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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, 25 October 21
CHINA VOWS TO SEVERELY PUNISH MARKET VIOLATIONS AMID LOW COAL FUTURES PRICES - GLOBAL TIMES
Domestic coal futures had plunged for three consecutive trading days after the government vowed to crack down on soaring prices, and China’s ...
Monday, 25 October 21
FARMERS MAY JOIN THE COAL COMMODITY MARKET TO REDUCE RISKS - GLOBAL TIMES
A recent trip to by the Global Times to East China’s Shandong Province to get a glimpse of China’s coal supply chain revealed a surpris ...
Monday, 25 October 21
CHINA COAL PRICES MARK WORST WEEK SINCE MAY ON GOVERNMENT INTERVENTION - REUTERS
China’s thermal coal futures plunged on Friday and turned in their worst week in five months, following Beijing’s strongest interventio ...
Friday, 22 October 21
THE BIG PICTURE: ENERGY MARKETS - BREAK WAVE ADVISORS
The shipping markets have been pulled further into wild markets of coal and other energy sources. Given how nebulous this sector is, it’s alw ...
Friday, 22 October 21
CHINA WANTS TO COOL COAL PRICES. SIMILAR MOVES FOR METALS, CRUDE FAILED - REUTERS
China’s latest attempt to lower runaway commodity prices, this time for thermal coal, is likely to follow a familiar pattern of initial succe ...
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- SMC Global Power, Philippines
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- Sindya Power Generating Company Private Ltd
- Larsen & Toubro Limited - India
- Vizag Seaport Private Limited - India
- OPG Power Generation Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Singapore Mercantile Exchange
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- International Coal Ventures Pvt Ltd - India
- ASAPP Information Group - India
- Manunggal Multi Energi - Indonesia
- PNOC Exploration Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Sojitz Corporation - Japan
- Sical Logistics Limited - India
- Binh Thuan Hamico - Vietnam
- The State Trading Corporation of India Ltd
- Siam City Cement - Thailand
- Bhoruka Overseas - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Karaikal Port Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Borneo Indobara - Indonesia
- Merrill Lynch Commodities Europe
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- Ministry of Mines - Canada
- Chettinad Cement Corporation Ltd - India
- Commonwealth Bank - Australia
- Central Electricity Authority - India
- Cement Manufacturers Association - India
- Sree Jayajothi Cements Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Antam Resourcindo - Indonesia
- MS Steel International - UAE
- IHS Mccloskey Coal Group - USA
- Semirara Mining Corp, Philippines
- Australian Coal Association
- Tamil Nadu electricity Board
- SN Aboitiz Power Inc, Philippines
- Formosa Plastics Group - Taiwan
- Timah Investasi Mineral - Indoneisa
- Dalmia Cement Bharat India
- PowerSource Philippines DevCo
- Marubeni Corporation - India
- Price Waterhouse Coopers - Russia
- Kapuas Tunggal Persada - Indonesia
- Tata Chemicals Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Rashtriya Ispat Nigam Limited - India
- London Commodity Brokers - England
- Eastern Energy - Thailand
- Jindal Steel & Power Ltd - India
- Edison Trading Spa - Italy
- Kideco Jaya Agung - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Star Paper Mills Limited - India
- Neyveli Lignite Corporation Ltd, - India
- SMG Consultants - Indonesia
- Metalloyd Limited - United Kingdom
- Posco Energy - South Korea
- Trasteel International SA, Italy
- Thiess Contractors Indonesia
- Sakthi Sugars Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sarangani Energy Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Meralco Power Generation, Philippines
- European Bulk Services B.V. - Netherlands
- Ambuja Cements Ltd - India
- Electricity Authority, New Zealand
- Wilmar Investment Holdings
- Bhatia International Limited - India
- Toyota Tsusho Corporation, Japan
- Kaltim Prima Coal - Indonesia
- Coalindo Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Electricity Generating Authority of Thailand
- Attock Cement Pakistan Limited
- Samtan Co., Ltd - South Korea
- Ceylon Electricity Board - Sri Lanka
- Lanco Infratech Ltd - India
- Renaissance Capital - South Africa
- Mjunction Services Limited - India
- Bhushan Steel Limited - India
- Iligan Light & Power Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Central Java Power - Indonesia
- Oldendorff Carriers - Singapore
- Gujarat Sidhee Cement - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Wood Mackenzie - Singapore
- Barasentosa Lestari - Indonesia
- Goldman Sachs - Singapore
- Energy Link Ltd, New Zealand
- Kumho Petrochemical, South Korea
- Romanian Commodities Exchange
- Africa Commodities Group - South Africa
- Economic Council, Georgia
- Salva Resources Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Meenaskhi Energy Private Limited - India
- Ministry of Finance - Indonesia
- Independent Power Producers Association of India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Orica Mining Services - Indonesia
- White Energy Company Limited
- Australian Commodity Traders Exchange
- Port Waratah Coal Services - Australia
- Medco Energi Mining Internasional
- Alfred C Toepfer International GmbH - Germany
- Standard Chartered Bank - UAE
- AsiaOL BioFuels Corp., Philippines
- Agrawal Coal Company - India
- Vedanta Resources Plc - India
- Coal and Oil Company - UAE
- Bharathi Cement Corporation - India
- Ministry of Transport, Egypt
- Aditya Birla Group - India
- Gujarat Electricity Regulatory Commission - India
- Bayan Resources Tbk. - Indonesia
- Bulk Trading Sa - Switzerland
- Global Green Power PLC Corporation, Philippines
- Anglo American - United Kingdom
- Krishnapatnam Port Company Ltd. - India
- Petron Corporation, Philippines
- Xindia Steels Limited - India
- Power Finance Corporation Ltd., India
- Thai Mozambique Logistica
- Maheswari Brothers Coal Limited - India
- Global Coal Blending Company Limited - Australia
- PetroVietnam Power Coal Import and Supply Company
- Heidelberg Cement - Germany
- Indonesian Coal Mining Association
- Interocean Group of Companies - India
- San Jose City I Power Corp, Philippines
- Uttam Galva Steels Limited - India
- Carbofer General Trading SA - India
- Maharashtra Electricity Regulatory Commission - India
- Eastern Coal Council - USA
- Sinarmas Energy and Mining - Indonesia
- Savvy Resources Ltd - HongKong
- Energy Development Corp, Philippines
- Deloitte Consulting - India
- India Bulls Power Limited - India
- PTC India Limited - India
- New Zealand Coal & Carbon
- Videocon Industries ltd - India
- Kartika Selabumi Mining - Indonesia
- South Luzon Thermal Energy Corporation
- Minerals Council of Australia
- Jaiprakash Power Ventures ltd
- Coastal Gujarat Power Limited - India
- Aboitiz Power Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- The University of Queensland
- Offshore Bulk Terminal Pte Ltd, Singapore
- Siam City Cement PLC, Thailand
- Mercuria Energy - Indonesia
- Global Business Power Corporation, Philippines
- Latin American Coal - Colombia
- CNBM International Corporation - China
- Parry Sugars Refinery, India
- Essar Steel Hazira Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Planning Commission, India
- Asmin Koalindo Tuhup - Indonesia
- Billiton Holdings Pty Ltd - Australia
- IEA Clean Coal Centre - UK
- Indian Oil Corporation Limited
- Karbindo Abesyapradhi - Indoneisa
- Bangladesh Power Developement Board
- Straits Asia Resources Limited - Singapore
- Riau Bara Harum - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- VISA Power Limited - India
- Indian Energy Exchange, India
- Holcim Trading Pte Ltd - Singapore
- Therma Luzon, Inc, Philippines
- ICICI Bank Limited - India
- Banpu Public Company Limited - Thailand
- Leighton Contractors Pty Ltd - Australia
- Mercator Lines Limited - India
- CIMB Investment Bank - Malaysia
- Grasim Industreis Ltd - India
- Georgia Ports Authority, United States
- The Treasury - Australian Government
- Malabar Cements Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Madhucon Powers Ltd - India
- Chamber of Mines of South Africa
- Baramulti Group, Indonesia
- Globalindo Alam Lestari - Indonesia
- Makarim & Taira - Indonesia
- Orica Australia Pty. Ltd.
- Rio Tinto Coal - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Altura Mining Limited, Indonesia
- McConnell Dowell - Australia
- Indika Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Indogreen Group - Indonesia
- Pendopo Energi Batubara - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- GMR Energy Limited - India
- Semirara Mining and Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- LBH Netherlands Bv - Netherlands
- Gujarat Mineral Development Corp Ltd - India
- GVK Power & Infra Limited - India
- Parliament of New Zealand
- GAC Shipping (India) Pvt Ltd
- Indo Tambangraya Megah - Indonesia
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