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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, 22 September 21
MARKET INSIGHT - INTERMODAL
The unfolding last week of a trilateral defence pact between the United States, Australia, the United Kingdom (AUKUS) envisages a wide range of col ...
Tuesday, 21 September 21
CHINESE COAL IMPORTS FROM AUSTRALIA DROP 98.6% AS RESTRICTIONS BITE - BIMCO
In the first seven months of the year Chinese coal imports from Australia have totalled just 780,000 tonnes as Chinese restrictions on Australian c ...
Tuesday, 21 September 21
CHINA'S COAL OUTPUT RESUMES GROWTH IN AUGUST - XINHUA
China’s raw coal output rose 0.8 percent year on year to 340 million tonnes last month, official data showed.
The growth rate ...
Wednesday, 15 September 21
MARKET INSIGHT - INTERMODAL
Following the oil price sell off during most of August, partly triggered by oil demand fears amid the delta COVID variant, oil prices have resumed ...
Saturday, 11 September 21
CIL STEPS UP SUPPLY COAL TO POWER SECTOR; PER-DAY AVERAGE 20 PC HIGHER THAN LAST YEAR - PTI
State-owned CIL on Friday said it has stepped up the supply of coal to the power sector in the first eight days of the current month, with an avera ...
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- Miang Besar Coal Terminal - Indonesia
- Eastern Coal Council - USA
- Kalimantan Lumbung Energi - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Bayan Resources Tbk. - Indonesia
- Bhatia International Limited - India
- Petron Corporation, Philippines
- Planning Commission, India
- Wilmar Investment Holdings
- Goldman Sachs - Singapore
- Heidelberg Cement - Germany
- Latin American Coal - Colombia
- Sakthi Sugars Limited - India
- ICICI Bank Limited - India
- Sree Jayajothi Cements Limited - India
- Power Finance Corporation Ltd., India
- OPG Power Generation Pvt Ltd - India
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- Eastern Energy - Thailand
- Energy Development Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Australian Commodity Traders Exchange
- Sojitz Corporation - Japan
- Directorate Of Revenue Intelligence - India
- TNB Fuel Sdn Bhd - Malaysia
- Australian Coal Association
- Tata Chemicals Ltd - India
- Kartika Selabumi Mining - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ambuja Cements Ltd - India
- Dalmia Cement Bharat India
- Independent Power Producers Association of India
- Bukit Baiduri Energy - Indonesia
- Uttam Galva Steels Limited - India
- Binh Thuan Hamico - Vietnam
- Indonesian Coal Mining Association
- Mintek Dendrill Indonesia
- Bhoruka Overseas - Indonesia
- Vizag Seaport Private Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Chettinad Cement Corporation Ltd - India
- Tamil Nadu electricity Board
- Global Coal Blending Company Limited - Australia
- Indika Energy - Indonesia
- Oldendorff Carriers - Singapore
- Commonwealth Bank - Australia
- Merrill Lynch Commodities Europe
- Parry Sugars Refinery, India
- Sinarmas Energy and Mining - Indonesia
- CNBM International Corporation - China
- Videocon Industries ltd - India
- PetroVietnam Power Coal Import and Supply Company
- South Luzon Thermal Energy Corporation
- GVK Power & Infra Limited - India
- Gujarat Sidhee Cement - India
- Billiton Holdings Pty Ltd - Australia
- Meralco Power Generation, Philippines
- India Bulls Power Limited - India
- SN Aboitiz Power Inc, Philippines
- Posco Energy - South Korea
- Manunggal Multi Energi - Indonesia
- Edison Trading Spa - Italy
- Pipit Mutiara Jaya. PT, Indonesia
- Iligan Light & Power Inc, Philippines
- Wood Mackenzie - Singapore
- Kepco SPC Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Renaissance Capital - South Africa
- Semirara Mining and Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Ceylon Electricity Board - Sri Lanka
- Makarim & Taira - Indonesia
- Metalloyd Limited - United Kingdom
- Sarangani Energy Corporation, Philippines
- Mercator Lines Limited - India
- Baramulti Group, Indonesia
- Riau Bara Harum - Indonesia
- Agrawal Coal Company - India
- Alfred C Toepfer International GmbH - Germany
- Samtan Co., Ltd - South Korea
- Medco Energi Mining Internasional
- Coastal Gujarat Power Limited - India
- Bulk Trading Sa - Switzerland
- Krishnapatnam Port Company Ltd. - India
- Bahari Cakrawala Sebuku - Indonesia
- Georgia Ports Authority, United States
- Kideco Jaya Agung - Indonesia
- Thai Mozambique Logistica
- Ministry of Finance - Indonesia
- SMC Global Power, Philippines
- Rashtriya Ispat Nigam Limited - India
- Siam City Cement - Thailand
- Deloitte Consulting - India
- Semirara Mining Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Romanian Commodities Exchange
- Barasentosa Lestari - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Indian Energy Exchange, India
- Trasteel International SA, Italy
- Coalindo Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Larsen & Toubro Limited - India
- The State Trading Corporation of India Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Port Waratah Coal Services - Australia
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- GAC Shipping (India) Pvt Ltd
- Ministry of Transport, Egypt
- TeaM Sual Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Jindal Steel & Power Ltd - India
- The Treasury - Australian Government
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- Singapore Mercantile Exchange
- New Zealand Coal & Carbon
- White Energy Company Limited
- Kaltim Prima Coal - Indonesia
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- Minerals Council of Australia
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- Parliament of New Zealand
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- Indian Oil Corporation Limited
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- Carbofer General Trading SA - India
- Leighton Contractors Pty Ltd - Australia
- Kumho Petrochemical, South Korea
- Central Java Power - Indonesia
- Cement Manufacturers Association - India
- Coal and Oil Company - UAE
- Salva Resources Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Mjunction Services Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Sical Logistics Limited - India
- Siam City Cement PLC, Thailand
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Mines - Canada
- IEA Clean Coal Centre - UK
- San Jose City I Power Corp, Philippines
- Bharathi Cement Corporation - India
- Orica Mining Services - Indonesia
- Bangladesh Power Developement Board
- Xindia Steels Limited - India
- European Bulk Services B.V. - Netherlands
- Indo Tambangraya Megah - Indonesia
- Mercuria Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Bukit Makmur.PT - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Timah Investasi Mineral - Indoneisa
- Savvy Resources Ltd - HongKong
- Banpu Public Company Limited - Thailand
- Orica Australia Pty. Ltd.
- Vedanta Resources Plc - India
- Aditya Birla Group - India
- Karaikal Port Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Bhushan Steel Limited - India
- Economic Council, Georgia
- Ind-Barath Power Infra Limited - India
- Intertek Mineral Services - Indonesia
- PowerSource Philippines DevCo
- Standard Chartered Bank - UAE
- Lanco Infratech Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vijayanagar Sugar Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Antam Resourcindo - Indonesia
- Global Green Power PLC Corporation, Philippines
- Chamber of Mines of South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jaiprakash Power Ventures ltd
- Marubeni Corporation - India
- Holcim Trading Pte Ltd - Singapore
- Rio Tinto Coal - Australia
- Thiess Contractors Indonesia
- PTC India Limited - India
- IHS Mccloskey Coal Group - USA
- London Commodity Brokers - England
- Malabar Cements Ltd - India
- Grasim Industreis Ltd - India
- Formosa Plastics Group - Taiwan
- The University of Queensland
- Bank of Tokyo Mitsubishi UFJ Ltd
- Therma Luzon, Inc, Philippines
- ASAPP Information Group - India
- MS Steel International - UAE
- Electricity Generating Authority of Thailand
- Borneo Indobara - Indonesia
- Global Business Power Corporation, Philippines
- Madhucon Powers Ltd - India
- Simpson Spence & Young - Indonesia
- Indogreen Group - Indonesia
- Toyota Tsusho Corporation, Japan
- Africa Commodities Group - South Africa
- Neyveli Lignite Corporation Ltd, - India
- Petrochimia International Co. Ltd.- Taiwan
- International Coal Ventures Pvt Ltd - India
- McConnell Dowell - Australia
- Maheswari Brothers Coal Limited - India
- Sindya Power Generating Company Private Ltd
- VISA Power Limited - India
- Electricity Authority, New Zealand
- PNOC Exploration Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- CIMB Investment Bank - Malaysia
- Attock Cement Pakistan Limited
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