cntic / 财经信息 / 中国买家纷纷要求原材料商推迟发货

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2012-05-22  cntic
2012年05月21日 06:48 AM

China buyers defer raw material cargos


Chinese consumers of thermal coal and iron ore are asking traders to defer cargos and – in some cases – defaulting on their contracts, in the clearest sign yet of the impact of the country’s economic slowdown on raw materials markets.


The deferrals and defaults have only emerged in the past few days, traders said, and have contributed to a drop in iron ore and coal prices.


“We have some clients in China asking us this week to defer volumes,” said a senior executive with a global commodities trading house, who warned that consumers were cautious. “China is hand to mouth at the moment.”


Another senior executive at a different large trading house also confirmed there had been defaults and deferrals in both thermal coal and iron ore.


Chinese growth slowed to 8.1 per cent in the first quarter compared with the same period of 2011, the weakest in nearly three years but still pointing to a so-called soft landing. Other indicators followed by Chinese policy makers, including electricity consumption, rail cargo volumes and disbursement of bank loans, point to a sharper slowdown, suggesting the risk of a hard landing.


Soft commodities like soybeans and cotton have also seen Chinese customers default in the past two weeks, a trader at a third trading house said.


Highlighting a “worrying” weakness in consumer spending inside China, Kim Youngha, the head of Samsung’s China operations, said he expected the market for technology goods to grow 7 per cent this year in China, down from 10 per cent last year. Yu Song, analyst at Goldman Sachs, told clients last week that Chinese economic activity was “exceedingly weak”.

三星(Samsung)中国业务负责人金永夏(Kim Youngha)表示,他预计今年中国高科技产品市场增长率将为7%,低于去年的10%。这凸显了中国国内消费者支出方面“令人担忧的”弱势。高盛 (Goldman Sachs)分析师宋宇上周对客户表示,中国经济活动“极为疲弱”。

As the world’s main engine of commodities consumption, the Chinese business cycle is key for raw materials markets. The country is particularly important for bulk commodities such as iron ore, used in steelmaking, and thermal coal, used to firepower plants. Iron ore and thermal coal are also critical to the profitability of blue-chip miners such as BHP Billiton, Vale of Brazil, Rio Tinto, Xstrata and Anglo American.

作为世界大宗商品的主要驱动者,中国的商业周期对原材料市场十分关键。中国对铁矿石(用于炼 钢)、电煤(用于燃煤电厂)等大宗商品格外重要。铁矿石和电煤对必和必拓(BHP Billiton)、巴西淡水河谷(Vale)、力拓(Rio Tinto)、斯特拉塔(Xstrata)和英美资源(Anglo American)等蓝筹股矿商的盈利能力也非常关键。

The price of the benchmark iron ore with 62 per cent iron content in Singapore fell on Friday to $135.25 a tonne, down nearly 9 per cent from the end April.


Additional reporting by Leslie Hook in Beijing

何丽(Leslie Hook)北京补充报道

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