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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, 31 October 22
U.S. COAL-FIRED GENERATION DECLINING AFTER BRIEF RISE LAST YEAR - EIA
We expect 6% less U.S. coal-fired generation in 2022 than in 2021, according to our latest Short-Term Energy Outlook (STEO). Although coal-fired ge ...
Monday, 31 October 22
CHINA COAL OUTPUT UP 12.3 PCT IN SEPTEMBER - XINHUA
China’s raw coal output posted stable expansion in September, official data showed.
The country produced 390 million tonnes of ...
Wednesday, 26 October 22
BIMCO PUBLISHES UPDATED GENCON CONTRACT
BIMCO has published a revised and updated version GENCON 2022 – one of its flagship contracts within its portfolio of standard contracts for ...
Monday, 24 October 22
KOSPO TO INVITE 400,000 MT OF COAL FOR 3 YEARS
COALspot.com: Korea Southern Power Co., Ltd. (KOSPO) has issued an international tender for 400,000 MT of 3,800 - 4,400kcal/kg NCV and Sulfur Max 0 ...
Wednesday, 19 October 22
ASIA COULD BE A BRIGHT SPOT AMID GLOBAL DOWNTURN NEXT YEAR, ECONOMISTS SAY - CNBC
Asia — especially Southeast Asia — remains a bright spot, even as the global economy looks set to head into recession next year, econom ...
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- PNOC Exploration Corporation - Philippines
- IEA Clean Coal Centre - UK
- Dalmia Cement Bharat India
- Maheswari Brothers Coal Limited - India
- Aboitiz Power Corporation - Philippines
- Bhatia International Limited - India
- Wilmar Investment Holdings
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- Ministry of Finance - Indonesia
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- Eastern Coal Council - USA
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- PTC India Limited - India
- Parry Sugars Refinery, India
- Electricity Generating Authority of Thailand
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- Jindal Steel & Power Ltd - India
- Bhushan Steel Limited - India
- Sical Logistics Limited - India
- Bharathi Cement Corporation - India
- OPG Power Generation Pvt Ltd - India
- Carbofer General Trading SA - India
- Kartika Selabumi Mining - Indonesia
- Therma Luzon, Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Karaikal Port Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Essar Steel Hazira Ltd - India
- LBH Netherlands Bv - Netherlands
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Gujarat Sidhee Cement - India
- GAC Shipping (India) Pvt Ltd
- The State Trading Corporation of India Ltd
- Rashtriya Ispat Nigam Limited - India
- Altura Mining Limited, Indonesia
- Binh Thuan Hamico - Vietnam
- Alfred C Toepfer International GmbH - Germany
- Price Waterhouse Coopers - Russia
- Indo Tambangraya Megah - Indonesia
- Xindia Steels Limited - India
- Coastal Gujarat Power Limited - India
- Australian Coal Association
- SMC Global Power, Philippines
- White Energy Company Limited
- Kideco Jaya Agung - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Coal Blending Company Limited - Australia
- Trasteel International SA, Italy
- Sree Jayajothi Cements Limited - India
- Renaissance Capital - South Africa
- Iligan Light & Power Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Vizag Seaport Private Limited - India
- Formosa Plastics Group - Taiwan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Straits Asia Resources Limited - Singapore
- Antam Resourcindo - Indonesia
- Indika Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Siam City Cement - Thailand
- Pendopo Energi Batubara - Indonesia
- Georgia Ports Authority, United States
- London Commodity Brokers - England
- IHS Mccloskey Coal Group - USA
- Tata Chemicals Ltd - India
- New Zealand Coal & Carbon
- Savvy Resources Ltd - HongKong
- Chettinad Cement Corporation Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Orica Australia Pty. Ltd.
- Heidelberg Cement - Germany
- Kohat Cement Company Ltd. - Pakistan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Mines - Canada
- The Treasury - Australian Government
- Kapuas Tunggal Persada - Indonesia
- CIMB Investment Bank - Malaysia
- India Bulls Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Eastern Energy - Thailand
- GVK Power & Infra Limited - India
- Central Electricity Authority - India
- Salva Resources Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Makarim & Taira - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- TeaM Sual Corporation - Philippines
- GMR Energy Limited - India
- Sakthi Sugars Limited - India
- Economic Council, Georgia
- Sojitz Corporation - Japan
- Mintek Dendrill Indonesia
- Ministry of Transport, Egypt
- Electricity Authority, New Zealand
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- Jorong Barutama Greston.PT - Indonesia
- Medco Energi Mining Internasional
- Global Green Power PLC Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Meenaskhi Energy Private Limited - India
- Deloitte Consulting - India
- Siam City Cement PLC, Thailand
- San Jose City I Power Corp, Philippines
- MS Steel International - UAE
- Interocean Group of Companies - India
- Holcim Trading Pte Ltd - Singapore
- Rio Tinto Coal - Australia
- Mercuria Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Edison Trading Spa - Italy
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kaltim Prima Coal - Indonesia
- Lanco Infratech Ltd - India
- Energy Link Ltd, New Zealand
- Grasim Industreis Ltd - India
- Africa Commodities Group - South Africa
- Kobexindo Tractors - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- Videocon Industries ltd - India
- Asmin Koalindo Tuhup - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Indonesian Coal Mining Association
- Latin American Coal - Colombia
- Banpu Public Company Limited - Thailand
- Coal and Oil Company - UAE
- Central Java Power - Indonesia
- Port Waratah Coal Services - Australia
- Maharashtra Electricity Regulatory Commission - India
- Australian Commodity Traders Exchange
- Merrill Lynch Commodities Europe
- Coalindo Energy - Indonesia
- Thiess Contractors Indonesia
- Agrawal Coal Company - India
- Baramulti Group, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Jaiprakash Power Ventures ltd
- Aditya Birla Group - India
- Indian Oil Corporation Limited
- The University of Queensland
- Power Finance Corporation Ltd., India
- Bangladesh Power Developement Board
- Bayan Resources Tbk. - Indonesia
- Uttam Galva Steels Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- Sarangani Energy Corporation, Philippines
- Ambuja Cements Ltd - India
- Star Paper Mills Limited - India
- SN Aboitiz Power Inc, Philippines
- Semirara Mining Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- Minerals Council of Australia
- Vijayanagar Sugar Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Posco Energy - South Korea
- Cement Manufacturers Association - India
- Meralco Power Generation, Philippines
- SMG Consultants - Indonesia
- Tamil Nadu electricity Board
- Indian Energy Exchange, India
- Miang Besar Coal Terminal - Indonesia
- Goldman Sachs - Singapore
- ICICI Bank Limited - India
- Bulk Trading Sa - Switzerland
- Standard Chartered Bank - UAE
- Wood Mackenzie - Singapore
- McConnell Dowell - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Simpson Spence & Young - Indonesia
- Orica Mining Services - Indonesia
- Timah Investasi Mineral - Indoneisa
- Global Business Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Anglo American - United Kingdom
- Bhoruka Overseas - Indonesia
- Metalloyd Limited - United Kingdom
- Samtan Co., Ltd - South Korea
- Independent Power Producers Association of India
- Attock Cement Pakistan Limited
- CNBM International Corporation - China
- Chamber of Mines of South Africa
- Toyota Tsusho Corporation, Japan
- Borneo Indobara - Indonesia
- Marubeni Corporation - India
- Semirara Mining and Power Corporation, Philippines
- ASAPP Information Group - India
- PowerSource Philippines DevCo
- Ceylon Electricity Board - Sri Lanka
- Malabar Cements Ltd - India
- Barasentosa Lestari - Indonesia
- Planning Commission, India
- Intertek Mineral Services - Indonesia
- Thai Mozambique Logistica
- Singapore Mercantile Exchange
- Vedanta Resources Plc - India
- Directorate General of MIneral and Coal - Indonesia
- Larsen & Toubro Limited - India
- Bukit Baiduri Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Romanian Commodities Exchange
- Parliament of New Zealand
- Mercator Lines Limited - India
- VISA Power Limited - India
- Energy Development Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Kumho Petrochemical, South Korea
- Commonwealth Bank - Australia
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