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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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Wednesday, 30 June 21
MARKET INSIGHT - INTERMODAL
The strong freight performance since the beginning of year has continued for the dry bulk market with earnings being at the highest level in over a ...
Monday, 28 June 21
MINISTRY OF ENERGY AND MINERAL RESOURCES OF INDONESIA THREATENS TO REVOKE 2,350 MINING BUSINESS PERMITS
The Ministry of Energy and Mineral Resources said that the revocation of mining business permits was in accordance with President Jokowi's inst ...
Sunday, 27 June 21
INDONESIA'S STATE-OWNED UTILITY PLN'S 2060 NET ZERO AMBITION NOT WITHOUT FLAWS AND GAPS - IEEFA
Indonesia on the right emissions reduction pathway but same old coal stories persist
Recent announcements by Indonesia’s state-owned uti ...
Saturday, 26 June 21
COAL PRICES HIT DECADE HIGH DESPITE EFFORTS TO WEAN THE WORLD OFF CARBON - WSJ
Rebounding electricity usage and scanty rainfall in China have added fuel to the rally
Coal prices have climbed to their highest lev ...
Saturday, 26 June 21
KOSPO INVITED BIDS FOR 480,000 MT OF COAL PER ANNUM
COALspot.com: Korea Southern Power Co., Ltd. (KOSPO) has issued an International tender for total 480,000 MT of NCV 1 Min. 5,600 (Spec 1) /Min. 5,0 ...
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- European Bulk Services B.V. - Netherlands
- Ceylon Electricity Board - Sri Lanka
- Straits Asia Resources Limited - Singapore
- Medco Energi Mining Internasional
- New Zealand Coal & Carbon
- McConnell Dowell - Australia
- Global Green Power PLC Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Bukit Baiduri Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- IEA Clean Coal Centre - UK
- Jorong Barutama Greston.PT - Indonesia
- IHS Mccloskey Coal Group - USA
- Mercator Lines Limited - India
- Madhucon Powers Ltd - India
- Salva Resources Pvt Ltd - India
- SMG Consultants - Indonesia
- Formosa Plastics Group - Taiwan
- Coalindo Energy - Indonesia
- PTC India Limited - India
- Bangladesh Power Developement Board
- Ind-Barath Power Infra Limited - India
- Pendopo Energi Batubara - Indonesia
- The University of Queensland
- GAC Shipping (India) Pvt Ltd
- Attock Cement Pakistan Limited
- Ministry of Finance - Indonesia
- Uttam Galva Steels Limited - India
- Cement Manufacturers Association - India
- Electricity Generating Authority of Thailand
- Therma Luzon, Inc, Philippines
- Mintek Dendrill Indonesia
- TeaM Sual Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Heidelberg Cement - Germany
- Riau Bara Harum - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Altura Mining Limited, Indonesia
- CIMB Investment Bank - Malaysia
- Mercuria Energy - Indonesia
- Tamil Nadu electricity Board
- PNOC Exploration Corporation - Philippines
- The Treasury - Australian Government
- Thiess Contractors Indonesia
- Samtan Co., Ltd - South Korea
- GMR Energy Limited - India
- Anglo American - United Kingdom
- Ambuja Cements Ltd - India
- Port Waratah Coal Services - Australia
- Karaikal Port Pvt Ltd - India
- Rio Tinto Coal - Australia
- Karbindo Abesyapradhi - Indoneisa
- Sree Jayajothi Cements Limited - India
- Edison Trading Spa - Italy
- ASAPP Information Group - India
- Leighton Contractors Pty Ltd - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Energy Development Corp, Philippines
- India Bulls Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- Dalmia Cement Bharat India
- Rashtriya Ispat Nigam Limited - India
- Romanian Commodities Exchange
- San Jose City I Power Corp, Philippines
- Wood Mackenzie - Singapore
- Posco Energy - South Korea
- Siam City Cement PLC, Thailand
- Essar Steel Hazira Ltd - India
- Lanco Infratech Ltd - India
- Goldman Sachs - Singapore
- Kepco SPC Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Central Electricity Authority - India
- PowerSource Philippines DevCo
- Wilmar Investment Holdings
- Alfred C Toepfer International GmbH - Germany
- Indogreen Group - Indonesia
- MS Steel International - UAE
- Agrawal Coal Company - India
- Georgia Ports Authority, United States
- Asmin Koalindo Tuhup - Indonesia
- Bhoruka Overseas - Indonesia
- Electricity Authority, New Zealand
- Indian Energy Exchange, India
- Marubeni Corporation - India
- Carbofer General Trading SA - India
- Miang Besar Coal Terminal - Indonesia
- Orica Australia Pty. Ltd.
- Central Java Power - Indonesia
- Iligan Light & Power Inc, Philippines
- Vizag Seaport Private Limited - India
- Australian Commodity Traders Exchange
- Deloitte Consulting - India
- Barasentosa Lestari - Indonesia
- Kartika Selabumi Mining - Indonesia
- SN Aboitiz Power Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Sinarmas Energy and Mining - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Trasteel International SA, Italy
- Indonesian Coal Mining Association
- Kalimantan Lumbung Energi - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bayan Resources Tbk. - Indonesia
- Renaissance Capital - South Africa
- VISA Power Limited - India
- CNBM International Corporation - China
- Kobexindo Tractors - Indoneisa
- Independent Power Producers Association of India
- Parliament of New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bulk Trading Sa - Switzerland
- ICICI Bank Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Interocean Group of Companies - India
- Eastern Coal Council - USA
- Maheswari Brothers Coal Limited - India
- Star Paper Mills Limited - India
- Mjunction Services Limited - India
- Price Waterhouse Coopers - Russia
- Savvy Resources Ltd - HongKong
- Banpu Public Company Limited - Thailand
- Metalloyd Limited - United Kingdom
- Grasim Industreis Ltd - India
- Binh Thuan Hamico - Vietnam
- Australian Coal Association
- Thai Mozambique Logistica
- Jindal Steel & Power Ltd - India
- Merrill Lynch Commodities Europe
- Petrochimia International Co. Ltd.- Taiwan
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Sidhee Cement - India
- Ministry of Mines - Canada
- Ministry of Transport, Egypt
- Commonwealth Bank - Australia
- Vedanta Resources Plc - India
- Baramulti Group, Indonesia
- Kaltim Prima Coal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Directorate Of Revenue Intelligence - India
- Economic Council, Georgia
- Sojitz Corporation - Japan
- Oldendorff Carriers - Singapore
- Timah Investasi Mineral - Indoneisa
- Videocon Industries ltd - India
- Planning Commission, India
- Bhatia International Limited - India
- International Coal Ventures Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Meralco Power Generation, Philippines
- South Luzon Thermal Energy Corporation
- Chettinad Cement Corporation Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Sarangani Energy Corporation, Philippines
- The State Trading Corporation of India Ltd
- Siam City Cement - Thailand
- Power Finance Corporation Ltd., India
- Tata Chemicals Ltd - India
- Borneo Indobara - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Makarim & Taira - Indonesia
- White Energy Company Limited
- Bhushan Steel Limited - India
- Xindia Steels Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Coastal Gujarat Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Neyveli Lignite Corporation Ltd, - India
- Semirara Mining Corp, Philippines
- Antam Resourcindo - Indonesia
- Eastern Energy - Thailand
- Parry Sugars Refinery, India
- Aboitiz Power Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- Chamber of Mines of South Africa
- Orica Mining Services - Indonesia
- Sical Logistics Limited - India
- Energy Link Ltd, New Zealand
- Toyota Tsusho Corporation, Japan
- Africa Commodities Group - South Africa
- Coal and Oil Company - UAE
- Cigading International Bulk Terminal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- SMC Global Power, Philippines
- Global Coal Blending Company Limited - Australia
- Latin American Coal - Colombia
- Pipit Mutiara Jaya. PT, Indonesia
- Sakthi Sugars Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Sindya Power Generating Company Private Ltd
- Standard Chartered Bank - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- Indian Oil Corporation Limited
- Simpson Spence & Young - Indonesia
- Singapore Mercantile Exchange
- Bukit Makmur.PT - Indonesia
- Indika Energy - Indonesia
- Petron Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Aditya Birla Group - India
- GVK Power & Infra Limited - India
- Jaiprakash Power Ventures ltd
- Manunggal Multi Energi - Indonesia
- Kumho Petrochemical, South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Vijayanagar Sugar Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Bharathi Cement Corporation - India
- Larsen & Toubro Limited - India
- Malabar Cements Ltd - India
- Indo Tambangraya Megah - Indonesia
- Global Business Power Corporation, Philippines
- London Commodity Brokers - England
- Minerals Council of Australia
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