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Wednesday, 28 April 21
MARKET INSIGHT - INTERMODAL
 Despite the current challenges as a result of the global pandemic, 2021 is turning out to be a landmark year for the iron ore market with spot prices for the steel making commodity last week surpassing their February 2011 high of $US188 per tonne. Better Chinese steel prices have also allowed iron ore prices to float higher recently and they appear well supported by rising steel production in the Asian nation. Market experts support that prices could keep climbing and continue to believe that iron ore prices will stay elevated as long as steel mill margins in the world’s largest consumer, China, remain high. From a maritime perspective for seaborne transportation demand, we are overall very glad to see such strong fundamentals leading and driving these important markets, in what appears to be a broad positive sentiment for a key ingredient carried predominantly by Capesizes and very large ore carriers. The Baltic Exchange’s main sea freight index that tracks rates for ships carrying dry bulk commodities extended gains, rising to its highest since late 2010 on Thursday as Capesize rates jumped on strong Chinese iron ore demand. The Capesize market last week reached rate levels equivalent of last year’s highs. The 5TC rose $6,242 to settle at the end of the week at $34,762.
Looking further down the supply chain and at the steel production level, Chinese steel plants are also very active and currently receiving around $US780 per tonne for their steel reinforcing bar product which is used in construction projects for everything from bridges and buildings to infrastructure. This price for the end product, represents a 12-year high and low inventory levels in China are in general adding to the upward pressure on prices for steel products including rebar and hot rolled coil. Prices of rebar and hot-rolled coil in China, the world’s top steel producer, also continued the momentum and rose to record highs last week, underpinned by strong demand.
In the meantime we did notice reports of Beijing taking drastic actions to curb steel production to tackle air pollution around its industrial centres, which raised certain concerns in the market on what the actual effect might be ultimately. However, at least at the moment these actions seem quite unrealistic and perhaps linked to short-term pollution related issues. Furthermore there are headlines regarding China capping its steel production due to the high price of iron ore, but again it is only reasonable and evident that these steel mills are going to continue to produce a lot of steel if they can still sell it and generate good profits on it even though prices of the raw iron ore ingredient are high at around $US180 per tonne. This is another testament that the market dynamics for steel in China is pretty robust at the moment. A lot of the country’s steel production finds its way into the domestic local market where it is used in heavy construction and development for new cities and transport infrastructure that links these together. As a matter of fact, China’s government has set ambitious targets in its latest five-year plan, including a pledge to build 160 new airports and 32,000km of high-speed railway by 2035.
By Christopher Whitty,
Director, Towage & Marine Port Services
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms Eva Tzima
Mr.George Panagopoulos
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no reproducing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Friday, 27 August 21
THE ECONOMICS OF INDONESIA’S DIESEL POWER PLANT TO GAS CONVERSION PLAN ARE PROBLEMATIC - IEEFA
Deploying new small-scale LNG is an uphill battle for PGN
Indonesian gas is currently in a precarious position, where the government needs to ...
Thursday, 26 August 21
INDIA IMPORTED 17.06 MLN TONNES OF LPG IN 2020; UP 11.5% Y-O-Y
Global LPG trade remained fairly positive in 2020, despite the global economic impact from COVID-19, and surged strongly in the first half of 2021. ...
Thursday, 26 August 21
MARKET INSIGHT - INTERMODAL
24th of August 2021, the Baltic Dry Index reached 4,201, a YTD high and the highest since May 2010.
Cape 5TC daily average @ 51,472
...
Tuesday, 24 August 21
COAL PRICE RALLY TO PRESSURE CHINESE POWER GENCOS’ MARGINS FITCH RATINGS
Fitch Ratings expects the pressure on Chinese power generation companies’ (gencos) profit from the recent coal price surge to weaken their cr ...
Tuesday, 24 August 21
TIGHT POWER SUPPLY IN CHINA AMID STRONG DEMAND, HIGH COAL PRICES - FITCH RATINGS
China experienced tight power supply in 1H21 on stronger than expected power demand as economic activity continued to recover, Fitch Ratings says i ...
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- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Petron Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Antam Resourcindo - Indonesia
- Australian Coal Association
- The State Trading Corporation of India Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kalimantan Lumbung Energi - Indonesia
- Ind-Barath Power Infra Limited - India
- Edison Trading Spa - Italy
- Singapore Mercantile Exchange
- MS Steel International - UAE
- Posco Energy - South Korea
- Gujarat Mineral Development Corp Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Energy Link Ltd, New Zealand
- Agrawal Coal Company - India
- Indo Tambangraya Megah - Indonesia
- Kaltim Prima Coal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Electricity Authority, New Zealand
- ASAPP Information Group - India
- Kideco Jaya Agung - Indonesia
- CNBM International Corporation - China
- Formosa Plastics Group - Taiwan
- Aditya Birla Group - India
- Madhucon Powers Ltd - India
- Indonesian Coal Mining Association
- Meenaskhi Energy Private Limited - India
- Power Finance Corporation Ltd., India
- Global Coal Blending Company Limited - Australia
- Aboitiz Power Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- IHS Mccloskey Coal Group - USA
- PTC India Limited - India
- Global Green Power PLC Corporation, Philippines
- White Energy Company Limited
- Petrochimia International Co. Ltd.- Taiwan
- Tamil Nadu electricity Board
- Mintek Dendrill Indonesia
- Australian Commodity Traders Exchange
- Anglo American - United Kingdom
- Chamber of Mines of South Africa
- Baramulti Group, Indonesia
- Ministry of Finance - Indonesia
- The Treasury - Australian Government
- Neyveli Lignite Corporation Ltd, - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Star Paper Mills Limited - India
- Rio Tinto Coal - Australia
- Vedanta Resources Plc - India
- Bangladesh Power Developement Board
- Mjunction Services Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Bukit Baiduri Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Global Business Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Siam City Cement - Thailand
- Sarangani Energy Corporation, Philippines
- Kumho Petrochemical, South Korea
- PetroVietnam Power Coal Import and Supply Company
- Bukit Asam (Persero) Tbk - Indonesia
- Banpu Public Company Limited - Thailand
- Kobexindo Tractors - Indoneisa
- Manunggal Multi Energi - Indonesia
- Economic Council, Georgia
- Simpson Spence & Young - Indonesia
- Bukit Makmur.PT - Indonesia
- Siam City Cement PLC, Thailand
- Intertek Mineral Services - Indonesia
- Cement Manufacturers Association - India
- Orica Mining Services - Indonesia
- Bhatia International Limited - India
- Chettinad Cement Corporation Ltd - India
- Deloitte Consulting - India
- Energy Development Corp, Philippines
- Coal and Oil Company - UAE
- Ministry of Mines - Canada
- Larsen & Toubro Limited - India
- International Coal Ventures Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Thai Mozambique Logistica
- Carbofer General Trading SA - India
- Bayan Resources Tbk. - Indonesia
- Indika Energy - Indonesia
- Borneo Indobara - Indonesia
- Salva Resources Pvt Ltd - India
- Georgia Ports Authority, United States
- Romanian Commodities Exchange
- Ministry of Transport, Egypt
- Standard Chartered Bank - UAE
- Mercuria Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Riau Bara Harum - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Altura Mining Limited, Indonesia
- Bulk Trading Sa - Switzerland
- Semirara Mining and Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- GMR Energy Limited - India
- The University of Queensland
- New Zealand Coal & Carbon
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Price Waterhouse Coopers - Russia
- Maheswari Brothers Coal Limited - India
- Globalindo Alam Lestari - Indonesia
- Videocon Industries ltd - India
- Independent Power Producers Association of India
- Attock Cement Pakistan Limited
- Grasim Industreis Ltd - India
- Africa Commodities Group - South Africa
- Directorate General of MIneral and Coal - Indonesia
- Indian Energy Exchange, India
- Gujarat Electricity Regulatory Commission - India
- Indogreen Group - Indonesia
- Central Java Power - Indonesia
- San Jose City I Power Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Indian Oil Corporation Limited
- Malabar Cements Ltd - India
- Iligan Light & Power Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Semirara Mining Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SMC Global Power, Philippines
- Merrill Lynch Commodities Europe
- Bahari Cakrawala Sebuku - Indonesia
- Uttam Galva Steels Limited - India
- Ceylon Electricity Board - Sri Lanka
- Trasteel International SA, Italy
- Pipit Mutiara Jaya. PT, Indonesia
- India Bulls Power Limited - India
- South Luzon Thermal Energy Corporation
- McConnell Dowell - Australia
- Latin American Coal - Colombia
- Medco Energi Mining Internasional
- Timah Investasi Mineral - Indoneisa
- ICICI Bank Limited - India
- Miang Besar Coal Terminal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Kepco SPC Power Corporation, Philippines
- Wilmar Investment Holdings
- Sree Jayajothi Cements Limited - India
- VISA Power Limited - India
- Sical Logistics Limited - India
- Planning Commission, India
- Marubeni Corporation - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Samtan Co., Ltd - South Korea
- Meralco Power Generation, Philippines
- Coastal Gujarat Power Limited - India
- Cigading International Bulk Terminal - Indonesia
- Dalmia Cement Bharat India
- Bharathi Cement Corporation - India
- European Bulk Services B.V. - Netherlands
- PNOC Exploration Corporation - Philippines
- London Commodity Brokers - England
- Port Waratah Coal Services - Australia
- Oldendorff Carriers - Singapore
- Lanco Infratech Ltd - India
- Bhushan Steel Limited - India
- Sinarmas Energy and Mining - Indonesia
- Thiess Contractors Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Sakthi Sugars Limited - India
- Minerals Council of Australia
- Essar Steel Hazira Ltd - India
- Wood Mackenzie - Singapore
- GVK Power & Infra Limited - India
- Bhoruka Overseas - Indonesia
- Toyota Tsusho Corporation, Japan
- Interocean Group of Companies - India
- Commonwealth Bank - Australia
- Central Electricity Authority - India
- Coalindo Energy - Indonesia
- Goldman Sachs - Singapore
- Parliament of New Zealand
- LBH Netherlands Bv - Netherlands
- Metalloyd Limited - United Kingdom
- IEA Clean Coal Centre - UK
- GN Power Mariveles Coal Plant, Philippines
- Rashtriya Ispat Nigam Limited - India
- PowerSource Philippines DevCo
- SMG Consultants - Indonesia
- Directorate Of Revenue Intelligence - India
- SN Aboitiz Power Inc, Philippines
- Vizag Seaport Private Limited - India
- Leighton Contractors Pty Ltd - Australia
- Kohat Cement Company Ltd. - Pakistan
- Binh Thuan Hamico - Vietnam
- Electricity Generating Authority of Thailand
- Gujarat Sidhee Cement - India
- Jaiprakash Power Ventures ltd
- Eastern Coal Council - USA
- Mercator Lines Limited - India
- Heidelberg Cement - Germany
- Tata Chemicals Ltd - India
- Barasentosa Lestari - Indonesia
- Savvy Resources Ltd - HongKong
- OPG Power Generation Pvt Ltd - India
- Eastern Energy - Thailand
- Ambuja Cements Ltd - India
- Karaikal Port Pvt Ltd - India
- Xindia Steels Limited - India
- Straits Asia Resources Limited - Singapore
- GAC Shipping (India) Pvt Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Billiton Holdings Pty Ltd - Australia
- Therma Luzon, Inc, Philippines
- Sojitz Corporation - Japan
- Parry Sugars Refinery, India
- Renaissance Capital - South Africa
- Makarim & Taira - Indonesia
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