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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, 30 June 22
INVESTMENT IN GLOBAL COAL SUPPLY CHAIN TO HIT $115 BN IN 2022, LED BY CHINA AND INDIA - BUSINESS LINE
At over $80 billion, China and India are anticipated to make up the bulk of global coal investment in 2022, says IEA.
The investment ...
Wednesday, 29 June 22
LNG MARKET REMAINS TIGHT - INTERMODAL
LNG market remains tight currently, mainly driven by the US LNG outage from the recent fire in Freeport LNG terminal together with the recent fall ...
Wednesday, 29 June 22
CHINA'S NEW PLAN FOR RENEWABLE ENERGY DEVELOPMENT FOCUSES ON CONSUMPTION - FITCH RATINGS
China’s focus on consumption penetration for renewable energy development in its recently released 14th five-year plan – 2021 to 2025 & ...
Wednesday, 29 June 22
APAC CORPORATE SECTOR OUTLOOKS SHIFT AMID GLOBAL SHOCKS - FITCH RATINGS’
Fitch Ratings’ mid-2022 corporate sector outlook review revealed that the Asia-Pacific (APAC) region saw the largest number of sector outlook ...
Thursday, 16 June 22
MARKET INSIGHT - INTERMODAL
Picking up from my last insight in March, on the early days of the invasion, it's worth pointing out the way that the fast-paced working enviro ...
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- Bhatia International Limited - India
- Minerals Council of Australia
- The Treasury - Australian Government
- Central Java Power - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Energy Link Ltd, New Zealand
- Georgia Ports Authority, United States
- MS Steel International - UAE
- Lanco Infratech Ltd - India
- Ind-Barath Power Infra Limited - India
- Borneo Indobara - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Global Coal Blending Company Limited - Australia
- Standard Chartered Bank - UAE
- Samtan Co., Ltd - South Korea
- Goldman Sachs - Singapore
- Leighton Contractors Pty Ltd - Australia
- Larsen & Toubro Limited - India
- Indika Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- CIMB Investment Bank - Malaysia
- The University of Queensland
- Ministry of Mines - Canada
- Grasim Industreis Ltd - India
- Simpson Spence & Young - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sical Logistics Limited - India
- Chamber of Mines of South Africa
- Maheswari Brothers Coal Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- San Jose City I Power Corp, Philippines
- Metalloyd Limited - United Kingdom
- Jorong Barutama Greston.PT - Indonesia
- Ambuja Cements Ltd - India
- Baramulti Group, Indonesia
- Attock Cement Pakistan Limited
- GN Power Mariveles Coal Plant, Philippines
- SMG Consultants - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Indogreen Group - Indonesia
- Rio Tinto Coal - Australia
- Siam City Cement - Thailand
- IEA Clean Coal Centre - UK
- Sindya Power Generating Company Private Ltd
- Economic Council, Georgia
- Binh Thuan Hamico - Vietnam
- Bharathi Cement Corporation - India
- Altura Mining Limited, Indonesia
- OPG Power Generation Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Kartika Selabumi Mining - Indonesia
- McConnell Dowell - Australia
- Indo Tambangraya Megah - Indonesia
- LBH Netherlands Bv - Netherlands
- Alfred C Toepfer International GmbH - Germany
- Anglo American - United Kingdom
- Chettinad Cement Corporation Ltd - India
- Australian Coal Association
- Banpu Public Company Limited - Thailand
- Bhoruka Overseas - Indonesia
- Interocean Group of Companies - India
- Ceylon Electricity Board - Sri Lanka
- Thai Mozambique Logistica
- Indian Oil Corporation Limited
- Neyveli Lignite Corporation Ltd, - India
- Planning Commission, India
- Thiess Contractors Indonesia
- PNOC Exploration Corporation - Philippines
- Edison Trading Spa - Italy
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Rashtriya Ispat Nigam Limited - India
- SMC Global Power, Philippines
- Savvy Resources Ltd - HongKong
- International Coal Ventures Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Indonesian Coal Mining Association
- Trasteel International SA, Italy
- Africa Commodities Group - South Africa
- Energy Development Corp, Philippines
- Singapore Mercantile Exchange
- Kumho Petrochemical, South Korea
- Kideco Jaya Agung - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Toyota Tsusho Corporation, Japan
- Vizag Seaport Private Limited - India
- Makarim & Taira - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Formosa Plastics Group - Taiwan
- Directorate Of Revenue Intelligence - India
- Indian Energy Exchange, India
- Karaikal Port Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Port Waratah Coal Services - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Bayan Resources Tbk. - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Agrawal Coal Company - India
- Wood Mackenzie - Singapore
- Tata Chemicals Ltd - India
- Mercuria Energy - Indonesia
- CNBM International Corporation - China
- White Energy Company Limited
- Intertek Mineral Services - Indonesia
- Posco Energy - South Korea
- Ministry of Transport, Egypt
- Merrill Lynch Commodities Europe
- Karbindo Abesyapradhi - Indoneisa
- Commonwealth Bank - Australia
- Sojitz Corporation - Japan
- GAC Shipping (India) Pvt Ltd
- Bhushan Steel Limited - India
- Madhucon Powers Ltd - India
- Global Green Power PLC Corporation, Philippines
- Tamil Nadu electricity Board
- Coal and Oil Company - UAE
- Maharashtra Electricity Regulatory Commission - India
- Uttam Galva Steels Limited - India
- Australian Commodity Traders Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Central Electricity Authority - India
- Petrochimia International Co. Ltd.- Taiwan
- Medco Energi Mining Internasional
- AsiaOL BioFuels Corp., Philippines
- Power Finance Corporation Ltd., India
- Sinarmas Energy and Mining - Indonesia
- Coastal Gujarat Power Limited - India
- Malabar Cements Ltd - India
- Coalindo Energy - Indonesia
- London Commodity Brokers - England
- Xindia Steels Limited - India
- Marubeni Corporation - India
- Electricity Generating Authority of Thailand
- Globalindo Alam Lestari - Indonesia
- Latin American Coal - Colombia
- Sarangani Energy Corporation, Philippines
- Riau Bara Harum - Indonesia
- New Zealand Coal & Carbon
- Essar Steel Hazira Ltd - India
- The State Trading Corporation of India Ltd
- Krishnapatnam Port Company Ltd. - India
- Mercator Lines Limited - India
- GVK Power & Infra Limited - India
- Bukit Baiduri Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Carbofer General Trading SA - India
- Kaltim Prima Coal - Indonesia
- VISA Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Sakthi Sugars Limited - India
- Antam Resourcindo - Indonesia
- Gujarat Sidhee Cement - India
- South Luzon Thermal Energy Corporation
- Pendopo Energi Batubara - Indonesia
- Bulk Trading Sa - Switzerland
- Vedanta Resources Plc - India
- Orica Mining Services - Indonesia
- Bangladesh Power Developement Board
- Kobexindo Tractors - Indoneisa
- Bukit Makmur.PT - Indonesia
- Straits Asia Resources Limited - Singapore
- Jaiprakash Power Ventures ltd
- Parry Sugars Refinery, India
- Mintek Dendrill Indonesia
- Semirara Mining Corp, Philippines
- ICICI Bank Limited - India
- Dalmia Cement Bharat India
- Timah Investasi Mineral - Indoneisa
- Heidelberg Cement - Germany
- GMR Energy Limited - India
- Romanian Commodities Exchange
- Jindal Steel & Power Ltd - India
- Star Paper Mills Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Siam City Cement PLC, Thailand
- Aditya Birla Group - India
- Salva Resources Pvt Ltd - India
- Electricity Authority, New Zealand
- Ministry of Finance - Indonesia
- Therma Luzon, Inc, Philippines
- Parliament of New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Aboitiz Power Corporation - Philippines
- Eastern Coal Council - USA
- Cement Manufacturers Association - India
- Semirara Mining and Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Mjunction Services Limited - India
- Sree Jayajothi Cements Limited - India
- Wilmar Investment Holdings
- TNB Fuel Sdn Bhd - Malaysia
- Meralco Power Generation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Deloitte Consulting - India
- SN Aboitiz Power Inc, Philippines
- PTC India Limited - India
- Independent Power Producers Association of India
- ASAPP Information Group - India
- Vijayanagar Sugar Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Kohat Cement Company Ltd. - Pakistan
- Meenaskhi Energy Private Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Manunggal Multi Energi - Indonesia
- TeaM Sual Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- India Bulls Power Limited - India
- Renaissance Capital - South Africa
- Videocon Industries ltd - India
- Global Business Power Corporation, Philippines
- PowerSource Philippines DevCo
- Eastern Energy - Thailand
- Petron Corporation, Philippines
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