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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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Friday, 18 November 22
REALITIES OF LOI LIABILITIES - BALTIC EXCHANGE
KNOWLEDGE TO ELEVATE
The cargo misdelivery claim in Trafigura Maritime Logistics Pte Ltd v. Clearlake Shipping Pte Ltd (Miracle Hope) [2022] E ...
Tuesday, 15 November 22
CHINA SEES RISING COAL STORAGE AMID SUPPLY PUSH - XINHUA
Coal stockpiles at China’s power plants have seen considerable increases, ensuring energy supply for the winter, the country’s energy r ...
Tuesday, 15 November 22
SEABORNE THERMAL COAL PRICES START TO EASE, BUT PROCESS IS UNEVEN - REUTERS
Prices for seaborne thermal coal have started to drop as fears of a winter energy crunch ease, but the rate of decline has varied across the differ ...
Thursday, 10 November 22
INDIA: THERMAL PLANTS HAVE ADEQUATE COAL STOCKS AT 25.6 MILLION TONNES, SAYS GOVT - IANS
The coal stock with domestic dry fuel-based power plants, as on October 31, was 25.6 million tonnes, the government said, adding that the availabil ...
Tuesday, 08 November 22
OUTLOOK ON CHINA’S WEAKENED BASIC MATERIALS SECTOR CLOUDED BY POLICY SWINGS - FITCH RATINGS
Fitch Ratings expects basic materials demand in China to improve qoq in 4Q22, driven by seasonally higher construction activity, solid infrastructu ...
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- Global Coal Blending Company Limited - Australia
- Star Paper Mills Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Minerals Council of Australia
- European Bulk Services B.V. - Netherlands
- Heidelberg Cement - Germany
- Singapore Mercantile Exchange
- Indo Tambangraya Megah - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Carbofer General Trading SA - India
- Sical Logistics Limited - India
- Makarim & Taira - Indonesia
- Aditya Birla Group - India
- Essar Steel Hazira Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Medco Energi Mining Internasional
- Grasim Industreis Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Kobexindo Tractors - Indoneisa
- GAC Shipping (India) Pvt Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Indonesian Coal Mining Association
- Karaikal Port Pvt Ltd - India
- Deloitte Consulting - India
- Savvy Resources Ltd - HongKong
- Coastal Gujarat Power Limited - India
- Central Electricity Authority - India
- GVK Power & Infra Limited - India
- Leighton Contractors Pty Ltd - Australia
- Interocean Group of Companies - India
- Ministry of Transport, Egypt
- Ministry of Finance - Indonesia
- Global Green Power PLC Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- White Energy Company Limited
- Planning Commission, India
- Romanian Commodities Exchange
- Ambuja Cements Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Marubeni Corporation - India
- Siam City Cement - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Eastern Coal Council - USA
- Bahari Cakrawala Sebuku - Indonesia
- Sakthi Sugars Limited - India
- Krishnapatnam Port Company Ltd. - India
- Tata Chemicals Ltd - India
- MS Steel International - UAE
- Kaltim Prima Coal - Indonesia
- Orica Mining Services - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Trasteel International SA, Italy
- Indika Energy - Indonesia
- Coalindo Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Latin American Coal - Colombia
- The State Trading Corporation of India Ltd
- Ceylon Electricity Board - Sri Lanka
- Salva Resources Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Commonwealth Bank - Australia
- Renaissance Capital - South Africa
- Thiess Contractors Indonesia
- Indian Oil Corporation Limited
- Aboitiz Power Corporation - Philippines
- Mercuria Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Pendopo Energi Batubara - Indonesia
- South Luzon Thermal Energy Corporation
- Alfred C Toepfer International GmbH - Germany
- IHS Mccloskey Coal Group - USA
- Altura Mining Limited, Indonesia
- Vizag Seaport Private Limited - India
- TeaM Sual Corporation - Philippines
- Bhoruka Overseas - Indonesia
- IEA Clean Coal Centre - UK
- Agrawal Coal Company - India
- Kumho Petrochemical, South Korea
- Directorate Of Revenue Intelligence - India
- OPG Power Generation Pvt Ltd - India
- Posco Energy - South Korea
- Oldendorff Carriers - Singapore
- Bulk Trading Sa - Switzerland
- Larsen & Toubro Limited - India
- Mintek Dendrill Indonesia
- Coal and Oil Company - UAE
- Kartika Selabumi Mining - Indonesia
- Jaiprakash Power Ventures ltd
- London Commodity Brokers - England
- Central Java Power - Indonesia
- San Jose City I Power Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Thai Mozambique Logistica
- Pipit Mutiara Jaya. PT, Indonesia
- Petron Corporation, Philippines
- Independent Power Producers Association of India
- Wilmar Investment Holdings
- Kideco Jaya Agung - Indonesia
- Bayan Resources Tbk. - Indonesia
- Videocon Industries ltd - India
- Global Business Power Corporation, Philippines
- Eastern Energy - Thailand
- Standard Chartered Bank - UAE
- Chamber of Mines of South Africa
- Economic Council, Georgia
- Merrill Lynch Commodities Europe
- Parry Sugars Refinery, India
- Kalimantan Lumbung Energi - Indonesia
- Energy Link Ltd, New Zealand
- Riau Bara Harum - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Madhucon Powers Ltd - India
- Anglo American - United Kingdom
- India Bulls Power Limited - India
- Toyota Tsusho Corporation, Japan
- Bhatia International Limited - India
- Simpson Spence & Young - Indonesia
- Wood Mackenzie - Singapore
- Binh Thuan Hamico - Vietnam
- TNB Fuel Sdn Bhd - Malaysia
- Semirara Mining Corp, Philippines
- Australian Commodity Traders Exchange
- CIMB Investment Bank - Malaysia
- Sarangani Energy Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- SMC Global Power, Philippines
- Samtan Co., Ltd - South Korea
- Therma Luzon, Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Jorong Barutama Greston.PT - Indonesia
- LBH Netherlands Bv - Netherlands
- Attock Cement Pakistan Limited
- Uttam Galva Steels Limited - India
- Goldman Sachs - Singapore
- Antam Resourcindo - Indonesia
- Port Waratah Coal Services - Australia
- Bukit Baiduri Energy - Indonesia
- Mercator Lines Limited - India
- PowerSource Philippines DevCo
- Malabar Cements Ltd - India
- Timah Investasi Mineral - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
- Electricity Authority, New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Dalmia Cement Bharat India
- Ind-Barath Power Infra Limited - India
- Orica Australia Pty. Ltd.
- Mjunction Services Limited - India
- Barasentosa Lestari - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Parliament of New Zealand
- Miang Besar Coal Terminal - Indonesia
- Bangladesh Power Developement Board
- Power Finance Corporation Ltd., India
- Sinarmas Energy and Mining - Indonesia
- VISA Power Limited - India
- The Treasury - Australian Government
- CNBM International Corporation - China
- Price Waterhouse Coopers - Russia
- Vijayanagar Sugar Pvt Ltd - India
- Australian Coal Association
- Kepco SPC Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Energy Development Corp, Philippines
- Xindia Steels Limited - India
- Intertek Mineral Services - Indonesia
- Indogreen Group - Indonesia
- Gujarat Sidhee Cement - India
- Meralco Power Generation, Philippines
- Lanco Infratech Ltd - India
- Sree Jayajothi Cements Limited - India
- Chettinad Cement Corporation Ltd - India
- Maheswari Brothers Coal Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jindal Steel & Power Ltd - India
- Iligan Light & Power Inc, Philippines
- Formosa Plastics Group - Taiwan
- ASAPP Information Group - India
- Siam City Cement PLC, Thailand
- Sojitz Corporation - Japan
- PTC India Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Borneo Indobara - Indonesia
- Tamil Nadu electricity Board
- Bharathi Cement Corporation - India
- Sindya Power Generating Company Private Ltd
- PNOC Exploration Corporation - Philippines
- Africa Commodities Group - South Africa
- The University of Queensland
- Rio Tinto Coal - Australia
- Cement Manufacturers Association - India
- Vedanta Resources Plc - India
- Asmin Koalindo Tuhup - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Georgia Ports Authority, United States
- SMG Consultants - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Ministry of Mines - Canada
- McConnell Dowell - Australia
- Bhushan Steel Limited - India
- Kohat Cement Company Ltd. - Pakistan
- SN Aboitiz Power Inc, Philippines
- New Zealand Coal & Carbon
- Baramulti Group, Indonesia
- Indian Energy Exchange, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GMR Energy Limited - India
- Edison Trading Spa - Italy
- Electricity Generating Authority of Thailand
- ICICI Bank Limited - India
- Gujarat Electricity Regulatory Commission - India
- Metalloyd Limited - United Kingdom
- Billiton Holdings Pty Ltd - Australia
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