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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, 16 September 22
WHEN IS A VESSEL'S INCOME EARNING CAPACITY AT RISK? 'CONTROLLED INCOME CAN BE A KEY OF SUCCESS' - MARASCO MARINE
Managing marine risks is not an easy task, which requires special knowledge and expertise on the subject per se. Customarily, big ship management c ...
Friday, 16 September 22
DRY BULK MARKET: EU’S BAN ON RUSSIAN COAL LIFTS DEMAND DESPITE ECONOMIC HEADWINDS - BIMCO
Highlights
– The Baltic Exchange Dry Index (BDI) peaked in late May and has since fallen sharply as lower Chinese demand and adverse glob ...
Friday, 16 September 22
BIMCO EMBARKS ON NEW STANDARD FOR “QUIET ENJOYMENT”
KNOWLEDGE TO ELEVATE
A newly set-up BIMCO drafting team involving a cross-section of shipowners, charterers, financing and leasing i ...
Friday, 16 September 22
INDIAN COAL PRODUCTION TO RISE 150 PER CENT IN 10 YEARS: CENTRE - EXPRESS NEWS SERVICE
The Union Ministry of Mines is expecting 150 per cent growth in coal production 10 years down the line as a result of coal reforms that had been us ...
Thursday, 15 September 22
MARKET INSIGHT - INTERMODAL
While the Organization of Petroleum Exporting Countries and its allies agreed on a 100,000 b/d output cut last week, oil flows are in the spotlight ...
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- Trasteel International SA, Italy
- Merrill Lynch Commodities Europe
- Metalloyd Limited - United Kingdom
- Aditya Birla Group - India
- Malabar Cements Ltd - India
- Salva Resources Pvt Ltd - India
- GVK Power & Infra Limited - India
- Eastern Coal Council - USA
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- Meenaskhi Energy Private Limited - India
- Orica Mining Services - Indonesia
- Jindal Steel & Power Ltd - India
- Therma Luzon, Inc, Philippines
- SMG Consultants - Indonesia
- Dalmia Cement Bharat India
- Madhucon Powers Ltd - India
- GAC Shipping (India) Pvt Ltd
- Bharathi Cement Corporation - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Carbofer General Trading SA - India
- Vijayanagar Sugar Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Goldman Sachs - Singapore
- New Zealand Coal & Carbon
- Planning Commission, India
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- VISA Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Mines - Canada
- Minerals Council of Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Baramulti Group, Indonesia
- Gujarat Sidhee Cement - India
- Electricity Authority, New Zealand
- Bayan Resources Tbk. - Indonesia
- Central Electricity Authority - India
- Sindya Power Generating Company Private Ltd
- Posco Energy - South Korea
- Indonesian Coal Mining Association
- Thiess Contractors Indonesia
- IEA Clean Coal Centre - UK
- Binh Thuan Hamico - Vietnam
- Siam City Cement PLC, Thailand
- International Coal Ventures Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- San Jose City I Power Corp, Philippines
- Economic Council, Georgia
- Pendopo Energi Batubara - Indonesia
- Timah Investasi Mineral - Indoneisa
- TeaM Sual Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Asam (Persero) Tbk - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Straits Asia Resources Limited - Singapore
- Makarim & Taira - Indonesia
- Semirara Mining Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Meralco Power Generation, Philippines
- Kumho Petrochemical, South Korea
- Energy Development Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- Bukit Baiduri Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- ICICI Bank Limited - India
- Ministry of Finance - Indonesia
- Tamil Nadu electricity Board
- Borneo Indobara - Indonesia
- Grasim Industreis Ltd - India
- Marubeni Corporation - India
- Essar Steel Hazira Ltd - India
- Miang Besar Coal Terminal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- The University of Queensland
- Wilmar Investment Holdings
- Leighton Contractors Pty Ltd - Australia
- Manunggal Multi Energi - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Indian Energy Exchange, India
- Maheswari Brothers Coal Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Siam City Cement - Thailand
- Billiton Holdings Pty Ltd - Australia
- Price Waterhouse Coopers - Russia
- European Bulk Services B.V. - Netherlands
- Agrawal Coal Company - India
- Wood Mackenzie - Singapore
- Parry Sugars Refinery, India
- Kalimantan Lumbung Energi - Indonesia
- Riau Bara Harum - Indonesia
- Oldendorff Carriers - Singapore
- Australian Commodity Traders Exchange
- Directorate General of MIneral and Coal - Indonesia
- Altura Mining Limited, Indonesia
- Intertek Mineral Services - Indonesia
- Iligan Light & Power Inc, Philippines
- Mintek Dendrill Indonesia
- PTC India Limited - India
- Commonwealth Bank - Australia
- Mercuria Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Indika Energy - Indonesia
- GMR Energy Limited - India
- Central Java Power - Indonesia
- Deloitte Consulting - India
- Simpson Spence & Young - Indonesia
- Sinarmas Energy and Mining - Indonesia
- India Bulls Power Limited - India
- Coastal Gujarat Power Limited - India
- Ind-Barath Power Infra Limited - India
- Electricity Generating Authority of Thailand
- Mercator Lines Limited - India
- Star Paper Mills Limited - India
- Rio Tinto Coal - Australia
- Sical Logistics Limited - India
- Antam Resourcindo - Indonesia
- Indogreen Group - Indonesia
- The State Trading Corporation of India Ltd
- Energy Link Ltd, New Zealand
- MS Steel International - UAE
- Tata Chemicals Ltd - India
- Savvy Resources Ltd - HongKong
- Sojitz Corporation - Japan
- Kohat Cement Company Ltd. - Pakistan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Port Waratah Coal Services - Australia
- Georgia Ports Authority, United States
- CIMB Investment Bank - Malaysia
- Holcim Trading Pte Ltd - Singapore
- Thai Mozambique Logistica
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- Alfred C Toepfer International GmbH - Germany
- Videocon Industries ltd - India
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- PowerSource Philippines DevCo
- Bahari Cakrawala Sebuku - Indonesia
- Renaissance Capital - South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Edison Trading Spa - Italy
- Barasentosa Lestari - Indonesia
- Globalindo Alam Lestari - Indonesia
- Global Coal Blending Company Limited - Australia
- Ambuja Cements Ltd - India
- Vedanta Resources Plc - India
- Bukit Makmur.PT - Indonesia
- Ministry of Transport, Egypt
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- Indian Oil Corporation Limited
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- PetroVietnam Power Coal Import and Supply Company
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- Parliament of New Zealand
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- Global Business Power Corporation, Philippines
- Sakthi Sugars Limited - India
- Chettinad Cement Corporation Ltd - India
- IHS Mccloskey Coal Group - USA
- Medco Energi Mining Internasional
- Coal and Oil Company - UAE
- Kobexindo Tractors - Indoneisa
- South Luzon Thermal Energy Corporation
- Sree Jayajothi Cements Limited - India
- Singapore Mercantile Exchange
- SMC Global Power, Philippines
- Vizag Seaport Private Limited - India
- Anglo American - United Kingdom
- Bulk Trading Sa - Switzerland
- McConnell Dowell - Australia
- Coalindo Energy - Indonesia
- Petron Corporation, Philippines
- London Commodity Brokers - England
- CNBM International Corporation - China
- SN Aboitiz Power Inc, Philippines
- Australian Coal Association
- Bhushan Steel Limited - India
- Formosa Plastics Group - Taiwan
- PNOC Exploration Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- Xindia Steels Limited - India
- ASAPP Information Group - India
- Gujarat Electricity Regulatory Commission - India
- Heidelberg Cement - Germany
- Standard Chartered Bank - UAE
- Aboitiz Power Corporation - Philippines
- Interocean Group of Companies - India
- Africa Commodities Group - South Africa
- Indo Tambangraya Megah - Indonesia
- Krishnapatnam Port Company Ltd. - India
- White Energy Company Limited
- Sarangani Energy Corporation, Philippines
- Bangladesh Power Developement Board
- Uttam Galva Steels Limited - India
- Romanian Commodities Exchange
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- Cement Manufacturers Association - India
- Toyota Tsusho Corporation, Japan
- Bhoruka Overseas - Indonesia
- Eastern Energy - Thailand
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- Global Green Power PLC Corporation, Philippines
- Attock Cement Pakistan Limited
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- Chamber of Mines of South Africa
- OPG Power Generation Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Rashtriya Ispat Nigam Limited - India
- Lanco Infratech Ltd - India
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