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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, 19 July 22
DRY BULK MARKET: CAPESIZE MARKET FIRMS THIS WEEK - BALTIC EXCHANGE
Capesize
Firmer sentiment across both basins pushed the Capesize 5TC route average above the $20,000 threshold this week, closing at $24,209. A ...
Tuesday, 19 July 22
WHY SHIPPING MIGHT BE ABOUT TO GET A LITTLE BIT SLOWER - WORLD ECONOMIC FORUM
If shipping is the beating heart of global trade, its pulse is about to get slower.
Faced with uncertainty about which fuels to use in the long ...
Tuesday, 19 July 22
GERMANY'S INCREASED COAL, OIL USE WILL BE TEMPORARY, SCHOLZ SAYS - CNBC
Chancellor Olaf Scholz says Germany’s decision to reactivate coal and oil-fired power plants to relieve energy shortages because of the war i ...
Tuesday, 19 July 22
INDONESIA REMOVES PALM OIL EXPORT LEVY UNTIL AUG. 31 - REUTERS
Indonesia has scrapped its export levy for all palm oil products until Aug. 31 in a fresh attempt to boost exports and ease high inventories, finan ...
Tuesday, 19 July 22
CHINA'S JUNE DAILY COAL OUTPUT JUMPS ON PEAK SUMMER DEMAND - REUTERS
China’s daily coal output in June rose 6.6 per cent from a month earlier as miners cranked up output ahead of peak summer temperatures, when ...
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- Uttam Galva Steels Limited - India
- Posco Energy - South Korea
- Indian Energy Exchange, India
- Indo Tambangraya Megah - Indonesia
- CIMB Investment Bank - Malaysia
- Coalindo Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- European Bulk Services B.V. - Netherlands
- San Jose City I Power Corp, Philippines
- Gujarat Sidhee Cement - India
- Planning Commission, India
- TeaM Sual Corporation - Philippines
- Star Paper Mills Limited - India
- Binh Thuan Hamico - Vietnam
- Electricity Generating Authority of Thailand
- Interocean Group of Companies - India
- Bhushan Steel Limited - India
- Indonesian Coal Mining Association
- Energy Development Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Kobexindo Tractors - Indoneisa
- Bharathi Cement Corporation - India
- Samtan Co., Ltd - South Korea
- Karbindo Abesyapradhi - Indoneisa
- Metalloyd Limited - United Kingdom
- Maheswari Brothers Coal Limited - India
- Australian Commodity Traders Exchange
- Leighton Contractors Pty Ltd - Australia
- Manunggal Multi Energi - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Jindal Steel & Power Ltd - India
- New Zealand Coal & Carbon
- Cigading International Bulk Terminal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Mercator Lines Limited - India
- SMC Global Power, Philippines
- Vizag Seaport Private Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Independent Power Producers Association of India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Salva Resources Pvt Ltd - India
- Xindia Steels Limited - India
- PowerSource Philippines DevCo
- GAC Shipping (India) Pvt Ltd
- Africa Commodities Group - South Africa
- Price Waterhouse Coopers - Russia
- Borneo Indobara - Indonesia
- Timah Investasi Mineral - Indoneisa
- Sical Logistics Limited - India
- Pendopo Energi Batubara - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Bhatia International Limited - India
- The Treasury - Australian Government
- Malabar Cements Ltd - India
- Toyota Tsusho Corporation, Japan
- Electricity Authority, New Zealand
- PTC India Limited - India
- Edison Trading Spa - Italy
- Tata Chemicals Ltd - India
- Power Finance Corporation Ltd., India
- Karaikal Port Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Makarim & Taira - Indonesia
- Antam Resourcindo - Indonesia
- Lanco Infratech Ltd - India
- Riau Bara Harum - Indonesia
- Global Business Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Parliament of New Zealand
- SN Aboitiz Power Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Mjunction Services Limited - India
- SMG Consultants - Indonesia
- Dalmia Cement Bharat India
- Wood Mackenzie - Singapore
- Global Coal Blending Company Limited - Australia
- Iligan Light & Power Inc, Philippines
- London Commodity Brokers - England
- CNBM International Corporation - China
- Latin American Coal - Colombia
- Mercuria Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Therma Luzon, Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Bukit Baiduri Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kalimantan Lumbung Energi - Indonesia
- Kideco Jaya Agung - Indonesia
- Simpson Spence & Young - Indonesia
- Merrill Lynch Commodities Europe
- IEA Clean Coal Centre - UK
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Thai Mozambique Logistica
- Oldendorff Carriers - Singapore
- MS Steel International - UAE
- Eastern Energy - Thailand
- Minerals Council of Australia
- Indika Energy - Indonesia
- Goldman Sachs - Singapore
- VISA Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Kohat Cement Company Ltd. - Pakistan
- Jaiprakash Power Ventures ltd
- Siam City Cement PLC, Thailand
- India Bulls Power Limited - India
- Madhucon Powers Ltd - India
- Altura Mining Limited, Indonesia
- Orica Mining Services - Indonesia
- Anglo American - United Kingdom
- Deloitte Consulting - India
- IHS Mccloskey Coal Group - USA
- TNB Fuel Sdn Bhd - Malaysia
- Agrawal Coal Company - India
- Coal and Oil Company - UAE
- Rashtriya Ispat Nigam Limited - India
- Medco Energi Mining Internasional
- Sindya Power Generating Company Private Ltd
- The State Trading Corporation of India Ltd
- Ceylon Electricity Board - Sri Lanka
- Indian Oil Corporation Limited
- Romanian Commodities Exchange
- Gujarat Mineral Development Corp Ltd - India
- Baramulti Group, Indonesia
- Savvy Resources Ltd - HongKong
- Thiess Contractors Indonesia
- Coastal Gujarat Power Limited - India
- Georgia Ports Authority, United States
- Carbofer General Trading SA - India
- PetroVietnam Power Coal Import and Supply Company
- Semirara Mining Corp, Philippines
- Grasim Industreis Ltd - India
- Petron Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Bukit Makmur.PT - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Kaltim Prima Coal - Indonesia
- ASAPP Information Group - India
- Sojitz Corporation - Japan
- The University of Queensland
- Parry Sugars Refinery, India
- Banpu Public Company Limited - Thailand
- Ministry of Finance - Indonesia
- Port Waratah Coal Services - Australia
- Kepco SPC Power Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Attock Cement Pakistan Limited
- Neyveli Lignite Corporation Ltd, - India
- PNOC Exploration Corporation - Philippines
- Marubeni Corporation - India
- Australian Coal Association
- Chettinad Cement Corporation Ltd - India
- Trasteel International SA, Italy
- Essar Steel Hazira Ltd - India
- International Coal Ventures Pvt Ltd - India
- McConnell Dowell - Australia
- Eastern Coal Council - USA
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kartika Selabumi Mining - Indonesia
- Sakthi Sugars Limited - India
- Bangladesh Power Developement Board
- Pipit Mutiara Jaya. PT, Indonesia
- Barasentosa Lestari - Indonesia
- Bayan Resources Tbk. - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Singapore Mercantile Exchange
- GMR Energy Limited - India
- Videocon Industries ltd - India
- Central Java Power - Indonesia
- Vedanta Resources Plc - India
- Meralco Power Generation, Philippines
- Wilmar Investment Holdings
- Cement Manufacturers Association - India
- Indogreen Group - Indonesia
- Economic Council, Georgia
- South Luzon Thermal Energy Corporation
- Heidelberg Cement - Germany
- GVK Power & Infra Limited - India
- LBH Netherlands Bv - Netherlands
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Transport, Egypt
- Kapuas Tunggal Persada - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Directorate Of Revenue Intelligence - India
- White Energy Company Limited
- Sarangani Energy Corporation, Philippines
- Aditya Birla Group - India
- Aboitiz Power Corporation - Philippines
- Mintek Dendrill Indonesia
- Globalindo Alam Lestari - Indonesia
- Tamil Nadu electricity Board
- Bukit Asam (Persero) Tbk - Indonesia
- Renaissance Capital - South Africa
- Meenaskhi Energy Private Limited - India
- Energy Link Ltd, New Zealand
- Central Electricity Authority - India
- Siam City Cement - Thailand
- ICICI Bank Limited - India
- Ministry of Mines - Canada
- Rio Tinto Coal - Australia
- Larsen & Toubro Limited - India
- Billiton Holdings Pty Ltd - Australia
- Miang Besar Coal Terminal - Indonesia
- Commonwealth Bank - Australia
- Bhoruka Overseas - Indonesia
- Intertek Mineral Services - Indonesia
- Formosa Plastics Group - Taiwan
- Kumho Petrochemical, South Korea
- Ambuja Cements Ltd - India
- Standard Chartered Bank - UAE
- Chamber of Mines of South Africa
- Jorong Barutama Greston.PT - Indonesia
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