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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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Sunday, 13 December 20
LONGSTANDING DOWNSIDE RISKS TO TRADE OUTLOOK - BALTIC EXCHANGE
The OECD has attempted to put a positive spin on the trade message emanating from its latest economic outlook, released last week.
The ...
Sunday, 13 December 20
INDONESIA COAL OUTPUT AT 514 MILLION TONNES THIS YEAR, 2021 TARGET UNCHANGED - REUTERS
Indonesia coal output in the period to Dec. 10 stood at 514.2 million tonnes, official data from the energy ministry’s website showed.
&n ...
Thursday, 10 December 20
MALAYSIA'S CIMB ANNOUNCES COAL FINANCING PHASE-OUT BY 2040 AS ASIA'S FOSSIL FUEL DIVESTMENT DRIVE ACCELERATES - IEEFA
The first emerging markets bank to announce a progressive coal exit policy
Malaysia’s CIMB Group Holdings (CIMB) has announced ...
Wednesday, 09 December 20
MARKET INSIGHT - INTERMODAL
Heading towards the end of a difficult year and with the entire planet under the shadow of the covid-19 virus, it is interesting to proceed with a ...
Tuesday, 08 December 20
MARKET ANALYSIS - ALLIED SHIPPING
It is now undisputed that oil consumption for 2020 will post a considerable drop, as demand for several petroleum products has plummeted since the ...
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- Kohat Cement Company Ltd. - Pakistan
- Madhucon Powers Ltd - India
- Goldman Sachs - Singapore
- Attock Cement Pakistan Limited
- Antam Resourcindo - Indonesia
- Kobexindo Tractors - Indoneisa
- Cement Manufacturers Association - India
- Kumho Petrochemical, South Korea
- Kartika Selabumi Mining - Indonesia
- Bayan Resources Tbk. - Indonesia
- The University of Queensland
- Global Green Power PLC Corporation, Philippines
- Bhushan Steel Limited - India
- Deloitte Consulting - India
- India Bulls Power Limited - India
- VISA Power Limited - India
- The State Trading Corporation of India Ltd
- Georgia Ports Authority, United States
- Pendopo Energi Batubara - Indonesia
- Carbofer General Trading SA - India
- Energy Link Ltd, New Zealand
- Aditya Birla Group - India
- AsiaOL BioFuels Corp., Philippines
- Maheswari Brothers Coal Limited - India
- Krishnapatnam Port Company Ltd. - India
- Billiton Holdings Pty Ltd - Australia
- Indo Tambangraya Megah - Indonesia
- Indian Oil Corporation Limited
- Sarangani Energy Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Formosa Plastics Group - Taiwan
- Latin American Coal - Colombia
- London Commodity Brokers - England
- Ministry of Mines - Canada
- Gujarat Mineral Development Corp Ltd - India
- Minerals Council of Australia
- European Bulk Services B.V. - Netherlands
- Karaikal Port Pvt Ltd - India
- Wood Mackenzie - Singapore
- Energy Development Corp, Philippines
- PNOC Exploration Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- Australian Commodity Traders Exchange
- Orica Mining Services - Indonesia
- Savvy Resources Ltd - HongKong
- Orica Australia Pty. Ltd.
- Commonwealth Bank - Australia
- Romanian Commodities Exchange
- Rio Tinto Coal - Australia
- Power Finance Corporation Ltd., India
- Jaiprakash Power Ventures ltd
- Timah Investasi Mineral - Indoneisa
- Bhatia International Limited - India
- Kideco Jaya Agung - Indonesia
- Central Electricity Authority - India
- Planning Commission, India
- Sojitz Corporation - Japan
- Anglo American - United Kingdom
- Petrochimia International Co. Ltd.- Taiwan
- Globalindo Alam Lestari - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Chamber of Mines of South Africa
- Manunggal Multi Energi - Indonesia
- ICICI Bank Limited - India
- Kepco SPC Power Corporation, Philippines
- Australian Coal Association
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- OPG Power Generation Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Wilmar Investment Holdings
- Mercator Lines Limited - India
- Tamil Nadu electricity Board
- Indonesian Coal Mining Association
- Cigading International Bulk Terminal - Indonesia
- PowerSource Philippines DevCo
- McConnell Dowell - Australia
- Economic Council, Georgia
- Vedanta Resources Plc - India
- Miang Besar Coal Terminal - Indonesia
- Bhoruka Overseas - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Semirara Mining Corp, Philippines
- CIMB Investment Bank - Malaysia
- Sical Logistics Limited - India
- Makarim & Taira - Indonesia
- Central Java Power - Indonesia
- Ind-Barath Power Infra Limited - India
- Star Paper Mills Limited - India
- Oldendorff Carriers - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- The Treasury - Australian Government
- Chettinad Cement Corporation Ltd - India
- Siam City Cement - Thailand
- GMR Energy Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Toyota Tsusho Corporation, Japan
- Metalloyd Limited - United Kingdom
- Directorate Of Revenue Intelligence - India
- Borneo Indobara - Indonesia
- CNBM International Corporation - China
- TeaM Sual Corporation - Philippines
- Port Waratah Coal Services - Australia
- South Luzon Thermal Energy Corporation
- TNB Fuel Sdn Bhd - Malaysia
- Riau Bara Harum - Indonesia
- Straits Asia Resources Limited - Singapore
- Eastern Energy - Thailand
- Edison Trading Spa - Italy
- Sree Jayajothi Cements Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Singapore Mercantile Exchange
- Parliament of New Zealand
- Gujarat Electricity Regulatory Commission - India
- Iligan Light & Power Inc, Philippines
- Petron Corporation, Philippines
- Mjunction Services Limited - India
- International Coal Ventures Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Coal and Oil Company - UAE
- IEA Clean Coal Centre - UK
- SN Aboitiz Power Inc, Philippines
- Agrawal Coal Company - India
- Simpson Spence & Young - Indonesia
- Baramulti Group, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Bharathi Cement Corporation - India
- Pipit Mutiara Jaya. PT, Indonesia
- Salva Resources Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Ambuja Cements Ltd - India
- Parry Sugars Refinery, India
- Grasim Industreis Ltd - India
- Posco Energy - South Korea
- Heidelberg Cement - Germany
- Malabar Cements Ltd - India
- Meralco Power Generation, Philippines
- Independent Power Producers Association of India
- Leighton Contractors Pty Ltd - Australia
- Alfred C Toepfer International GmbH - Germany
- White Energy Company Limited
- Eastern Coal Council - USA
- Aboitiz Power Corporation - Philippines
- San Jose City I Power Corp, Philippines
- Electricity Generating Authority of Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Interocean Group of Companies - India
- Altura Mining Limited, Indonesia
- Indogreen Group - Indonesia
- LBH Netherlands Bv - Netherlands
- Lanco Infratech Ltd - India
- Meenaskhi Energy Private Limited - India
- Barasentosa Lestari - Indonesia
- Intertek Mineral Services - Indonesia
- Sindya Power Generating Company Private Ltd
- Bukit Makmur.PT - Indonesia
- Tata Chemicals Ltd - India
- Jindal Steel & Power Ltd - India
- Coalindo Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Renaissance Capital - South Africa
- Siam City Cement PLC, Thailand
- Semirara Mining and Power Corporation, Philippines
- Africa Commodities Group - South Africa
- Electricity Authority, New Zealand
- Dalmia Cement Bharat India
- Kaltim Prima Coal - Indonesia
- PTC India Limited - India
- Binh Thuan Hamico - Vietnam
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Finance - Indonesia
- SMG Consultants - Indonesia
- Vizag Seaport Private Limited - India
- Videocon Industries ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Indian Energy Exchange, India
- Holcim Trading Pte Ltd - Singapore
- Gujarat Sidhee Cement - India
- Sakthi Sugars Limited - India
- Trasteel International SA, Italy
- Standard Chartered Bank - UAE
- GN Power Mariveles Coal Plant, Philippines
- Merrill Lynch Commodities Europe
- Medco Energi Mining Internasional
- Therma Luzon, Inc, Philippines
- Price Waterhouse Coopers - Russia
- GAC Shipping (India) Pvt Ltd
- Banpu Public Company Limited - Thailand
- Thiess Contractors Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Essar Steel Hazira Ltd - India
- Global Business Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Indika Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Marubeni Corporation - India
- Samtan Co., Ltd - South Korea
- MS Steel International - UAE
- Mercuria Energy - Indonesia
- ASAPP Information Group - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- New Zealand Coal & Carbon
- Xindia Steels Limited - India
- SMC Global Power, Philippines
- Sinarmas Energy and Mining - Indonesia
- IHS Mccloskey Coal Group - USA
- Larsen & Toubro Limited - India
- Thai Mozambique Logistica
- Bangladesh Power Developement Board
- GVK Power & Infra Limited - India
- Mintek Dendrill Indonesia
- Ministry of Transport, Egypt
- Coastal Gujarat Power Limited - India
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