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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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Wednesday, 16 June 21
MARKET INSIGHT - INTERMODAL
“While approaching the second half of the year and summer season is just around the corner, COVID vaccination programs are steadily moving fo ...
Monday, 14 June 21
'WISHFUL THINKING': WHY CHINA NEEDS AUSTRALIAN IRON ORE FOR 'MANY YEARS' TO COME - YAHOO FINANCE AU
A “wintry period”.
That’s what’s expected to happen to Australia’s economy “when” China st ...
Sunday, 13 June 21
COAL AND LNG’S SURGE IN ASIA PLAYS INTO RENEWABLE ENERGY HANDS - REUTERS
Liquefied natural gas (LNG) and thermal coal prices in Asia have been roaring ahead in recent months amid strong demand, but while welcome news for ...
Friday, 11 June 21
5 REASONS GLOBAL SHIPPING COSTS WILL CONTINUE TO RISE - ING
No short-term relief
Shipping costs have been growing strongly since the autumn of 2020, but the first months of this year have seen a new surg ...
Friday, 11 June 21
ASIA COAL PRICES SURGE, BUT CHINA-AUSTRALIA DISPUTE MEANS RALLY IS UNEVEN - REUTERS
Thermal coal prices across Asia have surged to multi-year highs amid strong demand and some supply constraints, but some types of the fuel have don ...
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- Intertek Mineral Services - Indonesia
- Tamil Nadu electricity Board
- Indonesian Coal Mining Association
- Ambuja Cements Ltd - India
- The University of Queensland
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- Siam City Cement - Thailand
- Minerals Council of Australia
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- San Jose City I Power Corp, Philippines
- Georgia Ports Authority, United States
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- Price Waterhouse Coopers - Russia
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- PNOC Exploration Corporation - Philippines
- McConnell Dowell - Australia
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- SMC Global Power, Philippines
- Timah Investasi Mineral - Indoneisa
- IEA Clean Coal Centre - UK
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- Altura Mining Limited, Indonesia
- SN Aboitiz Power Inc, Philippines
- India Bulls Power Limited - India
- Sojitz Corporation - Japan
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- Merrill Lynch Commodities Europe
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- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indian Oil Corporation Limited
- Parry Sugars Refinery, India
- Formosa Plastics Group - Taiwan
- PowerSource Philippines DevCo
- Offshore Bulk Terminal Pte Ltd, Singapore
- Singapore Mercantile Exchange
- London Commodity Brokers - England
- Global Business Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Riau Bara Harum - Indonesia
- Kaltim Prima Coal - Indonesia
- Sindya Power Generating Company Private Ltd
- Eastern Coal Council - USA
- Asmin Koalindo Tuhup - Indonesia
- Therma Luzon, Inc, Philippines
- Marubeni Corporation - India
- Central Electricity Authority - India
- Indogreen Group - Indonesia
- Coalindo Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Directorate General of MIneral and Coal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- White Energy Company Limited
- Coastal Gujarat Power Limited - India
- Mintek Dendrill Indonesia
- Siam City Cement PLC, Thailand
- Manunggal Multi Energi - Indonesia
- Aditya Birla Group - India
- Chettinad Cement Corporation Ltd - India
- IHS Mccloskey Coal Group - USA
- Leighton Contractors Pty Ltd - Australia
- Interocean Group of Companies - India
- MS Steel International - UAE
- Thai Mozambique Logistica
- Mercuria Energy - Indonesia
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- Kepco SPC Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Star Paper Mills Limited - India
- Global Coal Blending Company Limited - Australia
- Karaikal Port Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Makarim & Taira - Indonesia
- Medco Energi Mining Internasional
- AsiaOL BioFuels Corp., Philippines
- Deloitte Consulting - India
- Bulk Trading Sa - Switzerland
- Borneo Indobara - Indonesia
- European Bulk Services B.V. - Netherlands
- Kumho Petrochemical, South Korea
- Maheswari Brothers Coal Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Renaissance Capital - South Africa
- Australian Commodity Traders Exchange
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- Tata Chemicals Ltd - India
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- Energy Development Corp, Philippines
- Toyota Tsusho Corporation, Japan
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- Central Java Power - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Lanco Infratech Ltd - India
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- Vizag Seaport Private Limited - India
- Oldendorff Carriers - Singapore
- Sinarmas Energy and Mining - Indonesia
- Iligan Light & Power Inc, Philippines
- Commonwealth Bank - Australia
- Essar Steel Hazira Ltd - India
- Baramulti Group, Indonesia
- Rashtriya Ispat Nigam Limited - India
- Standard Chartered Bank - UAE
- Posco Energy - South Korea
- Bayan Resources Tbk. - Indonesia
- Ministry of Transport, Egypt
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- Simpson Spence & Young - Indonesia
- Cement Manufacturers Association - India
- Electricity Authority, New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Edison Trading Spa - Italy
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- Latin American Coal - Colombia
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- South Luzon Thermal Energy Corporation
- Global Green Power PLC Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Videocon Industries ltd - India
- Metalloyd Limited - United Kingdom
- Malabar Cements Ltd - India
- GMR Energy Limited - India
- Wood Mackenzie - Singapore
- Cigading International Bulk Terminal - Indonesia
- Port Waratah Coal Services - Australia
- Meralco Power Generation, Philippines
- OPG Power Generation Pvt Ltd - India
- CNBM International Corporation - China
- Sical Logistics Limited - India
- GAC Shipping (India) Pvt Ltd
- ASAPP Information Group - India
- Power Finance Corporation Ltd., India
- GVK Power & Infra Limited - India
- New Zealand Coal & Carbon
- Xindia Steels Limited - India
- Holcim Trading Pte Ltd - Singapore
- Bukit Makmur.PT - Indonesia
- Indo Tambangraya Megah - Indonesia
- Orica Mining Services - Indonesia
- SMG Consultants - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Banpu Public Company Limited - Thailand
- Africa Commodities Group - South Africa
- Savvy Resources Ltd - HongKong
- Parliament of New Zealand
- Jaiprakash Power Ventures ltd
- Anglo American - United Kingdom
- Samtan Co., Ltd - South Korea
- Gujarat Electricity Regulatory Commission - India
- Attock Cement Pakistan Limited
- Salva Resources Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Electricity Generating Authority of Thailand
- Wilmar Investment Holdings
- Energy Link Ltd, New Zealand
- Heidelberg Cement - Germany
- Eastern Energy - Thailand
- Kohat Cement Company Ltd. - Pakistan
- Kartika Selabumi Mining - Indonesia
- ICICI Bank Limited - India
- Planning Commission, India
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- Thiess Contractors Indonesia
- Orica Australia Pty. Ltd.
- Economic Council, Georgia
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- Jindal Steel & Power Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Meenaskhi Energy Private Limited - India
- Goldman Sachs - Singapore
- Bangladesh Power Developement Board
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mjunction Services Limited - India
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