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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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Wednesday, 20 October 21
MARKET INSIGHT - INTERMODAL
IMO 2020, Ballast Water Treatment regulations, Green Recycling, GHG emissions, EEXI, CII, ETS, Fit for 55, Carbon price/levy, the Poseidon Principl ...
Tuesday, 19 October 21
SPONGE IRON SECTOR MIGHT REPORT NEGATIVE GROWTH DUE TO COAL CRISIS: SIMA - PTI
The domestic sponge iron industry might report a negative growth in the ongoing December quarter “if the shortage of coal is allowed to conti ...
Tuesday, 19 October 21
COAL INDIA, THE FALL GUY FOR POWER CRISIS - INDIA EXPRESS
The post-Covid economic recovery has led to a major increase in the demand for power, both in India and globally. In India, coal-based power plants ...
Saturday, 16 October 21
SOLAR INSTALLATION SURGE PUTS INDIA ON TRACK TO CAP COAL-FIRED POWER AS EARLY AS 2024 - IEEFA
Recent increase in solar power installations could push coal to peak sooner than expected
If India keeps installing solar capacity a ...
Saturday, 16 October 21
DESPITE HIGHER COAL PRICES, U.S. COAL RECOVERY LOOKS WEAK BY MOST MEASURES - IEEFA
U.S. coal sector is locked into a long-term sectoral decline
Coal prices have surged to the highest level in years in the U.S., and have soare ...
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- Medco Energi Mining Internasional
- Parliament of New Zealand
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- Electricity Authority, New Zealand
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- Petrochimia International Co. Ltd.- Taiwan
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- Ministry of Transport, Egypt
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- India Bulls Power Limited - India
- Attock Cement Pakistan Limited
- Alfred C Toepfer International GmbH - Germany
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- Sindya Power Generating Company Private Ltd
- Star Paper Mills Limited - India
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- Bharathi Cement Corporation - India
- OPG Power Generation Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- SMG Consultants - Indonesia
- Uttam Galva Steels Limited - India
- Indo Tambangraya Megah - Indonesia
- Ambuja Cements Ltd - India
- Chamber of Mines of South Africa
- Indonesian Coal Mining Association
- Directorate General of MIneral and Coal - Indonesia
- Madhucon Powers Ltd - India
- White Energy Company Limited
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- Asia Pacific Energy Resources Ventures Inc, Philippines
- Standard Chartered Bank - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Australian Coal Association
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- Kepco SPC Power Corporation, Philippines
- Indika Energy - Indonesia
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- Tata Chemicals Ltd - India
- Ministry of Mines - Canada
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- Cement Manufacturers Association - India
- Global Business Power Corporation, Philippines
- Baramulti Group, Indonesia
- Grasim Industreis Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Interocean Group of Companies - India
- Iligan Light & Power Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- New Zealand Coal & Carbon
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- Malabar Cements Ltd - India
- Indogreen Group - Indonesia
- Wood Mackenzie - Singapore
- Kumho Petrochemical, South Korea
- Asmin Koalindo Tuhup - Indonesia
- ICICI Bank Limited - India
- Xindia Steels Limited - India
- Toyota Tsusho Corporation, Japan
- Cigading International Bulk Terminal - Indonesia
- Savvy Resources Ltd - HongKong
- Bukit Asam (Persero) Tbk - Indonesia
- Deloitte Consulting - India
- Orica Mining Services - Indonesia
- Price Waterhouse Coopers - Russia
- Petron Corporation, Philippines
- Marubeni Corporation - India
- Coastal Gujarat Power Limited - India
- Energy Link Ltd, New Zealand
- Edison Trading Spa - Italy
- SN Aboitiz Power Inc, Philippines
- Jindal Steel & Power Ltd - India
- McConnell Dowell - Australia
- Wilmar Investment Holdings
- Bhushan Steel Limited - India
- Romanian Commodities Exchange
- Anglo American - United Kingdom
- PetroVietnam Power Coal Import and Supply Company
- Tamil Nadu electricity Board
- Bhoruka Overseas - Indonesia
- Bayan Resources Tbk. - Indonesia
- Antam Resourcindo - Indonesia
- LBH Netherlands Bv - Netherlands
- Billiton Holdings Pty Ltd - Australia
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- Directorate Of Revenue Intelligence - India
- Meralco Power Generation, Philippines
- Binh Thuan Hamico - Vietnam
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- Neyveli Lignite Corporation Ltd, - India
- GN Power Mariveles Coal Plant, Philippines
- Posco Energy - South Korea
- Coal and Oil Company - UAE
- Bahari Cakrawala Sebuku - Indonesia
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- IEA Clean Coal Centre - UK
- Krishnapatnam Port Company Ltd. - India
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- Heidelberg Cement - Germany
- Parry Sugars Refinery, India
- Sree Jayajothi Cements Limited - India
- Singapore Mercantile Exchange
- Bhatia International Limited - India
- Australian Commodity Traders Exchange
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- Power Finance Corporation Ltd., India
- Semirara Mining Corp, Philippines
- Simpson Spence & Young - Indonesia
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- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kapuas Tunggal Persada - Indonesia
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- Jaiprakash Power Ventures ltd
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- Vizag Seaport Private Limited - India
- Gujarat Electricity Regulatory Commission - India
- Karbindo Abesyapradhi - Indoneisa
- PTC India Limited - India
- CNBM International Corporation - China
- Offshore Bulk Terminal Pte Ltd, Singapore
- ASAPP Information Group - India
- Siam City Cement - Thailand
- International Coal Ventures Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Salva Resources Pvt Ltd - India
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- Videocon Industries ltd - India
- Carbofer General Trading SA - India
- Agrawal Coal Company - India
- Sarangani Energy Corporation, Philippines
- GMR Energy Limited - India
- Karaikal Port Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Minerals Council of Australia
- PNOC Exploration Corporation - Philippines
- Metalloyd Limited - United Kingdom
- Energy Development Corp, Philippines
- Goldman Sachs - Singapore
- Ceylon Electricity Board - Sri Lanka
- Mintek Dendrill Indonesia
- Meenaskhi Energy Private Limited - India
- South Luzon Thermal Energy Corporation
- Rio Tinto Coal - Australia
- The Treasury - Australian Government
- Latin American Coal - Colombia
- Orica Australia Pty. Ltd.
- Mercuria Energy - Indonesia
- Gujarat Sidhee Cement - India
- Rashtriya Ispat Nigam Limited - India
- Miang Besar Coal Terminal - Indonesia
- Makarim & Taira - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Ind-Barath Power Infra Limited - India
- Kideco Jaya Agung - Indonesia
- Central Java Power - Indonesia
- Georgia Ports Authority, United States
- The University of Queensland
- MS Steel International - UAE
- Merrill Lynch Commodities Europe
- Economic Council, Georgia
- Indian Energy Exchange, India
- Barasentosa Lestari - Indonesia
- Vedanta Resources Plc - India
- Thai Mozambique Logistica
- Vijayanagar Sugar Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- GAC Shipping (India) Pvt Ltd
- SMC Global Power, Philippines
- Dalmia Cement Bharat India
- Electricity Generating Authority of Thailand
- Therma Luzon, Inc, Philippines
- CIMB Investment Bank - Malaysia
- Leighton Contractors Pty Ltd - Australia
- Global Coal Blending Company Limited - Australia
- Banpu Public Company Limited - Thailand
- Eastern Coal Council - USA
- Ministry of Finance - Indonesia
- Samtan Co., Ltd - South Korea
- Independent Power Producers Association of India
- Bangladesh Power Developement Board
- Sical Logistics Limited - India
- Sojitz Corporation - Japan
- Aditya Birla Group - India
- Renaissance Capital - South Africa
- VISA Power Limited - India
- IHS Mccloskey Coal Group - USA
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mercator Lines Limited - India
- Kohat Cement Company Ltd. - Pakistan
- London Commodity Brokers - England
- Aboitiz Power Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Global Green Power PLC Corporation, Philippines
- Formosa Plastics Group - Taiwan
- GVK Power & Infra Limited - India
- Eastern Energy - Thailand
- Central Electricity Authority - India
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