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Wednesday, 09 February 22
MARKET INSIGHT - INTERMODAL
 Iron ore prices have jumped significantly in the week prior to the Chinese New Year with traders and producers stocking up on raw materials. China’s stronger-than-expected steel production, combined with an aggressive restocking of inventory levels and the country’s ports had driven iron ore prices well above expectations.
Iron ore stocks have also spiked as analysts upgrade their price forecasts for the commodity on the back of another unexpected recovery. The record prices of last May tumbled unexpectedly fast to under $US100 a tonne, and currently iron ore is taking the pundits again by surprise with a new run that now has it back near $US150/t. The sentiment is apparently still driven by signals about increased infrastructure spending in China and upgraded price forecasts. Nevertheless, and apart from the price of the commodity itself, it is very important that we still see the good fundamentals and dynamics there, which in any case support our overall optimism and hopes that better and more stable freight rates for Capes must be around the corner.
Looking at Australian iron ore exports to China, it is positive to see they remained robust last month despite the backdrop of rising market prices due to multiple factors including weather disruption and labor “shortage” concerns. Industry analysts said the proportion of Australian iron ore in China’s total iron ore imports may be reduced to below 60 percent in 2022 for the first time since 2015, especially as China is still diversifying its sources of supplies and deepening industry upgrading while pursuing low-carbon targets at the same time.
The price of iron ore was also reflected in the rising imports in China in recent weeks, and perhaps it is more important to keep an eye on inventory levels as well. According to data from industry sources, the total inventory of iron ore imported by steel mills across China reached about 117.57 million tons this week, an increase of 470,200 tons from the previous month. Of course it is always possible that the price increase could simply and perhaps only be related to seasonal speculation itself.
Overall since 2015, China’s iron ore imports from Australia and Brazil have accounted for nearly 80 percent of all imports, of which imports from Australia have exceeded 60 percent. Bilateral relations have soured again recently due to Australia’s attitude toward China, which has caused disruption for trade activities. Iron ore exports are still among the few remaining products that are still in high demand in China, partly due to the needs of the domestic construction sector. However, the expectation is that import proportion from Australia in 2022 is likely to drop below 60 percent, having been 61.6 percent in 2021 and 62.5 percent in 2020. We also hear a lot about the change in policy and the potential domestic supply of iron ore in China, not sure however if all this is something that will really re-shape the market dynamics in the future.
By Christopher Whitty,
Director, Towage & Marine Port Services
Compiled by:
Intermodal Research & Valuations
Analysts:
Yiannis Parganas
Tamara Apostolou
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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Thursday, 08 July 21
STRONGEST HALF YEAR FOR SHIPPING MARKETS SINCE 2008 - CLARKSONS
A year on from peak trade disruption, we update our half year report for the shipping industry profiling a strong recovery and some exceptional ind ...
Tuesday, 06 July 21
INDONESIA COAL PRICE REFERENCE RISES TO 112 MONTHS HIGH IN JULY 2021; 121.15% HIGHER COMPARED TO THAT IN JULY 2020 PRICE
COALspot.com: The Indonesia coal price reference for July 2021 fixed at US$ 115.35 per ton FOB vessel.
The Indonesia coal price referenc ...
Tuesday, 06 July 21
INDONESIAN COAL EXPORTS FELL BY 37% YOY IN 1Q21 DUE TO ADVERSE WEATHER CONDITIONS - FITCH RATINGS
Chinese coal imports declined by 25% yoy in 5M21as a result of both restrictions on Australian coal and the high base in 2020. Import volume in Jan ...
Tuesday, 06 July 21
INDONESIAN 4,200 INDEX HAS ALSO INCREASED TO OVER USD50 PER TONNE SINCE MAY THIS YEAR REFLECTING STRONG CHINESE IMPORT DEMAND - FITCH RATINGS
Price Surge Since March
APAC thermal coal has resumed its price surge since March this year. The benchmark Newcastle 6,000kcal/kg grade c ...
Thursday, 01 July 21
WHY INDIA’S SOLAR POWER TARIFFS ARE CLIMBING AFTER HITTING RECORD LOWS LAST YEAR - IEEFA
What’s behind the recent increase?
Solar tariffs are deflationary. Prices have fallen by 75% in seven years in India, and in 2 ...
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- Bukit Asam (Persero) Tbk - Indonesia
- Heidelberg Cement - Germany
- Renaissance Capital - South Africa
- Attock Cement Pakistan Limited
- Grasim Industreis Ltd - India
- Indika Energy - Indonesia
- PowerSource Philippines DevCo
- Sindya Power Generating Company Private Ltd
- GMR Energy Limited - India
- IHS Mccloskey Coal Group - USA
- Ambuja Cements Ltd - India
- ASAPP Information Group - India
- Vedanta Resources Plc - India
- Bhatia International Limited - India
- Sarangani Energy Corporation, Philippines
- Agrawal Coal Company - India
- MS Steel International - UAE
- Port Waratah Coal Services - Australia
- Baramulti Group, Indonesia
- Xindia Steels Limited - India
- Barasentosa Lestari - Indonesia
- Wood Mackenzie - Singapore
- Carbofer General Trading SA - India
- Oldendorff Carriers - Singapore
- Kobexindo Tractors - Indoneisa
- CIMB Investment Bank - Malaysia
- Ministry of Mines - Canada
- Kalimantan Lumbung Energi - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Essar Steel Hazira Ltd - India
- Kartika Selabumi Mining - Indonesia
- Sical Logistics Limited - India
- Global Business Power Corporation, Philippines
- Dalmia Cement Bharat India
- Riau Bara Harum - Indonesia
- Makarim & Taira - Indonesia
- Mintek Dendrill Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Metalloyd Limited - United Kingdom
- Eastern Coal Council - USA
- White Energy Company Limited
- Semirara Mining Corp, Philippines
- Parliament of New Zealand
- Edison Trading Spa - Italy
- SMG Consultants - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Salva Resources Pvt Ltd - India
- Madhucon Powers Ltd - India
- Meralco Power Generation, Philippines
- New Zealand Coal & Carbon
- Jorong Barutama Greston.PT - Indonesia
- Power Finance Corporation Ltd., India
- Kepco SPC Power Corporation, Philippines
- Wilmar Investment Holdings
- TNB Fuel Sdn Bhd - Malaysia
- Globalindo Alam Lestari - Indonesia
- Directorate Of Revenue Intelligence - India
- Energy Link Ltd, New Zealand
- Central Electricity Authority - India
- Bharathi Cement Corporation - India
- Malabar Cements Ltd - India
- Aditya Birla Group - India
- Toyota Tsusho Corporation, Japan
- Coastal Gujarat Power Limited - India
- Aboitiz Power Corporation - Philippines
- Karaikal Port Pvt Ltd - India
- Energy Development Corp, Philippines
- Ministry of Transport, Egypt
- Goldman Sachs - Singapore
- Larsen & Toubro Limited - India
- Bangladesh Power Developement Board
- Economic Council, Georgia
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Electricity Regulatory Commission - India
- The University of Queensland
- San Jose City I Power Corp, Philippines
- Commonwealth Bank - Australia
- Jaiprakash Power Ventures ltd
- Price Waterhouse Coopers - Russia
- Global Coal Blending Company Limited - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Georgia Ports Authority, United States
- Global Green Power PLC Corporation, Philippines
- Parry Sugars Refinery, India
- Mjunction Services Limited - India
- Ceylon Electricity Board - Sri Lanka
- Alfred C Toepfer International GmbH - Germany
- Minerals Council of Australia
- Bukit Makmur.PT - Indonesia
- Bulk Trading Sa - Switzerland
- European Bulk Services B.V. - Netherlands
- Antam Resourcindo - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Standard Chartered Bank - UAE
- The Treasury - Australian Government
- South Luzon Thermal Energy Corporation
- Holcim Trading Pte Ltd - Singapore
- Savvy Resources Ltd - HongKong
- Independent Power Producers Association of India
- Neyveli Lignite Corporation Ltd, - India
- Merrill Lynch Commodities Europe
- Indian Energy Exchange, India
- International Coal Ventures Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Electricity Authority, New Zealand
- Billiton Holdings Pty Ltd - Australia
- Borneo Indobara - Indonesia
- Australian Coal Association
- Maheswari Brothers Coal Limited - India
- SMC Global Power, Philippines
- Chamber of Mines of South Africa
- Binh Thuan Hamico - Vietnam
- Coal and Oil Company - UAE
- AsiaOL BioFuels Corp., Philippines
- Krishnapatnam Port Company Ltd. - India
- Orica Mining Services - Indonesia
- Orica Australia Pty. Ltd.
- Vijayanagar Sugar Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- OPG Power Generation Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Ind-Barath Power Infra Limited - India
- Cigading International Bulk Terminal - Indonesia
- LBH Netherlands Bv - Netherlands
- Altura Mining Limited, Indonesia
- PTC India Limited - India
- Chettinad Cement Corporation Ltd - India
- Videocon Industries ltd - India
- Cement Manufacturers Association - India
- Iligan Light & Power Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Bhushan Steel Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Vizag Seaport Private Limited - India
- Timah Investasi Mineral - Indoneisa
- Formosa Plastics Group - Taiwan
- Anglo American - United Kingdom
- Siam City Cement - Thailand
- Thiess Contractors Indonesia
- Bukit Baiduri Energy - Indonesia
- Coalindo Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- Siam City Cement PLC, Thailand
- Asmin Koalindo Tuhup - Indonesia
- Straits Asia Resources Limited - Singapore
- Rashtriya Ispat Nigam Limited - India
- Singapore Mercantile Exchange
- Simpson Spence & Young - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Therma Luzon, Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Eastern Energy - Thailand
- TeaM Sual Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- Kideco Jaya Agung - Indonesia
- Rio Tinto Coal - Australia
- Ministry of Finance - Indonesia
- Africa Commodities Group - South Africa
- Planning Commission, India
- Tamil Nadu electricity Board
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Marubeni Corporation - India
- Posco Energy - South Korea
- Samtan Co., Ltd - South Korea
- CNBM International Corporation - China
- Sojitz Corporation - Japan
- India Bulls Power Limited - India
- Star Paper Mills Limited - India
- Deloitte Consulting - India
- Kaltim Prima Coal - Indonesia
- Indian Oil Corporation Limited
- Mercuria Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- London Commodity Brokers - England
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Interocean Group of Companies - India
- Intertek Mineral Services - Indonesia
- Indonesian Coal Mining Association
- Central Java Power - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Banpu Public Company Limited - Thailand
- Thai Mozambique Logistica
- Miang Besar Coal Terminal - Indonesia
- IEA Clean Coal Centre - UK
- Medco Energi Mining Internasional
- Pendopo Energi Batubara - Indonesia
- Latin American Coal - Colombia
- Mercator Lines Limited - India
- Indogreen Group - Indonesia
- Tata Chemicals Ltd - India
- Trasteel International SA, Italy
- VISA Power Limited - India
- Uttam Galva Steels Limited - India
- Sakthi Sugars Limited - India
- ICICI Bank Limited - India
- Indo Tambangraya Megah - Indonesia
- Jindal Steel & Power Ltd - India
- Petron Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Gujarat Sidhee Cement - India
- Pipit Mutiara Jaya. PT, Indonesia
- Romanian Commodities Exchange
- Sree Jayajothi Cements Limited - India
- Australian Commodity Traders Exchange
- Kumho Petrochemical, South Korea
- Meenaskhi Energy Private Limited - India
- Lanco Infratech Ltd - India
- Electricity Generating Authority of Thailand
- McConnell Dowell - Australia
- SN Aboitiz Power Inc, Philippines
- GVK Power & Infra Limited - India
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