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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, 13 October 22
OPEC DOWNGRADES CRUDE OIL DEMAND, AS WORLD ECONOMY ENTERS SLOWDOWN
Crude Oil Price Movements
The OPEC Reference Basket (ORB) declined m-o-m by $6.58 in September, or 6.5%, to average $95.32/b. Pressure from equ ...
Wednesday, 12 October 22
MARKET INSIGHT - INTERMODAL
Sale and Purchase activity during the first three quarters of 2022 has been remarkable.
Focusing only on Tankers and Bulkers, such v ...
Monday, 10 October 22
ENERGY TRANSITION BOOSTS GLOBAL LONG-TERM DEMAND FOR METALS - FITCH RATINGS
The energy transition will significantly increase demand for metals used in manufacturing of electric vehicles (EVs) and renewable power generation ...
Monday, 10 October 22
GLOBAL CEOS EXPECT IMPENDING RECESSION TO BE 'SHORT AND SHARP,' POLL SHOWS - CNBC
Global CEOs are anticipating a recession in the next 12 months, according to a new survey by professional services firm KPMG, which said more than ...
Thursday, 06 October 22
AUSTRALIA’S RESOURCES REVENUE TO HIT RECORD AMID UKRAINE CONFLICT - REUTERS
Australian resources and energy export earnings are forecast to jump 7% to a record A$450 billion ($290 billion) this fiscal year, bolstered by soa ...
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- Central Java Power - Indonesia
- Aboitiz Power Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Renaissance Capital - South Africa
- Bukit Baiduri Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Singapore Mercantile Exchange
- Trasteel International SA, Italy
- Commonwealth Bank - Australia
- Kartika Selabumi Mining - Indonesia
- GVK Power & Infra Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Banpu Public Company Limited - Thailand
- Energy Development Corp, Philippines
- Ind-Barath Power Infra Limited - India
- Siam City Cement - Thailand
- Kumho Petrochemical, South Korea
- Energy Link Ltd, New Zealand
- Antam Resourcindo - Indonesia
- Australian Commodity Traders Exchange
- Aditya Birla Group - India
- Sical Logistics Limited - India
- Tamil Nadu electricity Board
- Ministry of Mines - Canada
- Power Finance Corporation Ltd., India
- Port Waratah Coal Services - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- International Coal Ventures Pvt Ltd - India
- Anglo American - United Kingdom
- The Treasury - Australian Government
- Gujarat Sidhee Cement - India
- Billiton Holdings Pty Ltd - Australia
- PetroVietnam Power Coal Import and Supply Company
- Eastern Coal Council - USA
- Indika Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Metalloyd Limited - United Kingdom
- LBH Netherlands Bv - Netherlands
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Leighton Contractors Pty Ltd - Australia
- Parliament of New Zealand
- Siam City Cement PLC, Thailand
- Makarim & Taira - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kideco Jaya Agung - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Thai Mozambique Logistica
- Coalindo Energy - Indonesia
- GMR Energy Limited - India
- Simpson Spence & Young - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Manunggal Multi Energi - Indonesia
- India Bulls Power Limited - India
- Sindya Power Generating Company Private Ltd
- Wood Mackenzie - Singapore
- Intertek Mineral Services - Indonesia
- Wilmar Investment Holdings
- SN Aboitiz Power Inc, Philippines
- Videocon Industries ltd - India
- Riau Bara Harum - Indonesia
- Romanian Commodities Exchange
- Miang Besar Coal Terminal - Indonesia
- Barasentosa Lestari - Indonesia
- White Energy Company Limited
- Kapuas Tunggal Persada - Indonesia
- Medco Energi Mining Internasional
- Indian Oil Corporation Limited
- Semirara Mining and Power Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Chettinad Cement Corporation Ltd - India
- Planning Commission, India
- CIMB Investment Bank - Malaysia
- Iligan Light & Power Inc, Philippines
- Bulk Trading Sa - Switzerland
- IHS Mccloskey Coal Group - USA
- VISA Power Limited - India
- New Zealand Coal & Carbon
- Directorate Of Revenue Intelligence - India
- Bayan Resources Tbk. - Indonesia
- South Luzon Thermal Energy Corporation
- Orica Australia Pty. Ltd.
- Jorong Barutama Greston.PT - Indonesia
- Bhatia International Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Cement Manufacturers Association - India
- Indonesian Coal Mining Association
- Merrill Lynch Commodities Europe
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PTC India Limited - India
- Rashtriya Ispat Nigam Limited - India
- Ceylon Electricity Board - Sri Lanka
- London Commodity Brokers - England
- Formosa Plastics Group - Taiwan
- Orica Mining Services - Indonesia
- Therma Luzon, Inc, Philippines
- Latin American Coal - Colombia
- Rio Tinto Coal - Australia
- Cigading International Bulk Terminal - Indonesia
- MS Steel International - UAE
- SMC Global Power, Philippines
- Gujarat Electricity Regulatory Commission - India
- Posco Energy - South Korea
- Coal and Oil Company - UAE
- Mercator Lines Limited - India
- Ambuja Cements Ltd - India
- Marubeni Corporation - India
- Semirara Mining Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- Grasim Industreis Ltd - India
- Global Coal Blending Company Limited - Australia
- European Bulk Services B.V. - Netherlands
- Karbindo Abesyapradhi - Indoneisa
- Malabar Cements Ltd - India
- Kobexindo Tractors - Indoneisa
- Samtan Co., Ltd - South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- Kepco SPC Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Mercuria Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- The University of Queensland
- Indo Tambangraya Megah - Indonesia
- McConnell Dowell - Australia
- Meralco Power Generation, Philippines
- Savvy Resources Ltd - HongKong
- Vijayanagar Sugar Pvt Ltd - India
- Mintek Dendrill Indonesia
- Goldman Sachs - Singapore
- Toyota Tsusho Corporation, Japan
- Straits Asia Resources Limited - Singapore
- Bharathi Cement Corporation - India
- Petron Corporation, Philippines
- Australian Coal Association
- Bahari Cakrawala Sebuku - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Heidelberg Cement - Germany
- Kohat Cement Company Ltd. - Pakistan
- Indian Energy Exchange, India
- Economic Council, Georgia
- Deloitte Consulting - India
- Bhushan Steel Limited - India
- Meenaskhi Energy Private Limited - India
- Agrawal Coal Company - India
- Madhucon Powers Ltd - India
- Interocean Group of Companies - India
- Vedanta Resources Plc - India
- Pendopo Energi Batubara - Indonesia
- Georgia Ports Authority, United States
- TeaM Sual Corporation - Philippines
- CNBM International Corporation - China
- Baramulti Group, Indonesia
- Borneo Indobara - Indonesia
- Standard Chartered Bank - UAE
- Thiess Contractors Indonesia
- Uttam Galva Steels Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Tata Chemicals Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Carbofer General Trading SA - India
- ICICI Bank Limited - India
- Lanco Infratech Ltd - India
- Ministry of Transport, Egypt
- Chamber of Mines of South Africa
- Altura Mining Limited, Indonesia
- Timah Investasi Mineral - Indoneisa
- ASAPP Information Group - India
- Holcim Trading Pte Ltd - Singapore
- Essar Steel Hazira Ltd - India
- Globalindo Alam Lestari - Indonesia
- OPG Power Generation Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Jindal Steel & Power Ltd - India
- Indogreen Group - Indonesia
- Edison Trading Spa - Italy
- San Jose City I Power Corp, Philippines
- Bukit Makmur.PT - Indonesia
- Maheswari Brothers Coal Limited - India
- Xindia Steels Limited - India
- Sakthi Sugars Limited - India
- Oldendorff Carriers - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Electricity Authority, New Zealand
- Neyveli Lignite Corporation Ltd, - India
- Pipit Mutiara Jaya. PT, Indonesia
- Minerals Council of Australia
- Eastern Energy - Thailand
- Global Business Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Larsen & Toubro Limited - India
- Independent Power Producers Association of India
- PowerSource Philippines DevCo
- Krishnapatnam Port Company Ltd. - India
- Kaltim Prima Coal - Indonesia
- Karaikal Port Pvt Ltd - India
- Sojitz Corporation - Japan
- Parry Sugars Refinery, India
- Binh Thuan Hamico - Vietnam
- Attock Cement Pakistan Limited
- SMG Consultants - Indonesia
- IEA Clean Coal Centre - UK
- Coastal Gujarat Power Limited - India
- Price Waterhouse Coopers - Russia
- Jaiprakash Power Ventures ltd
- Central Electricity Authority - India
- Star Paper Mills Limited - India
- Bhoruka Overseas - Indonesia
- Ministry of Finance - Indonesia
- The State Trading Corporation of India Ltd
- Vizag Seaport Private Limited - India
- Bangladesh Power Developement Board
- Africa Commodities Group - South Africa
- Mjunction Services Limited - India
- Dalmia Cement Bharat India
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