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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, 04 November 22
CHINA EXPANDS COAL TERM CONTRACTS TO ALL MINES TO STABILIZE MARKET - REUTERS
China has expanded long-term thermal coal supply contracts for 2023 to all coal mines and asked power utilities to source more of their demand thro ...
Thursday, 03 November 22
HANDYSIZE VALUES MOVING UP IN OCTOBER, WHILE LNG VALUES SKYROCKET - VESSELSVALUE
Handysize values have increased this month across most ages, following a period of decline. Values for generic 10 year old Handysizes have moved up ...
Thursday, 03 November 22
EUROPEAN GAS SUPPLY SURPLUS, NOVEMBER HBA DOWN TO US$ 308.2 PER TON - ESDM
European gas supply conditions have a major influence in determining fluctuations in the Reference Coal Price (HBA). The November 2022 HBA recorded ...
Wednesday, 02 November 22
MARKET INSIGHT - INTERMODAL
Only five weeks before western sanctions’ full effect, uncertainty over energy has markets and governments on the edge. What was initially th ...
Tuesday, 01 November 22
CHINA COAL TRADE DISRUPTED BY COVID OUTBREAKS AS WINTER LOOMS - REUTERS
China’s strict COVID-19 policy is constraining coal supplies and pushing up prices, industry officials and traders say, just weeks before the ...
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- Ministry of Finance - Indonesia
- PowerSource Philippines DevCo
- SMC Global Power, Philippines
- Holcim Trading Pte Ltd - Singapore
- Sical Logistics Limited - India
- Global Business Power Corporation, Philippines
- Dalmia Cement Bharat India
- Carbofer General Trading SA - India
- Coalindo Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Asam (Persero) Tbk - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Bahari Cakrawala Sebuku - Indonesia
- Formosa Plastics Group - Taiwan
- Coastal Gujarat Power Limited - India
- Indogreen Group - Indonesia
- Central Electricity Authority - India
- Tata Chemicals Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Essar Steel Hazira Ltd - India
- Deloitte Consulting - India
- Bharathi Cement Corporation - India
- Iligan Light & Power Inc, Philippines
- Posco Energy - South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- AsiaOL BioFuels Corp., Philippines
- PNOC Exploration Corporation - Philippines
- GMR Energy Limited - India
- Salva Resources Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- OPG Power Generation Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Eastern Coal Council - USA
- Gujarat Sidhee Cement - India
- Globalindo Alam Lestari - Indonesia
- Mintek Dendrill Indonesia
- IHS Mccloskey Coal Group - USA
- Kaltim Prima Coal - Indonesia
- Siam City Cement - Thailand
- Straits Asia Resources Limited - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Energy Development Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- The Treasury - Australian Government
- Parry Sugars Refinery, India
- Heidelberg Cement - Germany
- Independent Power Producers Association of India
- Pipit Mutiara Jaya. PT, Indonesia
- Mercator Lines Limited - India
- Bayan Resources Tbk. - Indonesia
- Eastern Energy - Thailand
- Meenaskhi Energy Private Limited - India
- Toyota Tsusho Corporation, Japan
- Tamil Nadu electricity Board
- India Bulls Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Central Java Power - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Meralco Power Generation, Philippines
- CIMB Investment Bank - Malaysia
- Marubeni Corporation - India
- Energy Link Ltd, New Zealand
- Karaikal Port Pvt Ltd - India
- Bhatia International Limited - India
- Orica Mining Services - Indonesia
- Larsen & Toubro Limited - India
- Bhoruka Overseas - Indonesia
- Indo Tambangraya Megah - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Port Waratah Coal Services - Australia
- Sakthi Sugars Limited - India
- Kideco Jaya Agung - Indonesia
- Sojitz Corporation - Japan
- Madhucon Powers Ltd - India
- MS Steel International - UAE
- Oldendorff Carriers - Singapore
- ASAPP Information Group - India
- Price Waterhouse Coopers - Russia
- Coal and Oil Company - UAE
- Baramulti Group, Indonesia
- Renaissance Capital - South Africa
- Kumho Petrochemical, South Korea
- Riau Bara Harum - Indonesia
- Parliament of New Zealand
- Indian Oil Corporation Limited
- Alfred C Toepfer International GmbH - Germany
- Anglo American - United Kingdom
- ICICI Bank Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The University of Queensland
- Metalloyd Limited - United Kingdom
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- European Bulk Services B.V. - Netherlands
- New Zealand Coal & Carbon
- GVK Power & Infra Limited - India
- Xindia Steels Limited - India
- Electricity Generating Authority of Thailand
- Orica Australia Pty. Ltd.
- Makarim & Taira - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- South Luzon Thermal Energy Corporation
- Ambuja Cements Ltd - India
- Agrawal Coal Company - India
- Videocon Industries ltd - India
- Samtan Co., Ltd - South Korea
- Siam City Cement PLC, Thailand
- London Commodity Brokers - England
- Economic Council, Georgia
- Simpson Spence & Young - Indonesia
- Latin American Coal - Colombia
- Maheswari Brothers Coal Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Ind-Barath Power Infra Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Grasim Industreis Ltd - India
- Antam Resourcindo - Indonesia
- Jindal Steel & Power Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Kobexindo Tractors - Indoneisa
- CNBM International Corporation - China
- San Jose City I Power Corp, Philippines
- SMG Consultants - Indonesia
- SN Aboitiz Power Inc, Philippines
- Star Paper Mills Limited - India
- Altura Mining Limited, Indonesia
- Commonwealth Bank - Australia
- Indika Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Pendopo Energi Batubara - Indonesia
- Global Coal Blending Company Limited - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Intertek Mineral Services - Indonesia
- White Energy Company Limited
- Jaiprakash Power Ventures ltd
- Attock Cement Pakistan Limited
- Global Green Power PLC Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- Cement Manufacturers Association - India
- Bhushan Steel Limited - India
- Sindya Power Generating Company Private Ltd
- Africa Commodities Group - South Africa
- Billiton Holdings Pty Ltd - Australia
- The State Trading Corporation of India Ltd
- GAC Shipping (India) Pvt Ltd
- Krishnapatnam Port Company Ltd. - India
- Georgia Ports Authority, United States
- Electricity Authority, New Zealand
- Wood Mackenzie - Singapore
- Vizag Seaport Private Limited - India
- Indian Energy Exchange, India
- Mercuria Energy - Indonesia
- Semirara Mining Corp, Philippines
- Malabar Cements Ltd - India
- Bangladesh Power Developement Board
- Power Finance Corporation Ltd., India
- Ministry of Transport, Egypt
- Indonesian Coal Mining Association
- Kepco SPC Power Corporation, Philippines
- Trasteel International SA, Italy
- Savvy Resources Ltd - HongKong
- Kalimantan Lumbung Energi - Indonesia
- Chettinad Cement Corporation Ltd - India
- International Coal Ventures Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Mjunction Services Limited - India
- Rashtriya Ispat Nigam Limited - India
- Bukit Makmur.PT - Indonesia
- Australian Commodity Traders Exchange
- GN Power Mariveles Coal Plant, Philippines
- Edison Trading Spa - Italy
- Rio Tinto Coal - Australia
- Therma Luzon, Inc, Philippines
- Medco Energi Mining Internasional
- Sarangani Energy Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Petron Corporation, Philippines
- Australian Coal Association
- Karbindo Abesyapradhi - Indoneisa
- Thiess Contractors Indonesia
- Chamber of Mines of South Africa
- Borneo Indobara - Indonesia
- Bukit Baiduri Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- VISA Power Limited - India
- Minerals Council of Australia
- Planning Commission, India
- PTC India Limited - India
- TeaM Sual Corporation - Philippines
- Wilmar Investment Holdings
- PetroVietnam Power Coal Import and Supply Company
- Directorate Of Revenue Intelligence - India
- Aboitiz Power Corporation - Philippines
- Vedanta Resources Plc - India
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Mines - Canada
- Thai Mozambique Logistica
- Standard Chartered Bank - UAE
- Manunggal Multi Energi - Indonesia
- Barasentosa Lestari - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jorong Barutama Greston.PT - Indonesia
- Goldman Sachs - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Singapore Mercantile Exchange
- Interocean Group of Companies - India
- Aditya Birla Group - India
- Merrill Lynch Commodities Europe
- McConnell Dowell - Australia
- Gujarat Mineral Development Corp Ltd - India
- Romanian Commodities Exchange
- IEA Clean Coal Centre - UK
- Binh Thuan Hamico - Vietnam
- Lanco Infratech Ltd - India
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