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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, 30 April 21
HIGH-SULPHUR FUEL OIL SALES REBOUND AFTER PRE-IMO 2020 - BIMCO
HSFO sales are up 47.2% from Q1 2020, reaching 3.1m tonnes. This is however still less than a third of high-sulphur fuel sales in Q1 2019, before t ...
Monday, 26 April 21
CHINA TO FURTHER CUT COAL USE IN 2021 - XINHUA
China aims to reduce the share of coal in its energy mix to less than 56% this year, according to a guideline released by the National Energy Admin ...
Wednesday, 21 April 21
COAL FINANCING COSTS HAVE SURGED IN PAST 10 YEARS - UNIVERSITY OF OXFORD - THE GUARDIAN
Coal financing costs have surged over the last decade as investors demand returns four times as high as the payoff required from renewable energy p ...
Tuesday, 20 April 21
US DOLLAR LIBOR TRANSITION IN ASSET FINANCE - WHERE ARE WE NOW? - WATSON FARLEY & WILLIAMS
Since our last article, there has been a raft of regulatory and market body announcements relating to the transition away from LIBOR and the follow ...
Sunday, 18 April 21
INDONESIA LIKELY TO WITNESS 119 OIL AND GAS PROJECTS STARTS ACROSS VALUE CHAIN BY 2025, SAYS GLOBALDATA
Indonesia is expected to witness 119 oil and gas projects commencing their operations across value chain during 2021-2025, accounting for 6% of the ...
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- Port Waratah Coal Services - Australia
- Bukit Baiduri Energy - Indonesia
- India Bulls Power Limited - India
- Barasentosa Lestari - Indonesia
- Australian Commodity Traders Exchange
- Salva Resources Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- San Jose City I Power Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- New Zealand Coal & Carbon
- Madhucon Powers Ltd - India
- Sree Jayajothi Cements Limited - India
- Independent Power Producers Association of India
- Straits Asia Resources Limited - Singapore
- Renaissance Capital - South Africa
- Global Business Power Corporation, Philippines
- Sojitz Corporation - Japan
- Petron Corporation, Philippines
- Mercator Lines Limited - India
- Jindal Steel & Power Ltd - India
- VISA Power Limited - India
- Cement Manufacturers Association - India
- Kalimantan Lumbung Energi - Indonesia
- Tamil Nadu electricity Board
- Electricity Generating Authority of Thailand
- PowerSource Philippines DevCo
- Vedanta Resources Plc - India
- Toyota Tsusho Corporation, Japan
- Semirara Mining and Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Global Green Power PLC Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Planning Commission, India
- Lanco Infratech Ltd - India
- Iligan Light & Power Inc, Philippines
- The University of Queensland
- Bank of Tokyo Mitsubishi UFJ Ltd
- Edison Trading Spa - Italy
- Meenaskhi Energy Private Limited - India
- ICICI Bank Limited - India
- Carbofer General Trading SA - India
- Thai Mozambique Logistica
- Eastern Coal Council - USA
- Semirara Mining Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- Ministry of Transport, Egypt
- Star Paper Mills Limited - India
- Bulk Trading Sa - Switzerland
- Rio Tinto Coal - Australia
- Coalindo Energy - Indonesia
- Romanian Commodities Exchange
- Price Waterhouse Coopers - Russia
- Coal and Oil Company - UAE
- Singapore Mercantile Exchange
- LBH Netherlands Bv - Netherlands
- SMG Consultants - Indonesia
- PTC India Limited - India
- European Bulk Services B.V. - Netherlands
- Kaltim Prima Coal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Medco Energi Mining Internasional
- Chettinad Cement Corporation Ltd - India
- Power Finance Corporation Ltd., India
- Tata Chemicals Ltd - India
- Grasim Industreis Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- McConnell Dowell - Australia
- Kepco SPC Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- London Commodity Brokers - England
- Karaikal Port Pvt Ltd - India
- Orica Mining Services - Indonesia
- Formosa Plastics Group - Taiwan
- Wilmar Investment Holdings
- Central Electricity Authority - India
- Xindia Steels Limited - India
- Bhatia International Limited - India
- Thiess Contractors Indonesia
- Krishnapatnam Port Company Ltd. - India
- Wood Mackenzie - Singapore
- Heidelberg Cement - Germany
- Mjunction Services Limited - India
- Altura Mining Limited, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Pipit Mutiara Jaya. PT, Indonesia
- Attock Cement Pakistan Limited
- Africa Commodities Group - South Africa
- OPG Power Generation Pvt Ltd - India
- Agrawal Coal Company - India
- ASAPP Information Group - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Posco Energy - South Korea
- Indo Tambangraya Megah - Indonesia
- Simpson Spence & Young - Indonesia
- IHS Mccloskey Coal Group - USA
- Central Java Power - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Rashtriya Ispat Nigam Limited - India
- MS Steel International - UAE
- Petrochimia International Co. Ltd.- Taiwan
- Anglo American - United Kingdom
- Chamber of Mines of South Africa
- Ind-Barath Power Infra Limited - India
- Kumho Petrochemical, South Korea
- Siam City Cement PLC, Thailand
- IEA Clean Coal Centre - UK
- Commonwealth Bank - Australia
- GVK Power & Infra Limited - India
- Coastal Gujarat Power Limited - India
- Samtan Co., Ltd - South Korea
- Economic Council, Georgia
- GN Power Mariveles Coal Plant, Philippines
- Parliament of New Zealand
- Latin American Coal - Colombia
- Aditya Birla Group - India
- Siam City Cement - Thailand
- Karbindo Abesyapradhi - Indoneisa
- Marubeni Corporation - India
- Energy Development Corp, Philippines
- Indian Energy Exchange, India
- Australian Coal Association
- Sakthi Sugars Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Dalmia Cement Bharat India
- Aboitiz Power Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- Pendopo Energi Batubara - Indonesia
- Sical Logistics Limited - India
- Bharathi Cement Corporation - India
- Sindya Power Generating Company Private Ltd
- Uttam Galva Steels Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Indonesian Coal Mining Association
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Oldendorff Carriers - Singapore
- Mercuria Energy - Indonesia
- Goldman Sachs - Singapore
- Baramulti Group, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Malabar Cements Ltd - India
- Kartika Selabumi Mining - Indonesia
- The State Trading Corporation of India Ltd
- Energy Link Ltd, New Zealand
- TeaM Sual Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- The Treasury - Australian Government
- Georgia Ports Authority, United States
- Therma Luzon, Inc, Philippines
- Riau Bara Harum - Indonesia
- Standard Chartered Bank - UAE
- Indogreen Group - Indonesia
- Borneo Indobara - Indonesia
- Global Coal Blending Company Limited - Australia
- Sarangani Energy Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Trasteel International SA, Italy
- Alfred C Toepfer International GmbH - Germany
- Bhushan Steel Limited - India
- Timah Investasi Mineral - Indoneisa
- Bukit Makmur.PT - Indonesia
- Deloitte Consulting - India
- International Coal Ventures Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Maheswari Brothers Coal Limited - India
- Gujarat Electricity Regulatory Commission - India
- Indika Energy - Indonesia
- Ambuja Cements Ltd - India
- Mintek Dendrill Indonesia
- Banpu Public Company Limited - Thailand
- Holcim Trading Pte Ltd - Singapore
- Kobexindo Tractors - Indoneisa
- Makarim & Taira - Indonesia
- SMC Global Power, Philippines
- Intertek Mineral Services - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Directorate Of Revenue Intelligence - India
- Indian Oil Corporation Limited
- Kideco Jaya Agung - Indonesia
- Binh Thuan Hamico - Vietnam
- Manunggal Multi Energi - Indonesia
- Vizag Seaport Private Limited - India
- White Energy Company Limited
- Jaiprakash Power Ventures ltd
- Meralco Power Generation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Globalindo Alam Lestari - Indonesia
- Billiton Holdings Pty Ltd - Australia
- CNBM International Corporation - China
- Ministry of Mines - Canada
- Minerals Council of Australia
- Gujarat Sidhee Cement - India
- Kohat Cement Company Ltd. - Pakistan
- Vijayanagar Sugar Pvt Ltd - India
- Videocon Industries ltd - India
- PNOC Exploration Corporation - Philippines
- Essar Steel Hazira Ltd - India
- CIMB Investment Bank - Malaysia
- Bukit Asam (Persero) Tbk - Indonesia
- Electricity Authority, New Zealand
- Bangladesh Power Developement Board
- Parry Sugars Refinery, India
- Bhoruka Overseas - Indonesia
- Merrill Lynch Commodities Europe
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Larsen & Toubro Limited - India
- Cigading International Bulk Terminal - Indonesia
- Eastern Energy - Thailand
- Interocean Group of Companies - India
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Finance - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Orica Australia Pty. Ltd.
- Savvy Resources Ltd - HongKong
- Antam Resourcindo - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Jorong Barutama Greston.PT - Indonesia
- GMR Energy Limited - India
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