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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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Tuesday, 04 October 22
INDONESIAN COAL PRICE REFERENCE SURGE AGAIN TO RECORD HIGH
COALspot.com: Indonesian Coal Price Reference reached another record high in October as Russia's war in Ukraine continues to spark a surge in c ...
Sunday, 02 October 22
MISC STRENGTHENS ITS PARTNERSHIP WITH SEARIVER MARITIME
MISC Berhad (MISC) today announced that its subsidiaries Polaris LNG Three Pte. Ltd. and Polaris LNG Four Pte. Ltd. have secured long-term time cha ...
Thursday, 29 September 22
MARKET INSIGHT - INTERMODAL
This week, focus turns to the 38th APPEC Conference, where leading professionals from the global oil industry will discuss the future key drivers o ...
Thursday, 29 September 22
HIGH COAL PRICES REMAIN A CONCERN FOR DOMESTIC NON-FERROUS METAL COMPANIES - ICRA
According to ICRA on Monday, the high price of coal will have a negative effect on the profitability of domestic non-ferrous metal companies that m ...
Tuesday, 27 September 22
14% INCREASE IN EUROPEAN COAL DEMAND TO BE SHORT-TERM TREND - WOOD MACKENZIE
European seaborne thermal coal demand is projected to increase 14% or 12 million metric tonnes (Mt) this year to 98 Mt as it grapples with the curr ...
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- Miang Besar Coal Terminal - Indonesia
- Price Waterhouse Coopers - Russia
- Tata Chemicals Ltd - India
- Globalindo Alam Lestari - Indonesia
- Central Electricity Authority - India
- The Treasury - Australian Government
- Renaissance Capital - South Africa
- Formosa Plastics Group - Taiwan
- Eastern Energy - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Parry Sugars Refinery, India
- Essar Steel Hazira Ltd - India
- Meralco Power Generation, Philippines
- Star Paper Mills Limited - India
- Sinarmas Energy and Mining - Indonesia
- Anglo American - United Kingdom
- Kobexindo Tractors - Indoneisa
- Maheswari Brothers Coal Limited - India
- Vizag Seaport Private Limited - India
- Wood Mackenzie - Singapore
- VISA Power Limited - India
- Antam Resourcindo - Indonesia
- Medco Energi Mining Internasional
- Xindia Steels Limited - India
- Iligan Light & Power Inc, Philippines
- Merrill Lynch Commodities Europe
- Indonesian Coal Mining Association
- Videocon Industries ltd - India
- Singapore Mercantile Exchange
- Eastern Coal Council - USA
- Ministry of Finance - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Barasentosa Lestari - Indonesia
- Mercator Lines Limited - India
- Altura Mining Limited, Indonesia
- Australian Coal Association
- Attock Cement Pakistan Limited
- ASAPP Information Group - India
- Holcim Trading Pte Ltd - Singapore
- LBH Netherlands Bv - Netherlands
- Madhucon Powers Ltd - India
- Bhushan Steel Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Larsen & Toubro Limited - India
- Sical Logistics Limited - India
- Bangladesh Power Developement Board
- Coalindo Energy - Indonesia
- Tamil Nadu electricity Board
- Alfred C Toepfer International GmbH - Germany
- Aboitiz Power Corporation - Philippines
- Borneo Indobara - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Energy Link Ltd, New Zealand
- Orica Mining Services - Indonesia
- Kaltim Prima Coal - Indonesia
- Directorate Of Revenue Intelligence - India
- Bhatia International Limited - India
- Binh Thuan Hamico - Vietnam
- AsiaOL BioFuels Corp., Philippines
- Bukit Baiduri Energy - Indonesia
- Lanco Infratech Ltd - India
- ICICI Bank Limited - India
- PowerSource Philippines DevCo
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Planning Commission, India
- Gujarat Sidhee Cement - India
- TNB Fuel Sdn Bhd - Malaysia
- Savvy Resources Ltd - HongKong
- Thai Mozambique Logistica
- Rashtriya Ispat Nigam Limited - India
- Trasteel International SA, Italy
- Coal and Oil Company - UAE
- Toyota Tsusho Corporation, Japan
- Sojitz Corporation - Japan
- The State Trading Corporation of India Ltd
- Dalmia Cement Bharat India
- Parliament of New Zealand
- Jorong Barutama Greston.PT - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Wilmar Investment Holdings
- Kepco SPC Power Corporation, Philippines
- MS Steel International - UAE
- Gujarat Mineral Development Corp Ltd - India
- Chettinad Cement Corporation Ltd - India
- Sree Jayajothi Cements Limited - India
- Indian Oil Corporation Limited
- The University of Queensland
- Posco Energy - South Korea
- Standard Chartered Bank - UAE
- Port Waratah Coal Services - Australia
- Semirara Mining and Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Bukit Makmur.PT - Indonesia
- Electricity Generating Authority of Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Cement Manufacturers Association - India
- Karbindo Abesyapradhi - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
- International Coal Ventures Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kartika Selabumi Mining - Indonesia
- Billiton Holdings Pty Ltd - Australia
- SMG Consultants - Indonesia
- Manunggal Multi Energi - Indonesia
- Mintek Dendrill Indonesia
- Mercuria Energy - Indonesia
- Electricity Authority, New Zealand
- Indo Tambangraya Megah - Indonesia
- Semirara Mining Corp, Philippines
- Ministry of Mines - Canada
- Malabar Cements Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- GVK Power & Infra Limited - India
- Interocean Group of Companies - India
- Rio Tinto Coal - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Thiess Contractors Indonesia
- Indian Energy Exchange, India
- Therma Luzon, Inc, Philippines
- IHS Mccloskey Coal Group - USA
- South Luzon Thermal Energy Corporation
- European Bulk Services B.V. - Netherlands
- Coastal Gujarat Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- GMR Energy Limited - India
- Bulk Trading Sa - Switzerland
- Maharashtra Electricity Regulatory Commission - India
- Timah Investasi Mineral - Indoneisa
- Agrawal Coal Company - India
- India Bulls Power Limited - India
- GAC Shipping (India) Pvt Ltd
- CIMB Investment Bank - Malaysia
- Kideco Jaya Agung - Indonesia
- Baramulti Group, Indonesia
- Ceylon Electricity Board - Sri Lanka
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Australian Commodity Traders Exchange
- Independent Power Producers Association of India
- Banpu Public Company Limited - Thailand
- Deloitte Consulting - India
- SN Aboitiz Power Inc, Philippines
- Africa Commodities Group - South Africa
- PTC India Limited - India
- Latin American Coal - Colombia
- Bukit Asam (Persero) Tbk - Indonesia
- Energy Development Corp, Philippines
- Romanian Commodities Exchange
- Georgia Ports Authority, United States
- Uttam Galva Steels Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Goldman Sachs - Singapore
- Siam City Cement - Thailand
- Global Coal Blending Company Limited - Australia
- Chamber of Mines of South Africa
- Asmin Koalindo Tuhup - Indonesia
- Meenaskhi Energy Private Limited - India
- Makarim & Taira - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mjunction Services Limited - India
- Heidelberg Cement - Germany
- PNOC Exploration Corporation - Philippines
- IEA Clean Coal Centre - UK
- White Energy Company Limited
- Economic Council, Georgia
- Gujarat Electricity Regulatory Commission - India
- Cigading International Bulk Terminal - Indonesia
- Bayan Resources Tbk. - Indonesia
- San Jose City I Power Corp, Philippines
- Jindal Steel & Power Ltd - India
- Edison Trading Spa - Italy
- TeaM Sual Corporation - Philippines
- Marubeni Corporation - India
- Sakthi Sugars Limited - India
- Global Green Power PLC Corporation, Philippines
- New Zealand Coal & Carbon
- Orica Australia Pty. Ltd.
- Indogreen Group - Indonesia
- Bhoruka Overseas - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Vedanta Resources Plc - India
- Sarangani Energy Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Intertek Mineral Services - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Minerals Council of Australia
- Global Business Power Corporation, Philippines
- Indika Energy - Indonesia
- Commonwealth Bank - Australia
- Directorate General of MIneral and Coal - Indonesia
- London Commodity Brokers - England
- Pendopo Energi Batubara - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Grasim Industreis Ltd - India
- CNBM International Corporation - China
- McConnell Dowell - Australia
- Sindya Power Generating Company Private Ltd
- Riau Bara Harum - Indonesia
- Bharathi Cement Corporation - India
- Siam City Cement PLC, Thailand
- Central Java Power - Indonesia
- Jaiprakash Power Ventures ltd
- Kumho Petrochemical, South Korea
- Ministry of Transport, Egypt
- Aditya Birla Group - India
- OPG Power Generation Pvt Ltd - India
- Ambuja Cements Ltd - India
- Straits Asia Resources Limited - Singapore
- Power Finance Corporation Ltd., India
- Carbofer General Trading SA - India
- Samtan Co., Ltd - South Korea
- Petron Corporation, Philippines
- Salva Resources Pvt Ltd - India
- SMC Global Power, Philippines
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