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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, 23 August 22
SHIPPING INDUSTRY TO REMOVE THE INDIAN OCEAN HIGH RISK AREA - BIMCO
After more than a decade of effective threat-reducing counter-piracy operations the shipping industry has removed the ‘Indian Ocean High Risk ...
Tuesday, 23 August 22
SHIPPING: GLOBAL TAX REFORM - WATSON FARLEY & WILLIAMS
OECD rules designed to implement a global minimum corporate tax rate for very large multinational groups have now been published and are expected t ...
Tuesday, 23 August 22
PARTIES CONCLUDE JOINT R&D AGREEMENT FOR WORLD’S FIRST AMMONIA FLOATING STORAGE AND REGASIFICATION BARGE CONTRIBUTING TO PROMOTING THE EARLY INTRODUCTION OF AMMONIA FUEL - NYK
NYK Line, Nihon Shipyard Co., Ltd. (NSY), ClassNK, and IHI Corporation (IHI) signed a joint research and development agreement for the commercializ ...
Monday, 22 August 22
INDONESIAN GOVERNMENT IMPOSED ON NEW PROGRESSIVE ROYALTIES FOR COAL
Indonesian President Joko Widodo has signed a Government Regulation (Number 26 of 2022) on 15 August 2022 related to the progressive royalty rates ...
Monday, 22 August 22
CHINA'S JULY RUSSIAN COAL IMPORTS HIT 5-YR HIGH AS WEST SHUNS MOSCOW - REUTERS
China’s coal imports from Russia jumped 14% in July from a year earlier to their highest in at least five years, as China bought discounted c ...
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- Orica Australia Pty. Ltd.
- PNOC Exploration Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- Edison Trading Spa - Italy
- Jaiprakash Power Ventures ltd
- Thai Mozambique Logistica
- Energy Development Corp, Philippines
- Coal and Oil Company - UAE
- MS Steel International - UAE
- Larsen & Toubro Limited - India
- White Energy Company Limited
- Rio Tinto Coal - Australia
- Neyveli Lignite Corporation Ltd, - India
- Metalloyd Limited - United Kingdom
- Price Waterhouse Coopers - Russia
- Ind-Barath Power Infra Limited - India
- Heidelberg Cement - Germany
- Electricity Authority, New Zealand
- Bulk Trading Sa - Switzerland
- Intertek Mineral Services - Indonesia
- Latin American Coal - Colombia
- SMC Global Power, Philippines
- Riau Bara Harum - Indonesia
- Directorate Of Revenue Intelligence - India
- Rashtriya Ispat Nigam Limited - India
- Meralco Power Generation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Oldendorff Carriers - Singapore
- Alfred C Toepfer International GmbH - Germany
- Sindya Power Generating Company Private Ltd
- Trasteel International SA, Italy
- Kaltim Prima Coal - Indonesia
- Agrawal Coal Company - India
- Commonwealth Bank - Australia
- Semirara Mining Corp, Philippines
- Medco Energi Mining Internasional
- Samtan Co., Ltd - South Korea
- Eastern Coal Council - USA
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kobexindo Tractors - Indoneisa
- Interocean Group of Companies - India
- Meenaskhi Energy Private Limited - India
- Global Business Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- Bharathi Cement Corporation - India
- Attock Cement Pakistan Limited
- Karaikal Port Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Coalindo Energy - Indonesia
- Georgia Ports Authority, United States
- Asmin Koalindo Tuhup - Indonesia
- Videocon Industries ltd - India
- Leighton Contractors Pty Ltd - Australia
- VISA Power Limited - India
- Australian Coal Association
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- Formosa Plastics Group - Taiwan
- Salva Resources Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Chettinad Cement Corporation Ltd - India
- PowerSource Philippines DevCo
- Electricity Generating Authority of Thailand
- ICICI Bank Limited - India
- India Bulls Power Limited - India
- Iligan Light & Power Inc, Philippines
- Economic Council, Georgia
- Simpson Spence & Young - Indonesia
- International Coal Ventures Pvt Ltd - India
- Star Paper Mills Limited - India
- Central Java Power - Indonesia
- Baramulti Group, Indonesia
- Australian Commodity Traders Exchange
- Tamil Nadu electricity Board
- Siam City Cement PLC, Thailand
- Uttam Galva Steels Limited - India
- Wood Mackenzie - Singapore
- Power Finance Corporation Ltd., India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coastal Gujarat Power Limited - India
- Thiess Contractors Indonesia
- The Treasury - Australian Government
- Manunggal Multi Energi - Indonesia
- SN Aboitiz Power Inc, Philippines
- New Zealand Coal & Carbon
- McConnell Dowell - Australia
- TeaM Sual Corporation - Philippines
- Xindia Steels Limited - India
- Globalindo Alam Lestari - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Merrill Lynch Commodities Europe
- Miang Besar Coal Terminal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- LBH Netherlands Bv - Netherlands
- Singapore Mercantile Exchange
- Bhushan Steel Limited - India
- Wilmar Investment Holdings
- Binh Thuan Hamico - Vietnam
- Pipit Mutiara Jaya. PT, Indonesia
- Tata Chemicals Ltd - India
- Kumho Petrochemical, South Korea
- Mintek Dendrill Indonesia
- Deloitte Consulting - India
- Central Electricity Authority - India
- Indian Oil Corporation Limited
- Essar Steel Hazira Ltd - India
- Chamber of Mines of South Africa
- Cement Manufacturers Association - India
- Aditya Birla Group - India
- Vijayanagar Sugar Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Parry Sugars Refinery, India
- Sojitz Corporation - Japan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Vizag Seaport Private Limited - India
- Ambuja Cements Ltd - India
- Ministry of Finance - Indonesia
- GMR Energy Limited - India
- Kepco SPC Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Kohat Cement Company Ltd. - Pakistan
- PTC India Limited - India
- Bayan Resources Tbk. - Indonesia
- Borneo Indobara - Indonesia
- Mercuria Energy - Indonesia
- Mjunction Services Limited - India
- Marubeni Corporation - India
- Kideco Jaya Agung - Indonesia
- Posco Energy - South Korea
- Global Green Power PLC Corporation, Philippines
- Standard Chartered Bank - UAE
- Sree Jayajothi Cements Limited - India
- Parliament of New Zealand
- CIMB Investment Bank - Malaysia
- Energy Link Ltd, New Zealand
- Toyota Tsusho Corporation, Japan
- Makarim & Taira - Indonesia
- Banpu Public Company Limited - Thailand
- Kalimantan Lumbung Energi - Indonesia
- Anglo American - United Kingdom
- Siam City Cement - Thailand
- Bukit Makmur.PT - Indonesia
- Antam Resourcindo - Indonesia
- Sical Logistics Limited - India
- Indika Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Jindal Steel & Power Ltd - India
- Bangladesh Power Developement Board
- Vedanta Resources Plc - India
- Jorong Barutama Greston.PT - Indonesia
- Barasentosa Lestari - Indonesia
- European Bulk Services B.V. - Netherlands
- Indogreen Group - Indonesia
- ASAPP Information Group - India
- Bukit Asam (Persero) Tbk - Indonesia
- Cigading International Bulk Terminal - Indonesia
- SMG Consultants - Indonesia
- Petron Corporation, Philippines
- Bhatia International Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Planning Commission, India
- The State Trading Corporation of India Ltd
- Maheswari Brothers Coal Limited - India
- Dalmia Cement Bharat India
- CNBM International Corporation - China
- Carbofer General Trading SA - India
- Africa Commodities Group - South Africa
- Timah Investasi Mineral - Indoneisa
- Indian Energy Exchange, India
- Gujarat Sidhee Cement - India
- IEA Clean Coal Centre - UK
- South Luzon Thermal Energy Corporation
- Sarangani Energy Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Madhucon Powers Ltd - India
- Mercator Lines Limited - India
- Kartika Selabumi Mining - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Maharashtra Electricity Regulatory Commission - India
- Savvy Resources Ltd - HongKong
- Global Coal Blending Company Limited - Australia
- Renaissance Capital - South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Electricity Regulatory Commission - India
- OPG Power Generation Pvt Ltd - India
- The University of Queensland
- Ministry of Mines - Canada
- Lanco Infratech Ltd - India
- Goldman Sachs - Singapore
- London Commodity Brokers - England
- Malabar Cements Ltd - India
- Independent Power Producers Association of India
- Gujarat Mineral Development Corp Ltd - India
- Indonesian Coal Mining Association
- Straits Asia Resources Limited - Singapore
- Pendopo Energi Batubara - Indonesia
- Grasim Industreis Ltd - India
- Eastern Energy - Thailand
- Bhoruka Overseas - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Orica Mining Services - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Aboitiz Power Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- Altura Mining Limited, Indonesia
- Minerals Council of Australia
- GAC Shipping (India) Pvt Ltd
- IHS Mccloskey Coal Group - USA
- Sakthi Sugars Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Romanian Commodities Exchange
- Ministry of Transport, Egypt
- PetroVietnam Power Coal Import and Supply Company
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