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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, 27 May 21
CHINA POWER DEMAND EXCEEDS PRE-COVID-19 LEVELS; THERMAL OUTPUT STRONG - FITCH RATINGS
Rising Consumption: Total power consumption rose by 21.2% yoy to 1,921.9GWh in 1Q21 due to the fast recovery of China’s economy, after a drop ...
Thursday, 27 May 21
CHINA'S POWER DEMAND EXCEEDS PRE-PANDEMIC LEVELS; RENEWABLES TO DRIVE DEVELOPMENT - FITCH RATINGS
China's power consumption exceeded the pre-Covid-19 levels in 1Q21 due to the country's fast economic recovery, with strong output from the ...
Wednesday, 26 May 21
THE INDONESIA COAL PRICE REFERENCE FOR MAY 2021 SETTLES AT US$ 89.74 PER TON
COALspot.com: The Indonesia coal price reference for May 2021 settles at US$ 89.74 per ton FOB vessel.
The Indonesia coal pric ...
Wednesday, 26 May 21
MARKET INSIGHT - INTERMODAL
Last year crude tankers’ newbuilding contracting activity was devastated by the economic effects of the Covid-19 pandemic and the cloud of un ...
Wednesday, 26 May 21
NEW POWER AND ENERGY MASTER PLAN MUST BE DESIGNED IN BANGLADESH'S BEST INTERESTS, NOT JAPAN'S - IEEFA
JICA must deliver a low or zero emissions plan as promised, not fund Matarbari 2 coal plant
Clear understandings from the Bangladesh ...
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- Wilmar Investment Holdings
- Planning Commission, India
- Ceylon Electricity Board - Sri Lanka
- Rashtriya Ispat Nigam Limited - India
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- Georgia Ports Authority, United States
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- Kohat Cement Company Ltd. - Pakistan
- Africa Commodities Group - South Africa
- Tata Chemicals Ltd - India
- Heidelberg Cement - Germany
- Malabar Cements Ltd - India
- Indian Oil Corporation Limited
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- Jindal Steel & Power Ltd - India
- Power Finance Corporation Ltd., India
- Baramulti Group, Indonesia
- Coastal Gujarat Power Limited - India
- VISA Power Limited - India
- PTC India Limited - India
- Essar Steel Hazira Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Savvy Resources Ltd - HongKong
- Mercuria Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Sakthi Sugars Limited - India
- IHS Mccloskey Coal Group - USA
- Bayan Resources Tbk. - Indonesia
- GAC Shipping (India) Pvt Ltd
- Ministry of Mines - Canada
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- Kobexindo Tractors - Indoneisa
- LBH Netherlands Bv - Netherlands
- The Treasury - Australian Government
- Singapore Mercantile Exchange
- Jaiprakash Power Ventures ltd
- Bukit Makmur.PT - Indonesia
- Banpu Public Company Limited - Thailand
- Latin American Coal - Colombia
- Bangladesh Power Developement Board
- Ambuja Cements Ltd - India
- Coal and Oil Company - UAE
- Star Paper Mills Limited - India
- PNOC Exploration Corporation - Philippines
- Central Electricity Authority - India
- TeaM Sual Corporation - Philippines
- Sojitz Corporation - Japan
- PetroVietnam Power Coal Import and Supply Company
- Indonesian Coal Mining Association
- Simpson Spence & Young - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Coalindo Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Kepco SPC Power Corporation, Philippines
- Ministry of Transport, Egypt
- Toyota Tsusho Corporation, Japan
- Sindya Power Generating Company Private Ltd
- CNBM International Corporation - China
- Electricity Authority, New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Minerals Council of Australia
- Deloitte Consulting - India
- Binh Thuan Hamico - Vietnam
- Videocon Industries ltd - India
- Directorate Of Revenue Intelligence - India
- Attock Cement Pakistan Limited
- Holcim Trading Pte Ltd - Singapore
- Bhoruka Overseas - Indonesia
- Siam City Cement PLC, Thailand
- Barasentosa Lestari - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Tamil Nadu electricity Board
- Goldman Sachs - Singapore
- Intertek Mineral Services - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sinarmas Energy and Mining - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Bhatia International Limited - India
- Ind-Barath Power Infra Limited - India
- Samtan Co., Ltd - South Korea
- IEA Clean Coal Centre - UK
- SMG Consultants - Indonesia
- Orica Mining Services - Indonesia
- GMR Energy Limited - India
- Mjunction Services Limited - India
- ICICI Bank Limited - India
- Maheswari Brothers Coal Limited - India
- Eastern Coal Council - USA
- Offshore Bulk Terminal Pte Ltd, Singapore
- Carbofer General Trading SA - India
- Borneo Indobara - Indonesia
- Posco Energy - South Korea
- ASAPP Information Group - India
- Semirara Mining and Power Corporation, Philippines
- Petron Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Agrawal Coal Company - India
- Globalindo Alam Lestari - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Meralco Power Generation, Philippines
- London Commodity Brokers - England
- Makarim & Taira - Indonesia
- Rio Tinto Coal - Australia
- Xindia Steels Limited - India
- Vedanta Resources Plc - India
- Thai Mozambique Logistica
- Australian Commodity Traders Exchange
- Manunggal Multi Energi - Indonesia
- San Jose City I Power Corp, Philippines
- Port Waratah Coal Services - Australia
- Bhushan Steel Limited - India
- Metalloyd Limited - United Kingdom
- Wood Mackenzie - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Altura Mining Limited, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Formosa Plastics Group - Taiwan
- Antam Resourcindo - Indonesia
- Lanco Infratech Ltd - India
- White Energy Company Limited
- Thiess Contractors Indonesia
- Kapuas Tunggal Persada - Indonesia
- Global Business Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- India Bulls Power Limited - India
- Orica Australia Pty. Ltd.
- Aditya Birla Group - India
- Grasim Industreis Ltd - India
- Krishnapatnam Port Company Ltd. - India
- MS Steel International - UAE
- Petrochimia International Co. Ltd.- Taiwan
- Interocean Group of Companies - India
- Energy Development Corp, Philippines
- Eastern Energy - Thailand
- Leighton Contractors Pty Ltd - Australia
- Alfred C Toepfer International GmbH - Germany
- Vizag Seaport Private Limited - India
- Central Java Power - Indonesia
- Renaissance Capital - South Africa
- Iligan Light & Power Inc, Philippines
- Sical Logistics Limited - India
- Siam City Cement - Thailand
- Meenaskhi Energy Private Limited - India
- The University of Queensland
- Bukit Baiduri Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Romanian Commodities Exchange
- The State Trading Corporation of India Ltd
- Marubeni Corporation - India
- Riau Bara Harum - Indonesia
- Cement Manufacturers Association - India
- Cigading International Bulk Terminal - Indonesia
- Edison Trading Spa - Italy
- Global Coal Blending Company Limited - Australia
- Independent Power Producers Association of India
- Mercator Lines Limited - India
- Kumho Petrochemical, South Korea
- Dalmia Cement Bharat India
- Gujarat Sidhee Cement - India
- New Zealand Coal & Carbon
- European Bulk Services B.V. - Netherlands
- Karaikal Port Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Uttam Galva Steels Limited - India
- Chamber of Mines of South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- SN Aboitiz Power Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Indogreen Group - Indonesia
- Larsen & Toubro Limited - India
- Parliament of New Zealand
- Commonwealth Bank - Australia
- Anglo American - United Kingdom
- Medco Energi Mining Internasional
- Indian Energy Exchange, India
- Bukit Asam (Persero) Tbk - Indonesia
- Economic Council, Georgia
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- Karbindo Abesyapradhi - Indoneisa
- Timah Investasi Mineral - Indoneisa
- Indika Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Mintek Dendrill Indonesia
- International Coal Ventures Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Ministry of Finance - Indonesia
- Pendopo Energi Batubara - Indonesia
- Bharathi Cement Corporation - India
- Gujarat Electricity Regulatory Commission - India
- Bulk Trading Sa - Switzerland
- Gujarat Mineral Development Corp Ltd - India
- Trasteel International SA, Italy
- PowerSource Philippines DevCo
- Kartika Selabumi Mining - Indonesia
- SMC Global Power, Philippines
- Parry Sugars Refinery, India
- Oldendorff Carriers - Singapore
- Sree Jayajothi Cements Limited - India
- Price Waterhouse Coopers - Russia
- Kideco Jaya Agung - Indonesia
- Australian Coal Association
- Billiton Holdings Pty Ltd - Australia
- GVK Power & Infra Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Energy Link Ltd, New Zealand
- Madhucon Powers Ltd - India
- McConnell Dowell - Australia
- Aboitiz Power Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Standard Chartered Bank - UAE
- Kalimantan Lumbung Energi - Indonesia
- Neyveli Lignite Corporation Ltd, - India
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