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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, 22 December 20
SOUTHEAST ASIA'S COAL DEMAND IS SET TO EXPAND AFTER THE PANDEMIC-INDUCED HIATUS IN 2020 - IEA
Coal consumption in Southeast Asia has more than doubled in the last decade, with the largest growth in Indonesia and Viet Nam, followed by Malaysi ...
Tuesday, 22 December 20
COAL DEMAND IS RISING QUICKLY IN PAKISTAN AND MORE SLOWLY IN BANGLADESH - IEA
Pakistan had 150 MW of installed coal power capacity in 2015. Since 2017, in addition to a few small plants for industry, Pakistan has commissioned ...
Tuesday, 22 December 20
AFRICA PERSPECTIVE INDICATES NO MAJOR SHIFTS FOR COAL CONSUMPTION - IEA
Overall countries on the African continent consumed 197 Mt of coal in 2019, 12 Mt less (-6%) than 2018.
South Africa, the continent& ...
Monday, 21 December 20
COAL PRICES WITHSTAND DESPITE COVID-19 AND CHINESE IMPORT QUOTAS - IEA
Coal prices vary by region as well as by grade and quality. The price rebound starting in 2016 ended in 2018, moving in a downward trend in 2019. A ...
Monday, 21 December 20
COAL'S PARTIAL RECOVERY IS SET TO FADE AFTER 2021 - IEA
Global coal consumption is estimated to have fallen by 7%, or over 500 million tonnes, between 2018 in 2020. A decline of this size over a two-year ...
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- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Independent Power Producers Association of India
- Deloitte Consulting - India
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- Ministry of Mines - Canada
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- Chamber of Mines of South Africa
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- Alfred C Toepfer International GmbH - Germany
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- Commonwealth Bank - Australia
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- Krishnapatnam Port Company Ltd. - India
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- Rio Tinto Coal - Australia
- Maharashtra Electricity Regulatory Commission - India
- Jorong Barutama Greston.PT - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Wood Mackenzie - Singapore
- SN Aboitiz Power Inc, Philippines
- Tamil Nadu electricity Board
- Kalimantan Lumbung Energi - Indonesia
- Xindia Steels Limited - India
- Indo Tambangraya Megah - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Meenaskhi Energy Private Limited - India
- Oldendorff Carriers - Singapore
- Medco Energi Mining Internasional
- Ceylon Electricity Board - Sri Lanka
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Therma Luzon, Inc, Philippines
- Samtan Co., Ltd - South Korea
- Energy Link Ltd, New Zealand
- Miang Besar Coal Terminal - Indonesia
- Bharathi Cement Corporation - India
- Lanco Infratech Ltd - India
- Indika Energy - Indonesia
- Georgia Ports Authority, United States
- Kohat Cement Company Ltd. - Pakistan
- Bayan Resources Tbk. - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Star Paper Mills Limited - India
- Coal and Oil Company - UAE
- European Bulk Services B.V. - Netherlands
- Interocean Group of Companies - India
- Standard Chartered Bank - UAE
- Indian Oil Corporation Limited
- Borneo Indobara - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Grasim Industreis Ltd - India
- McConnell Dowell - Australia
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- Orica Mining Services - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Australian Commodity Traders Exchange
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- Simpson Spence & Young - Indonesia
- GVK Power & Infra Limited - India
- Tata Chemicals Ltd - India
- Thiess Contractors Indonesia
- New Zealand Coal & Carbon
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- Minerals Council of Australia
- PetroVietnam Power Coal Import and Supply Company
- Siam City Cement - Thailand
- Global Business Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coastal Gujarat Power Limited - India
- Parry Sugars Refinery, India
- White Energy Company Limited
- Planning Commission, India
- AsiaOL BioFuels Corp., Philippines
- IEA Clean Coal Centre - UK
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- Jindal Steel & Power Ltd - India
- Agrawal Coal Company - India
- Semirara Mining Corp, Philippines
- San Jose City I Power Corp, Philippines
- Australian Coal Association
- Siam City Cement PLC, Thailand
- Wilmar Investment Holdings
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sical Logistics Limited - India
- South Luzon Thermal Energy Corporation
- Port Waratah Coal Services - Australia
- Dalmia Cement Bharat India
- Aditya Birla Group - India
- International Coal Ventures Pvt Ltd - India
- Mercator Lines Limited - India
- Central Electricity Authority - India
- Toyota Tsusho Corporation, Japan
- Sarangani Energy Corporation, Philippines
- Bhatia International Limited - India
- Antam Resourcindo - Indonesia
- Rashtriya Ispat Nigam Limited - India
- GAC Shipping (India) Pvt Ltd
- Kartika Selabumi Mining - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Intertek Mineral Services - Indonesia
- Singapore Mercantile Exchange
- SMG Consultants - Indonesia
- Energy Development Corp, Philippines
- Trasteel International SA, Italy
- Pendopo Energi Batubara - Indonesia
- PowerSource Philippines DevCo
- Orica Australia Pty. Ltd.
- IHS Mccloskey Coal Group - USA
- Bahari Cakrawala Sebuku - Indonesia
- SMC Global Power, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Eastern Energy - Thailand
- Ministry of Finance - Indonesia
- Price Waterhouse Coopers - Russia
- Heidelberg Cement - Germany
- Directorate Of Revenue Intelligence - India
- Petrochimia International Co. Ltd.- Taiwan
- TeaM Sual Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- CNBM International Corporation - China
- Savvy Resources Ltd - HongKong
- Sakthi Sugars Limited - India
- Kaltim Prima Coal - Indonesia
- Economic Council, Georgia
- Straits Asia Resources Limited - Singapore
- Formosa Plastics Group - Taiwan
- Mintek Dendrill Indonesia
- Eastern Coal Council - USA
- CIMB Investment Bank - Malaysia
- Renaissance Capital - South Africa
- Essar Steel Hazira Ltd - India
- Electricity Authority, New Zealand
- Ind-Barath Power Infra Limited - India
- Latin American Coal - Colombia
- Larsen & Toubro Limited - India
- Semirara Mining and Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Bukit Makmur.PT - Indonesia
- VISA Power Limited - India
- Holcim Trading Pte Ltd - Singapore
- Aboitiz Power Corporation - Philippines
- Uttam Galva Steels Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- London Commodity Brokers - England
- Sojitz Corporation - Japan
- Salva Resources Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Malabar Cements Ltd - India
- Africa Commodities Group - South Africa
- Metalloyd Limited - United Kingdom
- Vedanta Resources Plc - India
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- Attock Cement Pakistan Limited
- Bangladesh Power Developement Board
- Petron Corporation, Philippines
- Indogreen Group - Indonesia
- OPG Power Generation Pvt Ltd - India
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- GMR Energy Limited - India
- Gujarat Electricity Regulatory Commission - India
- Meralco Power Generation, Philippines
- Power Finance Corporation Ltd., India
- Marubeni Corporation - India
- Karbindo Abesyapradhi - Indoneisa
- Central Java Power - Indonesia
- Ministry of Transport, Egypt
- Gujarat Sidhee Cement - India
- The University of Queensland
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