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