount in 2012 Import Market Share at
More informationRecent Developments in EU Refining and in the Supply and Trade of Petroleum Products
Recent Developments in EU Refining and in the Supply and Trade of Petroleum Products Third Meeting of the EU Refining Forum Brussels, 22 May 2014 Toril Bosoni, International Energy Agency OECD/IEA 2014
More informationJeff Hanley Vice President Sales Energy Tubulars
Welded Tube of Canada Welded Tube USA Jeff Hanley Vice President Sales Energy Tubulars Welded Tube History: Founded in 1970 - ERW Mechanical tubing. In Concord, Ontario [North of Toronto], also Welded
More informationPreliminary Steel Imports, Down 14% in June, Increase 35% in First Half of Year; Import Market Share 21% in Second Quarter 2010
News Release FOR IMMEDIATE RELEASE July 27, 2010 CONTACT: NANCY GRAVATT 202.452.7115/ ngravatt@steel.org Preliminary Steel Imports, Down 14% in June, Increase 35% in First Half of Year; Import Market Share
More informationChina Iron Ore Iron ore markets: long-term game but near-term volatility. February 2013, Beijing, China
China Iron Ore 213 Iron ore markets: long-term game but near-term volatility February 213, Beijing, China Bryanston Resources GmbH * Bahnhofsplatz * 63 Zug * Switzerland Outlook: Sustained short-term prices
More informationShare of Brazil s Soybean Exports to China Spikes in August
United States Department of Agriculture Foreign Agricultural Service September 2018 Share of Brazil s Soybean Exports to China Spikes in August Monthly Share of Brazil's Soybean Exports to China 85% 75%
More informationSTEEL IMPORTS DOWN 23% FROM PRIOR MONTH IN MAY Finished Import Market Share YTD at 26%
News Release FOR IMMEDIATE RELEASE June 25, 2018 CONTACT Lisa Harrison 202.452.7115/lharrison@steel.org STEEL IMPORTS DOWN 23% FROM PRIOR MONTH IN MAY Finished Import Market Share YTD at 26% Washington,
More informationArgentine Exporters Switch to Soybean Oil as Biodiesel Exports Fall
United States Department of Agriculture Foreign Agricultural Service Circular Series FOP 08-13 Argentine Exporters Switch to Soybean Oil as Biodiesel Exports Fall Argentina s soybean oil exports have surged
More informationIndian Soybean Meal Exports Unlikely to Recover in 2015/16
United States Department of Agriculture Foreign Agricultural Service November 2015 Indian Soybean Meal Exports Unlikely to Recover in Though once a significant regional exporter of soybean meal, India
More informationA summary of national and global energy indicators. FEDERAL RESERVE BANK of KANSAS CITY
THE U.S. Energy DATABOOK A summary of national and global energy indicators JULY 1, 17 FEDERAL RESERVE BANK of KANSAS CITY SUMMARY OF CURRENT ENERGY CONDITIONS The number of total active drilling rigs
More informationENERGY SLIDESHOW. Federal Reserve Bank of Dallas
ENERGY SLIDESHOW Updated: March 13, 2018 ENERGY PRICES www.dallasfed.org/research/energy Brent & WTI & Crude Brent Oil Crude Oil Dollars per barrel 140 Brent (Mar 9 = $65.12) WTI (Mar 9 = $61.65) 120 100
More information/ PRELIMINARY STEEL IMPORTS INCREASE 15% IN APRIL Import Market Share 27% in April
News Release FOR IMMEDIATE RELEASE May 23, 2014 CONTACT Lisa Harrison 202.452.7115/ lharrison@steel.org PRELIMINARY STEEL IMPORTS INCREASE 15% IN APRIL Import Market Share 27% in April Washington, D.C.
More informationSoybean Trade Growth: A Story of Brazil, the United States, and China
United States Department of Agriculture Foreign Agricultural Service October 2017 Soybean Trade Growth: A Story of Brazil, the United States, and China 12-Month Soybean Export Growth Year Ending September
More informationAbout Czarnikow. The Premier Provider of Sugar Market Services. Czarnikow has been in the sugar business since 1861
About Czarnikow The Premier Provider of Sugar Market Services Czarnikow has been in the sugar business since 1861 Czarnikow is the leading professional services company in the sugar market Czarnikow has
More informationU.S. Rail Crude Oil Traffic
U.S. Rail Crude Oil Traffic Association of American Railroads November 215 Summary U.S. crude oil production has risen sharply in recent years, with much of the increased output moving by rail. In 28,
More information/ Preliminary Steel Imports Increase 6% in May Import Market Share at 21%
News Release FOR IMMEDIATE RELEASE June 21, 2011 CONTACT: NANCY GRAVATT 202.452.7115/ ngravatt@steel.org Preliminary Steel Imports Increase 6% in May Import Market Share at 21% Washington, D.C. Based on
More informationU.S. Rail Crude Oil Traffic
U.S. Rail Crude Oil Traffic Association of American Railroads May 217 Summary U.S. crude oil production has risen sharply in recent years, with much of the increased output moving by rail. In 28, U.S.
More informationDave Carroll Capital Markets Day Markets Update
Dave Carroll Capital Markets Day 2004 Markets Update Tomkins Operates in Diverse End Markets Breakdown 2003 Sales ( 3,150m, US$4,795m) Non-Residential Construction 11% Other 9% Automotive OE 27% Residential
More informationEnergy Outlook. U.S. Energy Information Administration. For EnerCom Dallas February 22, 2018 Dallas, TX
Energy Outlook For EnerCom Dallas Dallas, TX Jeff Barron Industry Economist, U.S. Energy Information Administration U.S. Energy Information Administration Independent Statistics & Analysis www.eia.gov
More informationTurkish Steel Industry s Interaction with MENA
Turkish Steel Industry s Interaction with MENA ADALAT KAZIMLI, Marketing and Sales Director International Trade, December, 214 1/23 ISDEMIR Port 2/23 World GDP Growth Emerging countries are the driving
More informationSteel Industry Outlook Federal Reserve Bank of Chicago December Robert J. DiCianni Mittal Steel USA. Mittal Steel Company
Steel Industry Outlook Federal Reserve Bank of Chicago December 2005 Robert J. DiCianni Mittal Steel USA 1 Outline Overall Outlook End Market Outlook 2006 Forecast Steel Demand Prices Inputs and other
More informationAutomotive Market: Where Do We Go From Here?
Automotive Market: Where Do We Go From Here? June, 3 rd 211 Federal Reserve Bank of Chicago Eighteenth Annual Automotive Outlook Symposium Jeff Schuster Executive Director, Forecasting and Analysis jeff.schuster@jdpa.com
More information/
News Release FOR IMMEDIATE RELEASE July 5, 0 CONTACT: NANCY GRAVATT 0.45.75/ ngravatt@steel.org Finished Steel Imports Decline in June, But Up Percent in First Half 0 Import Market Share in 0 at 4 Percent
More informationPREVIEW FundamentalEdge Report October 2018
GLOBAL CRUDE OIL SUPPLY AND DEMAND PREVIEW FundamentalEdge Report October 2018 learn more at drillinginfo.com Key Takeaways This is a PREVIEW of a 20+ Page Report Global Crude Oil Supply and Demand is
More informationChina s Global Peanut Export Share Declines
United States Department of Agriculture Foreign Agricultural Service Circular Series FOP 07-13 China s Global Peanut Export Share Declines U.S. 10% Others 19% Argentina 17% U.S. 11% Others 16% Argentina
More informationRecent Developments in EU Refining and in the Supply and Trade of Petroleum Products
Recent Developments in EU Refining and in the Supply and Trade of Petroleum Products Second Meeting of the EU Refining Forum Brussels, 27 November 2013 Toril Bosoni, International Energy Agency OECD/IEA
More informationSTEEL IMPORTS DOWN 5% YEAR-TO-DATE THROUGH FEBRUARY Finished Import Market Share YTD at 25%
News Release FOR IMMEDIATE RELEASE March 23, 2018 CONTACT Lisa Harrison 202.452.7115/lharrison@steel.org STEEL IMPORTS DOWN 5% YEAR-TO-DATE THROUGH FEBRUARY Finished Import Market Share YTD at 25% Washington,
More informationFuel Focus. Understanding Gasoline Markets in Canada and Economic Drivers Influencing Prices. Issue 20, Volume 8
Fuel Focus Understanding Gasoline Markets in Canada and Economic Drivers Influencing Prices Issue 20, Volume 8 October 18, 2013 Copies of this publication may be obtained free of charge from: Natural Resources
More informationEmerging Trends in Petroleum Markets
Emerging Trends in Petroleum Markets For Defense Logistics Agency, Worldwide Energy Conference Washington, D.C. By T. Mason Hamilton, Petroleum Markets Analyst U.S. Energy Information Administration Independent
More informationMonthly Economic Letter
Monthly Economic Letter Cotton Market Fundamentals & Price Outlook RECENT PRICE MOVEMENT NY futures experienced volatility in early April. Current values for all benchmark prices are flat to lower relative
More informationNEW. The Merchant Slab Market. Strategic Outlook to for 2010
The Merchant Slab Market Strategic Outlook to 2020 What is the market price outlook for dedicated, occasional, partial suppliers/buyers of merchant slabs? Will the market be characterised by excess merchant
More information2016/17 Global Olive Oil Production Down But Prices Stabilize
United States Department of Agriculture Foreign Agricultural Service November 2016 Global Olive Oil Down But Prices Stabilize Global Olive Oil and Stocks 4000 3500 5000 Extra Virgin Olive Oil Prices Stabilizing
More informationUS Crude Oil Reshaping International Crude Oil Flows. Olivier Jakob,
US Crude Oil Reshaping International Crude Oil Flows Olivier Jakob, ojakob@petromatrix.com www.petromatrix.com Claimer Petromatrix publishes since 2006 a daily market note on the oil markets Our reports
More information2010 1Q Investor Meeting. May 2010
2010 1Q Investor Meeting May 2010 This presentation contains preliminary figures which may be materially different from the final figures. While the statements in this presentation represent our current
More informationMonths Investor Presentation
2018 9 Months Investor Presentation 25.10.2018 Disclaimer Ereğli Demir Çelik Fabrikaları T.A.Ş. (Erdemir) may, when necessary, make written or verbal announcements about forward-looking information, expectations,
More informationPreliminary Steel Imports Decrease 5% in February Import Market Share 18% in February
News Release FOR IMMEDIATE RELEASE March 23, 2010 CONTACT: NANCY GRAVATT 202.452.7115/ ngravatt@steel.org Preliminary Steel Imports Decrease 5% in ruary Import Market Share 18% in ruary Washington, D.C.
More informationFINISHED STEEL IMPORT MARKET SHARE AT 25% IN JANUARY
News Release FOR IMMEDIATE RELEASE March 27, 2019 CONTACT Lisa Harrison 202.452.7115/lharrison@steel.org FINISHED STEEL IMPORT MARKET SHARE AT 25% IN JANUARY Washington, D.C. Based on preliminary Census
More informationPakistan Oilseed Processors Seize Opportunity to Crush Soybeans
United States Department of Agriculture Foreign Agricultural Service December 2015 Pakistan Oilseed Processors Seize Opportunity to Crush Soybeans Pakistan, long an importer of soybean meal, is transitioning
More informationMidwest Association of Rail Shippers
January 13, 2016 Midwest Association of Rail Shippers Lance Fritz Chairman and CEO Union Pacific 1 2015 Economic Results Consumer-driven growth 1 Consumer Spending 2 Light Vehicle Sales 3.6% 3.0% 3.0%
More informationPreliminary Steel Imports Increase 16% in January Highest Total Imports Since January 2009
News Release FOR IMMEDIATE RELEASE February 23, 2010 CONTACT: NANCY GRAVATT 202.452.7115/ ngravatt@steel.org Preliminary Steel Imports Increase 16% in uary Highest Total Imports Since uary 2009 Washington,
More informationWeak Real to Boost Brazil s Soybean Exports in 2016
United States Department of Agriculture Foreign Agricultural Service October 2015 Weak Real to Boost Brazil s Soybean Exports in 2016 Brazil s exchange rate is having a significant impact on domestic and
More informationINDEX: Introduction Prices Exports. Imports Production Conclusion
INDEX: Introduction Prices Exports Imports Production Conclusion INTRODUCTION 2016 remained a cheerful year for Indian steel market. With government s timely safeguard measures to protect domestic steel
More informationNorth American Storage and Transportation Trends
North American Storage and Transportation Trends Brian Busch Director, Oil Markets and Business Development www.genscape.com 2016 Genscape Incorporated. All rights reserved. What we do 2 Current State
More informationSoybean and Oilseed Meal Import Prospects Higher as Severe Weather Damages EU Crops
Million Tons Million Tons Million Tons United States Department of Agriculture Foreign Agricultural Service August 2018 Soybean and Oilseed Meal Import Prospects Higher as Severe Weather Damages EU Crops
More informationGrowing Soybean Oil Price Raises Oil s Contribution to Total Soybean Value
United States Department of Agriculture Foreign Agricultural Service Circular Series FOP 10-07 October 2007 Growing Soybean Oil Price Raises Oil s Contribution to Total Soybean Value Relative Share Value:
More informationU.S. Soybean Exports Forecast to Reach Record
United States Department of Agriculture Foreign Agricultural Service July 2017 U.S. Soybean Exports Forecast to Reach Record 60 Accumulated Exports by Week Total Commitments of Soybeans as of End of June
More informationPresentation to SMR/Metal Bulletin Summit by John Rowe Secretary-General International Stainless Steel Forum
Presentation to SMR/Metal Bulletin Summit by John Rowe Secretary-General International Stainless Steel Forum ISSF Stock statistics Hasenclever 9/2/2014 03 September 2014 Istanbul 1 ISSF Antitrust Policy
More information2017 U.S. Ethanol Exports and Imports. Statistical Summary Renewable Fuels Association. All Rights Reserved.
2017 U.S. Ethanol Exports and Imports Statistical Summary 2018 Renewable Fuels Association. All Rights Reserved. 2017 U.S. ETHANOL EXPORTS Annual U.S. Ethanol Exports 1, 1, 1,000 800 600-1,367 1,193 1,169
More informationRegional Refining Outlook
Regional Refining Outlook Implications for Crude Demand Platts Crude Summit 15 May 213 David Wech JBC Energy GmbH 13 th May 213 Research - Energy Studies - Consulting - Training Disclaimer All statements
More informationRESEARCH & KNOWLEDGE MANAGEMENT. Oil & Gas Updates: US Shale Industry
RESEARCH & KNOWLEDGE MANAGEMENT FEBRUARY 218 Key highlights US crude oil and condensate proved reserves amounted to 35.2bln barrels (-12% YoY) in 215, based on the latest available data. The share of tight
More informationSTEEL IMPORTS UP 17% IN JANUARY Finished Import Market Share at 26%
News Release FOR IMMEDIATE RELEASE February 26, 2018 CONTACT Lisa Harrison 202.452.7115/lharrison@steel.org STEEL IMPORTS UP 17% IN JANUARY Finished Import Market Share at 26% Washington, D.C. Based on
More informationPreliminary Steel Imports decline 3% in September Import Market Share at 20%
News Release FOR IMMEDIATE RELEASE October 26, 2010 CONTACT: NANCY GRAVATT 202.452.7115/ ngravatt@steel.org Preliminary Steel Imports decline 3% in September Import Market Share at 20% Washington, D.C.
More informationGlobal Monthly March 2019
Global Monthly March 19 Percent of world bonds outstanding 3 5 15 5 Jan-1 Jun-1 Nov-1 Apr-15 Sep-15 Feb-1 Jul-1 Dec-1 May-17 Oct-17 Mar-1 Aug-1 Dec-1 Mar-19 March 19 Percent, year-on-year 7 5 3 1 1Q1 1Q
More informationSoybean Oil Prices Diverge on Different Supply Situations
United States Department of Agriculture Foreign Agricultural Service Circular Series FOP 10-09 October 2009 Soybean Oil Prices Diverge on Different Supply Situations Soybean Oil Price ($/ton) $900 $850
More information2Q06 Results. Investor Relations
2Q06 Results Investor Relations Content 1. 2Q06 Key Results 2. Summarized Income Statement 3. Balance Sheet as of Jun. 2006 4. Outlook for 2006 5. Result & Outlook By Division Appendix : 2Q06 Results Breakdown
More informationDrought in South America to Limit Soybean Exports
United States Department of Agriculture Foreign Agricultural Service Circular Series FOP 2-09 ruary 2009 Drought in South America to Limit Soybean Exports Million Tons 16 14 12 10 8 6 4 2 Annual Change
More informationMedium-term Coal Market Report 2011 Carlos Fernández Alvarez. Senior Coal Analyst. Gas, Coal and Power Markets Division
Medium-term Coal Market Report 211 Carlos Fernández Alvarez. Senior Coal Analyst. Gas, Coal and Power Markets Division Madrid, 31 January 212 The context Uncertainties will fundamentally shape the medium-term
More informationU.S. Soybean Prices Fall as Buyers Focus Turns to South America
United States Department of Agriculture Foreign Agricultural Service Circular Series FOP 2-10 ruary 2010 U.S. Soybean Prices Fall as Buyers Focus Turns to South America $11.00 Daily U.S. Soybean Cash Price
More informationEarly-Season U.S. Soybean Meal Sales Surge
United States Department of Agriculture Foreign Agricultural Service November 2014 Early-Season U.S. Soybean Meal Sales Surge U.S. soybean meal export commitments (accumulated exports plus outstanding
More informationMarket Report Series: Oil 2018 Analysis & Forecasts to Energy Community 10 th Oil Forum, Belgrade, 25 September 2018
Market Report Series: Oil 218 Analysis & Forecasts to 223 Energy Community 1 th Oil Forum, Belgrade, 25 September 218 Short term update: crude prices (excl. WTI) up strongly Aug/Sep $/bbl 8 Benchmark Crude
More informationThe Impact of Shale Oil Production Growth in the US
The Impact of Shale Oil Production Growth in the US Presentation to IMSF, Copenhagen By Selena Yan, Senior Analyst www.clarksons.com Disclaimer The material and the information (including, without limitation,
More informationFY2012. H1 Financial Results. November 8, Copyright(C) 2011 Isuzu Motors Limited All rights reserved
FY2012 H1 Financial Results November 8, 2011 1 Copyright(C) 2011 Isuzu Motors Limited All rights reserved Ⅰ. President and Representative Director : Susumu Hosoi :FY2012 H1 Financial Summary Outline Ⅱ.
More informationMacau Visitor Arrivals. Visitors Inflow ( YTD)
Macau Visitor Arrivals Macau Inflow 21 YOY Change 211 YOY Change 212 YOY Change Jan 2,46,556 6.8% 2,76,64 1.4% 2,461,64 18.6% Feb 2,57,566 24.4% 2,164,249 5.2% 2,13,977 1.5% Mar 2,11,99 6.7% 2,19,865 8.9%
More informationWorld Wheat Supply and Demand Situation
World Wheat Supply and Demand Situation September 218 Major data source: USDA World Agricultural Supply and Demand Estimates released September 12, 218. Projections will change over the course of the year
More informationSTEEL IMPORTS UP 15% IN 2017 Finished Import Market Share Increased to 27%
News Release FOR IMMEDIATE RELEASE January 26, 2018 CONTACT Lisa Harrison 202.452.7115/lharrison@steel.org STEEL IMPORTS UP 15% IN 2017 Finished Import Market Share Increased to 27% Washington, D.C. Based
More informationThe Sulphur Market Outlook
The Sulphur Market Outlook Mike Kitto Principal Consultant Sulphur CRU China International Sulphur&Sulphuric Acid Conference(211) The sulphur market outlook Mike Kitto CRU, UK. Part 1: Recent market trends
More informationB A K E R & O B R I E N
B A K E R & O B R I E N I N C O R P O R A T E D Q3 : U. S. Refining Margins Remain Robust Special Topic: Domestic Light Oil Processing in the U.S. Gulf Coast Have We Hit the Limit? Houston, October 30,
More information282m 75% +575m. Net sales Operating income before non-recurring items. Operating margin before non-recurring items. Net Loss.
First-Half 2009 Financial Highlights Net sales Operating income before non-recurring items Operating margin before non-recurring items Net Loss Net debt-to-equity ratio Free cash flow** 7,134m 282m 4.0%
More informationPalm and Soy Oil Use Expands at Expense of Other Oils
United States Department of Agriculture Foreign Agricultural Service September 2015 Revised on September 15, 2015 Palm and Soy Oil Use Expands at Expense of Other Oils As global demand for vegetable oil
More informationAutomotive Aftermarket Giorgio Brusco
Automotive Aftermarket Giorgio Brusco Vice President Automotive Aftermarket Europe Agenda The global business today Recent progress in automotive Future growth drivers Summary 2 Worldwide Automotive Aftermarket:
More informationChina s Rapeseed Meal Imports Rise as Seed Imports Decline
United States Department of Agriculture Foreign Agricultural Service February 2017 China s Rapeseed Meal Rise as Seed Decline Trend in China Rapeseed 12-Month Moving Totals Trend In China Rapeseed Meal
More informationQ Analyst Teleconference. 9 August 2018
9 August 218 Disclaimer This presentation contains forward-looking statements that reflect the Company management s current views with respect to certain future events. Although it is believed that the
More informationGrowing Fuel Use Limits Exports of Soybean Oil by South America
United States Department of Agriculture Foreign Agricultural Service Circular Series FOP 11-09 ember 2009 Growing Fuel Use Limits of Soybean Oil by South America 2006/07 Soybean Oil Distribution Soybean
More informationCoconut Oil Prices Spike
United States Department of Agriculture Foreign Agricultural Service Coconut Oil Prices Spike Coconut oil prices have surged over the past year in contrast to the general downward trend in other vegetable
More informationFY H1 Financial Results
FY2011 1 H1 Financial Results November 8, 2010 1 Copyright(C) 2010 Isuzu Motors Limited All rights reserved Contents Ⅰ. President and Representative Director : Susumu Hosoi :FY2011 H1 Financial Summary
More informationWorld Wheat Supply and Demand Situation October 2018
World Wheat Supply and Demand Situation October 218 Major data source: USDA World Agricultural Supply and Demand Estimates released October 12, 218. Projections will change over the course of the year
More informationPET Outlook. Chase Willett Director Polyester & Polyester Raw Materials CMAI USA. Houston London Singapore Dubai 2004 Plastic Processors Conference
PET Outlook Chase Willett Director Polyester & Polyester Raw Materials CMAI USA Global PET Demand Americas Asia Europe, MDE & Africa 23 28 1998 21% 45% 34% Tot Dem : 5.6 Mil Tons 24% 39% 37% Tot Dem :
More informationTOFAŞ RESULTS WEBCAST PRESENTATION
TOFAŞ 31.12.2017 RESULTS WEBCAST PRESENTATION 02.02.2018 AGENDA Highlights Turkish Automotive Industry Production Domestic Market Developments Tofaş Domestic Market Performance Export Markets & Tofaş Performance
More informationTENTH DISTRICT MANUFACTURING SURVEY REBOUNDED MODERATELY Federal Reserve Bank of Kansas City Releases January Manufacturing Survey
FOR RELEASE Thursday, January 23, 2014 EMBARGOED FOR 10 A.M. CENTRAL TIME CONTACT: Bill Medley 816-881-2556 Bill.Medley@kc.frb.org TENTH DISTRICT MANUFACTURING SURVEY REBOUNDED MODERATELY Federal Reserve
More informationD G A G R I D A S H B O A R D : A P P L E S
75 79 60 56 49 74 65 59 54 42 76 63 58 53 78 55 42 43 79 44 81 63 47 83 64 59 53 48 Sources: Eurostat, MSs notifications, DG Agri, Comext, Comtrade, GTA, ITC, AMI, Expert groups, Freshfel, Wapa. 89 68
More informationWorld Wheat Supply and Demand Situation August 2018
World Wheat Supply and Demand Situation August 218 Major data source: USDA World Agricultural Supply and Demand Estimates released August 1, 218. Projections will change over the course of the year depending
More informationChina Soybean Imports Stagnant Despite Record Consumption as Production Rebounds
United States Department of Agriculture Foreign Agricultural Service Circular Series FOP 9-08 tember 2008 China Soybean Stagnant Despite Record Consumption as Rebounds Million Tons 60 50 40 30 20 10 0
More informationGlobal High-Performance Electric Motorcycle Market Rport 2017
Report Information More information from: https://www.wiseguyreports.com/reports/1631338-global-high-performance-electric-motorcycle-marketrport-2017 Global High-Performance Electric Motorcycle Market
More informationDefining the Debate: Crude Oil Exports
Defining the Debate: Crude Oil Exports Trisha Curtis, Director of Research Upstream and Midstream Energy Policy Research Foundation, Inc. (EPRINC) Brookings Task Force February 28th, 214 About EPRINC www.eprinc.org
More informationRevised July 17, 2017
Revised July 17, 2017 ISM Manufacturing Purchasing Managers Index (June 2016 June 2017) 66 64 62 60 58 56 54 52 50 48 46 Jun-16 Jul Aug Sept Oct Nov Dec Jan-17 Feb Mar Apr May Jun Purchasing Managers'
More informationRecord U.S. Peanut Exports on Strong Shipments to China and Vietnam
United States Department of Agriculture Foreign Agricultural Service September 2016 Record U.S. Peanut Exports on Strong Shipments to China and Vietnam Thousand Metric Tons 800 700 600 500 400 300 200
More informationNEU Electric and Natural Gas Price Update
$ / MWH Jan-11 May-11 Sep-11 Sep-12 Jan-13 Electric: Short-Term Outlook The NYMEX Northern Illinois Hub 12-month forward price at the end of August 2016 for the September 2016 to August 2017 period was
More informationPreliminary Steel Imports up 19% in July Import Market Share Rises to an Estimated 22%
News Release FOR IMMEDIATE RELEASE August 24, 2010 CONTACT: NANCY GRAVATT 202.452.7115/ ngravatt@steel.org Preliminary Steel Imports up 19% in July Import Market Share Rises to an Estimated 22% Washington,
More information