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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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- Medco Energi Mining Internasional
- VISA Power Limited - India
- Interocean Group of Companies - India
- Energy Development Corp, Philippines
- Mercuria Energy - Indonesia
- Power Finance Corporation Ltd., India
- Marubeni Corporation - India
- Jaiprakash Power Ventures ltd
- Samtan Co., Ltd - South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Mineral Development Corp Ltd - India
- GAC Shipping (India) Pvt Ltd
- Indonesian Coal Mining Association
- Singapore Mercantile Exchange
- PetroVietnam Power Coal Import and Supply Company
- Karaikal Port Pvt Ltd - India
- MS Steel International - UAE
- SMG Consultants - Indonesia
- Minerals Council of Australia
- Trasteel International SA, Italy
- London Commodity Brokers - England
- Vizag Seaport Private Limited - India
- Bulk Trading Sa - Switzerland
- Goldman Sachs - Singapore
- Bayan Resources Tbk. - Indonesia
- The University of Queensland
- Directorate General of MIneral and Coal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Africa Commodities Group - South Africa
- Vedanta Resources Plc - India
- Madhucon Powers Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- European Bulk Services B.V. - Netherlands
- Central Java Power - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Karbindo Abesyapradhi - Indoneisa
- Sojitz Corporation - Japan
- Leighton Contractors Pty Ltd - Australia
- Banpu Public Company Limited - Thailand
- Eastern Energy - Thailand
- Xindia Steels Limited - India
- Central Electricity Authority - India
- SMC Global Power, Philippines
- TeaM Sual Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- Coastal Gujarat Power Limited - India
- GVK Power & Infra Limited - India
- Bangladesh Power Developement Board
- OPG Power Generation Pvt Ltd - India
- Ministry of Mines - Canada
- Straits Asia Resources Limited - Singapore
- Indian Energy Exchange, India
- Bukit Asam (Persero) Tbk - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Videocon Industries ltd - India
- Kideco Jaya Agung - Indonesia
- Deloitte Consulting - India
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Electricity Regulatory Commission - India
- Petron Corporation, Philippines
- White Energy Company Limited
- Electricity Generating Authority of Thailand
- Ceylon Electricity Board - Sri Lanka
- Edison Trading Spa - Italy
- Malabar Cements Ltd - India
- Aboitiz Power Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- Global Coal Blending Company Limited - Australia
- Aditya Birla Group - India
- Wood Mackenzie - Singapore
- ASAPP Information Group - India
- Bukit Baiduri Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Economic Council, Georgia
- Altura Mining Limited, Indonesia
- India Bulls Power Limited - India
- Heidelberg Cement - Germany
- Toyota Tsusho Corporation, Japan
- Maharashtra Electricity Regulatory Commission - India
- Rio Tinto Coal - Australia
- Coalindo Energy - Indonesia
- Australian Commodity Traders Exchange
- Orica Mining Services - Indonesia
- Tata Chemicals Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Carbofer General Trading SA - India
- Lanco Infratech Ltd - India
- Planning Commission, India
- Australian Coal Association
- Globalindo Alam Lestari - Indonesia
- Chamber of Mines of South Africa
- Borneo Indobara - Indonesia
- Salva Resources Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- CNBM International Corporation - China
- Therma Luzon, Inc, Philippines
- Makarim & Taira - Indonesia
- Uttam Galva Steels Limited - India
- Indogreen Group - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Savvy Resources Ltd - HongKong
- Anglo American - United Kingdom
- Ministry of Finance - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Manunggal Multi Energi - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Chettinad Cement Corporation Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Kobexindo Tractors - Indoneisa
- Jindal Steel & Power Ltd - India
- Barasentosa Lestari - Indonesia
- Renaissance Capital - South Africa
- Kepco SPC Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- SN Aboitiz Power Inc, Philippines
- Latin American Coal - Colombia
- Meralco Power Generation, Philippines
- Baramulti Group, Indonesia
- Mjunction Services Limited - India
- Bharathi Cement Corporation - India
- PTC India Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GMR Energy Limited - India
- Sical Logistics Limited - India
- PNOC Exploration Corporation - Philippines
- Formosa Plastics Group - Taiwan
- South Luzon Thermal Energy Corporation
- Agrawal Coal Company - India
- Cigading International Bulk Terminal - Indonesia
- Ambuja Cements Ltd - India
- Ministry of Transport, Egypt
- Tamil Nadu electricity Board
- Timah Investasi Mineral - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kartika Selabumi Mining - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Binh Thuan Hamico - Vietnam
- Sakthi Sugars Limited - India
- Merrill Lynch Commodities Europe
- Siam City Cement PLC, Thailand
- Independent Power Producers Association of India
- Star Paper Mills Limited - India
- Standard Chartered Bank - UAE
- San Jose City I Power Corp, Philippines
- McConnell Dowell - Australia
- Coal and Oil Company - UAE
- Energy Link Ltd, New Zealand
- Asmin Koalindo Tuhup - Indonesia
- Dalmia Cement Bharat India
- Mintek Dendrill Indonesia
- Posco Energy - South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- Cement Manufacturers Association - India
- Directorate Of Revenue Intelligence - India
- Gujarat Sidhee Cement - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Maheswari Brothers Coal Limited - India
- International Coal Ventures Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Iligan Light & Power Inc, Philippines
- Georgia Ports Authority, United States
- Bhoruka Overseas - Indonesia
- Essar Steel Hazira Ltd - India
- Indian Oil Corporation Limited
- Wilmar Investment Holdings
- Siam City Cement - Thailand
- The State Trading Corporation of India Ltd
- Price Waterhouse Coopers - Russia
- Antam Resourcindo - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Parliament of New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Simpson Spence & Young - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Indika Energy - Indonesia
- Orica Australia Pty. Ltd.
- Kalimantan Lumbung Energi - Indonesia
- Mercator Lines Limited - India
- New Zealand Coal & Carbon
- Indo Tambangraya Megah - Indonesia
- Riau Bara Harum - Indonesia
- Romanian Commodities Exchange
- Parry Sugars Refinery, India
- Ind-Barath Power Infra Limited - India
- Commonwealth Bank - Australia
- Global Green Power PLC Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Metalloyd Limited - United Kingdom
- Thai Mozambique Logistica
- Oldendorff Carriers - Singapore
- Intertek Mineral Services - Indonesia
- Larsen & Toubro Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Pendopo Energi Batubara - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Electricity Authority, New Zealand
- Bhatia International Limited - India
- Grasim Industreis Ltd - India
- Attock Cement Pakistan Limited
- Semirara Mining Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Eastern Coal Council - USA
- Billiton Holdings Pty Ltd - Australia
- The Treasury - Australian Government
- PowerSource Philippines DevCo
- AsiaOL BioFuels Corp., Philippines
- Global Business Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- LBH Netherlands Bv - Netherlands
- Thiess Contractors Indonesia
- Bhushan Steel Limited - India
- ICICI Bank Limited - India
- Meenaskhi Energy Private Limited - India
- IEA Clean Coal Centre - UK
- Kumho Petrochemical, South Korea
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