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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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Saturday, 30 October 21
CHINA'S COAL PRICES SEE BIGGEST WEEKLY FALL IN MORE THAN 5 YEARS - REUTERS
China’s coal futures prices saw their biggest fall in more than five years after the powerful state planner said there is still room to adjus ...
Saturday, 30 October 21
G-20 LEADERS PREPARE STATEMENT TO STOP FUNDING FOREIGN COAL PLANTS - BLOOMBERG
Leaders of the Group of 20 wealthy economies are preparing to pledge to stop funding foreign coal-fired plants, but are still wrangling over climat ...
Friday, 29 October 21
APAC THERMAL COAL SUPPLY TO REMAIN TIGHT AS WINTER LOOMS - FITCH RATINGS
APAC thermal coal prices have surged, hitting historically high levels. The benchmark Newcastle 6,000kcal/kg grade coal reached USD228/tonne in mid ...
Thursday, 28 October 21
CANADA BAN ON SHIPPING COAL WOULD EQUAL SCRAPPING AS MANY AS 3 MILLION CARS - IEEFA
Canada ban on shipping coal would equal scrapping as many as 3 million cars
Change in Canadian policy could have major implications ...
Tuesday, 26 October 21
CHINA'S COAL-RICH SHANXI BEEFS UP COAL PRODUCTION - XINHUA
Major coal producers in north China’s Shanxi Province, a leading coal-producing region of the country, have beefed up production to ensure en ...
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- Sarangani Energy Corporation, Philippines
- Bhushan Steel Limited - India
- Tata Chemicals Ltd - India
- Renaissance Capital - South Africa
- OPG Power Generation Pvt Ltd - India
- Malabar Cements Ltd - India
- Indian Oil Corporation Limited
- Dalmia Cement Bharat India
- Bukit Baiduri Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Directorate Of Revenue Intelligence - India
- Borneo Indobara - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Sakthi Sugars Limited - India
- Agrawal Coal Company - India
- MS Steel International - UAE
- Vizag Seaport Private Limited - India
- Maheswari Brothers Coal Limited - India
- Ambuja Cements Ltd - India
- Commonwealth Bank - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Jindal Steel & Power Ltd - India
- South Luzon Thermal Energy Corporation
- Sojitz Corporation - Japan
- Ministry of Mines - Canada
- Directorate General of MIneral and Coal - Indonesia
- Semirara Mining Corp, Philippines
- Central Java Power - Indonesia
- Independent Power Producers Association of India
- Price Waterhouse Coopers - Russia
- Romanian Commodities Exchange
- San Jose City I Power Corp, Philippines
- Marubeni Corporation - India
- Barasentosa Lestari - Indonesia
- Kepco SPC Power Corporation, Philippines
- Anglo American - United Kingdom
- Economic Council, Georgia
- Carbofer General Trading SA - India
- Indogreen Group - Indonesia
- Orica Mining Services - Indonesia
- Siam City Cement PLC, Thailand
- Therma Luzon, Inc, Philippines
- Coalindo Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Coastal Gujarat Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- Minerals Council of Australia
- Sindya Power Generating Company Private Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Georgia Ports Authority, United States
- SN Aboitiz Power Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Xindia Steels Limited - India
- Bhatia International Limited - India
- TeaM Sual Corporation - Philippines
- Ministry of Transport, Egypt
- Bulk Trading Sa - Switzerland
- Asmin Koalindo Tuhup - Indonesia
- Baramulti Group, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Banpu Public Company Limited - Thailand
- Indika Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- McConnell Dowell - Australia
- The University of Queensland
- Meralco Power Generation, Philippines
- Indonesian Coal Mining Association
- Toyota Tsusho Corporation, Japan
- Kartika Selabumi Mining - Indonesia
- Orica Australia Pty. Ltd.
- Australian Coal Association
- Vedanta Resources Plc - India
- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Mineral Development Corp Ltd - India
- The Treasury - Australian Government
- Bangladesh Power Developement Board
- Essar Steel Hazira Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Power Finance Corporation Ltd., India
- Electricity Authority, New Zealand
- Grasim Industreis Ltd - India
- Pendopo Energi Batubara - Indonesia
- Planning Commission, India
- Electricity Generating Authority of Thailand
- SMC Global Power, Philippines
- Uttam Galva Steels Limited - India
- Posco Energy - South Korea
- Trasteel International SA, Italy
- Australian Commodity Traders Exchange
- PowerSource Philippines DevCo
- European Bulk Services B.V. - Netherlands
- London Commodity Brokers - England
- Thai Mozambique Logistica
- Cigading International Bulk Terminal - Indonesia
- LBH Netherlands Bv - Netherlands
- Rio Tinto Coal - Australia
- ICICI Bank Limited - India
- Cement Manufacturers Association - India
- Mercator Lines Limited - India
- Ind-Barath Power Infra Limited - India
- PTC India Limited - India
- Parliament of New Zealand
- White Energy Company Limited
- Tamil Nadu electricity Board
- Madhucon Powers Ltd - India
- Altura Mining Limited, Indonesia
- Simpson Spence & Young - Indonesia
- Riau Bara Harum - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Chamber of Mines of South Africa
- Sical Logistics Limited - India
- PNOC Exploration Corporation - Philippines
- Goldman Sachs - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Salva Resources Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- New Zealand Coal & Carbon
- Videocon Industries ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Energy Link Ltd, New Zealand
- Globalindo Alam Lestari - Indonesia
- Petron Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Formosa Plastics Group - Taiwan
- Gujarat Sidhee Cement - India
- Aditya Birla Group - India
- Kapuas Tunggal Persada - Indonesia
- Eastern Energy - Thailand
- Binh Thuan Hamico - Vietnam
- Energy Development Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Attock Cement Pakistan Limited
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Finance - Indonesia
- Aboitiz Power Corporation - Philippines
- Interocean Group of Companies - India
- Edison Trading Spa - Italy
- Makarim & Taira - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Krishnapatnam Port Company Ltd. - India
- GN Power Mariveles Coal Plant, Philippines
- Straits Asia Resources Limited - Singapore
- Chettinad Cement Corporation Ltd - India
- GAC Shipping (India) Pvt Ltd
- Siam City Cement - Thailand
- Kumho Petrochemical, South Korea
- Kobexindo Tractors - Indoneisa
- Antam Resourcindo - Indonesia
- Wood Mackenzie - Singapore
- Savvy Resources Ltd - HongKong
- Timah Investasi Mineral - Indoneisa
- Port Waratah Coal Services - Australia
- Global Business Power Corporation, Philippines
- Larsen & Toubro Limited - India
- Parry Sugars Refinery, India
- Intertek Mineral Services - Indonesia
- Merrill Lynch Commodities Europe
- Billiton Holdings Pty Ltd - Australia
- The State Trading Corporation of India Ltd
- VISA Power Limited - India
- CNBM International Corporation - China
- Ceylon Electricity Board - Sri Lanka
- Lanco Infratech Ltd - India
- Manunggal Multi Energi - Indonesia
- International Coal Ventures Pvt Ltd - India
- Bharathi Cement Corporation - India
- Gujarat Electricity Regulatory Commission - India
- India Bulls Power Limited - India
- Africa Commodities Group - South Africa
- Kalimantan Lumbung Energi - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Indian Energy Exchange, India
- Maharashtra Electricity Regulatory Commission - India
- Latin American Coal - Colombia
- IEA Clean Coal Centre - UK
- Eastern Coal Council - USA
- Heidelberg Cement - Germany
- Medco Energi Mining Internasional
- Pipit Mutiara Jaya. PT, Indonesia
- Mercuria Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Bukit Makmur.PT - Indonesia
- Standard Chartered Bank - UAE
- Star Paper Mills Limited - India
- Coal and Oil Company - UAE
- ASAPP Information Group - India
- Deloitte Consulting - India
- Singapore Mercantile Exchange
- Global Coal Blending Company Limited - Australia
- Bayan Resources Tbk. - Indonesia
- Kideco Jaya Agung - Indonesia
- Mintek Dendrill Indonesia
- Metalloyd Limited - United Kingdom
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Samtan Co., Ltd - South Korea
- Central Electricity Authority - India
- Alfred C Toepfer International GmbH - Germany
- Meenaskhi Energy Private Limited - India
- SMG Consultants - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jaiprakash Power Ventures ltd
- Oldendorff Carriers - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Holcim Trading Pte Ltd - Singapore
- Wilmar Investment Holdings
- Bhoruka Overseas - Indonesia
- GMR Energy Limited - India
- GVK Power & Infra Limited - India
- Mjunction Services Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Semirara Mining and Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Asam (Persero) Tbk - Indonesia
- Thiess Contractors Indonesia
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