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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, 03 February 22
COAL SHORTAGE NOW AT ALARMING LEVELS, SAY ALUMINIUM PRODUCERS - IANS
With no relief in sight despite coal stocks running critically low and production disruptions looming across the Indian aluminium sector, the Alumi ...
Wednesday, 02 February 22
HIGH COKING COAL PRICES PROVIDE GLIMPSE INTO STEELMAKING'S FUTURE - MCKINSEY
Last year was a volatile one in global commodity markets. Demand for coking coal, an essential raw material in the production of steel, was extreme ...
Wednesday, 02 February 22
INDONESIA'S RESTRICTIONS ON COMMODITIES RATTLE MARKETS, MORE MOVES LIKELY - REUTERS
In just the first month of this year, Indonesian policymakers have rattled global markets with restrictions on some of its biggest commodities expo ...
Wednesday, 02 February 22
CHINA'S TOP COAL PRODUCER FORECASTS 28 PCT PROFIT GROWTH IN 2021 - XINHUA
China Shenhua Energy Company Limited, one of the country’s biggest coal producers, said its net profits are expected to jump by 28 percent in ...
Wednesday, 02 February 22
COAL STORAGE IN CHINA’S POWER PLANTS NEAR RECORD HIGHS - XINHUA
Coal inflows into China’s power plants have picked up, bringing their coal storage to near record highs, the National Development and Reform ...
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- Bukit Baiduri Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Bharathi Cement Corporation - India
- ICICI Bank Limited - India
- Central Java Power - Indonesia
- Directorate Of Revenue Intelligence - India
- TNB Fuel Sdn Bhd - Malaysia
- Sakthi Sugars Limited - India
- Therma Luzon, Inc, Philippines
- South Luzon Thermal Energy Corporation
- Commonwealth Bank - Australia
- Grasim Industreis Ltd - India
- Tamil Nadu electricity Board
- Samtan Co., Ltd - South Korea
- Uttam Galva Steels Limited - India
- Sindya Power Generating Company Private Ltd
- Parliament of New Zealand
- Kobexindo Tractors - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- Ministry of Finance - Indonesia
- Economic Council, Georgia
- Kideco Jaya Agung - Indonesia
- Siam City Cement - Thailand
- Miang Besar Coal Terminal - Indonesia
- Global Coal Blending Company Limited - Australia
- Intertek Mineral Services - Indonesia
- Mercuria Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Orica Australia Pty. Ltd.
- Toyota Tsusho Corporation, Japan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Electricity Regulatory Commission - India
- Thiess Contractors Indonesia
- Leighton Contractors Pty Ltd - Australia
- White Energy Company Limited
- Indika Energy - Indonesia
- Videocon Industries ltd - India
- Kepco SPC Power Corporation, Philippines
- Deloitte Consulting - India
- Madhucon Powers Ltd - India
- Simpson Spence & Young - Indonesia
- Formosa Plastics Group - Taiwan
- Mintek Dendrill Indonesia
- Rio Tinto Coal - Australia
- Oldendorff Carriers - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Indian Oil Corporation Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- Renaissance Capital - South Africa
- GAC Shipping (India) Pvt Ltd
- IHS Mccloskey Coal Group - USA
- Petrochimia International Co. Ltd.- Taiwan
- Krishnapatnam Port Company Ltd. - India
- Globalindo Alam Lestari - Indonesia
- Xindia Steels Limited - India
- Bulk Trading Sa - Switzerland
- VISA Power Limited - India
- Latin American Coal - Colombia
- CIMB Investment Bank - Malaysia
- Baramulti Group, Indonesia
- Posco Energy - South Korea
- Coalindo Energy - Indonesia
- Australian Commodity Traders Exchange
- Power Finance Corporation Ltd., India
- Manunggal Multi Energi - Indonesia
- PNOC Exploration Corporation - Philippines
- SMG Consultants - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- The Treasury - Australian Government
- Carbofer General Trading SA - India
- Bhatia International Limited - India
- Timah Investasi Mineral - Indoneisa
- Lanco Infratech Ltd - India
- Merrill Lynch Commodities Europe
- Global Green Power PLC Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Gujarat Mineral Development Corp Ltd - India
- Chamber of Mines of South Africa
- Ceylon Electricity Board - Sri Lanka
- Neyveli Lignite Corporation Ltd, - India
- Energy Development Corp, Philippines
- Singapore Mercantile Exchange
- San Jose City I Power Corp, Philippines
- Electricity Generating Authority of Thailand
- Rashtriya Ispat Nigam Limited - India
- International Coal Ventures Pvt Ltd - India
- Parry Sugars Refinery, India
- Georgia Ports Authority, United States
- CNBM International Corporation - China
- Aditya Birla Group - India
- Energy Link Ltd, New Zealand
- SN Aboitiz Power Inc, Philippines
- Metalloyd Limited - United Kingdom
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Meenaskhi Energy Private Limited - India
- ASAPP Information Group - India
- Standard Chartered Bank - UAE
- Malabar Cements Ltd - India
- Tata Chemicals Ltd - India
- Pendopo Energi Batubara - Indonesia
- Anglo American - United Kingdom
- Mercator Lines Limited - India
- Petron Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Meralco Power Generation, Philippines
- SMC Global Power, Philippines
- Altura Mining Limited, Indonesia
- Bhoruka Overseas - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coastal Gujarat Power Limited - India
- Attock Cement Pakistan Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- The University of Queensland
- Sree Jayajothi Cements Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Price Waterhouse Coopers - Russia
- Vijayanagar Sugar Pvt Ltd - India
- McConnell Dowell - Australia
- Gujarat Sidhee Cement - India
- Semirara Mining Corp, Philippines
- Bhushan Steel Limited - India
- Ministry of Mines - Canada
- OPG Power Generation Pvt Ltd - India
- Indian Energy Exchange, India
- Bukit Makmur.PT - Indonesia
- Kaltim Prima Coal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- India Bulls Power Limited - India
- Wilmar Investment Holdings
- Salva Resources Pvt Ltd - India
- Australian Coal Association
- Kohat Cement Company Ltd. - Pakistan
- PTC India Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Electricity Authority, New Zealand
- Star Paper Mills Limited - India
- Jaiprakash Power Ventures ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Africa Commodities Group - South Africa
- Minerals Council of Australia
- Wood Mackenzie - Singapore
- LBH Netherlands Bv - Netherlands
- Goldman Sachs - Singapore
- Barasentosa Lestari - Indonesia
- Banpu Public Company Limited - Thailand
- Trasteel International SA, Italy
- TeaM Sual Corporation - Philippines
- Port Waratah Coal Services - Australia
- Indonesian Coal Mining Association
- Maheswari Brothers Coal Limited - India
- Eastern Energy - Thailand
- MS Steel International - UAE
- GMR Energy Limited - India
- Kumho Petrochemical, South Korea
- Cement Manufacturers Association - India
- Maharashtra Electricity Regulatory Commission - India
- Larsen & Toubro Limited - India
- Romanian Commodities Exchange
- Essar Steel Hazira Ltd - India
- Antam Resourcindo - Indonesia
- Edison Trading Spa - Italy
- Medco Energi Mining Internasional
- Sinarmas Energy and Mining - Indonesia
- Ambuja Cements Ltd - India
- Ministry of Transport, Egypt
- Asmin Koalindo Tuhup - Indonesia
- Savvy Resources Ltd - HongKong
- Chettinad Cement Corporation Ltd - India
- Borneo Indobara - Indonesia
- Vizag Seaport Private Limited - India
- Thai Mozambique Logistica
- Dalmia Cement Bharat India
- Central Electricity Authority - India
- Heidelberg Cement - Germany
- GVK Power & Infra Limited - India
- IEA Clean Coal Centre - UK
- Straits Asia Resources Limited - Singapore
- Planning Commission, India
- Billiton Holdings Pty Ltd - Australia
- Sarangani Energy Corporation, Philippines
- The State Trading Corporation of India Ltd
- Iligan Light & Power Inc, Philippines
- Ind-Barath Power Infra Limited - India
- European Bulk Services B.V. - Netherlands
- New Zealand Coal & Carbon
- Sojitz Corporation - Japan
- London Commodity Brokers - England
- Mjunction Services Limited - India
- Global Business Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Interocean Group of Companies - India
- Vedanta Resources Plc - India
- Independent Power Producers Association of India
- Bahari Cakrawala Sebuku - Indonesia
- Makarim & Taira - Indonesia
- Indogreen Group - Indonesia
- Sical Logistics Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Eastern Coal Council - USA
- Indo Tambangraya Megah - Indonesia
- Agrawal Coal Company - India
- PowerSource Philippines DevCo
- Bangladesh Power Developement Board
- Alfred C Toepfer International GmbH - Germany
- Marubeni Corporation - India
- Siam City Cement PLC, Thailand
- Directorate General of MIneral and Coal - Indonesia
- Orica Mining Services - Indonesia
- Kartika Selabumi Mining - Indonesia
- Coal and Oil Company - UAE
- Riau Bara Harum - Indonesia
- Binh Thuan Hamico - Vietnam
- Aboitiz Power Corporation - Philippines
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