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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, 23 December 21
INDONESIA’S 2022 COAL OUTPUT SEEN BETWEEN 637 MLN-664 MLN T- OFFICIAL - REUTERS
Indonesia’s 2022 coal output is estimated at between 637 million to 664 million tonnes based on production plans currently being finalised, s ...
Thursday, 23 December 21
VALE ANNOUNCES THE SALE OF ITS COAL ASSETS
Vale informs that, on this date, it has entered into a binding agreement with Vulcan to sell the Moatize coal mine and the Nacala Logistics Corrido ...
Thursday, 23 December 21
INDIA: CAPTIVE POWER PRODUCERS URGE GOVT TO ENSURE NORMAL COAL SUPPLIES - PTI
A captive power producers’ association has urged the government for 100 per cent normalisation of coal supply to captive power producers whil ...
Thursday, 23 December 21
MARKET INSIGHT - INTERMODAL
As an outstanding year for the dry bulk freight market comes to a close, so does a thriving year for the SnP market which can only be compared to 2 ...
Tuesday, 14 December 21
COAL LOCK-IN IN SOUTHEAST ASIA PRESENTS A CHALLENGE FOR THE ASIAN DEVELOPMENT BANK'S COAL RETIREMENT PLAN - IEEFA
In August, the Asian Development Bank (ADB) announced an ambitious plan to buy high emissions coal-fired power plants in Southeast Asia and retire ...
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- Africa Commodities Group - South Africa
- Medco Energi Mining Internasional
- The State Trading Corporation of India Ltd
- Ministry of Finance - Indonesia
- VISA Power Limited - India
- Intertek Mineral Services - Indonesia
- Indogreen Group - Indonesia
- Indian Oil Corporation Limited
- Leighton Contractors Pty Ltd - Australia
- ASAPP Information Group - India
- Commonwealth Bank - Australia
- London Commodity Brokers - England
- Bayan Resources Tbk. - Indonesia
- Parry Sugars Refinery, India
- Sree Jayajothi Cements Limited - India
- Baramulti Group, Indonesia
- Globalindo Alam Lestari - Indonesia
- SMG Consultants - Indonesia
- Simpson Spence & Young - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Kideco Jaya Agung - Indonesia
- Antam Resourcindo - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Samtan Co., Ltd - South Korea
- Kobexindo Tractors - Indoneisa
- TeaM Sual Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- Power Finance Corporation Ltd., India
- Marubeni Corporation - India
- Electricity Authority, New Zealand
- Sinarmas Energy and Mining - Indonesia
- Sojitz Corporation - Japan
- Bangladesh Power Developement Board
- Vedanta Resources Plc - India
- Economic Council, Georgia
- Barasentosa Lestari - Indonesia
- Wilmar Investment Holdings
- SMC Global Power, Philippines
- Wood Mackenzie - Singapore
- Salva Resources Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- New Zealand Coal & Carbon
- Cement Manufacturers Association - India
- Georgia Ports Authority, United States
- Dalmia Cement Bharat India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kapuas Tunggal Persada - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Jindal Steel & Power Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Posco Energy - South Korea
- ICICI Bank Limited - India
- Manunggal Multi Energi - Indonesia
- Mintek Dendrill Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Rio Tinto Coal - Australia
- CNBM International Corporation - China
- Bukit Asam (Persero) Tbk - Indonesia
- Formosa Plastics Group - Taiwan
- Anglo American - United Kingdom
- Tata Chemicals Ltd - India
- Bharathi Cement Corporation - India
- Iligan Light & Power Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indonesian Coal Mining Association
- Meralco Power Generation, Philippines
- Essar Steel Hazira Ltd - India
- Carbofer General Trading SA - India
- Coalindo Energy - Indonesia
- MS Steel International - UAE
- Deloitte Consulting - India
- Indo Tambangraya Megah - Indonesia
- The University of Queensland
- Straits Asia Resources Limited - Singapore
- South Luzon Thermal Energy Corporation
- IEA Clean Coal Centre - UK
- Bhoruka Overseas - Indonesia
- Energy Link Ltd, New Zealand
- Alfred C Toepfer International GmbH - Germany
- Jorong Barutama Greston.PT - Indonesia
- Indian Energy Exchange, India
- Uttam Galva Steels Limited - India
- Pendopo Energi Batubara - Indonesia
- Kaltim Prima Coal - Indonesia
- Chamber of Mines of South Africa
- Grasim Industreis Ltd - India
- Oldendorff Carriers - Singapore
- Savvy Resources Ltd - HongKong
- GMR Energy Limited - India
- Renaissance Capital - South Africa
- Central Java Power - Indonesia
- Edison Trading Spa - Italy
- Bhatia International Limited - India
- Goldman Sachs - Singapore
- Ministry of Transport, Egypt
- International Coal Ventures Pvt Ltd - India
- Ministry of Mines - Canada
- Sakthi Sugars Limited - India
- Parliament of New Zealand
- Cigading International Bulk Terminal - Indonesia
- Coastal Gujarat Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Therma Luzon, Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Minerals Council of Australia
- Singapore Mercantile Exchange
- Agrawal Coal Company - India
- Mjunction Services Limited - India
- Ambuja Cements Ltd - India
- Kumho Petrochemical, South Korea
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Madhucon Powers Ltd - India
- Directorate Of Revenue Intelligence - India
- Sarangani Energy Corporation, Philippines
- Bhushan Steel Limited - India
- Metalloyd Limited - United Kingdom
- Jaiprakash Power Ventures ltd
- Thiess Contractors Indonesia
- India Bulls Power Limited - India
- Eastern Coal Council - USA
- Kohat Cement Company Ltd. - Pakistan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Australian Coal Association
- Kalimantan Lumbung Energi - Indonesia
- Siam City Cement - Thailand
- Standard Chartered Bank - UAE
- Billiton Holdings Pty Ltd - Australia
- Tamil Nadu electricity Board
- The Treasury - Australian Government
- Pipit Mutiara Jaya. PT, Indonesia
- European Bulk Services B.V. - Netherlands
- Borneo Indobara - Indonesia
- Star Paper Mills Limited - India
- Orica Mining Services - Indonesia
- Eastern Energy - Thailand
- PetroVietnam Power Coal Import and Supply Company
- Independent Power Producers Association of India
- Gujarat Electricity Regulatory Commission - India
- Indika Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- IHS Mccloskey Coal Group - USA
- Port Waratah Coal Services - Australia
- Latin American Coal - Colombia
- LBH Netherlands Bv - Netherlands
- Bulk Trading Sa - Switzerland
- Rashtriya Ispat Nigam Limited - India
- Xindia Steels Limited - India
- Semirara Mining Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Makarim & Taira - Indonesia
- McConnell Dowell - Australia
- Bukit Baiduri Energy - Indonesia
- Videocon Industries ltd - India
- Planning Commission, India
- Riau Bara Harum - Indonesia
- Orica Australia Pty. Ltd.
- AsiaOL BioFuels Corp., Philippines
- Interocean Group of Companies - India
- Kepco SPC Power Corporation, Philippines
- GVK Power & Infra Limited - India
- San Jose City I Power Corp, Philippines
- Australian Commodity Traders Exchange
- Mercuria Energy - Indonesia
- Heidelberg Cement - Germany
- Romanian Commodities Exchange
- Sindya Power Generating Company Private Ltd
- Lanco Infratech Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coal and Oil Company - UAE
- Sical Logistics Limited - India
- PowerSource Philippines DevCo
- Holcim Trading Pte Ltd - Singapore
- Larsen & Toubro Limited - India
- OPG Power Generation Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Meenaskhi Energy Private Limited - India
- PNOC Exploration Corporation - Philippines
- PTC India Limited - India
- Gujarat Sidhee Cement - India
- Gujarat Mineral Development Corp Ltd - India
- Aditya Birla Group - India
- Directorate General of MIneral and Coal - Indonesia
- Global Business Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Attock Cement Pakistan Limited
- Maheswari Brothers Coal Limited - India
- White Energy Company Limited
- Central Electricity Authority - India
- Petrochimia International Co. Ltd.- Taiwan
- Global Coal Blending Company Limited - Australia
- Ceylon Electricity Board - Sri Lanka
- Petron Corporation, Philippines
- Thai Mozambique Logistica
- Trasteel International SA, Italy
- Siam City Cement PLC, Thailand
- Electricity Generating Authority of Thailand
- CIMB Investment Bank - Malaysia
- Ind-Barath Power Infra Limited - India
- Vizag Seaport Private Limited - India
- Malabar Cements Ltd - India
- Mercator Lines Limited - India
- Energy Development Corp, Philippines
- Merrill Lynch Commodities Europe
- GAC Shipping (India) Pvt Ltd
- Aboitiz Power Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- Price Waterhouse Coopers - Russia
- Karaikal Port Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Altura Mining Limited, Indonesia
- Banpu Public Company Limited - Thailand
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