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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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- Standard Chartered Bank - UAE
- Salva Resources Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Mintek Dendrill Indonesia
- Karaikal Port Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Attock Cement Pakistan Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Posco Energy - South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- Vizag Seaport Private Limited - India
- Therma Luzon, Inc, Philippines
- Latin American Coal - Colombia
- Intertek Mineral Services - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Thai Mozambique Logistica
- Semirara Mining Corp, Philippines
- Savvy Resources Ltd - HongKong
- Eastern Coal Council - USA
- Mercuria Energy - Indonesia
- Global Business Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Dalmia Cement Bharat India
- Petron Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Borneo Indobara - Indonesia
- Ministry of Mines - Canada
- Electricity Generating Authority of Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Indogreen Group - Indonesia
- Agrawal Coal Company - India
- SMC Global Power, Philippines
- MS Steel International - UAE
- Formosa Plastics Group - Taiwan
- LBH Netherlands Bv - Netherlands
- Binh Thuan Hamico - Vietnam
- Deloitte Consulting - India
- Semirara Mining and Power Corporation, Philippines
- Australian Coal Association
- Independent Power Producers Association of India
- Orica Mining Services - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Directorate Of Revenue Intelligence - India
- Makarim & Taira - Indonesia
- Kideco Jaya Agung - Indonesia
- Globalindo Alam Lestari - Indonesia
- Madhucon Powers Ltd - India
- Grasim Industreis Ltd - India
- Tata Chemicals Ltd - India
- Malabar Cements Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Oldendorff Carriers - Singapore
- Singapore Mercantile Exchange
- Georgia Ports Authority, United States
- Kohat Cement Company Ltd. - Pakistan
- Maheswari Brothers Coal Limited - India
- Coal and Oil Company - UAE
- Sinarmas Energy and Mining - Indonesia
- VISA Power Limited - India
- Power Finance Corporation Ltd., India
- South Luzon Thermal Energy Corporation
- Holcim Trading Pte Ltd - Singapore
- Sakthi Sugars Limited - India
- Iligan Light & Power Inc, Philippines
- Edison Trading Spa - Italy
- OPG Power Generation Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Larsen & Toubro Limited - India
- Rio Tinto Coal - Australia
- Miang Besar Coal Terminal - Indonesia
- Africa Commodities Group - South Africa
- Heidelberg Cement - Germany
- ICICI Bank Limited - India
- Australian Commodity Traders Exchange
- Xindia Steels Limited - India
- Sojitz Corporation - Japan
- Siam City Cement - Thailand
- Kobexindo Tractors - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Bayan Resources Tbk. - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Interocean Group of Companies - India
- Electricity Authority, New Zealand
- Economic Council, Georgia
- European Bulk Services B.V. - Netherlands
- Ministry of Finance - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Wood Mackenzie - Singapore
- IEA Clean Coal Centre - UK
- Marubeni Corporation - India
- Goldman Sachs - Singapore
- Simpson Spence & Young - Indonesia
- The State Trading Corporation of India Ltd
- Samtan Co., Ltd - South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- TeaM Sual Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Banpu Public Company Limited - Thailand
- Bukit Makmur.PT - Indonesia
- Anglo American - United Kingdom
- The Treasury - Australian Government
- Baramulti Group, Indonesia
- Pendopo Energi Batubara - Indonesia
- Price Waterhouse Coopers - Russia
- Ministry of Transport, Egypt
- Aboitiz Power Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coalindo Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Global Green Power PLC Corporation, Philippines
- Cement Manufacturers Association - India
- Uttam Galva Steels Limited - India
- McConnell Dowell - Australia
- India Bulls Power Limited - India
- Bangladesh Power Developement Board
- Indo Tambangraya Megah - Indonesia
- Medco Energi Mining Internasional
- Kartika Selabumi Mining - Indonesia
- Mercator Lines Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Chamber of Mines of South Africa
- Renaissance Capital - South Africa
- Energy Development Corp, Philippines
- Tamil Nadu electricity Board
- The University of Queensland
- Ceylon Electricity Board - Sri Lanka
- Riau Bara Harum - Indonesia
- GAC Shipping (India) Pvt Ltd
- Timah Investasi Mineral - Indoneisa
- Sindya Power Generating Company Private Ltd
- Parliament of New Zealand
- Antam Resourcindo - Indonesia
- Siam City Cement PLC, Thailand
- Krishnapatnam Port Company Ltd. - India
- Gujarat Sidhee Cement - India
- ASAPP Information Group - India
- Asmin Koalindo Tuhup - Indonesia
- Bukit Baiduri Energy - Indonesia
- Commonwealth Bank - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Essar Steel Hazira Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Mjunction Services Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sical Logistics Limited - India
- New Zealand Coal & Carbon
- Indonesian Coal Mining Association
- Indian Energy Exchange, India
- Meenaskhi Energy Private Limited - India
- Gujarat Electricity Regulatory Commission - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ambuja Cements Ltd - India
- Eastern Energy - Thailand
- Indika Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- PNOC Exploration Corporation - Philippines
- Barasentosa Lestari - Indonesia
- Bharathi Cement Corporation - India
- Bhushan Steel Limited - India
- Bhoruka Overseas - Indonesia
- Toyota Tsusho Corporation, Japan
- Kalimantan Lumbung Energi - Indonesia
- Kepco SPC Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Thiess Contractors Indonesia
- Videocon Industries ltd - India
- Lanco Infratech Ltd - India
- Trasteel International SA, Italy
- Carbofer General Trading SA - India
- Sarangani Energy Corporation, Philippines
- Wilmar Investment Holdings
- Global Coal Blending Company Limited - Australia
- Coastal Gujarat Power Limited - India
- Parry Sugars Refinery, India
- Romanian Commodities Exchange
- Orica Australia Pty. Ltd.
- GN Power Mariveles Coal Plant, Philippines
- Metalloyd Limited - United Kingdom
- Aditya Birla Group - India
- Planning Commission, India
- Kapuas Tunggal Persada - Indonesia
- Indian Oil Corporation Limited
- GMR Energy Limited - India
- Cigading International Bulk Terminal - Indonesia
- Vedanta Resources Plc - India
- Gujarat Mineral Development Corp Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Minerals Council of Australia
- Neyveli Lignite Corporation Ltd, - India
- Manunggal Multi Energi - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Meralco Power Generation, Philippines
- CNBM International Corporation - China
- Leighton Contractors Pty Ltd - Australia
- PTC India Limited - India
- White Energy Company Limited
- Maharashtra Electricity Regulatory Commission - India
- SMG Consultants - Indonesia
- Altura Mining Limited, Indonesia
- San Jose City I Power Corp, Philippines
- Jindal Steel & Power Ltd - India
- Merrill Lynch Commodities Europe
- London Commodity Brokers - England
- Energy Link Ltd, New Zealand
- Straits Asia Resources Limited - Singapore
- Sree Jayajothi Cements Limited - India
- Bulk Trading Sa - Switzerland
- Central Java Power - Indonesia
- Ind-Barath Power Infra Limited - India
- Kumho Petrochemical, South Korea
- Directorate General of MIneral and Coal - Indonesia
- Bhatia International Limited - India
- Star Paper Mills Limited - India
- PowerSource Philippines DevCo
- GVK Power & Infra Limited - India
- Central Electricity Authority - India
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