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