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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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Wednesday, 26 January 22
MARKET INSIGHT - INTERMODAL
While it is logical that most of the S&P reports of the first weeks of the year are linked to very limited activity as reflected in the weekly ...
Wednesday, 26 January 22
INDONESIA: DME PROJECT IS ECONOMICALLY VIABLE AS STUDY DEMONSTRATES
The government is encouraging downstream coal processing or increase in coal added value, for example by turning coal into Dimethyl Ether (DME) to ...
Wednesday, 26 January 22
COMMODITY PRICES COULD SOAR IF THE RUSSIA-UKRAINE CRISIS ESCALATES - ING
It appears that a number of commodity markets are starting to at least price in some geopolitical risk around the growing tension between Russia an ...
Wednesday, 26 January 22
INDONESIA'S COAL BAN SENDS PRICES SOARING, OTHER EXPORTERS FAIL TO STEP UP - REUTERS
Indonesia’s short-lived ban on exporting coal has sent ructions through the seaborne market for the fuel in Asia, with the fallout likely to ...
Friday, 21 January 22
CHINA'S POWER TRADING TARIFFS TO RISE IN 2022 - FITCH RATINGS
Rising trading volume and higher-than-benchmark tariffs in the 2022 bilateral contracts signed between Chinese power generation companies (gencos) ...
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- Lanco Infratech Ltd - India
- Intertek Mineral Services - Indonesia
- Antam Resourcindo - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Electricity Generating Authority of Thailand
- Georgia Ports Authority, United States
- Global Coal Blending Company Limited - Australia
- New Zealand Coal & Carbon
- McConnell Dowell - Australia
- PetroVietnam Power Coal Import and Supply Company
- SMC Global Power, Philippines
- Australian Coal Association
- Directorate General of MIneral and Coal - Indonesia
- Standard Chartered Bank - UAE
- India Bulls Power Limited - India
- London Commodity Brokers - England
- Sindya Power Generating Company Private Ltd
- Bhatia International Limited - India
- Holcim Trading Pte Ltd - Singapore
- Bukit Baiduri Energy - Indonesia
- Minerals Council of Australia
- Bharathi Cement Corporation - India
- Straits Asia Resources Limited - Singapore
- Chettinad Cement Corporation Ltd - India
- Thiess Contractors Indonesia
- Jaiprakash Power Ventures ltd
- Uttam Galva Steels Limited - India
- Electricity Authority, New Zealand
- Planning Commission, India
- The State Trading Corporation of India Ltd
- Timah Investasi Mineral - Indoneisa
- Parry Sugars Refinery, India
- Latin American Coal - Colombia
- Larsen & Toubro Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Maheswari Brothers Coal Limited - India
- Coal and Oil Company - UAE
- Marubeni Corporation - India
- Ministry of Transport, Egypt
- Bhoruka Overseas - Indonesia
- Altura Mining Limited, Indonesia
- Binh Thuan Hamico - Vietnam
- Karbindo Abesyapradhi - Indoneisa
- Formosa Plastics Group - Taiwan
- Meralco Power Generation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Aditya Birla Group - India
- The Treasury - Australian Government
- Coalindo Energy - Indonesia
- Semirara Mining Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SMG Consultants - Indonesia
- IHS Mccloskey Coal Group - USA
- Pipit Mutiara Jaya. PT, Indonesia
- Sakthi Sugars Limited - India
- Leighton Contractors Pty Ltd - Australia
- Star Paper Mills Limited - India
- Commonwealth Bank - Australia
- IEA Clean Coal Centre - UK
- Mercator Lines Limited - India
- Malabar Cements Ltd - India
- Orica Australia Pty. Ltd.
- Rio Tinto Coal - Australia
- Ambuja Cements Ltd - India
- Anglo American - United Kingdom
- CNBM International Corporation - China
- Port Waratah Coal Services - Australia
- Sarangani Energy Corporation, Philippines
- GMR Energy Limited - India
- SN Aboitiz Power Inc, Philippines
- Videocon Industries ltd - India
- Chamber of Mines of South Africa
- ICICI Bank Limited - India
- Indo Tambangraya Megah - Indonesia
- Xindia Steels Limited - India
- Sree Jayajothi Cements Limited - India
- Agrawal Coal Company - India
- Independent Power Producers Association of India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- MS Steel International - UAE
- ASAPP Information Group - India
- Sojitz Corporation - Japan
- Ind-Barath Power Infra Limited - India
- Cement Manufacturers Association - India
- Energy Link Ltd, New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Karaikal Port Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Asmin Koalindo Tuhup - Indonesia
- Barasentosa Lestari - Indonesia
- Deloitte Consulting - India
- Bukit Makmur.PT - Indonesia
- Merrill Lynch Commodities Europe
- PTC India Limited - India
- Samtan Co., Ltd - South Korea
- Gujarat Electricity Regulatory Commission - India
- Rashtriya Ispat Nigam Limited - India
- Madhucon Powers Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Price Waterhouse Coopers - Russia
- Economic Council, Georgia
- Banpu Public Company Limited - Thailand
- Krishnapatnam Port Company Ltd. - India
- Siam City Cement PLC, Thailand
- Kobexindo Tractors - Indoneisa
- Eastern Energy - Thailand
- Ministry of Mines - Canada
- Grasim Industreis Ltd - India
- Therma Luzon, Inc, Philippines
- Power Finance Corporation Ltd., India
- AsiaOL BioFuels Corp., Philippines
- TeaM Sual Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- Borneo Indobara - Indonesia
- Baramulti Group, Indonesia
- Globalindo Alam Lestari - Indonesia
- Vedanta Resources Plc - India
- Sical Logistics Limited - India
- Iligan Light & Power Inc, Philippines
- Metalloyd Limited - United Kingdom
- Bukit Asam (Persero) Tbk - Indonesia
- Gujarat Sidhee Cement - India
- Salva Resources Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Siam City Cement - Thailand
- Wood Mackenzie - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Aboitiz Power Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- Kapuas Tunggal Persada - Indonesia
- PowerSource Philippines DevCo
- Bhushan Steel Limited - India
- Toyota Tsusho Corporation, Japan
- Global Business Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Indika Energy - Indonesia
- Indian Energy Exchange, India
- Petrochimia International Co. Ltd.- Taiwan
- Wilmar Investment Holdings
- Neyveli Lignite Corporation Ltd, - India
- Indian Oil Corporation Limited
- Bahari Cakrawala Sebuku - Indonesia
- Attock Cement Pakistan Limited
- Orica Mining Services - Indonesia
- Goldman Sachs - Singapore
- Miang Besar Coal Terminal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- PNOC Exploration Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Central Java Power - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Pendopo Energi Batubara - Indonesia
- Central Electricity Authority - India
- Jorong Barutama Greston.PT - Indonesia
- Thai Mozambique Logistica
- Interocean Group of Companies - India
- Ceylon Electricity Board - Sri Lanka
- LBH Netherlands Bv - Netherlands
- CIMB Investment Bank - Malaysia
- Bangladesh Power Developement Board
- Bayan Resources Tbk. - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Makarim & Taira - Indonesia
- Petron Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Parliament of New Zealand
- Riau Bara Harum - Indonesia
- Directorate Of Revenue Intelligence - India
- Mintek Dendrill Indonesia
- Heidelberg Cement - Germany
- Africa Commodities Group - South Africa
- Coastal Gujarat Power Limited - India
- Vizag Seaport Private Limited - India
- Kumho Petrochemical, South Korea
- Kartika Selabumi Mining - Indonesia
- South Luzon Thermal Energy Corporation
- OPG Power Generation Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Edison Trading Spa - Italy
- Kepco SPC Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Medco Energi Mining Internasional
- Mercuria Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Renaissance Capital - South Africa
- Tata Chemicals Ltd - India
- Eastern Coal Council - USA
- Mjunction Services Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Finance - Indonesia
- Carbofer General Trading SA - India
- Australian Commodity Traders Exchange
- Indogreen Group - Indonesia
- Dalmia Cement Bharat India
- White Energy Company Limited
- Singapore Mercantile Exchange
- Jindal Steel & Power Ltd - India
- VISA Power Limited - India
- Meenaskhi Energy Private Limited - India
- Romanian Commodities Exchange
- Posco Energy - South Korea
- Oldendorff Carriers - Singapore
- Trasteel International SA, Italy
- Energy Development Corp, Philippines
- The University of Queensland
- Essar Steel Hazira Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Simpson Spence & Young - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- GVK Power & Infra Limited - India
- Tamil Nadu electricity Board
- Manunggal Multi Energi - Indonesia
- GAC Shipping (India) Pvt Ltd
- Indonesian Coal Mining Association
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