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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, 20 September 22
CHINA COAL OUTPUT UP 8.1 PCT IN AUGUST - XINHUA
China’s raw coal output posted stable expansion in August, official data showed.
The country produced 370 million tonnes of ra ...
Monday, 19 September 22
BUMA AUSTRALIA AWARDED A$400 MILLION CONTRACT EXTENSION BY BMA FOR GOONYELLA PROJECT
Press Release – PT Delta Dunia Makmur Tbk. (the "Company") announced that its subsidiary, PT Bukit Makmur Mandiri Utama ("BUMA ...
Saturday, 17 September 22
CHINA WARNS COAL COMPANIES AGAINST DUAL CONTRACTS, KEEP PRICES STABLE - REUTERS
China’s state economic planner warned coal companies operating at ports in the Bohai Bay region to comply with their long-term contracts to k ...
Saturday, 17 September 22
IS A GLOBAL RECESSION IMMINENT? - WORLD BANK
Since the beginning of the year, a rapid deterioration of growth prospects coupled with rising inflation and tightening financing conditions, has i ...
Saturday, 17 September 22
FITCH RATINGS REVISES GLOBAL METALS & MINING PRICE ASSUMPTIONS
Fitch Ratings has revised its metals and mining price assumptions reflecting evolving economic growth expectations and demand and supply dynamics.
...
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- Orica Australia Pty. Ltd.
- Iligan Light & Power Inc, Philippines
- San Jose City I Power Corp, Philippines
- Coastal Gujarat Power Limited - India
- Goldman Sachs - Singapore
- Karaikal Port Pvt Ltd - India
- Energy Link Ltd, New Zealand
- CIMB Investment Bank - Malaysia
- Binh Thuan Hamico - Vietnam
- PTC India Limited - India
- Bangladesh Power Developement Board
- Baramulti Group, Indonesia
- Madhucon Powers Ltd - India
- London Commodity Brokers - England
- Electricity Authority, New Zealand
- Rio Tinto Coal - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Power Finance Corporation Ltd., India
- International Coal Ventures Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Mintek Dendrill Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Miang Besar Coal Terminal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Standard Chartered Bank - UAE
- The State Trading Corporation of India Ltd
- Antam Resourcindo - Indonesia
- Latin American Coal - Colombia
- Georgia Ports Authority, United States
- Gujarat Sidhee Cement - India
- Timah Investasi Mineral - Indoneisa
- Orica Mining Services - Indonesia
- Malabar Cements Ltd - India
- Jaiprakash Power Ventures ltd
- TNB Fuel Sdn Bhd - Malaysia
- GVK Power & Infra Limited - India
- Trasteel International SA, Italy
- Maharashtra Electricity Regulatory Commission - India
- Chettinad Cement Corporation Ltd - India
- Anglo American - United Kingdom
- Marubeni Corporation - India
- New Zealand Coal & Carbon
- Bhushan Steel Limited - India
- ICICI Bank Limited - India
- Meralco Power Generation, Philippines
- Commonwealth Bank - Australia
- Xindia Steels Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Petron Corporation, Philippines
- Heidelberg Cement - Germany
- MS Steel International - UAE
- Kepco SPC Power Corporation, Philippines
- Thai Mozambique Logistica
- PetroVietnam Power Coal Import and Supply Company
- GN Power Mariveles Coal Plant, Philippines
- Independent Power Producers Association of India
- Intertek Mineral Services - Indonesia
- Renaissance Capital - South Africa
- Sojitz Corporation - Japan
- Toyota Tsusho Corporation, Japan
- Attock Cement Pakistan Limited
- Agrawal Coal Company - India
- Uttam Galva Steels Limited - India
- Vizag Seaport Private Limited - India
- Australian Commodity Traders Exchange
- Meenaskhi Energy Private Limited - India
- GMR Energy Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- The University of Queensland
- Banpu Public Company Limited - Thailand
- Dalmia Cement Bharat India
- Port Waratah Coal Services - Australia
- Bharathi Cement Corporation - India
- Larsen & Toubro Limited - India
- Samtan Co., Ltd - South Korea
- Bukit Baiduri Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- White Energy Company Limited
- Jorong Barutama Greston.PT - Indonesia
- Cement Manufacturers Association - India
- TeaM Sual Corporation - Philippines
- Indian Energy Exchange, India
- Makarim & Taira - Indonesia
- Semirara Mining and Power Corporation, Philippines
- SMG Consultants - Indonesia
- Posco Energy - South Korea
- Kobexindo Tractors - Indoneisa
- Interocean Group of Companies - India
- AsiaOL BioFuels Corp., Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Bhatia International Limited - India
- Global Business Power Corporation, Philippines
- Mercuria Energy - Indonesia
- Tamil Nadu electricity Board
- Minerals Council of Australia
- Wood Mackenzie - Singapore
- Edison Trading Spa - Italy
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Tata Chemicals Ltd - India
- Grasim Industreis Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Siam City Cement - Thailand
- Wilmar Investment Holdings
- Kartika Selabumi Mining - Indonesia
- Romanian Commodities Exchange
- SN Aboitiz Power Inc, Philippines
- Thiess Contractors Indonesia
- VISA Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Ceylon Electricity Board - Sri Lanka
- Central Electricity Authority - India
- CNBM International Corporation - China
- OPG Power Generation Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Bulk Trading Sa - Switzerland
- Billiton Holdings Pty Ltd - Australia
- PowerSource Philippines DevCo
- Manunggal Multi Energi - Indonesia
- Electricity Generating Authority of Thailand
- Singapore Mercantile Exchange
- Eastern Coal Council - USA
- Barasentosa Lestari - Indonesia
- Siam City Cement PLC, Thailand
- Australian Coal Association
- Sindya Power Generating Company Private Ltd
- Savvy Resources Ltd - HongKong
- Metalloyd Limited - United Kingdom
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Price Waterhouse Coopers - Russia
- Pendopo Energi Batubara - Indonesia
- Parry Sugars Refinery, India
- Kalimantan Lumbung Energi - Indonesia
- Globalindo Alam Lestari - Indonesia
- Indonesian Coal Mining Association
- The Treasury - Australian Government
- Chamber of Mines of South Africa
- Planning Commission, India
- Kapuas Tunggal Persada - Indonesia
- Energy Development Corp, Philippines
- Eastern Energy - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Mjunction Services Limited - India
- Carbofer General Trading SA - India
- Parliament of New Zealand
- Formosa Plastics Group - Taiwan
- Sical Logistics Limited - India
- Rashtriya Ispat Nigam Limited - India
- Global Green Power PLC Corporation, Philippines
- Merrill Lynch Commodities Europe
- Therma Luzon, Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Kaltim Prima Coal - Indonesia
- Aboitiz Power Corporation - Philippines
- South Luzon Thermal Energy Corporation
- Indo Tambangraya Megah - Indonesia
- Vedanta Resources Plc - India
- Altura Mining Limited, Indonesia
- Ind-Barath Power Infra Limited - India
- ASAPP Information Group - India
- Videocon Industries ltd - India
- GAC Shipping (India) Pvt Ltd
- IEA Clean Coal Centre - UK
- Sakthi Sugars Limited - India
- Alfred C Toepfer International GmbH - Germany
- Global Coal Blending Company Limited - Australia
- Semirara Mining Corp, Philippines
- Riau Bara Harum - Indonesia
- Star Paper Mills Limited - India
- Jindal Steel & Power Ltd - India
- Salva Resources Pvt Ltd - India
- Mercator Lines Limited - India
- India Bulls Power Limited - India
- LBH Netherlands Bv - Netherlands
- Ministry of Finance - Indonesia
- Deloitte Consulting - India
- Holcim Trading Pte Ltd - Singapore
- Borneo Indobara - Indonesia
- Africa Commodities Group - South Africa
- Indika Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Economic Council, Georgia
- Neyveli Lignite Corporation Ltd, - India
- Sinarmas Energy and Mining - Indonesia
- McConnell Dowell - Australia
- Sree Jayajothi Cements Limited - India
- European Bulk Services B.V. - Netherlands
- Medco Energi Mining Internasional
- Gujarat Electricity Regulatory Commission - India
- Oldendorff Carriers - Singapore
- Ambuja Cements Ltd - India
- Indogreen Group - Indonesia
- Simpson Spence & Young - Indonesia
- SMC Global Power, Philippines
- Kumho Petrochemical, South Korea
- Sarangani Energy Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Directorate Of Revenue Intelligence - India
- Cigading International Bulk Terminal - Indonesia
- Lanco Infratech Ltd - India
- Kideco Jaya Agung - Indonesia
- Indian Oil Corporation Limited
- Essar Steel Hazira Ltd - India
- Ministry of Transport, Egypt
- Krishnapatnam Port Company Ltd. - India
- IHS Mccloskey Coal Group - USA
- Coalindo Energy - Indonesia
- Aditya Birla Group - India
- Coal and Oil Company - UAE
- Bayan Resources Tbk. - Indonesia
- Central Java Power - Indonesia
- PNOC Exploration Corporation - Philippines
- Ministry of Mines - Canada
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Bukit Makmur.PT - Indonesia
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