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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, 26 July 22
CAP RUSSIA'S OIL PRICE NOW - PROJECT SYNDICATE
Though the price of oil has declined in recent weeks, it is still through the roof, filtering through to gasoline prices, and causing economic and ...
Tuesday, 26 July 22
WILL SOUTH AMERICA’S WINTER DEMAND DRAW LNG CARGOES AWAY FROM EUROPE? - ICIS
South America is now in the middle of its winter demand season. Last year the region increased its share of global LNG imports in winter, with Braz ...
Monday, 25 July 22
GLOBAL 2021 COAL-FIRED ELECTRICITY GENERATION SURGES TO RECORD HIGH - REUTERS
By contrast, mine output was still fractionally below the record set between 2012 and 2014 because older and less efficient coal generators have be ...
Saturday, 23 July 22
THE EU HAS BEEN REDUCING IMPORTS OF RUSSIAN REFINED OIL PRODUCTS SINCE MARCH - BANCHERO COSTA
The European Union could now ban the import and transit of fuel oil from Russia around six months ahead of the planned deadline, an EU official and ...
Saturday, 23 July 22
INDONESIA CONSIDERING SCRAPPING DOMESTIC SALES RULE FOR PALM OIL EXPORTS - REUTERS
Indonesia is considering removing a domestic sales requirement for palm oil exports because high inventories of the vegetable oil have been holding ...
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- Offshore Bulk Terminal Pte Ltd, Singapore
- Cement Manufacturers Association - India
- Trasteel International SA, Italy
- The University of Queensland
- Sical Logistics Limited - India
- Bukit Makmur.PT - Indonesia
- Salva Resources Pvt Ltd - India
- Edison Trading Spa - Italy
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- Power Finance Corporation Ltd., India
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- PNOC Exploration Corporation - Philippines
- Riau Bara Harum - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Deloitte Consulting - India
- Uttam Galva Steels Limited - India
- Planning Commission, India
- Economic Council, Georgia
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- SMG Consultants - Indonesia
- Vizag Seaport Private Limited - India
- Gujarat Mineral Development Corp Ltd - India
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- Eastern Coal Council - USA
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- Orica Australia Pty. Ltd.
- Chettinad Cement Corporation Ltd - India
- Barasentosa Lestari - Indonesia
- Maheswari Brothers Coal Limited - India
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- Ministry of Mines - Canada
- Georgia Ports Authority, United States
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- International Coal Ventures Pvt Ltd - India
- Sojitz Corporation - Japan
- Indika Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- CIMB Investment Bank - Malaysia
- Ministry of Transport, Egypt
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- Heidelberg Cement - Germany
- Alfred C Toepfer International GmbH - Germany
- ASAPP Information Group - India
- Australian Coal Association
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- Global Coal Blending Company Limited - Australia
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- Directorate General of MIneral and Coal - Indonesia
- Bhushan Steel Limited - India
- Billiton Holdings Pty Ltd - Australia
- Merrill Lynch Commodities Europe
- Asmin Koalindo Tuhup - Indonesia
- MS Steel International - UAE
- Kobexindo Tractors - Indoneisa
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- Indian Energy Exchange, India
- Thai Mozambique Logistica
- Posco Energy - South Korea
- Mintek Dendrill Indonesia
- Tamil Nadu electricity Board
- Indian Oil Corporation Limited
- Grasim Industreis Ltd - India
- Banpu Public Company Limited - Thailand
- Semirara Mining Corp, Philippines
- Kumho Petrochemical, South Korea
- Gujarat Electricity Regulatory Commission - India
- Essar Steel Hazira Ltd - India
- Dalmia Cement Bharat India
- Port Waratah Coal Services - Australia
- Therma Luzon, Inc, Philippines
- IEA Clean Coal Centre - UK
- Minerals Council of Australia
- Cigading International Bulk Terminal - Indonesia
- Metalloyd Limited - United Kingdom
- Ceylon Electricity Board - Sri Lanka
- Wood Mackenzie - Singapore
- The Treasury - Australian Government
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- Coal and Oil Company - UAE
- European Bulk Services B.V. - Netherlands
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- White Energy Company Limited
- Straits Asia Resources Limited - Singapore
- Bhoruka Overseas - Indonesia
- Tata Chemicals Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kaltim Prima Coal - Indonesia
- Karaikal Port Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Independent Power Producers Association of India
- Bangladesh Power Developement Board
- Holcim Trading Pte Ltd - Singapore
- Pendopo Energi Batubara - Indonesia
- San Jose City I Power Corp, Philippines
- VISA Power Limited - India
- South Luzon Thermal Energy Corporation
- Romanian Commodities Exchange
- Intertek Mineral Services - Indonesia
- Africa Commodities Group - South Africa
- GAC Shipping (India) Pvt Ltd
- Mercator Lines Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Price Waterhouse Coopers - Russia
- Jindal Steel & Power Ltd - India
- Binh Thuan Hamico - Vietnam
- Electricity Authority, New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PTC India Limited - India
- Antam Resourcindo - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Petrochimia International Co. Ltd.- Taiwan
- Aditya Birla Group - India
- Bulk Trading Sa - Switzerland
- Makarim & Taira - Indonesia
- Siam City Cement - Thailand
- Krishnapatnam Port Company Ltd. - India
- Samtan Co., Ltd - South Korea
- GMR Energy Limited - India
- Semirara Mining and Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- McConnell Dowell - Australia
- Bukit Baiduri Energy - Indonesia
- Medco Energi Mining Internasional
- Directorate Of Revenue Intelligence - India
- Larsen & Toubro Limited - India
- Lanco Infratech Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Parliament of New Zealand
- Neyveli Lignite Corporation Ltd, - India
- SMC Global Power, Philippines
- Renaissance Capital - South Africa
- SN Aboitiz Power Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Singapore Mercantile Exchange
- Global Business Power Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Eastern Energy - Thailand
- Central Electricity Authority - India
- Bharathi Cement Corporation - India
- Standard Chartered Bank - UAE
- India Bulls Power Limited - India
- PowerSource Philippines DevCo
- Indonesian Coal Mining Association
- Karbindo Abesyapradhi - Indoneisa
- Sakthi Sugars Limited - India
- ICICI Bank Limited - India
- Iligan Light & Power Inc, Philippines
- Latin American Coal - Colombia
- AsiaOL BioFuels Corp., Philippines
- Ministry of Finance - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mercuria Energy - Indonesia
- TeaM Sual Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Marubeni Corporation - India
- Australian Commodity Traders Exchange
- Videocon Industries ltd - India
- Anglo American - United Kingdom
- Borneo Indobara - Indonesia
- Parry Sugars Refinery, India
- Vedanta Resources Plc - India
- Rashtriya Ispat Nigam Limited - India
- Goldman Sachs - Singapore
- Energy Link Ltd, New Zealand
- Chamber of Mines of South Africa
- Sindya Power Generating Company Private Ltd
- Siam City Cement PLC, Thailand
- Meenaskhi Energy Private Limited - India
- Central Java Power - Indonesia
- Altura Mining Limited, Indonesia
- Sarangani Energy Corporation, Philippines
- The State Trading Corporation of India Ltd
- Oldendorff Carriers - Singapore
- Kideco Jaya Agung - Indonesia
- Bayan Resources Tbk. - Indonesia
- Electricity Generating Authority of Thailand
- Indo Tambangraya Megah - Indonesia
- GVK Power & Infra Limited - India
- Jaiprakash Power Ventures ltd
- Energy Development Corp, Philippines
- Carbofer General Trading SA - India
- Bhatia International Limited - India
- Star Paper Mills Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Toyota Tsusho Corporation, Japan
- Petron Corporation, Philippines
- Baramulti Group, Indonesia
- Orica Mining Services - Indonesia
- Commonwealth Bank - Australia
- Agrawal Coal Company - India
- Aboitiz Power Corporation - Philippines
- Attock Cement Pakistan Limited
- Savvy Resources Ltd - HongKong
- Kepco SPC Power Corporation, Philippines
- Meralco Power Generation, Philippines
- OPG Power Generation Pvt Ltd - India
- CNBM International Corporation - China
- Wilmar Investment Holdings
- Interocean Group of Companies - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coalindo Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
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