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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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Wednesday, 10 August 22
THE FUTURE OF COAL: EIGHT KEY THEMES FROM THE GLOBAL COAL FORUM - WOOD MACKENZIE
Coal investors face a multi-layered and unavoidable challenge: markets distorted by war, trade constraints and the existential threat of the energy ...
Saturday, 06 August 22
SUMITOMO Q1 PROFIT RISES 45% ON STRONGER PRICES OF COAL, NICKEL - REUTERS
Japanese trading house Sumitomo Corp 8053.T said on Wednesday its net profit for the April-June quarter rose 45% to a record thanks to higher price ...
Saturday, 06 August 22
GERMANY'S ENERGY U-TURN: COAL INSTEAD OF GAS - DEUTSCHE WELLE
Berlin has realized it will never again import as much energy from Russia as before the Ukraine war. So the challenge is to wean Germany off its de ...
Saturday, 30 July 22
NUANCES OF FORCE MAJEURE CLAUSE - BALTIC EXCHANGE
Knowledge to Elevate
In NKD Maritime Limited v. Bart Maritime (No 2) Inc (Shagang Giant) [2022] EWHC 1615 (Comm), Bart Maritime (No 2) Inc (th ...
Saturday, 30 July 22
AEMO URGES QUICKER SHIFT TO RENEWABLES AMID COAL FAILURES AND SOARING FOSSIL FUEL COSTS
The Australian Energy Market Operator has called for an accelerated shift to wind and solar, backed up by batteries and other storage, as a devasta ...
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- Asia Pacific Energy Resources Ventures Inc, Philippines
- PNOC Exploration Corporation - Philippines
- San Jose City I Power Corp, Philippines
- Grasim Industreis Ltd - India
- Tamil Nadu electricity Board
- Port Waratah Coal Services - Australia
- Latin American Coal - Colombia
- Coastal Gujarat Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Global Green Power PLC Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Carbofer General Trading SA - India
- Tata Chemicals Ltd - India
- Binh Thuan Hamico - Vietnam
- Electricity Authority, New Zealand
- Banpu Public Company Limited - Thailand
- Savvy Resources Ltd - HongKong
- Kobexindo Tractors - Indoneisa
- Marubeni Corporation - India
- Pendopo Energi Batubara - Indonesia
- CNBM International Corporation - China
- Price Waterhouse Coopers - Russia
- OPG Power Generation Pvt Ltd - India
- Energy Development Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- Intertek Mineral Services - Indonesia
- Electricity Generating Authority of Thailand
- Salva Resources Pvt Ltd - India
- Mercuria Energy - Indonesia
- Coalindo Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kumho Petrochemical, South Korea
- Ministry of Finance - Indonesia
- The Treasury - Australian Government
- GAC Shipping (India) Pvt Ltd
- Manunggal Multi Energi - Indonesia
- Sarangani Energy Corporation, Philippines
- Renaissance Capital - South Africa
- Barasentosa Lestari - Indonesia
- ASAPP Information Group - India
- Commonwealth Bank - Australia
- PowerSource Philippines DevCo
- South Luzon Thermal Energy Corporation
- Sakthi Sugars Limited - India
- Aditya Birla Group - India
- Ambuja Cements Ltd - India
- Riau Bara Harum - Indonesia
- Central Java Power - Indonesia
- Heidelberg Cement - Germany
- GN Power Mariveles Coal Plant, Philippines
- Africa Commodities Group - South Africa
- The State Trading Corporation of India Ltd
- Uttam Galva Steels Limited - India
- PTC India Limited - India
- Indian Energy Exchange, India
- Sindya Power Generating Company Private Ltd
- Baramulti Group, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Orica Mining Services - Indonesia
- Vizag Seaport Private Limited - India
- The University of Queensland
- International Coal Ventures Pvt Ltd - India
- Thai Mozambique Logistica
- Iligan Light & Power Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Larsen & Toubro Limited - India
- Meenaskhi Energy Private Limited - India
- Semirara Mining and Power Corporation, Philippines
- Siam City Cement - Thailand
- SMG Consultants - Indonesia
- Maheswari Brothers Coal Limited - India
- MS Steel International - UAE
- Standard Chartered Bank - UAE
- Romanian Commodities Exchange
- Timah Investasi Mineral - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- Ind-Barath Power Infra Limited - India
- Parry Sugars Refinery, India
- Indika Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Kalimantan Lumbung Energi - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Aboitiz Power Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- Bhatia International Limited - India
- Holcim Trading Pte Ltd - Singapore
- Eastern Energy - Thailand
- Karbindo Abesyapradhi - Indoneisa
- Orica Australia Pty. Ltd.
- Miang Besar Coal Terminal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Indonesian Coal Mining Association
- Petron Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Directorate Of Revenue Intelligence - India
- IEA Clean Coal Centre - UK
- Jindal Steel & Power Ltd - India
- TeaM Sual Corporation - Philippines
- Attock Cement Pakistan Limited
- Eastern Coal Council - USA
- Gujarat Mineral Development Corp Ltd - India
- Jaiprakash Power Ventures ltd
- Gujarat Sidhee Cement - India
- Madhucon Powers Ltd - India
- Goldman Sachs - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Coal Blending Company Limited - Australia
- Mintek Dendrill Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Planning Commission, India
- Kaltim Prima Coal - Indonesia
- Medco Energi Mining Internasional
- Vijayanagar Sugar Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Mercator Lines Limited - India
- Global Business Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Indo Tambangraya Megah - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Bangladesh Power Developement Board
- VISA Power Limited - India
- Independent Power Producers Association of India
- Lanco Infratech Ltd - India
- Power Finance Corporation Ltd., India
- Wilmar Investment Holdings
- Krishnapatnam Port Company Ltd. - India
- London Commodity Brokers - England
- Antam Resourcindo - Indonesia
- Malabar Cements Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Agrawal Coal Company - India
- Kideco Jaya Agung - Indonesia
- Globalindo Alam Lestari - Indonesia
- Dalmia Cement Bharat India
- Sical Logistics Limited - India
- White Energy Company Limited
- Bhoruka Overseas - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Minerals Council of Australia
- European Bulk Services B.V. - Netherlands
- Edison Trading Spa - Italy
- Borneo Indobara - Indonesia
- Toyota Tsusho Corporation, Japan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Wood Mackenzie - Singapore
- McConnell Dowell - Australia
- Formosa Plastics Group - Taiwan
- Kohat Cement Company Ltd. - Pakistan
- Sojitz Corporation - Japan
- Bukit Baiduri Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Australian Commodity Traders Exchange
- PetroVietnam Power Coal Import and Supply Company
- GVK Power & Infra Limited - India
- Semirara Mining Corp, Philippines
- Interocean Group of Companies - India
- CIMB Investment Bank - Malaysia
- Energy Link Ltd, New Zealand
- Bayan Resources Tbk. - Indonesia
- Rio Tinto Coal - Australia
- ICICI Bank Limited - India
- Straits Asia Resources Limited - Singapore
- Karaikal Port Pvt Ltd - India
- Meralco Power Generation, Philippines
- Star Paper Mills Limited - India
- Gujarat Electricity Regulatory Commission - India
- Indian Oil Corporation Limited
- Billiton Holdings Pty Ltd - Australia
- Indogreen Group - Indonesia
- Cement Manufacturers Association - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bharathi Cement Corporation - India
- Posco Energy - South Korea
- Trasteel International SA, Italy
- Bulk Trading Sa - Switzerland
- Neyveli Lignite Corporation Ltd, - India
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Mines - Canada
- Maharashtra Electricity Regulatory Commission - India
- Alfred C Toepfer International GmbH - Germany
- Thiess Contractors Indonesia
- Georgia Ports Authority, United States
- Directorate General of MIneral and Coal - Indonesia
- Parliament of New Zealand
- Altura Mining Limited, Indonesia
- Chamber of Mines of South Africa
- Xindia Steels Limited - India
- SN Aboitiz Power Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Videocon Industries ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Australian Coal Association
- Samtan Co., Ltd - South Korea
- Anglo American - United Kingdom
- LBH Netherlands Bv - Netherlands
- Chettinad Cement Corporation Ltd - India
- New Zealand Coal & Carbon
- Deloitte Consulting - India
- Metalloyd Limited - United Kingdom
- Ministry of Transport, Egypt
- Essar Steel Hazira Ltd - India
- GMR Energy Limited - India
- Makarim & Taira - Indonesia
- Vedanta Resources Plc - India
- SMC Global Power, Philippines
- Singapore Mercantile Exchange
- Coal and Oil Company - UAE
- Merrill Lynch Commodities Europe
- Oldendorff Carriers - Singapore
- Bhushan Steel Limited - India
- India Bulls Power Limited - India
- Mjunction Services Limited - India
- Economic Council, Georgia
- IHS Mccloskey Coal Group - USA
- Central Electricity Authority - India
- Siam City Cement PLC, Thailand
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