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Wednesday, 28 April 21
MARKET INSIGHT - INTERMODAL
Despite the current challenges as a result of the global pandemic, 2021 is turning out to be a landmark year for the iron ore market with spot prices for the steel making commodity last week surpassing their February 2011 high of $US188 per tonne. Better Chinese steel prices have also allowed iron ore prices to float higher recently and they appear well supported by rising steel production in the Asian nation. Market experts support that prices could keep climbing and continue to believe that iron ore prices will stay elevated as long as steel mill margins in the world’s largest consumer, China, remain high. From a maritime perspective for seaborne transportation demand, we are overall very glad to see such strong fundamentals leading and driving these important markets, in what appears to be a broad positive sentiment for a key ingredient carried predominantly by Capesizes and very large ore carriers. The Baltic Exchange’s main sea freight index that tracks rates for ships carrying dry bulk commodities extended gains, rising to its highest since late 2010 on Thursday as Capesize rates jumped on strong Chinese iron ore demand. The Capesize market last week reached rate levels equivalent of last year’s highs. The 5TC rose $6,242 to settle at the end of the week at $34,762.
Looking further down the supply chain and at the steel production level, Chinese steel plants are also very active and currently receiving around $US780 per tonne for their steel reinforcing bar product which is used in construction projects for everything from bridges and buildings to infrastructure. This price for the end product, represents a 12-year high and low inventory levels in China are in general adding to the upward pressure on prices for steel products including rebar and hot rolled coil. Prices of rebar and hot-rolled coil in China, the world’s top steel producer, also continued the momentum and rose to record highs last week, underpinned by strong demand.
In the meantime we did notice reports of Beijing taking drastic actions to curb steel production to tackle air pollution around its industrial centres, which raised certain concerns in the market on what the actual effect might be ultimately. However, at least at the moment these actions seem quite unrealistic and perhaps linked to short-term pollution related issues. Furthermore there are headlines regarding China capping its steel production due to the high price of iron ore, but again it is only reasonable and evident that these steel mills are going to continue to produce a lot of steel if they can still sell it and generate good profits on it even though prices of the raw iron ore ingredient are high at around $US180 per tonne. This is another testament that the market dynamics for steel in China is pretty robust at the moment. A lot of the country’s steel production finds its way into the domestic local market where it is used in heavy construction and development for new cities and transport infrastructure that links these together. As a matter of fact, China’s government has set ambitious targets in its latest five-year plan, including a pledge to build 160 new airports and 32,000km of high-speed railway by 2035.
By Christopher Whitty,
Director, Towage & Marine Port Services
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms Eva Tzima
Mr.George Panagopoulos
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, 09 February 22
CHINESE COAL MARKS BEST DAY IN 4 MONTHS ON TIGHT SUPPLY, HIGH DEMAND - REUTERS
China’s coal futures on Tuesday recorded their best session since Bejing’s mid-October intervention to cool runaway prices, aided by co ...
Friday, 04 February 22
RENEWABLES ON THE RISE, COAL CONTINUOUSLY FALLING - EUROPEAN COMMISSION
Although oil (34.5%) and natural gas (23.7%) were still the most important fuel sources in the EU energy mix in 2020, renewable energy’s shar ...
Thursday, 03 February 22
COAL SHORTAGE NOW AT ALARMING LEVELS, SAY ALUMINIUM PRODUCERS - IANS
With no relief in sight despite coal stocks running critically low and production disruptions looming across the Indian aluminium sector, the Alumi ...
Wednesday, 02 February 22
HIGH COKING COAL PRICES PROVIDE GLIMPSE INTO STEELMAKING'S FUTURE - MCKINSEY
Last year was a volatile one in global commodity markets. Demand for coking coal, an essential raw material in the production of steel, was extreme ...
Wednesday, 02 February 22
INDONESIA'S RESTRICTIONS ON COMMODITIES RATTLE MARKETS, MORE MOVES LIKELY - REUTERS
In just the first month of this year, Indonesian policymakers have rattled global markets with restrictions on some of its biggest commodities expo ...
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- Central Electricity Authority - India
- Therma Luzon, Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Timah Investasi Mineral - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- Interocean Group of Companies - India
- ASAPP Information Group - India
- Standard Chartered Bank - UAE
- Energy Link Ltd, New Zealand
- Makarim & Taira - Indonesia
- Karaikal Port Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Madhucon Powers Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Samtan Co., Ltd - South Korea
- Krishnapatnam Port Company Ltd. - India
- MS Steel International - UAE
- Georgia Ports Authority, United States
- Iligan Light & Power Inc, Philippines
- Xindia Steels Limited - India
- Singapore Mercantile Exchange
- Anglo American - United Kingdom
- Planning Commission, India
- Ministry of Mines - Canada
- AsiaOL BioFuels Corp., Philippines
- Jindal Steel & Power Ltd - India
- Renaissance Capital - South Africa
- Eastern Energy - Thailand
- Karbindo Abesyapradhi - Indoneisa
- Videocon Industries ltd - India
- Alfred C Toepfer International GmbH - Germany
- Global Coal Blending Company Limited - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- ICICI Bank Limited - India
- Toyota Tsusho Corporation, Japan
- Deloitte Consulting - India
- Power Finance Corporation Ltd., India
- Baramulti Group, Indonesia
- Lanco Infratech Ltd - India
- Energy Development Corp, Philippines
- GVK Power & Infra Limited - India
- Bhushan Steel Limited - India
- IHS Mccloskey Coal Group - USA
- Mjunction Services Limited - India
- Sical Logistics Limited - India
- Petron Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Heidelberg Cement - Germany
- Binh Thuan Hamico - Vietnam
- Semirara Mining Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- Marubeni Corporation - India
- Tamil Nadu electricity Board
- Australian Coal Association
- OPG Power Generation Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Minerals Council of Australia
- VISA Power Limited - India
- Wood Mackenzie - Singapore
- Chamber of Mines of South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Aboitiz Power Corporation - Philippines
- Electricity Generating Authority of Thailand
- Carbofer General Trading SA - India
- PetroVietnam Power Coal Import and Supply Company
- GN Power Mariveles Coal Plant, Philippines
- Ambuja Cements Ltd - India
- Cement Manufacturers Association - India
- Global Green Power PLC Corporation, Philippines
- Formosa Plastics Group - Taiwan
- White Energy Company Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kobexindo Tractors - Indoneisa
- Jaiprakash Power Ventures ltd
- Coalindo Energy - Indonesia
- Aditya Birla Group - India
- Kapuas Tunggal Persada - Indonesia
- Price Waterhouse Coopers - Russia
- India Bulls Power Limited - India
- PNOC Exploration Corporation - Philippines
- CNBM International Corporation - China
- Holcim Trading Pte Ltd - Singapore
- Grasim Industreis Ltd - India
- Indogreen Group - Indonesia
- Central Java Power - Indonesia
- Chettinad Cement Corporation Ltd - India
- Meenaskhi Energy Private Limited - India
- Indian Energy Exchange, India
- PowerSource Philippines DevCo
- Sinarmas Energy and Mining - Indonesia
- Barasentosa Lestari - Indonesia
- Independent Power Producers Association of India
- Sindya Power Generating Company Private Ltd
- Medco Energi Mining Internasional
- Intertek Mineral Services - Indonesia
- Posco Energy - South Korea
- Metalloyd Limited - United Kingdom
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kumho Petrochemical, South Korea
- Bhatia International Limited - India
- Attock Cement Pakistan Limited
- Coastal Gujarat Power Limited - India
- Straits Asia Resources Limited - Singapore
- Bukit Makmur.PT - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Parry Sugars Refinery, India
- Maheswari Brothers Coal Limited - India
- Larsen & Toubro Limited - India
- Sree Jayajothi Cements Limited - India
- The State Trading Corporation of India Ltd
- Bahari Cakrawala Sebuku - Indonesia
- SMC Global Power, Philippines
- Romanian Commodities Exchange
- Global Business Power Corporation, Philippines
- Africa Commodities Group - South Africa
- Kartika Selabumi Mining - Indonesia
- SN Aboitiz Power Inc, Philippines
- Manunggal Multi Energi - Indonesia
- San Jose City I Power Corp, Philippines
- Savvy Resources Ltd - HongKong
- Latin American Coal - Colombia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Banpu Public Company Limited - Thailand
- Agrawal Coal Company - India
- Commonwealth Bank - Australia
- Ministry of Transport, Egypt
- TeaM Sual Corporation - Philippines
- Bulk Trading Sa - Switzerland
- Edison Trading Spa - Italy
- London Commodity Brokers - England
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Pendopo Energi Batubara - Indonesia
- Uttam Galva Steels Limited - India
- South Luzon Thermal Energy Corporation
- Tata Chemicals Ltd - India
- Mercator Lines Limited - India
- Indika Energy - Indonesia
- Trasteel International SA, Italy
- New Zealand Coal & Carbon
- Siam City Cement PLC, Thailand
- SMG Consultants - Indonesia
- Port Waratah Coal Services - Australia
- Eastern Coal Council - USA
- Gujarat Electricity Regulatory Commission - India
- The University of Queensland
- Thiess Contractors Indonesia
- PTC India Limited - India
- Bhoruka Overseas - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Star Paper Mills Limited - India
- International Coal Ventures Pvt Ltd - India
- Siam City Cement - Thailand
- CIMB Investment Bank - Malaysia
- Ministry of Finance - Indonesia
- Malabar Cements Ltd - India
- GAC Shipping (India) Pvt Ltd
- Kepco SPC Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Oldendorff Carriers - Singapore
- Cigading International Bulk Terminal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Borneo Indobara - Indonesia
- Economic Council, Georgia
- Ind-Barath Power Infra Limited - India
- Vedanta Resources Plc - India
- Gujarat Mineral Development Corp Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Sojitz Corporation - Japan
- Indian Oil Corporation Limited
- Bharathi Cement Corporation - India
- Leighton Contractors Pty Ltd - Australia
- Electricity Authority, New Zealand
- Indo Tambangraya Megah - Indonesia
- Thai Mozambique Logistica
- Sarangani Energy Corporation, Philippines
- Coal and Oil Company - UAE
- Antam Resourcindo - Indonesia
- LBH Netherlands Bv - Netherlands
- Simpson Spence & Young - Indonesia
- Sakthi Sugars Limited - India
- Bukit Baiduri Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Vizag Seaport Private Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Billiton Holdings Pty Ltd - Australia
- Kaltim Prima Coal - Indonesia
- Mintek Dendrill Indonesia
- GMR Energy Limited - India
- Bangladesh Power Developement Board
- Parliament of New Zealand
- Salva Resources Pvt Ltd - India
- Rio Tinto Coal - Australia
- Dalmia Cement Bharat India
- Gujarat Sidhee Cement - India
- Essar Steel Hazira Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Meralco Power Generation, Philippines
- Orica Mining Services - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Wilmar Investment Holdings
- Semirara Mining and Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Merrill Lynch Commodities Europe
- Orica Australia Pty. Ltd.
- Australian Commodity Traders Exchange
- McConnell Dowell - Australia
- Indonesian Coal Mining Association
- TNB Fuel Sdn Bhd - Malaysia
- Mercuria Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Goldman Sachs - Singapore
- The Treasury - Australian Government
- Altura Mining Limited, Indonesia
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