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