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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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Tuesday, 23 March 21
LOWER WHOLESALE PRICES PUT PRESSURE ON AUSTRALIAN ENERGY RETAILERS - FITCH RATINGS
Fitch Ratings expects the low wholesale energy prices in the Australian National Energy Market to persist through to 2022, which will affect electr ...
Tuesday, 23 March 21
SCRUBBER-FITTED SHIPS NEARLY DOUBLE AS FUEL SPREAD SETTLES AT $118 PER MT - PETER SAND
As the lion’s share of the world fleet replaced high-sulphur fuel oil (HSFO) with low-sulphur fuel oil (LFSO) as a mean of propulsion to be c ...
Tuesday, 23 March 21
CHINA'S COAL OUTPUT EDGES UP IN FIRST TWO MONTHS - XINHUA
China’s raw coal output rose 25 percent year on year to 620 million tonnes in the first two months of 2021, official data showed.
...
Wednesday, 17 March 21
MARKET INSIGHT - INTERMODAL
Shipping market players are familiar with the inverse correlation between the freight market and demolition activity i.e. when the market picks up ...
Friday, 12 March 21
INDIA SHOULD FOCUS ON REDUCING COAL POWER GENERATION INSTEAD OF CAPACITY - IEEFA
Nearly half of existing coal power in India is more expensive than new renewable power
To get to its ambitious climate targets, Indi ...
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- Mercator Lines Limited - India
- Ambuja Cements Ltd - India
- PTC India Limited - India
- Attock Cement Pakistan Limited
- White Energy Company Limited
- IEA Clean Coal Centre - UK
- Bhatia International Limited - India
- Renaissance Capital - South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Minerals Council of Australia
- OPG Power Generation Pvt Ltd - India
- Coal and Oil Company - UAE
- Bahari Cakrawala Sebuku - Indonesia
- Georgia Ports Authority, United States
- SMG Consultants - Indonesia
- Parry Sugars Refinery, India
- Directorate Of Revenue Intelligence - India
- TeaM Sual Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Tata Chemicals Ltd - India
- Kumho Petrochemical, South Korea
- Siam City Cement PLC, Thailand
- Indika Energy - Indonesia
- Heidelberg Cement - Germany
- San Jose City I Power Corp, Philippines
- Bukit Makmur.PT - Indonesia
- Sinarmas Energy and Mining - Indonesia
- IHS Mccloskey Coal Group - USA
- Goldman Sachs - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Chettinad Cement Corporation Ltd - India
- Electricity Authority, New Zealand
- Malabar Cements Ltd - India
- Planning Commission, India
- Anglo American - United Kingdom
- Coastal Gujarat Power Limited - India
- Vedanta Resources Plc - India
- Kapuas Tunggal Persada - Indonesia
- Bayan Resources Tbk. - Indonesia
- Thiess Contractors Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Baramulti Group, Indonesia
- Formosa Plastics Group - Taiwan
- Billiton Holdings Pty Ltd - Australia
- Miang Besar Coal Terminal - Indonesia
- Manunggal Multi Energi - Indonesia
- Ministry of Transport, Egypt
- Ministry of Finance - Indonesia
- Energy Link Ltd, New Zealand
- Oldendorff Carriers - Singapore
- Mintek Dendrill Indonesia
- Cement Manufacturers Association - India
- Bukit Baiduri Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Semirara Mining Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Borneo Indobara - Indonesia
- Metalloyd Limited - United Kingdom
- Meenaskhi Energy Private Limited - India
- Central Java Power - Indonesia
- Larsen & Toubro Limited - India
- Salva Resources Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Agrawal Coal Company - India
- ASAPP Information Group - India
- Indo Tambangraya Megah - Indonesia
- Kartika Selabumi Mining - Indonesia
- South Luzon Thermal Energy Corporation
- Riau Bara Harum - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Global Coal Blending Company Limited - Australia
- Vizag Seaport Private Limited - India
- The University of Queensland
- Mercuria Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- New Zealand Coal & Carbon
- Posco Energy - South Korea
- GAC Shipping (India) Pvt Ltd
- AsiaOL BioFuels Corp., Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Banpu Public Company Limited - Thailand
- Makarim & Taira - Indonesia
- Marubeni Corporation - India
- Jorong Barutama Greston.PT - Indonesia
- Central Electricity Authority - India
- Intertek Mineral Services - Indonesia
- Toyota Tsusho Corporation, Japan
- Bangladesh Power Developement Board
- Sical Logistics Limited - India
- Timah Investasi Mineral - Indoneisa
- Parliament of New Zealand
- Cigading International Bulk Terminal - Indonesia
- Bharathi Cement Corporation - India
- Deloitte Consulting - India
- Eastern Coal Council - USA
- Simpson Spence & Young - Indonesia
- Orica Australia Pty. Ltd.
- Alfred C Toepfer International GmbH - Germany
- Standard Chartered Bank - UAE
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Mines - Canada
- Videocon Industries ltd - India
- Global Business Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Wilmar Investment Holdings
- Latin American Coal - Colombia
- Sakthi Sugars Limited - India
- Australian Coal Association
- Chamber of Mines of South Africa
- Meralco Power Generation, Philippines
- Sindya Power Generating Company Private Ltd
- Neyveli Lignite Corporation Ltd, - India
- Grasim Industreis Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Commonwealth Bank - Australia
- India Bulls Power Limited - India
- Kobexindo Tractors - Indoneisa
- Siam City Cement - Thailand
- Kaltim Prima Coal - Indonesia
- Indonesian Coal Mining Association
- PNOC Exploration Corporation - Philippines
- Romanian Commodities Exchange
- Economic Council, Georgia
- Ind-Barath Power Infra Limited - India
- Globalindo Alam Lestari - Indonesia
- Coalindo Energy - Indonesia
- Tamil Nadu electricity Board
- Thai Mozambique Logistica
- PowerSource Philippines DevCo
- Australian Commodity Traders Exchange
- Maheswari Brothers Coal Limited - India
- Orica Mining Services - Indonesia
- Sree Jayajothi Cements Limited - India
- London Commodity Brokers - England
- GMR Energy Limited - India
- Gujarat Electricity Regulatory Commission - India
- CIMB Investment Bank - Malaysia
- Star Paper Mills Limited - India
- Eastern Energy - Thailand
- European Bulk Services B.V. - Netherlands
- Indian Oil Corporation Limited
- Rio Tinto Coal - Australia
- Rashtriya Ispat Nigam Limited - India
- Sarangani Energy Corporation, Philippines
- Port Waratah Coal Services - Australia
- Aditya Birla Group - India
- Indian Energy Exchange, India
- International Coal Ventures Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Interocean Group of Companies - India
- Therma Luzon, Inc, Philippines
- Jindal Steel & Power Ltd - India
- LBH Netherlands Bv - Netherlands
- Kohat Cement Company Ltd. - Pakistan
- Samtan Co., Ltd - South Korea
- Global Green Power PLC Corporation, Philippines
- CNBM International Corporation - China
- Leighton Contractors Pty Ltd - Australia
- Petron Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- Binh Thuan Hamico - Vietnam
- SMC Global Power, Philippines
- Bhoruka Overseas - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- The Treasury - Australian Government
- MS Steel International - UAE
- Dalmia Cement Bharat India
- Directorate General of MIneral and Coal - Indonesia
- Straits Asia Resources Limited - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Essar Steel Hazira Ltd - India
- Gujarat Sidhee Cement - India
- Price Waterhouse Coopers - Russia
- McConnell Dowell - Australia
- Indogreen Group - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Uttam Galva Steels Limited - India
- Aboitiz Power Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- Electricity Generating Authority of Thailand
- Merrill Lynch Commodities Europe
- Xindia Steels Limited - India
- Singapore Mercantile Exchange
- Mjunction Services Limited - India
- The State Trading Corporation of India Ltd
- Holcim Trading Pte Ltd - Singapore
- Barasentosa Lestari - Indonesia
- Medco Energi Mining Internasional
- Savvy Resources Ltd - HongKong
- Antam Resourcindo - Indonesia
- Edison Trading Spa - Italy
- Africa Commodities Group - South Africa
- Pendopo Energi Batubara - Indonesia
- Bhushan Steel Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Wood Mackenzie - Singapore
- Sojitz Corporation - Japan
- ICICI Bank Limited - India
- Iligan Light & Power Inc, Philippines
- GVK Power & Infra Limited - India
- Krishnapatnam Port Company Ltd. - India
- Carbofer General Trading SA - India
- Independent Power Producers Association of India
- Lanco Infratech Ltd - India
- Madhucon Powers Ltd - India
- Bulk Trading Sa - Switzerland
- Trasteel International SA, Italy
- Power Finance Corporation Ltd., India
- Energy Development Corp, Philippines
- VISA Power Limited - India
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