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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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Thursday, 25 March 21
'OMNIBUS LAW' REGULATION ON INDONESIA’S ENERGY AND MINING SECTORS TO BOOST COAL PROCESSING BUT ALSO RAISES QUESTIONS - ABNR
February 2021 saw the issuance of a raft of new government regulations to give effect to the reformist Job Creation Law (colloquially known as the ...
Thursday, 25 March 21
PROPOSED SWITCH FROM COAL TO LNG THREATENS RENEWABLE ENERGY DEVELOPMENT IN ASIA - IEEFA
Renewables offer an ever cheaper, financially sustainable and energy secure alternative, better able to support developing nations
A ...
Thursday, 25 March 21
MAJOR INVESTMENT ADVISORS BLACKROCK AND MEKETA PROVIDE A FIDUCIARY PATH THROUGH THE ENERGY TRANSITION - IEEFA
BlackRock and Meketa say divestment from fossil fuels improves, not weakens, investment returns
Two major financial management firms ...
Thursday, 25 March 21
EUROPE PASSES MILESTONE WITH HALF OF COAL PLANTS CLOSED OR SET TO RETIRE BY 2030 - EURACTIV
Half of Europe’s 324 coal-fueled power plants have either closed or announced a retirement date before 2030, it emerged on Monday (22 March) ...
Wednesday, 24 March 21
MARKET INSIGHT - INTERMODAL
Since the start of the pandemic, the shipping industry has efficiently responded to ensure the continuity of operations and hence the security of s ...
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- Directorate General of MIneral and Coal - Indonesia
- Commonwealth Bank - Australia
- Singapore Mercantile Exchange
- Vizag Seaport Private Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Barasentosa Lestari - Indonesia
- Energy Development Corp, Philippines
- Manunggal Multi Energi - Indonesia
- Goldman Sachs - Singapore
- Kalimantan Lumbung Energi - Indonesia
- GAC Shipping (India) Pvt Ltd
- Georgia Ports Authority, United States
- Bhushan Steel Limited - India
- Wood Mackenzie - Singapore
- Mintek Dendrill Indonesia
- Indika Energy - Indonesia
- PTC India Limited - India
- Intertek Mineral Services - Indonesia
- Uttam Galva Steels Limited - India
- Sakthi Sugars Limited - India
- Bangladesh Power Developement Board
- Borneo Indobara - Indonesia
- SN Aboitiz Power Inc, Philippines
- Kumho Petrochemical, South Korea
- PetroVietnam Power Coal Import and Supply Company
- GN Power Mariveles Coal Plant, Philippines
- Siam City Cement - Thailand
- GMR Energy Limited - India
- Power Finance Corporation Ltd., India
- Global Business Power Corporation, Philippines
- Videocon Industries ltd - India
- Lanco Infratech Ltd - India
- Renaissance Capital - South Africa
- Bhoruka Overseas - Indonesia
- The University of Queensland
- Rio Tinto Coal - Australia
- Agrawal Coal Company - India
- Central Java Power - Indonesia
- Toyota Tsusho Corporation, Japan
- Alfred C Toepfer International GmbH - Germany
- Kobexindo Tractors - Indoneisa
- Bulk Trading Sa - Switzerland
- Chettinad Cement Corporation Ltd - India
- IEA Clean Coal Centre - UK
- Petrochimia International Co. Ltd.- Taiwan
- Minerals Council of Australia
- Ceylon Electricity Board - Sri Lanka
- Anglo American - United Kingdom
- Madhucon Powers Ltd - India
- Indogreen Group - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Chamber of Mines of South Africa
- Meenaskhi Energy Private Limited - India
- Parliament of New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Antam Resourcindo - Indonesia
- Essar Steel Hazira Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Sojitz Corporation - Japan
- Latin American Coal - Colombia
- Iligan Light & Power Inc, Philippines
- South Luzon Thermal Energy Corporation
- Thai Mozambique Logistica
- VISA Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- Ministry of Mines - Canada
- Indian Energy Exchange, India
- Parry Sugars Refinery, India
- LBH Netherlands Bv - Netherlands
- New Zealand Coal & Carbon
- Directorate Of Revenue Intelligence - India
- Economic Council, Georgia
- CNBM International Corporation - China
- Karaikal Port Pvt Ltd - India
- Posco Energy - South Korea
- Asmin Koalindo Tuhup - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Grasim Industreis Ltd - India
- Kepco SPC Power Corporation, Philippines
- Independent Power Producers Association of India
- Semirara Mining Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- Larsen & Toubro Limited - India
- Timah Investasi Mineral - Indoneisa
- Kideco Jaya Agung - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Billiton Holdings Pty Ltd - Australia
- GVK Power & Infra Limited - India
- London Commodity Brokers - England
- MS Steel International - UAE
- The State Trading Corporation of India Ltd
- Energy Link Ltd, New Zealand
- Cement Manufacturers Association - India
- Medco Energi Mining Internasional
- Electricity Authority, New Zealand
- Malabar Cements Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Altura Mining Limited, Indonesia
- OPG Power Generation Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Leighton Contractors Pty Ltd - Australia
- Bukit Baiduri Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Banpu Public Company Limited - Thailand
- Interocean Group of Companies - India
- Binh Thuan Hamico - Vietnam
- Coastal Gujarat Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Salva Resources Pvt Ltd - India
- ICICI Bank Limited - India
- Petron Corporation, Philippines
- Australian Commodity Traders Exchange
- Ministry of Finance - Indonesia
- India Bulls Power Limited - India
- Vedanta Resources Plc - India
- Planning Commission, India
- Orica Mining Services - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Thiess Contractors Indonesia
- Eastern Coal Council - USA
- The Treasury - Australian Government
- Krishnapatnam Port Company Ltd. - India
- Meralco Power Generation, Philippines
- Port Waratah Coal Services - Australia
- Jindal Steel & Power Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Coalindo Energy - Indonesia
- Mjunction Services Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Xindia Steels Limited - India
- Bhatia International Limited - India
- Makarim & Taira - Indonesia
- IHS Mccloskey Coal Group - USA
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mercuria Energy - Indonesia
- Wilmar Investment Holdings
- CIMB Investment Bank - Malaysia
- White Energy Company Limited
- PNOC Exploration Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- Baramulti Group, Indonesia
- Sarangani Energy Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Deloitte Consulting - India
- Eastern Energy - Thailand
- Sical Logistics Limited - India
- Star Paper Mills Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Africa Commodities Group - South Africa
- Bayan Resources Tbk. - Indonesia
- Straits Asia Resources Limited - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Siam City Cement PLC, Thailand
- Jaiprakash Power Ventures ltd
- Trasteel International SA, Italy
- Heidelberg Cement - Germany
- Carbofer General Trading SA - India
- Therma Luzon, Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Tata Chemicals Ltd - India
- Indian Oil Corporation Limited
- Price Waterhouse Coopers - Russia
- Sree Jayajothi Cements Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Gujarat Sidhee Cement - India
- Oldendorff Carriers - Singapore
- International Coal Ventures Pvt Ltd - India
- Aditya Birla Group - India
- Ministry of Transport, Egypt
- PowerSource Philippines DevCo
- Romanian Commodities Exchange
- SMC Global Power, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Karbindo Abesyapradhi - Indoneisa
- Mercator Lines Limited - India
- Savvy Resources Ltd - HongKong
- AsiaOL BioFuels Corp., Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Globalindo Alam Lestari - Indonesia
- Central Electricity Authority - India
- Tamil Nadu electricity Board
- Merrill Lynch Commodities Europe
- San Jose City I Power Corp, Philippines
- Metalloyd Limited - United Kingdom
- Coal and Oil Company - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Electricity Generating Authority of Thailand
- Edison Trading Spa - Italy
- SMG Consultants - Indonesia
- Aboitiz Power Corporation - Philippines
- TeaM Sual Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- Pendopo Energi Batubara - Indonesia
- Marubeni Corporation - India
- ASAPP Information Group - India
- Ind-Barath Power Infra Limited - India
- Samtan Co., Ltd - South Korea
- European Bulk Services B.V. - Netherlands
- Maheswari Brothers Coal Limited - India
- Attock Cement Pakistan Limited
- Ambuja Cements Ltd - India
- Indo Tambangraya Megah - Indonesia
- Kartika Selabumi Mining - Indonesia
- Standard Chartered Bank - UAE
- McConnell Dowell - Australia
- Dalmia Cement Bharat India
- Riau Bara Harum - Indonesia
- Global Green Power PLC Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Australian Coal Association
- Orica Australia Pty. Ltd.
- Bharathi Cement Corporation - India
- Simpson Spence & Young - Indonesia
- Indonesian Coal Mining Association
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