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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, 29 March 22
MEMR OF INDONESIA HAS FIXED COAL PRICE AT US$ 90 PER TONNE FOR DOMESTIC INDUSTRIES EXCEPT SMELTER INDUSTRIES; FOR PLN USD 70 IS APPLICABLE
Minister of Energy and Mineral Resources (ESDM) Arifin Tasrif has set the selling price of coal for domestic, industrial except metal processing an ...
Monday, 21 March 22
A FORCE MAJEURE TO BE RECKONED WITH - BALTIC EXCHANGE
Sanctions cause payment confusion
This dispute in MUR Shipping BV v. RTI Ltd [2022] EWHC 467 (Comm) related to an owner’s purported exercis ...
Monday, 21 March 22
CHINA'S COAL OUTPUT UP 10.3 PCT IN FIRST TWO MONTHS - XINHUA
China’s raw coal output posted fast growth in the first two months of 2022, while coal imports continued to shrink, official data showed.
...
Tuesday, 15 March 22
INDUSTRY VETERANS & ORGANIZATIONS HONOURED WITH THE PRESTIGIOUS SHIPTEK INTERNATIONAL AWARDS 2022
Press Release: The 15th edition of the prestigious ShipTek International Conference & Awards 2022 concluded successfully from March 7th - 8th 2 ...
Tuesday, 15 March 22
CHINA'S COAL OUTPUT GROWS TO STABILIZE MARKET SUPPLY - XINHUA
China’s coal market has seen growth in output since late February amid the country’s efforts to stabilize production and ensure supply, ...
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- The University of Queensland
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- Aboitiz Power Corporation - Philippines
- Jindal Steel & Power Ltd - India
- Planning Commission, India
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- Kohat Cement Company Ltd. - Pakistan
- Power Finance Corporation Ltd., India
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- Posco Energy - South Korea
- New Zealand Coal & Carbon
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- Energy Link Ltd, New Zealand
- Indonesian Coal Mining Association
- Bhoruka Overseas - Indonesia
- Essar Steel Hazira Ltd - India
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- Bhushan Steel Limited - India
- London Commodity Brokers - England
- Economic Council, Georgia
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- Attock Cement Pakistan Limited
- PetroVietnam Power Coal Import and Supply Company
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- Petron Corporation, Philippines
- Global Business Power Corporation, Philippines
- Singapore Mercantile Exchange
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- Sakthi Sugars Limited - India
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- Sojitz Corporation - Japan
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- India Bulls Power Limited - India
- Price Waterhouse Coopers - Russia
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- ICICI Bank Limited - India
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- Australian Coal Association
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- Romanian Commodities Exchange
- Ministry of Transport, Egypt
- Banpu Public Company Limited - Thailand
- Mjunction Services Limited - India
- Ambuja Cements Ltd - India
- Savvy Resources Ltd - HongKong
- ASAPP Information Group - India
- Toyota Tsusho Corporation, Japan
- PTC India Limited - India
- Australian Commodity Traders Exchange
- Thiess Contractors Indonesia
- Mercuria Energy - Indonesia
- Wood Mackenzie - Singapore
- Semirara Mining and Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Therma Luzon, Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Thai Mozambique Logistica
- Coalindo Energy - Indonesia
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- Binh Thuan Hamico - Vietnam
- Global Green Power PLC Corporation, Philippines
- Indian Energy Exchange, India
- Bukit Asam (Persero) Tbk - Indonesia
- Orica Mining Services - Indonesia
- Independent Power Producers Association of India
- Ministry of Finance - Indonesia
- Siam City Cement - Thailand
- Georgia Ports Authority, United States
- Kaltim Prima Coal - Indonesia
- Indian Oil Corporation Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sree Jayajothi Cements Limited - India
- Videocon Industries ltd - India
- Rio Tinto Coal - Australia
- Kumho Petrochemical, South Korea
- Alfred C Toepfer International GmbH - Germany
- Billiton Holdings Pty Ltd - Australia
- Salva Resources Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Semirara Mining Corp, Philippines
- GMR Energy Limited - India
- Gujarat Electricity Regulatory Commission - India
- Coal and Oil Company - UAE
- Marubeni Corporation - India
- The Treasury - Australian Government
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- Sarangani Energy Corporation, Philippines
- Electricity Generating Authority of Thailand
- Mintek Dendrill Indonesia
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- Latin American Coal - Colombia
- Tata Chemicals Ltd - India
- San Jose City I Power Corp, Philippines
- Bhatia International Limited - India
- VISA Power Limited - India
- Altura Mining Limited, Indonesia
- White Energy Company Limited
- Merrill Lynch Commodities Europe
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- Samtan Co., Ltd - South Korea
- AsiaOL BioFuels Corp., Philippines
- Standard Chartered Bank - UAE
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- Ministry of Mines - Canada
- The State Trading Corporation of India Ltd
- Maheswari Brothers Coal Limited - India
- Miang Besar Coal Terminal - Indonesia
- SMC Global Power, Philippines
- Tamil Nadu electricity Board
- Straits Asia Resources Limited - Singapore
- Indika Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Chettinad Cement Corporation Ltd - India
- Sical Logistics Limited - India
- MS Steel International - UAE
- Heidelberg Cement - Germany
- Metalloyd Limited - United Kingdom
- TNB Fuel Sdn Bhd - Malaysia
- Renaissance Capital - South Africa
- Bukit Baiduri Energy - Indonesia
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- Asia Pacific Energy Resources Ventures Inc, Philippines
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- Chamber of Mines of South Africa
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- Trasteel International SA, Italy
- GVK Power & Infra Limited - India
- Borneo Indobara - Indonesia
- Meralco Power Generation, Philippines
- Timah Investasi Mineral - Indoneisa
- Barasentosa Lestari - Indonesia
- Bayan Resources Tbk. - Indonesia
- Uttam Galva Steels Limited - India
- Commonwealth Bank - Australia
- Iligan Light & Power Inc, Philippines
- IEA Clean Coal Centre - UK
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- Bank of Tokyo Mitsubishi UFJ Ltd
- Bharathi Cement Corporation - India
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- Kepco SPC Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- Madhucon Powers Ltd - India
- International Coal Ventures Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Eastern Energy - Thailand
- Karbindo Abesyapradhi - Indoneisa
- PowerSource Philippines DevCo
- Malabar Cements Ltd - India
- Simpson Spence & Young - Indonesia
- Central Electricity Authority - India
- Global Coal Blending Company Limited - Australia
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- Sindya Power Generating Company Private Ltd
- Bahari Cakrawala Sebuku - Indonesia
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- Parliament of New Zealand
- Siam City Cement PLC, Thailand
- Central Java Power - Indonesia
- Bukit Makmur.PT - Indonesia
- Riau Bara Harum - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Ind-Barath Power Infra Limited - India
- Larsen & Toubro Limited - India
- Jorong Barutama Greston.PT - Indonesia
- OPG Power Generation Pvt Ltd - India
- Indogreen Group - Indonesia
- Eastern Coal Council - USA
- Lanco Infratech Ltd - India
- Kartika Selabumi Mining - Indonesia
- Oldendorff Carriers - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Minerals Council of Australia
- Bulk Trading Sa - Switzerland
- Neyveli Lignite Corporation Ltd, - India
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- Energy Development Corp, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Parry Sugars Refinery, India
- Directorate General of MIneral and Coal - Indonesia
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- Aditya Birla Group - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
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- Bangladesh Power Developement Board
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- Wilmar Investment Holdings
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- Dalmia Cement Bharat India
- Intertek Mineral Services - Indonesia
- Edison Trading Spa - Italy
- Star Paper Mills Limited - India
- Electricity Authority, New Zealand
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