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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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Wednesday, 19 October 22
WHAT WILL THE GAS MARKET LOOK LIKE IN A NET ZERO WORLD? - WOOD MACKENZIE
The global gas and LNG market faces a number of ‘great unknowns’. With the market in turmoil uncertainty abounds – from the scale ...
Wednesday, 19 October 22
MARKET INSIGHT - INTERMODAL
The LNG market remains extremely tight, and as a result adding further pressure on the vessel charter market, which is already stretched due to the ...
Sunday, 16 October 22
COULD A RETURN TO SHALE EXPLORATION BE PART OF THE SOLUTION TO EUROPE'S GAS SUPPLY PROBLEM? - WOOD MACKENZIE
The European gas market is in turmoil. Russia’s invasion of Ukraine has shaken things up, triggering a complete rethink of European energy st ...
Thursday, 13 October 22
THERMAL COAL PRICES RETREAT AS WINTER SUPPLY FEARS EASE - REUTERS
The prices of key thermal seaborne coal grades are retreating amid signs that supplies will be sufficient to meet winter demand in both Europe and ...
Thursday, 13 October 22
SPOT COAL BIDDING: CHINESE FIRM WANTS REVISED MECHANISM - BUSINESS RECORDER
Chinese company M/s Huaneng Shandong Ruyi (Pakistan) Energy Limited (HSR) has cautioned National Electric Power Regulatory Authority (Nepra) that i ...
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- Timah Investasi Mineral - Indoneisa
- ASAPP Information Group - India
- Pipit Mutiara Jaya. PT, Indonesia
- Coalindo Energy - Indonesia
- Australian Coal Association
- Vedanta Resources Plc - India
- SN Aboitiz Power Inc, Philippines
- Borneo Indobara - Indonesia
- Samtan Co., Ltd - South Korea
- The State Trading Corporation of India Ltd
- Kepco SPC Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Mintek Dendrill Indonesia
- Georgia Ports Authority, United States
- Kalimantan Lumbung Energi - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Grasim Industreis Ltd - India
- Xindia Steels Limited - India
- Siam City Cement - Thailand
- Edison Trading Spa - Italy
- Agrawal Coal Company - India
- Gujarat Mineral Development Corp Ltd - India
- White Energy Company Limited
- Makarim & Taira - Indonesia
- Commonwealth Bank - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- India Bulls Power Limited - India
- Salva Resources Pvt Ltd - India
- GVK Power & Infra Limited - India
- Kapuas Tunggal Persada - Indonesia
- Bharathi Cement Corporation - India
- Central Java Power - Indonesia
- Renaissance Capital - South Africa
- Baramulti Group, Indonesia
- Videocon Industries ltd - India
- Kumho Petrochemical, South Korea
- Medco Energi Mining Internasional
- Mercator Lines Limited - India
- Vizag Seaport Private Limited - India
- Iligan Light & Power Inc, Philippines
- Tamil Nadu electricity Board
- PetroVietnam Power Coal Import and Supply Company
- Neyveli Lignite Corporation Ltd, - India
- Indo Tambangraya Megah - Indonesia
- Orica Australia Pty. Ltd.
- Carbofer General Trading SA - India
- Gujarat Sidhee Cement - India
- Bangladesh Power Developement Board
- Bayan Resources Tbk. - Indonesia
- Intertek Mineral Services - Indonesia
- Standard Chartered Bank - UAE
- Singapore Mercantile Exchange
- Orica Mining Services - Indonesia
- Energy Development Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- South Luzon Thermal Energy Corporation
- Jindal Steel & Power Ltd - India
- The Treasury - Australian Government
- Straits Asia Resources Limited - Singapore
- Manunggal Multi Energi - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PTC India Limited - India
- Toyota Tsusho Corporation, Japan
- Cigading International Bulk Terminal - Indonesia
- Global Coal Blending Company Limited - Australia
- Mercuria Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Minerals Council of Australia
- Petrochimia International Co. Ltd.- Taiwan
- Alfred C Toepfer International GmbH - Germany
- Bank of Tokyo Mitsubishi UFJ Ltd
- Chettinad Cement Corporation Ltd - India
- Banpu Public Company Limited - Thailand
- PNOC Exploration Corporation - Philippines
- Indonesian Coal Mining Association
- Attock Cement Pakistan Limited
- Port Waratah Coal Services - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kohat Cement Company Ltd. - Pakistan
- Rashtriya Ispat Nigam Limited - India
- Latin American Coal - Colombia
- Cement Manufacturers Association - India
- Economic Council, Georgia
- Holcim Trading Pte Ltd - Singapore
- Thai Mozambique Logistica
- Aboitiz Power Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Sojitz Corporation - Japan
- Bhoruka Overseas - Indonesia
- Uttam Galva Steels Limited - India
- Electricity Generating Authority of Thailand
- Mjunction Services Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Meenaskhi Energy Private Limited - India
- Ministry of Transport, Egypt
- Bulk Trading Sa - Switzerland
- Aditya Birla Group - India
- IEA Clean Coal Centre - UK
- IHS Mccloskey Coal Group - USA
- Vijayanagar Sugar Pvt Ltd - India
- Ambuja Cements Ltd - India
- Goldman Sachs - Singapore
- Gujarat Electricity Regulatory Commission - India
- The University of Queensland
- Chamber of Mines of South Africa
- AsiaOL BioFuels Corp., Philippines
- CIMB Investment Bank - Malaysia
- Siam City Cement PLC, Thailand
- Petron Corporation, Philippines
- Interocean Group of Companies - India
- Riau Bara Harum - Indonesia
- TeaM Sual Corporation - Philippines
- New Zealand Coal & Carbon
- Leighton Contractors Pty Ltd - Australia
- Australian Commodity Traders Exchange
- Power Finance Corporation Ltd., India
- Karbindo Abesyapradhi - Indoneisa
- VISA Power Limited - India
- Larsen & Toubro Limited - India
- Sarangani Energy Corporation, Philippines
- Malabar Cements Ltd - India
- Romanian Commodities Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Sinarmas Energy and Mining - Indonesia
- Meralco Power Generation, Philippines
- Kobexindo Tractors - Indoneisa
- Sree Jayajothi Cements Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Sindya Power Generating Company Private Ltd
- Karaikal Port Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Planning Commission, India
- Heidelberg Cement - Germany
- International Coal Ventures Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Posco Energy - South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- European Bulk Services B.V. - Netherlands
- PowerSource Philippines DevCo
- Savvy Resources Ltd - HongKong
- LBH Netherlands Bv - Netherlands
- Parry Sugars Refinery, India
- Parliament of New Zealand
- Ministry of Finance - Indonesia
- Simpson Spence & Young - Indonesia
- London Commodity Brokers - England
- Price Waterhouse Coopers - Russia
- Semirara Mining and Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Coastal Gujarat Power Limited - India
- Indian Oil Corporation Limited
- Kaltim Prima Coal - Indonesia
- Africa Commodities Group - South Africa
- GMR Energy Limited - India
- Indian Energy Exchange, India
- Pendopo Energi Batubara - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Metalloyd Limited - United Kingdom
- Wood Mackenzie - Singapore
- Bukit Makmur.PT - Indonesia
- Oldendorff Carriers - Singapore
- MS Steel International - UAE
- Central Electricity Authority - India
- Jorong Barutama Greston.PT - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Anglo American - United Kingdom
- SMC Global Power, Philippines
- Formosa Plastics Group - Taiwan
- Electricity Authority, New Zealand
- Sical Logistics Limited - India
- Trasteel International SA, Italy
- Sakthi Sugars Limited - India
- Independent Power Producers Association of India
- Coal and Oil Company - UAE
- Wilmar Investment Holdings
- Kartika Selabumi Mining - Indonesia
- Indika Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Energy Link Ltd, New Zealand
- Therma Luzon, Inc, Philippines
- CNBM International Corporation - China
- Barasentosa Lestari - Indonesia
- Thiess Contractors Indonesia
- San Jose City I Power Corp, Philippines
- Eastern Coal Council - USA
- SMG Consultants - Indonesia
- OPG Power Generation Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Marubeni Corporation - India
- Ind-Barath Power Infra Limited - India
- Global Green Power PLC Corporation, Philippines
- Altura Mining Limited, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Dalmia Cement Bharat India
- Deloitte Consulting - India
- Ministry of Mines - Canada
- Indogreen Group - Indonesia
- Essar Steel Hazira Ltd - India
- Jaiprakash Power Ventures ltd
- McConnell Dowell - Australia
- Eastern Energy - Thailand
- Madhucon Powers Ltd - India
- Directorate Of Revenue Intelligence - India
- Merrill Lynch Commodities Europe
- Bukit Baiduri Energy - Indonesia
- Bhatia International Limited - India
- Tata Chemicals Ltd - India
- GAC Shipping (India) Pvt Ltd
- Rio Tinto Coal - Australia
- Star Paper Mills Limited - India
- Bhushan Steel Limited - India
- ICICI Bank Limited - India
- Lanco Infratech Ltd - India
- Global Business Power Corporation, Philippines
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