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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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Monday, 06 December 21
CHINA SETS 2022 ANNUAL THERMAL COAL PRICES AT 700 YUAN/T - MEDIA: REUTERS
China’s top economic planner has proposed to set annual thermal coal prices for 2022 at between 550 yuan and 850 yuan ($86-$133) per tonne, a ...
Thursday, 02 December 21
BUMI RECORDED US$ 666.18 MILLION AS REVENUE IN THE 3RD QUARTER, UP 13.31% YOY
PT Bumi Resources Tbk and its subsidiaries have recorded a surge in revenue in the third quarter of 2021. BUMI has recorded US$ 666.18 million as r ...
Thursday, 02 December 21
CHINA'S COAL CRUNCH IS OVER, BUT PRICES ARE STILL TOO HIGH - REUTERS
China’s coal crisis has largely been resolved with gains in both production and stockpiles sufficient to ensure power supplies over winter.
...
Wednesday, 01 December 21
2022 OUTLOOK: INDONESIAN COAL MINING - FITCH RATINGS
Fitch Ratings has a neutral outlook on the Indonesian coal sector for 2022.
Earnings generation should slow down as selling pr ...
Wednesday, 01 December 21
SUPPLY OF COAL TO POWER PLANTS IN NOV MORE THAN CONSUMPTION: JOSHI - PTI
The supply of coal to power plants in November is more than the consumption, resulting in rise in stock of dry fuel at power plants, and this trend ...
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- Directorate General of MIneral and Coal - Indonesia
- The Treasury - Australian Government
- Interocean Group of Companies - India
- Edison Trading Spa - Italy
- PowerSource Philippines DevCo
- Salva Resources Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Malabar Cements Ltd - India
- Power Finance Corporation Ltd., India
- Binh Thuan Hamico - Vietnam
- Parry Sugars Refinery, India
- Kumho Petrochemical, South Korea
- LBH Netherlands Bv - Netherlands
- Offshore Bulk Terminal Pte Ltd, Singapore
- Energy Development Corp, Philippines
- Australian Coal Association
- Wilmar Investment Holdings
- Indogreen Group - Indonesia
- Petron Corporation, Philippines
- Oldendorff Carriers - Singapore
- CNBM International Corporation - China
- Coal and Oil Company - UAE
- Gujarat Sidhee Cement - India
- Sical Logistics Limited - India
- The University of Queensland
- Australian Commodity Traders Exchange
- GAC Shipping (India) Pvt Ltd
- Singapore Mercantile Exchange
- Krishnapatnam Port Company Ltd. - India
- Ceylon Electricity Board - Sri Lanka
- Barasentosa Lestari - Indonesia
- Central Electricity Authority - India
- Mercuria Energy - Indonesia
- Meralco Power Generation, Philippines
- Sindya Power Generating Company Private Ltd
- TeaM Sual Corporation - Philippines
- Rio Tinto Coal - Australia
- Leighton Contractors Pty Ltd - Australia
- Bhoruka Overseas - Indonesia
- Africa Commodities Group - South Africa
- Independent Power Producers Association of India
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Finance - Indonesia
- Attock Cement Pakistan Limited
- Sinarmas Energy and Mining - Indonesia
- Straits Asia Resources Limited - Singapore
- Sojitz Corporation - Japan
- Ambuja Cements Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Sarangani Energy Corporation, Philippines
- Electricity Generating Authority of Thailand
- Global Green Power PLC Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Goldman Sachs - Singapore
- Coastal Gujarat Power Limited - India
- Xindia Steels Limited - India
- Bhushan Steel Limited - India
- Sakthi Sugars Limited - India
- Chamber of Mines of South Africa
- GN Power Mariveles Coal Plant, Philippines
- Minerals Council of Australia
- Heidelberg Cement - Germany
- Standard Chartered Bank - UAE
- Indika Energy - Indonesia
- Mercator Lines Limited - India
- Mjunction Services Limited - India
- Sree Jayajothi Cements Limited - India
- Marubeni Corporation - India
- TNB Fuel Sdn Bhd - Malaysia
- Deloitte Consulting - India
- Thai Mozambique Logistica
- Maheswari Brothers Coal Limited - India
- Bukit Baiduri Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Timah Investasi Mineral - Indoneisa
- MS Steel International - UAE
- AsiaOL BioFuels Corp., Philippines
- Intertek Mineral Services - Indonesia
- Renaissance Capital - South Africa
- Miang Besar Coal Terminal - Indonesia
- Banpu Public Company Limited - Thailand
- Makarim & Taira - Indonesia
- India Bulls Power Limited - India
- International Coal Ventures Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Ministry of Transport, Egypt
- Essar Steel Hazira Ltd - India
- Jindal Steel & Power Ltd - India
- Bayan Resources Tbk. - Indonesia
- Medco Energi Mining Internasional
- Thiess Contractors Indonesia
- Central Java Power - Indonesia
- Metalloyd Limited - United Kingdom
- Jorong Barutama Greston.PT - Indonesia
- Grasim Industreis Ltd - India
- Wood Mackenzie - Singapore
- Globalindo Alam Lestari - Indonesia
- Parliament of New Zealand
- CIMB Investment Bank - Malaysia
- Gujarat Mineral Development Corp Ltd - India
- Price Waterhouse Coopers - Russia
- Bhatia International Limited - India
- San Jose City I Power Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Orica Mining Services - Indonesia
- Port Waratah Coal Services - Australia
- Global Coal Blending Company Limited - Australia
- Commonwealth Bank - Australia
- Agrawal Coal Company - India
- Eastern Energy - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- White Energy Company Limited
- Pendopo Energi Batubara - Indonesia
- Eastern Coal Council - USA
- IHS Mccloskey Coal Group - USA
- Jaiprakash Power Ventures ltd
- Latin American Coal - Colombia
- ASAPP Information Group - India
- Iligan Light & Power Inc, Philippines
- London Commodity Brokers - England
- Gujarat Electricity Regulatory Commission - India
- Simpson Spence & Young - Indonesia
- Indo Tambangraya Megah - Indonesia
- SMG Consultants - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Baramulti Group, Indonesia
- McConnell Dowell - Australia
- Bukit Makmur.PT - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Romanian Commodities Exchange
- Therma Luzon, Inc, Philippines
- Coalindo Energy - Indonesia
- Anglo American - United Kingdom
- Pipit Mutiara Jaya. PT, Indonesia
- Tamil Nadu electricity Board
- European Bulk Services B.V. - Netherlands
- Kepco SPC Power Corporation, Philippines
- Posco Energy - South Korea
- SN Aboitiz Power Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Kideco Jaya Agung - Indonesia
- South Luzon Thermal Energy Corporation
- Indonesian Coal Mining Association
- Tata Chemicals Ltd - India
- PNOC Exploration Corporation - Philippines
- Vizag Seaport Private Limited - India
- Madhucon Powers Ltd - India
- Larsen & Toubro Limited - India
- Orica Australia Pty. Ltd.
- Indian Energy Exchange, India
- Videocon Industries ltd - India
- Formosa Plastics Group - Taiwan
- Semirara Mining Corp, Philippines
- GVK Power & Infra Limited - India
- Ministry of Mines - Canada
- GMR Energy Limited - India
- Merrill Lynch Commodities Europe
- Alfred C Toepfer International GmbH - Germany
- Meenaskhi Energy Private Limited - India
- Borneo Indobara - Indonesia
- Aditya Birla Group - India
- Antam Resourcindo - Indonesia
- Kaltim Prima Coal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Karaikal Port Pvt Ltd - India
- New Zealand Coal & Carbon
- Cigading International Bulk Terminal - Indonesia
- Bharathi Cement Corporation - India
- Directorate Of Revenue Intelligence - India
- Indian Oil Corporation Limited
- Dalmia Cement Bharat India
- Planning Commission, India
- Maharashtra Electricity Regulatory Commission - India
- Vijayanagar Sugar Pvt Ltd - India
- Star Paper Mills Limited - India
- Chettinad Cement Corporation Ltd - India
- SMC Global Power, Philippines
- IEA Clean Coal Centre - UK
- Ind-Barath Power Infra Limited - India
- Economic Council, Georgia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Lanco Infratech Ltd - India
- Savvy Resources Ltd - HongKong
- Georgia Ports Authority, United States
- Cement Manufacturers Association - India
- Rashtriya Ispat Nigam Limited - India
- Bangladesh Power Developement Board
- Kohat Cement Company Ltd. - Pakistan
- Bukit Asam (Persero) Tbk - Indonesia
- Vedanta Resources Plc - India
- Manunggal Multi Energi - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Uttam Galva Steels Limited - India
- Electricity Authority, New Zealand
- ICICI Bank Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Carbofer General Trading SA - India
- Bahari Cakrawala Sebuku - Indonesia
- Kobexindo Tractors - Indoneisa
- Kartika Selabumi Mining - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Siam City Cement PLC, Thailand
- PTC India Limited - India
- Altura Mining Limited, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Global Business Power Corporation, Philippines
- Trasteel International SA, Italy
- The State Trading Corporation of India Ltd
- Siam City Cement - Thailand
- Energy Link Ltd, New Zealand
- VISA Power Limited - India
- Aboitiz Power Corporation - Philippines
- Mintek Dendrill Indonesia
- Bulk Trading Sa - Switzerland
- OPG Power Generation Pvt Ltd - India
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