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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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Wednesday, 14 October 20
MARKET INSIGHT - INTERMODAL
The tanker market has experienced severe freight rate and asset value declines over the past 5 months. A potential market upturn may arise in the c ...
Friday, 09 October 20
INDIA'S COAL IMPORTS IMPROVE SOMEWHAT, BUT RECOVERY IS UNEVEN - REUTERS
India’s coal imports, depressed by the impact of coronavirus this year, regained ground in September, but in an uneven uptick – shipmen ...
Thursday, 08 October 20
CHINA'S COAL IMPORTS FROM INDONESIA DECLINED 16.4% Y-O-Y, TO 80.2 MLN TONNES IN THE FIRST 9 MONTHS OF 2020 - BANCHERO COSTA
China's coal imports boomed in 2019, surprising many who had expected the government would clamp down strictly on shipments.
...
Thursday, 08 October 20
GLIMMER OF LIGHT FOR COAL, BUT SHORT TERM - FNARENA
Is coal on the rebound? Demand appears stronger and supply reductions have underpinned a tightening market. Certainly, the Newcastle thermal coal p ...
Wednesday, 07 October 20
U.S. COAL PRODUCTION TO DECREASE BY 26 PERCENT IN 2020 COMPARED TO 2019 - EIA
EIA expects total U.S. coal production in 2020 to be 525 million short tons (MMst), compared with 705 MMst in 2019, a 26% decrease.
COVID-19 a ...
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- Aboitiz Power Corporation - Philippines
- Indian Oil Corporation Limited
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- Electricity Authority, New Zealand
- The State Trading Corporation of India Ltd
- Electricity Generating Authority of Thailand
- LBH Netherlands Bv - Netherlands
- Wood Mackenzie - Singapore
- Sical Logistics Limited - India
- International Coal Ventures Pvt Ltd - India
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- Bhoruka Overseas - Indonesia
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- San Jose City I Power Corp, Philippines
- IEA Clean Coal Centre - UK
- MS Steel International - UAE
- Larsen & Toubro Limited - India
- Chamber of Mines of South Africa
- Formosa Plastics Group - Taiwan
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- Bhushan Steel Limited - India
- Iligan Light & Power Inc, Philippines
- Indika Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Mineral Development Corp Ltd - India
- SMC Global Power, Philippines
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- GN Power Mariveles Coal Plant, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- IHS Mccloskey Coal Group - USA
- SMG Consultants - Indonesia
- Central Electricity Authority - India
- Coalindo Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Orica Australia Pty. Ltd.
- Siam City Cement PLC, Thailand
- London Commodity Brokers - England
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- Minerals Council of Australia
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- CNBM International Corporation - China
- Timah Investasi Mineral - Indoneisa
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- Global Business Power Corporation, Philippines
- Siam City Cement - Thailand
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- Power Finance Corporation Ltd., India
- VISA Power Limited - India
- Deloitte Consulting - India
- Karaikal Port Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Interocean Group of Companies - India
- Australian Coal Association
- Salva Resources Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Kaltim Prima Coal - Indonesia
- Gujarat Sidhee Cement - India
- Aditya Birla Group - India
- Indo Tambangraya Megah - Indonesia
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- Vijayanagar Sugar Pvt Ltd - India
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- Merrill Lynch Commodities Europe
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- Global Coal Blending Company Limited - Australia
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- Latin American Coal - Colombia
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- India Bulls Power Limited - India
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- Kobexindo Tractors - Indoneisa
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- Bukit Makmur.PT - Indonesia
- Jindal Steel & Power Ltd - India
- Baramulti Group, Indonesia
- Trasteel International SA, Italy
- Pendopo Energi Batubara - Indonesia
- Goldman Sachs - Singapore
- Sinarmas Energy and Mining - Indonesia
- Renaissance Capital - South Africa
- Orica Mining Services - Indonesia
- Jaiprakash Power Ventures ltd
- PetroVietnam Power Coal Import and Supply Company
- Ind-Barath Power Infra Limited - India
- Tamil Nadu electricity Board
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- Economic Council, Georgia
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- Bharathi Cement Corporation - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Uttam Galva Steels Limited - India
- Romanian Commodities Exchange
- Singapore Mercantile Exchange
- Bahari Cakrawala Sebuku - Indonesia
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- Toyota Tsusho Corporation, Japan
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- TeaM Sual Corporation - Philippines
- The University of Queensland
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- Meralco Power Generation, Philippines
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- Sarangani Energy Corporation, Philippines
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- Medco Energi Mining Internasional
- New Zealand Coal & Carbon
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