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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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Monday, 14 June 21
'WISHFUL THINKING': WHY CHINA NEEDS AUSTRALIAN IRON ORE FOR 'MANY YEARS' TO COME - YAHOO FINANCE AU
A “wintry period”.
That’s what’s expected to happen to Australia’s economy “when” China st ...
Sunday, 13 June 21
COAL AND LNG’S SURGE IN ASIA PLAYS INTO RENEWABLE ENERGY HANDS - REUTERS
Liquefied natural gas (LNG) and thermal coal prices in Asia have been roaring ahead in recent months amid strong demand, but while welcome news for ...
Friday, 11 June 21
5 REASONS GLOBAL SHIPPING COSTS WILL CONTINUE TO RISE - ING
No short-term relief
Shipping costs have been growing strongly since the autumn of 2020, but the first months of this year have seen a new surg ...
Friday, 11 June 21
ASIA COAL PRICES SURGE, BUT CHINA-AUSTRALIA DISPUTE MEANS RALLY IS UNEVEN - REUTERS
Thermal coal prices across Asia have surged to multi-year highs amid strong demand and some supply constraints, but some types of the fuel have don ...
Thursday, 10 June 21
INDONESIA COAL EARNINGS RECOVERY TO SLOW AFTER STRONG 1Q - FITCH RATINGS
Fitch Ratings expects the recovery in operating and financial performance of Indonesian coal miners and coal contractors to slow during rest of 202 ...
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- Mintek Dendrill Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Agrawal Coal Company - India
- Ministry of Mines - Canada
- Binh Thuan Hamico - Vietnam
- Mjunction Services Limited - India
- Formosa Plastics Group - Taiwan
- Power Finance Corporation Ltd., India
- South Luzon Thermal Energy Corporation
- Kartika Selabumi Mining - Indonesia
- Ministry of Finance - Indonesia
- Barasentosa Lestari - Indonesia
- Makarim & Taira - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Borneo Indobara - Indonesia
- Oldendorff Carriers - Singapore
- Coastal Gujarat Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Bank of Tokyo Mitsubishi UFJ Ltd
- PTC India Limited - India
- CIMB Investment Bank - Malaysia
- Jindal Steel & Power Ltd - India
- The Treasury - Australian Government
- Sojitz Corporation - Japan
- Medco Energi Mining Internasional
- SN Aboitiz Power Inc, Philippines
- Marubeni Corporation - India
- Bhoruka Overseas - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Meralco Power Generation, Philippines
- OPG Power Generation Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Bahari Cakrawala Sebuku - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- ICICI Bank Limited - India
- Bukit Makmur.PT - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Star Paper Mills Limited - India
- Toyota Tsusho Corporation, Japan
- Sree Jayajothi Cements Limited - India
- MS Steel International - UAE
- Port Waratah Coal Services - Australia
- GAC Shipping (India) Pvt Ltd
- Manunggal Multi Energi - Indonesia
- Sakthi Sugars Limited - India
- Global Green Power PLC Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Eastern Coal Council - USA
- Parry Sugars Refinery, India
- Africa Commodities Group - South Africa
- GVK Power & Infra Limited - India
- London Commodity Brokers - England
- Ministry of Transport, Egypt
- Renaissance Capital - South Africa
- Rashtriya Ispat Nigam Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Edison Trading Spa - Italy
- Leighton Contractors Pty Ltd - Australia
- Jaiprakash Power Ventures ltd
- Savvy Resources Ltd - HongKong
- Australian Commodity Traders Exchange
- Chettinad Cement Corporation Ltd - India
- European Bulk Services B.V. - Netherlands
- Riau Bara Harum - Indonesia
- Electricity Generating Authority of Thailand
- Bulk Trading Sa - Switzerland
- Ind-Barath Power Infra Limited - India
- Indika Energy - Indonesia
- IEA Clean Coal Centre - UK
- The University of Queensland
- Energy Development Corp, Philippines
- Bhatia International Limited - India
- Karaikal Port Pvt Ltd - India
- Planning Commission, India
- Parliament of New Zealand
- Videocon Industries ltd - India
- LBH Netherlands Bv - Netherlands
- SMG Consultants - Indonesia
- Kideco Jaya Agung - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Semirara Mining and Power Corporation, Philippines
- Chamber of Mines of South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Australian Coal Association
- Indian Oil Corporation Limited
- India Bulls Power Limited - India
- Lanco Infratech Ltd - India
- Directorate Of Revenue Intelligence - India
- Singapore Mercantile Exchange
- Samtan Co., Ltd - South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- Therma Luzon, Inc, Philippines
- Merrill Lynch Commodities Europe
- Offshore Bulk Terminal Pte Ltd, Singapore
- PetroVietnam Power Coal Import and Supply Company
- Mercuria Energy - Indonesia
- Xindia Steels Limited - India
- Latin American Coal - Colombia
- PNOC Exploration Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Ambuja Cements Ltd - India
- McConnell Dowell - Australia
- Straits Asia Resources Limited - Singapore
- Attock Cement Pakistan Limited
- Orica Australia Pty. Ltd.
- Meenaskhi Energy Private Limited - India
- Baramulti Group, Indonesia
- Interocean Group of Companies - India
- Wood Mackenzie - Singapore
- White Energy Company Limited
- Antam Resourcindo - Indonesia
- Maheswari Brothers Coal Limited - India
- Indogreen Group - Indonesia
- Electricity Authority, New Zealand
- Kobexindo Tractors - Indoneisa
- Semirara Mining Corp, Philippines
- Larsen & Toubro Limited - India
- Standard Chartered Bank - UAE
- CNBM International Corporation - China
- Iligan Light & Power Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Madhucon Powers Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Tamil Nadu electricity Board
- Central Electricity Authority - India
- Mercator Lines Limited - India
- Global Coal Blending Company Limited - Australia
- Siam City Cement - Thailand
- Posco Energy - South Korea
- Salva Resources Pvt Ltd - India
- Deloitte Consulting - India
- Commonwealth Bank - Australia
- Ceylon Electricity Board - Sri Lanka
- Indo Tambangraya Megah - Indonesia
- Siam City Cement PLC, Thailand
- Sical Logistics Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Eastern Energy - Thailand
- Vedanta Resources Plc - India
- Central Java Power - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Goldman Sachs - Singapore
- Economic Council, Georgia
- SMC Global Power, Philippines
- Wilmar Investment Holdings
- Asmin Koalindo Tuhup - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Bayan Resources Tbk. - Indonesia
- Pendopo Energi Batubara - Indonesia
- Thiess Contractors Indonesia
- Billiton Holdings Pty Ltd - Australia
- Cement Manufacturers Association - India
- Romanian Commodities Exchange
- Heidelberg Cement - Germany
- Jorong Barutama Greston.PT - Indonesia
- Globalindo Alam Lestari - Indonesia
- Bhushan Steel Limited - India
- Kepco SPC Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Vizag Seaport Private Limited - India
- Aboitiz Power Corporation - Philippines
- ASAPP Information Group - India
- Indonesian Coal Mining Association
- Aditya Birla Group - India
- TeaM Sual Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- Price Waterhouse Coopers - Russia
- Rio Tinto Coal - Australia
- Anglo American - United Kingdom
- Essar Steel Hazira Ltd - India
- The State Trading Corporation of India Ltd
- PowerSource Philippines DevCo
- Miang Besar Coal Terminal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Independent Power Producers Association of India
- Gujarat Electricity Regulatory Commission - India
- Bangladesh Power Developement Board
- Tata Chemicals Ltd - India
- Sindya Power Generating Company Private Ltd
- GMR Energy Limited - India
- New Zealand Coal & Carbon
- Dalmia Cement Bharat India
- Global Business Power Corporation, Philippines
- Bharathi Cement Corporation - India
- Kumho Petrochemical, South Korea
- San Jose City I Power Corp, Philippines
- Georgia Ports Authority, United States
- Directorate General of MIneral and Coal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Thai Mozambique Logistica
- Uttam Galva Steels Limited - India
- Minerals Council of Australia
- Bukit Baiduri Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Carbofer General Trading SA - India
- Coal and Oil Company - UAE
- Coalindo Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Kaltim Prima Coal - Indonesia
- Trasteel International SA, Italy
- Altura Mining Limited, Indonesia
- Malabar Cements Ltd - India
- Petron Corporation, Philippines
- Indian Energy Exchange, India
- VISA Power Limited - India
- Orica Mining Services - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Grasim Industreis Ltd - India
- Timah Investasi Mineral - Indoneisa
- Metalloyd Limited - United Kingdom
- Energy Link Ltd, New Zealand
- Holcim Trading Pte Ltd - Singapore
- Cigading International Bulk Terminal - Indonesia
- Intertek Mineral Services - Indonesia
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