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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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Thursday, 07 July 22
COAL INDIA'S PRODUCTION SETS RECORD INCREASE OF 29% YOY AT 36 MT IN Q1FY23 - IIFL SECURITIES
Coal India Limited (CIL) has ended April-June quarter FY’23 capping a historic high of 29% yoy output growth, compared to same quarter FY&rsq ...
Wednesday, 06 July 22
MARKET INSIGHT - INTERMODAL
Following the 3rd Decarbonizing Shipping Forum, held in Hamburg on June 2022, there has been a meaningful resurgence of discussions within the ship ...
Tuesday, 05 July 22
WHY ARE VLSFO PRICES SO HIGH, ESPECIALLY IN SINGAPORE? - STEVE CHRISTY, INTEGR8 FUELS
Tightness in products still trumps talks of recession
Last month we wrote about the fears of recession versus the tightness in product markets ...
Tuesday, 05 July 22
ADANI ENTERPRISES LOWEST BIDDER IN COAL INDIA'S IMPORT TENDER: REPORT - BUSINESS STANDARD
Coal India Ltd floated its first import tender on behalf of power companies, where Adani Enterprises Ltd came out to be the lowest bidder, a report ...
Tuesday, 05 July 22
CHINA POLICY KEY FOR IRON ORE OUTLOOK - ING
China’s covid lockdowns and recessionary risks hit iron ore
Iron ore prices have fallen significantly from their year-to-date high of US$ ...
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- Borneo Indobara - Indonesia
- Xindia Steels Limited - India
- Mintek Dendrill Indonesia
- Krishnapatnam Port Company Ltd. - India
- London Commodity Brokers - England
- Kideco Jaya Agung - Indonesia
- Malabar Cements Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- TeaM Sual Corporation - Philippines
- Tata Chemicals Ltd - India
- CNBM International Corporation - China
- Minerals Council of Australia
- Orica Mining Services - Indonesia
- Essar Steel Hazira Ltd - India
- Posco Energy - South Korea
- Goldman Sachs - Singapore
- Leighton Contractors Pty Ltd - Australia
- Manunggal Multi Energi - Indonesia
- Thai Mozambique Logistica
- Bank of Tokyo Mitsubishi UFJ Ltd
- Meralco Power Generation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Central Java Power - Indonesia
- GVK Power & Infra Limited - India
- South Luzon Thermal Energy Corporation
- Intertek Mineral Services - Indonesia
- Coalindo Energy - Indonesia
- Medco Energi Mining Internasional
- Jaiprakash Power Ventures ltd
- Bayan Resources Tbk. - Indonesia
- Bulk Trading Sa - Switzerland
- Ceylon Electricity Board - Sri Lanka
- Altura Mining Limited, Indonesia
- Attock Cement Pakistan Limited
- Parry Sugars Refinery, India
- Africa Commodities Group - South Africa
- GMR Energy Limited - India
- Lanco Infratech Ltd - India
- Wood Mackenzie - Singapore
- McConnell Dowell - Australia
- Ministry of Mines - Canada
- Asia Pacific Energy Resources Ventures Inc, Philippines
- IEA Clean Coal Centre - UK
- Port Waratah Coal Services - Australia
- Agrawal Coal Company - India
- White Energy Company Limited
- Alfred C Toepfer International GmbH - Germany
- Offshore Bulk Terminal Pte Ltd, Singapore
- CIMB Investment Bank - Malaysia
- Coastal Gujarat Power Limited - India
- Orica Australia Pty. Ltd.
- Vedanta Resources Plc - India
- Coal and Oil Company - UAE
- Power Finance Corporation Ltd., India
- Barasentosa Lestari - Indonesia
- Global Business Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Baramulti Group, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kumho Petrochemical, South Korea
- Uttam Galva Steels Limited - India
- AsiaOL BioFuels Corp., Philippines
- Videocon Industries ltd - India
- Australian Coal Association
- Indika Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Oldendorff Carriers - Singapore
- The University of Queensland
- Kalimantan Lumbung Energi - Indonesia
- Indo Tambangraya Megah - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Electricity Generating Authority of Thailand
- Heidelberg Cement - Germany
- Indian Oil Corporation Limited
- Bukit Baiduri Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Karaikal Port Pvt Ltd - India
- Madhucon Powers Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Sical Logistics Limited - India
- IHS Mccloskey Coal Group - USA
- TNB Fuel Sdn Bhd - Malaysia
- Iligan Light & Power Inc, Philippines
- Bharathi Cement Corporation - India
- Larsen & Toubro Limited - India
- Trasteel International SA, Italy
- Sakthi Sugars Limited - India
- Eastern Energy - Thailand
- Ind-Barath Power Infra Limited - India
- Savvy Resources Ltd - HongKong
- Siam City Cement - Thailand
- Interocean Group of Companies - India
- Ministry of Transport, Egypt
- Indogreen Group - Indonesia
- ASAPP Information Group - India
- Kartika Selabumi Mining - Indonesia
- LBH Netherlands Bv - Netherlands
- Deloitte Consulting - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Semirara Mining Corp, Philippines
- Kobexindo Tractors - Indoneisa
- New Zealand Coal & Carbon
- Global Green Power PLC Corporation, Philippines
- PTC India Limited - India
- Ambuja Cements Ltd - India
- Metalloyd Limited - United Kingdom
- Binh Thuan Hamico - Vietnam
- Straits Asia Resources Limited - Singapore
- Bhushan Steel Limited - India
- Electricity Authority, New Zealand
- Maheswari Brothers Coal Limited - India
- Antam Resourcindo - Indonesia
- Semirara Mining and Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Gujarat Sidhee Cement - India
- Georgia Ports Authority, United States
- Thiess Contractors Indonesia
- San Jose City I Power Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Therma Luzon, Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- Aboitiz Power Corporation - Philippines
- The Treasury - Australian Government
- Simpson Spence & Young - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Meenaskhi Energy Private Limited - India
- Tamil Nadu electricity Board
- Price Waterhouse Coopers - Russia
- Dalmia Cement Bharat India
- Planning Commission, India
- International Coal Ventures Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Grasim Industreis Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Carbofer General Trading SA - India
- Kapuas Tunggal Persada - Indonesia
- Parliament of New Zealand
- OPG Power Generation Pvt Ltd - India
- Romanian Commodities Exchange
- Latin American Coal - Colombia
- Merrill Lynch Commodities Europe
- Formosa Plastics Group - Taiwan
- Directorate General of MIneral and Coal - Indonesia
- Independent Power Producers Association of India
- Wilmar Investment Holdings
- Rio Tinto Coal - Australia
- SMG Consultants - Indonesia
- Makarim & Taira - Indonesia
- Vizag Seaport Private Limited - India
- VISA Power Limited - India
- Central Electricity Authority - India
- Marubeni Corporation - India
- Anglo American - United Kingdom
- Miang Besar Coal Terminal - Indonesia
- Bangladesh Power Developement Board
- SMC Global Power, Philippines
- Chettinad Cement Corporation Ltd - India
- Chamber of Mines of South Africa
- PNOC Exploration Corporation - Philippines
- Samtan Co., Ltd - South Korea
- Global Coal Blending Company Limited - Australia
- Commonwealth Bank - Australia
- Holcim Trading Pte Ltd - Singapore
- Energy Development Corp, Philippines
- ICICI Bank Limited - India
- Sojitz Corporation - Japan
- Timah Investasi Mineral - Indoneisa
- Sindya Power Generating Company Private Ltd
- Indonesian Coal Mining Association
- Ministry of Finance - Indonesia
- Star Paper Mills Limited - India
- Sinarmas Energy and Mining - Indonesia
- MS Steel International - UAE
- Singapore Mercantile Exchange
- Standard Chartered Bank - UAE
- Neyveli Lignite Corporation Ltd, - India
- Mercuria Energy - Indonesia
- Mercator Lines Limited - India
- Aditya Birla Group - India
- Bukit Asam (Persero) Tbk - Indonesia
- Sree Jayajothi Cements Limited - India
- Australian Commodity Traders Exchange
- Gujarat Electricity Regulatory Commission - India
- Gujarat Mineral Development Corp Ltd - India
- Mjunction Services Limited - India
- Jindal Steel & Power Ltd - India
- Petron Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Bhoruka Overseas - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Directorate Of Revenue Intelligence - India
- Kaltim Prima Coal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Toyota Tsusho Corporation, Japan
- The State Trading Corporation of India Ltd
- India Bulls Power Limited - India
- Indian Energy Exchange, India
- Asmin Koalindo Tuhup - Indonesia
- Globalindo Alam Lestari - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Bukit Makmur.PT - Indonesia
- Edison Trading Spa - Italy
- Siam City Cement PLC, Thailand
- Pendopo Energi Batubara - Indonesia
- Salva Resources Pvt Ltd - India
- PowerSource Philippines DevCo
- Cement Manufacturers Association - India
- Economic Council, Georgia
- Renaissance Capital - South Africa
- SN Aboitiz Power Inc, Philippines
- Banpu Public Company Limited - Thailand
- Eastern Coal Council - USA
- Bhatia International Limited - India
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