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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, 20 January 22
CHINESE COAL JUMPS OVER 6% ON PRE-HOLIDAY SUPPLY WORRY - REUTERS
China’s thermal coal futures soared more than 6% on Wednesday, hitting a level last seen in late November as investors grew concerned over ti ...
Thursday, 20 January 22
VIETNAM: COAL SECTOR SEES POSITIVE PROSPECT IN 2022 - VNA
With many signs of rising demand for coal in various economic sectors in 2022, the Vietnam National Coal – Mineral Industries Group (Vinacomi ...
Wednesday, 19 January 22
MARKET INSIGHT - INTERMODAL
Since the beginning of the year, we have been witnessing the BDI correcting downwards with sizable drops across all segments. Latest similar levels ...
Sunday, 09 January 22
INDONESIA MINISTER SAYS 'EMERGENCY OVER' ON COAL SUPPLY CRUNCH - REUTERS
Indonesia’s power emergency which has triggered a coal export ban is over but the government will still continue to discuss policies in this ...
Wednesday, 05 January 22
CHINA COAL FUTURES SURGE ON SUPPLY WORRIES AMID INDONESIA EXPORT BAN - REUTERS
China’s thermal coal futures surged by as much as 7.8per cent to kick off 2022 on concerns of supply disruptions after Indonesia, its biggest ...
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- Bahari Cakrawala Sebuku - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Petrochimia International Co. Ltd.- Taiwan
- Indian Energy Exchange, India
- LBH Netherlands Bv - Netherlands
- PTC India Limited - India
- Karaikal Port Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Price Waterhouse Coopers - Russia
- Orica Australia Pty. Ltd.
- Indika Energy - Indonesia
- Meralco Power Generation, Philippines
- VISA Power Limited - India
- Lanco Infratech Ltd - India
- Riau Bara Harum - Indonesia
- Kartika Selabumi Mining - Indonesia
- Merrill Lynch Commodities Europe
- Thiess Contractors Indonesia
- India Bulls Power Limited - India
- Grasim Industreis Ltd - India
- Standard Chartered Bank - UAE
- Minerals Council of Australia
- Sinarmas Energy and Mining - Indonesia
- GAC Shipping (India) Pvt Ltd
- Malabar Cements Ltd - India
- Salva Resources Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Heidelberg Cement - Germany
- Ind-Barath Power Infra Limited - India
- Kideco Jaya Agung - Indonesia
- Bhushan Steel Limited - India
- Kobexindo Tractors - Indoneisa
- Makarim & Taira - Indonesia
- Edison Trading Spa - Italy
- Indogreen Group - Indonesia
- SN Aboitiz Power Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Ministry of Mines - Canada
- Timah Investasi Mineral - Indoneisa
- Bhatia International Limited - India
- Wood Mackenzie - Singapore
- Essar Steel Hazira Ltd - India
- Mintek Dendrill Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Tamil Nadu electricity Board
- IHS Mccloskey Coal Group - USA
- Mercator Lines Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Deloitte Consulting - India
- Star Paper Mills Limited - India
- Bangladesh Power Developement Board
- Directorate Of Revenue Intelligence - India
- Samtan Co., Ltd - South Korea
- Antam Resourcindo - Indonesia
- Pendopo Energi Batubara - Indonesia
- Georgia Ports Authority, United States
- Australian Commodity Traders Exchange
- Orica Mining Services - Indonesia
- Global Coal Blending Company Limited - Australia
- Alfred C Toepfer International GmbH - Germany
- Rashtriya Ispat Nigam Limited - India
- Wilmar Investment Holdings
- Ministry of Transport, Egypt
- Sree Jayajothi Cements Limited - India
- Gujarat Sidhee Cement - India
- Binh Thuan Hamico - Vietnam
- Siam City Cement PLC, Thailand
- Formosa Plastics Group - Taiwan
- Posco Energy - South Korea
- Aboitiz Power Corporation - Philippines
- Simpson Spence & Young - Indonesia
- Tata Chemicals Ltd - India
- Manunggal Multi Energi - Indonesia
- Savvy Resources Ltd - HongKong
- CNBM International Corporation - China
- Economic Council, Georgia
- McConnell Dowell - Australia
- Central Java Power - Indonesia
- PNOC Exploration Corporation - Philippines
- South Luzon Thermal Energy Corporation
- Bayan Resources Tbk. - Indonesia
- Iligan Light & Power Inc, Philippines
- Energy Link Ltd, New Zealand
- Meenaskhi Energy Private Limited - India
- Thai Mozambique Logistica
- Australian Coal Association
- Kepco SPC Power Corporation, Philippines
- London Commodity Brokers - England
- CIMB Investment Bank - Malaysia
- Cement Manufacturers Association - India
- AsiaOL BioFuels Corp., Philippines
- Altura Mining Limited, Indonesia
- Interocean Group of Companies - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Semirara Mining Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- Singapore Mercantile Exchange
- Power Finance Corporation Ltd., India
- Carbofer General Trading SA - India
- Port Waratah Coal Services - Australia
- Borneo Indobara - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- PowerSource Philippines DevCo
- Coal and Oil Company - UAE
- The State Trading Corporation of India Ltd
- Anglo American - United Kingdom
- OPG Power Generation Pvt Ltd - India
- Dalmia Cement Bharat India
- MS Steel International - UAE
- Larsen & Toubro Limited - India
- Coastal Gujarat Power Limited - India
- Electricity Generating Authority of Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Africa Commodities Group - South Africa
- Attock Cement Pakistan Limited
- ASAPP Information Group - India
- The Treasury - Australian Government
- New Zealand Coal & Carbon
- Energy Development Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Commonwealth Bank - Australia
- Ministry of Finance - Indonesia
- Ambuja Cements Ltd - India
- Bukit Makmur.PT - Indonesia
- Kumho Petrochemical, South Korea
- ICICI Bank Limited - India
- Kaltim Prima Coal - Indonesia
- Electricity Authority, New Zealand
- Vedanta Resources Plc - India
- Indian Oil Corporation Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Renaissance Capital - South Africa
- Holcim Trading Pte Ltd - Singapore
- The University of Queensland
- Agrawal Coal Company - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coalindo Energy - Indonesia
- Mjunction Services Limited - India
- Uttam Galva Steels Limited - India
- Marubeni Corporation - India
- Latin American Coal - Colombia
- Vizag Seaport Private Limited - India
- Maheswari Brothers Coal Limited - India
- Goldman Sachs - Singapore
- IEA Clean Coal Centre - UK
- Eastern Energy - Thailand
- SMC Global Power, Philippines
- Gujarat Electricity Regulatory Commission - India
- Intertek Mineral Services - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Globalindo Alam Lestari - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kohat Cement Company Ltd. - Pakistan
- European Bulk Services B.V. - Netherlands
- Pipit Mutiara Jaya. PT, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Global Business Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Directorate General of MIneral and Coal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Indonesian Coal Mining Association
- Asmin Koalindo Tuhup - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Siam City Cement - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Oldendorff Carriers - Singapore
- Independent Power Producers Association of India
- Barasentosa Lestari - Indonesia
- Bhoruka Overseas - Indonesia
- Jaiprakash Power Ventures ltd
- Vijayanagar Sugar Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Mercuria Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Romanian Commodities Exchange
- Bharathi Cement Corporation - India
- GMR Energy Limited - India
- White Energy Company Limited
- Sojitz Corporation - Japan
- TNB Fuel Sdn Bhd - Malaysia
- Therma Luzon, Inc, Philippines
- Rio Tinto Coal - Australia
- Planning Commission, India
- GN Power Mariveles Coal Plant, Philippines
- Chettinad Cement Corporation Ltd - India
- Sakthi Sugars Limited - India
- Baramulti Group, Indonesia
- Medco Energi Mining Internasional
- Jorong Barutama Greston.PT - Indonesia
- Madhucon Powers Ltd - India
- Sarangani Energy Corporation, Philippines
- Chamber of Mines of South Africa
- Metalloyd Limited - United Kingdom
- Global Green Power PLC Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Xindia Steels Limited - India
- Sical Logistics Limited - India
- Petron Corporation, Philippines
- Trasteel International SA, Italy
- Jindal Steel & Power Ltd - India
- Central Electricity Authority - India
- Billiton Holdings Pty Ltd - Australia
- Kapuas Tunggal Persada - Indonesia
- Sindya Power Generating Company Private Ltd
- Bulk Trading Sa - Switzerland
- GVK Power & Infra Limited - India
- Aditya Birla Group - India
- Straits Asia Resources Limited - Singapore
- Videocon Industries ltd - India
- SMG Consultants - Indonesia
- Parry Sugars Refinery, India
- Parliament of New Zealand
- Cigading International Bulk Terminal - Indonesia
- Toyota Tsusho Corporation, Japan
- Eastern Coal Council - USA
- Indo Tambangraya Megah - Indonesia
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