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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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Saturday, 08 May 21
LNG-TO-POWER INVESTORS IN THE PHILIPPINES RISK EXPOSURE TO $14 BILLION IN STRANDED ASSETS - IEEFA
High regulatory and financial uncertainty in the Philippines market
The race to develop liquified natural gas (LNG) facilities in th ...
Saturday, 08 May 21
THE COAL-TO-RENEWABLES TRANSITION TAKES OFF - IEEFA
Pre-Biden changes underscore coming 10-year wave of coal plant retirements
The traditional S-curve growth exhibited by disruptive te ...
Friday, 07 May 21
CHINA'S TOTAL COAL IMPORTS FOR 2020 REACHED A VOLUME OF 304 MILLION TONS - ASSOCARBONI
Our benchmarks, manufacturing Countries like China, Germany, Japan, India, South Korea and Taiwan will continue to use a mix of coal and nuclear to ...
Friday, 07 May 21
SEABORNE WORLD COAL TRADE CLOSED 2020 IN NEGATIVE - ASSOCARBONI
Coal confirmed its leadership as leading fuel for electricity generation also in 2020, accounting for 38% of overall production. For the first time ...
Friday, 07 May 21
INDONESIA'S THERMAL COAL EXPORTS IN 2020 DECREASED BY 13%; INDIA REMAINED THE TOP DESTINATION FOR INDONESIAN COAL - ASSOCARBONI
An increase in seaborne trade is forecast for 2022, driven by markets in Southeast Asia, where growing demand for coal from Bangladesh, the Philipp ...
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- Sakthi Sugars Limited - India
- Jindal Steel & Power Ltd - India
- San Jose City I Power Corp, Philippines
- Straits Asia Resources Limited - Singapore
- IEA Clean Coal Centre - UK
- Cigading International Bulk Terminal - Indonesia
- Orica Mining Services - Indonesia
- Orica Australia Pty. Ltd.
- McConnell Dowell - Australia
- Sical Logistics Limited - India
- Sree Jayajothi Cements Limited - India
- Rio Tinto Coal - Australia
- Tamil Nadu electricity Board
- Bukit Asam (Persero) Tbk - Indonesia
- Goldman Sachs - Singapore
- Central Java Power - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Trasteel International SA, Italy
- AsiaOL BioFuels Corp., Philippines
- Directorate Of Revenue Intelligence - India
- South Luzon Thermal Energy Corporation
- Bhushan Steel Limited - India
- Bukit Makmur.PT - Indonesia
- Bukit Baiduri Energy - Indonesia
- Cement Manufacturers Association - India
- Wood Mackenzie - Singapore
- Deloitte Consulting - India
- Miang Besar Coal Terminal - Indonesia
- Kumho Petrochemical, South Korea
- Marubeni Corporation - India
- Videocon Industries ltd - India
- Eastern Coal Council - USA
- Australian Commodity Traders Exchange
- Gujarat Mineral Development Corp Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Sindya Power Generating Company Private Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Madhucon Powers Ltd - India
- TeaM Sual Corporation - Philippines
- Riau Bara Harum - Indonesia
- Parry Sugars Refinery, India
- Petrochimia International Co. Ltd.- Taiwan
- Jaiprakash Power Ventures ltd
- Medco Energi Mining Internasional
- Maharashtra Electricity Regulatory Commission - India
- VISA Power Limited - India
- Altura Mining Limited, Indonesia
- Holcim Trading Pte Ltd - Singapore
- Indika Energy - Indonesia
- Eastern Energy - Thailand
- Electricity Generating Authority of Thailand
- OPG Power Generation Pvt Ltd - India
- Singapore Mercantile Exchange
- Kapuas Tunggal Persada - Indonesia
- IHS Mccloskey Coal Group - USA
- The State Trading Corporation of India Ltd
- Price Waterhouse Coopers - Russia
- Billiton Holdings Pty Ltd - Australia
- White Energy Company Limited
- Independent Power Producers Association of India
- Essar Steel Hazira Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Renaissance Capital - South Africa
- India Bulls Power Limited - India
- Star Paper Mills Limited - India
- Ceylon Electricity Board - Sri Lanka
- Metalloyd Limited - United Kingdom
- Meralco Power Generation, Philippines
- Heidelberg Cement - Germany
- PowerSource Philippines DevCo
- Barasentosa Lestari - Indonesia
- Semirara Mining Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Aboitiz Power Corporation - Philippines
- Energy Link Ltd, New Zealand
- Economic Council, Georgia
- GVK Power & Infra Limited - India
- Chettinad Cement Corporation Ltd - India
- Energy Development Corp, Philippines
- Mercuria Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Uttam Galva Steels Limited - India
- PTC India Limited - India
- Simpson Spence & Young - Indonesia
- Iligan Light & Power Inc, Philippines
- GMR Energy Limited - India
- MS Steel International - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Manunggal Multi Energi - Indonesia
- Dalmia Cement Bharat India
- Romanian Commodities Exchange
- Gujarat Sidhee Cement - India
- Sinarmas Energy and Mining - Indonesia
- Wilmar Investment Holdings
- GAC Shipping (India) Pvt Ltd
- Latin American Coal - Colombia
- CNBM International Corporation - China
- Karaikal Port Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Lanco Infratech Ltd - India
- Bhatia International Limited - India
- Kobexindo Tractors - Indoneisa
- Merrill Lynch Commodities Europe
- Bharathi Cement Corporation - India
- Toyota Tsusho Corporation, Japan
- Larsen & Toubro Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Bulk Trading Sa - Switzerland
- Maheswari Brothers Coal Limited - India
- Grasim Industreis Ltd - India
- Indogreen Group - Indonesia
- Global Green Power PLC Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Africa Commodities Group - South Africa
- TNB Fuel Sdn Bhd - Malaysia
- PetroVietnam Power Coal Import and Supply Company
- Chamber of Mines of South Africa
- Formosa Plastics Group - Taiwan
- Ministry of Mines - Canada
- Sarangani Energy Corporation, Philippines
- Bangladesh Power Developement Board
- Kideco Jaya Agung - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Power Finance Corporation Ltd., India
- Indonesian Coal Mining Association
- Xindia Steels Limited - India
- Borneo Indobara - Indonesia
- Meenaskhi Energy Private Limited - India
- SN Aboitiz Power Inc, Philippines
- Attock Cement Pakistan Limited
- Coal and Oil Company - UAE
- Antam Resourcindo - Indonesia
- Mintek Dendrill Indonesia
- Samtan Co., Ltd - South Korea
- Salva Resources Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Kaltim Prima Coal - Indonesia
- Ind-Barath Power Infra Limited - India
- Malabar Cements Ltd - India
- Sojitz Corporation - Japan
- Savvy Resources Ltd - HongKong
- International Coal Ventures Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Aditya Birla Group - India
- Siam City Cement - Thailand
- Vizag Seaport Private Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Posco Energy - South Korea
- Thai Mozambique Logistica
- Baramulti Group, Indonesia
- Port Waratah Coal Services - Australia
- Coalindo Energy - Indonesia
- Siam City Cement PLC, Thailand
- Mjunction Services Limited - India
- Agrawal Coal Company - India
- GN Power Mariveles Coal Plant, Philippines
- Tata Chemicals Ltd - India
- European Bulk Services B.V. - Netherlands
- Interocean Group of Companies - India
- Indian Oil Corporation Limited
- Parliament of New Zealand
- Edison Trading Spa - Italy
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- ICICI Bank Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Thiess Contractors Indonesia
- Oldendorff Carriers - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- SMG Consultants - Indonesia
- Globalindo Alam Lestari - Indonesia
- Georgia Ports Authority, United States
- Ministry of Transport, Egypt
- Central Electricity Authority - India
- ASAPP Information Group - India
- Electricity Authority, New Zealand
- Mercator Lines Limited - India
- Australian Coal Association
- Semirara Mining and Power Corporation, Philippines
- Makarim & Taira - Indonesia
- The University of Queensland
- Standard Chartered Bank - UAE
- Kepco SPC Power Corporation, Philippines
- Commonwealth Bank - Australia
- Vijayanagar Sugar Pvt Ltd - India
- London Commodity Brokers - England
- The Treasury - Australian Government
- Krishnapatnam Port Company Ltd. - India
- Binh Thuan Hamico - Vietnam
- SMC Global Power, Philippines
- Vedanta Resources Plc - India
- New Zealand Coal & Carbon
- Planning Commission, India
- Petron Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Global Business Power Corporation, Philippines
- Ambuja Cements Ltd - India
- Indian Energy Exchange, India
- Therma Luzon, Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Pendopo Energi Batubara - Indonesia
- Minerals Council of Australia
- LBH Netherlands Bv - Netherlands
- Coastal Gujarat Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Intertek Mineral Services - Indonesia
- Kartika Selabumi Mining - Indonesia
- Global Coal Blending Company Limited - Australia
- Ministry of Finance - Indonesia
- CIMB Investment Bank - Malaysia
- Carbofer General Trading SA - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- PNOC Exploration Corporation - Philippines
- Anglo American - United Kingdom
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