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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, 23 September 22
CHINA DIGS DEEP TO RAISE COAL OUTPUT TO RECORD HIGH - REUTERS
China’s coal production has surged this year as the government seeks to improve energy security by reducing dependence on imports and amassin ...
Friday, 23 September 22
EUROPEAN STEEL BUYERS SEEK DIRECTION IN VOLATILE MARKET - MEPS INTERNATIONAL
Demand for steel is slow to recover, after the summer break. Mill production costs continue to increase. Steel purchasers are uncertain about the f ...
Friday, 23 September 22
BUOYANT COAL INDUSTRY SEEKS WAYS TO STAY IN THE LONG-TERM ENERGY MIX - REUTERS
There’s no doubt that the global coal industry has been a major beneficiary of Russia’s invasion of Ukraine and the subsequent energy c ...
Friday, 23 September 22
MARKET INSIGHT - INTERMODAL
In view of the forthcoming winter, Europe is trying to escape from its energy (oil & gas) dependency from Russia to ensure energy abundance eve ...
Tuesday, 20 September 22
CHINA'S DAILY COAL OUTPUT HITS 3-MONTH LOW IN AUGUST ON RAINS, COVID CURBS - REUTERS
China’s daily coal output in August slipped to a three-month low as some mines in its biggest coal mining regions reduced operations or even ...
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- Bank of Tokyo Mitsubishi UFJ Ltd
- TeaM Sual Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- Kumho Petrochemical, South Korea
- The State Trading Corporation of India Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Bhushan Steel Limited - India
- Indika Energy - Indonesia
- PowerSource Philippines DevCo
- Kohat Cement Company Ltd. - Pakistan
- Bhatia International Limited - India
- VISA Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Siam City Cement PLC, Thailand
- Rashtriya Ispat Nigam Limited - India
- Edison Trading Spa - Italy
- Thiess Contractors Indonesia
- Ministry of Finance - Indonesia
- Uttam Galva Steels Limited - India
- SMC Global Power, Philippines
- Malabar Cements Ltd - India
- Ministry of Transport, Egypt
- Indo Tambangraya Megah - Indonesia
- Jindal Steel & Power Ltd - India
- London Commodity Brokers - England
- Wood Mackenzie - Singapore
- Tamil Nadu electricity Board
- Wilmar Investment Holdings
- Gujarat Sidhee Cement - India
- Gujarat Electricity Regulatory Commission - India
- Jorong Barutama Greston.PT - Indonesia
- The Treasury - Australian Government
- Orica Mining Services - Indonesia
- Sree Jayajothi Cements Limited - India
- Kideco Jaya Agung - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Green Power PLC Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Antam Resourcindo - Indonesia
- Electricity Generating Authority of Thailand
- Meenaskhi Energy Private Limited - India
- Vizag Seaport Private Limited - India
- GMR Energy Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Petron Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Trasteel International SA, Italy
- Salva Resources Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Sical Logistics Limited - India
- Borneo Indobara - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- CIMB Investment Bank - Malaysia
- TNB Fuel Sdn Bhd - Malaysia
- Timah Investasi Mineral - Indoneisa
- Siam City Cement - Thailand
- Agrawal Coal Company - India
- Kaltim Prima Coal - Indonesia
- Chettinad Cement Corporation Ltd - India
- McConnell Dowell - Australia
- GN Power Mariveles Coal Plant, Philippines
- Bukit Baiduri Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Thai Mozambique Logistica
- Kobexindo Tractors - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Indogreen Group - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Oldendorff Carriers - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Parry Sugars Refinery, India
- Neyveli Lignite Corporation Ltd, - India
- Electricity Authority, New Zealand
- Sakthi Sugars Limited - India
- Africa Commodities Group - South Africa
- Standard Chartered Bank - UAE
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Australian Coal Association
- Mjunction Services Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Aboitiz Power Corporation - Philippines
- Indian Oil Corporation Limited
- Anglo American - United Kingdom
- Deloitte Consulting - India
- Semirara Mining Corp, Philippines
- MS Steel International - UAE
- Ambuja Cements Ltd - India
- Sindya Power Generating Company Private Ltd
- GVK Power & Infra Limited - India
- Sarangani Energy Corporation, Philippines
- PTC India Limited - India
- Tata Chemicals Ltd - India
- Independent Power Producers Association of India
- Renaissance Capital - South Africa
- Eastern Energy - Thailand
- IEA Clean Coal Centre - UK
- Marubeni Corporation - India
- Simpson Spence & Young - Indonesia
- Essar Steel Hazira Ltd - India
- Ministry of Mines - Canada
- ICICI Bank Limited - India
- Bulk Trading Sa - Switzerland
- Billiton Holdings Pty Ltd - Australia
- Bayan Resources Tbk. - Indonesia
- Savvy Resources Ltd - HongKong
- Aditya Birla Group - India
- Grasim Industreis Ltd - India
- Carbofer General Trading SA - India
- Merrill Lynch Commodities Europe
- Bangladesh Power Developement Board
- GAC Shipping (India) Pvt Ltd
- Leighton Contractors Pty Ltd - Australia
- Posco Energy - South Korea
- Bahari Cakrawala Sebuku - Indonesia
- Parliament of New Zealand
- OPG Power Generation Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Pendopo Energi Batubara - Indonesia
- Planning Commission, India
- Energy Link Ltd, New Zealand
- Lanco Infratech Ltd - India
- Chamber of Mines of South Africa
- Global Coal Blending Company Limited - Australia
- Bukit Makmur.PT - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- SMG Consultants - Indonesia
- Straits Asia Resources Limited - Singapore
- Sinarmas Energy and Mining - Indonesia
- Metalloyd Limited - United Kingdom
- ASAPP Information Group - India
- Xindia Steels Limited - India
- Cigading International Bulk Terminal - Indonesia
- CNBM International Corporation - China
- Sojitz Corporation - Japan
- European Bulk Services B.V. - Netherlands
- PetroVietnam Power Coal Import and Supply Company
- Banpu Public Company Limited - Thailand
- Bharathi Cement Corporation - India
- Port Waratah Coal Services - Australia
- Videocon Industries ltd - India
- Cement Manufacturers Association - India
- Australian Commodity Traders Exchange
- Manunggal Multi Energi - Indonesia
- Price Waterhouse Coopers - Russia
- Barasentosa Lestari - Indonesia
- Ind-Barath Power Infra Limited - India
- India Bulls Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- Coastal Gujarat Power Limited - India
- International Coal Ventures Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Therma Luzon, Inc, Philippines
- Coal and Oil Company - UAE
- Madhucon Powers Ltd - India
- Goldman Sachs - Singapore
- Orica Australia Pty. Ltd.
- Coalindo Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Central Electricity Authority - India
- Eastern Coal Council - USA
- Vedanta Resources Plc - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Holcim Trading Pte Ltd - Singapore
- Karaikal Port Pvt Ltd - India
- Mercator Lines Limited - India
- Alfred C Toepfer International GmbH - Germany
- Latin American Coal - Colombia
- Energy Development Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Baramulti Group, Indonesia
- South Luzon Thermal Energy Corporation
- Krishnapatnam Port Company Ltd. - India
- Indonesian Coal Mining Association
- SN Aboitiz Power Inc, Philippines
- Mintek Dendrill Indonesia
- Interocean Group of Companies - India
- Power Finance Corporation Ltd., India
- Vijayanagar Sugar Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- LBH Netherlands Bv - Netherlands
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Dalmia Cement Bharat India
- Riau Bara Harum - Indonesia
- Heidelberg Cement - Germany
- The University of Queensland
- PNOC Exploration Corporation - Philippines
- Makarim & Taira - Indonesia
- Meralco Power Generation, Philippines
- Economic Council, Georgia
- Semirara Mining and Power Corporation, Philippines
- New Zealand Coal & Carbon
- Toyota Tsusho Corporation, Japan
- Commonwealth Bank - Australia
- Directorate Of Revenue Intelligence - India
- Karbindo Abesyapradhi - Indoneisa
- Global Business Power Corporation, Philippines
- Larsen & Toubro Limited - India
- Singapore Mercantile Exchange
- San Jose City I Power Corp, Philippines
- White Energy Company Limited
- Altura Mining Limited, Indonesia
- Kepco SPC Power Corporation, Philippines
- Star Paper Mills Limited - India
- Indian Energy Exchange, India
- Minerals Council of Australia
- Formosa Plastics Group - Taiwan
- Central Java Power - Indonesia
- Attock Cement Pakistan Limited
- Mercuria Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Intertek Mineral Services - Indonesia
- Rio Tinto Coal - Australia
- Medco Energi Mining Internasional
- Romanian Commodities Exchange
- Georgia Ports Authority, United States
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