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