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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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Monday, 04 July 22
INDONESIAN COAL PRICE REFERENCE SLIGHTLY DOWN IN JULY
COALspot.com: Indonesian Coal Price Reference for July delivery drops 1.52 per cent month on month.
The Indonesian Coal Price Refere ...
Sunday, 03 July 22
CHINESE VICE PREMIER STRESSES CLEAN, EFFICIENT USE OF COAL - XINHUA
Chinese Vice Premier Han Zheng has stressed efforts to promote the clean and efficient use of coal, and pursue green, low-carbon and high-quality d ...
Sunday, 03 July 22
SOVEREIGN SECTOR OUTLOOK REVISED TO NEUTRAL ON UKRAINE WAR IMPACT - FITCH RATINGS
The deterioration in global sovereign credit conditions this year relative to our expectations at end-2021 has caused Fitch Ratings to change its g ...
Saturday, 02 July 22
GLOBAL SEABORNE COAL EXPORTS IN 2021 INCREASED BY 4.4% Y-O-Y TO 1147 MLN TONNES - BANCHERO COSTA
In the full 12 months of 2021, global seaborne coal exports increased by +4.4% y-o-y to 1147 mln tonnes, from 1099 mln tonnes in 2020, according to ...
Friday, 01 July 22
INDIA'S TOP CEMENT MAKER PAYING FOR RUSSIAN COAL IN CHINESE YUAN - REUTERS
India’s biggest cement producer, UltraTech Cement ULTC.NS, is importing a cargo of Russian coal and paying using Chinese yuan, according to a ...
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- South Luzon Thermal Energy Corporation
- Gujarat Electricity Regulatory Commission - India
- Uttam Galva Steels Limited - India
- Siam City Cement PLC, Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Cement Manufacturers Association - India
- Gujarat Mineral Development Corp Ltd - India
- PNOC Exploration Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Siam City Cement - Thailand
- European Bulk Services B.V. - Netherlands
- Simpson Spence & Young - Indonesia
- Lanco Infratech Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Sidhee Cement - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhushan Steel Limited - India
- Straits Asia Resources Limited - Singapore
- Aboitiz Power Corporation - Philippines
- PowerSource Philippines DevCo
- Bukit Makmur.PT - Indonesia
- Medco Energi Mining Internasional
- GVK Power & Infra Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Romanian Commodities Exchange
- CIMB Investment Bank - Malaysia
- IEA Clean Coal Centre - UK
- Tata Chemicals Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Directorate Of Revenue Intelligence - India
- The State Trading Corporation of India Ltd
- Videocon Industries ltd - India
- VISA Power Limited - India
- Billiton Holdings Pty Ltd - Australia
- Australian Coal Association
- Timah Investasi Mineral - Indoneisa
- Samtan Co., Ltd - South Korea
- Semirara Mining Corp, Philippines
- Agrawal Coal Company - India
- London Commodity Brokers - England
- Karaikal Port Pvt Ltd - India
- Independent Power Producers Association of India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ambuja Cements Ltd - India
- Vedanta Resources Plc - India
- Bayan Resources Tbk. - Indonesia
- Ministry of Transport, Egypt
- San Jose City I Power Corp, Philippines
- Orica Mining Services - Indonesia
- Indonesian Coal Mining Association
- Kumho Petrochemical, South Korea
- Rio Tinto Coal - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coastal Gujarat Power Limited - India
- Indika Energy - Indonesia
- Makarim & Taira - Indonesia
- Riau Bara Harum - Indonesia
- Minerals Council of Australia
- Banpu Public Company Limited - Thailand
- Goldman Sachs - Singapore
- Heidelberg Cement - Germany
- Iligan Light & Power Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Essar Steel Hazira Ltd - India
- Posco Energy - South Korea
- Malabar Cements Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Karbindo Abesyapradhi - Indoneisa
- Global Green Power PLC Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Globalindo Alam Lestari - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sree Jayajothi Cements Limited - India
- TeaM Sual Corporation - Philippines
- New Zealand Coal & Carbon
- Mercator Lines Limited - India
- Parliament of New Zealand
- Miang Besar Coal Terminal - Indonesia
- Sakthi Sugars Limited - India
- Grasim Industreis Ltd - India
- GAC Shipping (India) Pvt Ltd
- Neyveli Lignite Corporation Ltd, - India
- Jorong Barutama Greston.PT - Indonesia
- Coal and Oil Company - UAE
- Coalindo Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- PTC India Limited - India
- Orica Australia Pty. Ltd.
- Central Electricity Authority - India
- Vizag Seaport Private Limited - India
- Global Business Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Semirara Mining and Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Bangladesh Power Developement Board
- MS Steel International - UAE
- GN Power Mariveles Coal Plant, Philippines
- Commonwealth Bank - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Georgia Ports Authority, United States
- SMC Global Power, Philippines
- Thai Mozambique Logistica
- Australian Commodity Traders Exchange
- Wilmar Investment Holdings
- Anglo American - United Kingdom
- Economic Council, Georgia
- Savvy Resources Ltd - HongKong
- Manunggal Multi Energi - Indonesia
- Tamil Nadu electricity Board
- Mintek Dendrill Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Indian Energy Exchange, India
- Therma Luzon, Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Indo Tambangraya Megah - Indonesia
- Mercuria Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Indogreen Group - Indonesia
- Chettinad Cement Corporation Ltd - India
- International Coal Ventures Pvt Ltd - India
- Edison Trading Spa - Italy
- Asmin Koalindo Tuhup - Indonesia
- The University of Queensland
- Petron Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Ministry of Finance - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Electricity Authority, New Zealand
- Merrill Lynch Commodities Europe
- Chamber of Mines of South Africa
- Kobexindo Tractors - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Kideco Jaya Agung - Indonesia
- Wood Mackenzie - Singapore
- Borneo Indobara - Indonesia
- Attock Cement Pakistan Limited
- Mjunction Services Limited - India
- Xindia Steels Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Bhoruka Overseas - Indonesia
- ICICI Bank Limited - India
- IHS Mccloskey Coal Group - USA
- Kohat Cement Company Ltd. - Pakistan
- Madhucon Powers Ltd - India
- Ministry of Mines - Canada
- Singapore Mercantile Exchange
- Leighton Contractors Pty Ltd - Australia
- Alfred C Toepfer International GmbH - Germany
- Oldendorff Carriers - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Carbofer General Trading SA - India
- Maheswari Brothers Coal Limited - India
- Sindya Power Generating Company Private Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Bhatia International Limited - India
- Trasteel International SA, Italy
- LBH Netherlands Bv - Netherlands
- Bukit Baiduri Energy - Indonesia
- Renaissance Capital - South Africa
- SN Aboitiz Power Inc, Philippines
- Thiess Contractors Indonesia
- Dalmia Cement Bharat India
- Power Finance Corporation Ltd., India
- Sarangani Energy Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- GMR Energy Limited - India
- Ind-Barath Power Infra Limited - India
- Bulk Trading Sa - Switzerland
- Indian Oil Corporation Limited
- Jindal Steel & Power Ltd - India
- Baramulti Group, Indonesia
- SMG Consultants - Indonesia
- Barasentosa Lestari - Indonesia
- CNBM International Corporation - China
- Central Java Power - Indonesia
- Antam Resourcindo - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Kepco SPC Power Corporation, Philippines
- Aditya Birla Group - India
- Binh Thuan Hamico - Vietnam
- Sical Logistics Limited - India
- The Treasury - Australian Government
- Toyota Tsusho Corporation, Japan
- Meralco Power Generation, Philippines
- India Bulls Power Limited - India
- Jaiprakash Power Ventures ltd
- Sojitz Corporation - Japan
- Eastern Energy - Thailand
- Electricity Generating Authority of Thailand
- Planning Commission, India
- McConnell Dowell - Australia
- OPG Power Generation Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Energy Link Ltd, New Zealand
- Parry Sugars Refinery, India
- Marubeni Corporation - India
- Kaltim Prima Coal - Indonesia
- Intertek Mineral Services - Indonesia
- Standard Chartered Bank - UAE
- Port Waratah Coal Services - Australia
- Deloitte Consulting - India
- ASAPP Information Group - India
- Altura Mining Limited, Indonesia
- Energy Development Corp, Philippines
- Latin American Coal - Colombia
- Eastern Coal Council - USA
- Petrochimia International Co. Ltd.- Taiwan
- Metalloyd Limited - United Kingdom
- Africa Commodities Group - South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Star Paper Mills Limited - India
- White Energy Company Limited
- Bharathi Cement Corporation - India
- Larsen & Toubro Limited - India
- Interocean Group of Companies - India
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