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