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Wednesday, 01 March 17
2017 IS LOOKING LIKE IT WILL BE A GOOD YEAR FOR A NUMBER OF COMMODITIES - LINOS KOGEVINAS
 2017 is looking like it will be a good year for a number of commodities. Following the price recovery witnessed in 2016 across a number of commodities, the price of iron ore, zinc, copper, oil and natural gas appears poised to continue its upward trend.
Specifically, industrial metals were some of the largest winners of 2016 and this trend has continued in 2017 so far. Iron ore was the foremost gainer making a strong recovery from the lows of a disastrous 2015, with prices reaching USD82.4/tonne in December.
The climb has continued in 2017 with yesterday’s (27/02) price closing in excess of USD 87 /tonne, a far cry from 2015’s levels. While iron ore and steel futures did exhibit a slow-down last week, they jumped again on Monday by ~4% signalling the bullishness of the market. The latest 4-month rally has left a positive impression on market players, with mining giants such as Vale or BHP expecting a very strong year.
In any discussion regarding iron ore, it is important to take a look at the most influential nation in this market, China. While there has been some anxiety regarding China’s increasing production in 2017 (expected to increase by 0.5%, up to 825m metric tonnes), it is also important to note the increase in domestic demand, as China is expected to consume approx. 87% of this production.
Iron ore tends to follow Chinese steelmaking trends and the increase in infrastructure projects has driven up demand for steel, with Shanghai rebar hitting its highest price since February 2014. As China continues to provide support to the construction sector mainly through partnerships with private sector businesses on public infrastructure projects, this interior demand is expected to hold up for the rest of the year as well. This coupled with expected steel production limitations in 2017 leads to strong price expectations.
One variable to look at in 2017 is Trump’s alleged US infrastructure plan. While we have seen infrastructure spending affecting metal prices before, at this point there are not enough specifics to be able to draw a conclusion on whether this would provide any significant uptick on industrial metal prices or if indeed the promise itself will be materialized. It is worth noting that the 2009 US stimulus package which saw ~105bn going to infrastructure spending failed to produce a significant net effect on copper or steel prices.
While optimism continues to abound in most circles, various analysts are questioning whether this rally will be sustainable in the mid-long term with many of them expecting a softening of prices in the second half of 2017 due to the increase in Australian and Brazilian production.
In any case, this sustainable demand has had a noticeable effect on shipping markets and especially the Capesize segment, with today’s earnings quoted in excess of USD 8,000/day compared to the same time last year when average earnings for the size were hovering at around USD 2,300/day.
By Linos Kogevinas
Commercial Executive, Cotzias Intermodal Shipping Inc.
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms. Eva Tzima
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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Friday, 24 March 17
ADARO INDONESIA'S COAL SALES VOLUME INCREASED SLIGHTLY TO 54.1 MILLION TONES IN 2016
COALspot.com: PT. Adaro Indonesia, Indonesia’s second largest coal miner’s sales volume increased slightly to 54.1 million tones (Mt) i ...
Friday, 24 March 17
U.S COAL PRODUCTION ESTIMATE DECLINE 4.4% W/W - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 14.1 million short tons ...
Thursday, 23 March 17
CAPESIZE: TAKING A BREATHER AFTER RALLYING - BUT OUTLOOK FOR WEEKS TO COME NOT SCARY - FEARNLEYS
Supramax
In the Pacific the market seems somewhat slower this week, although healthy rates still being achieved said Fearnleys in its latest week ...
Thursday, 23 March 17
KOREA MIDLAND POWER COMPANY LIMITED INVITES BIDS FOR TOTAL 4.77 MILLION TONS OF BITUMINOUS COAL FOR ITS BORYEONG POWER PLANT
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 2,090,000 Metric Tons of Bituminous coal f ...
Wednesday, 22 March 17
THE DRY BULK MARKET HAS UNDOUBTEDLY REBOUNDED SINCE THE SAME PERIOD LAST YEAR - KONSTANTINOS KONTOMICHIS
The Dry Bulk market has undoubtedly rebounded since the same period last year and currently enjoys healthier freight rates. The positive reversal i ...
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- Ministry of Transport, Egypt
- Global Coal Blending Company Limited - Australia
- Rashtriya Ispat Nigam Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Straits Asia Resources Limited - Singapore
- McConnell Dowell - Australia
- Jorong Barutama Greston.PT - Indonesia
- GAC Shipping (India) Pvt Ltd
- Kalimantan Lumbung Energi - Indonesia
- Ministry of Mines - Canada
- Timah Investasi Mineral - Indoneisa
- Indian Oil Corporation Limited
- Iligan Light & Power Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Carbofer General Trading SA - India
- GN Power Mariveles Coal Plant, Philippines
- SN Aboitiz Power Inc, Philippines
- Orica Mining Services - Indonesia
- Riau Bara Harum - Indonesia
- GMR Energy Limited - India
- Medco Energi Mining Internasional
- Karbindo Abesyapradhi - Indoneisa
- Simpson Spence & Young - Indonesia
- Siam City Cement PLC, Thailand
- Interocean Group of Companies - India
- Antam Resourcindo - Indonesia
- Star Paper Mills Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PTC India Limited - India
- Merrill Lynch Commodities Europe
- Salva Resources Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Central Java Power - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Singapore Mercantile Exchange
- Energy Link Ltd, New Zealand
- Videocon Industries ltd - India
- Energy Development Corp, Philippines
- Semirara Mining Corp, Philippines
- New Zealand Coal & Carbon
- Marubeni Corporation - India
- Kapuas Tunggal Persada - Indonesia
- Chamber of Mines of South Africa
- Globalindo Alam Lestari - Indonesia
- Ambuja Cements Ltd - India
- Mjunction Services Limited - India
- Bhoruka Overseas - Indonesia
- Krishnapatnam Port Company Ltd. - India
- SMG Consultants - Indonesia
- Siam City Cement - Thailand
- Australian Coal Association
- IEA Clean Coal Centre - UK
- Semirara Mining and Power Corporation, Philippines
- Planning Commission, India
- Manunggal Multi Energi - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- White Energy Company Limited
- Kumho Petrochemical, South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- Romanian Commodities Exchange
- Vizag Seaport Private Limited - India
- IHS Mccloskey Coal Group - USA
- Port Waratah Coal Services - Australia
- Indo Tambangraya Megah - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Latin American Coal - Colombia
- Kideco Jaya Agung - Indonesia
- Coastal Gujarat Power Limited - India
- Kobexindo Tractors - Indoneisa
- Barasentosa Lestari - Indonesia
- Savvy Resources Ltd - HongKong
- Grasim Industreis Ltd - India
- Dalmia Cement Bharat India
- Anglo American - United Kingdom
- London Commodity Brokers - England
- GVK Power & Infra Limited - India
- Bharathi Cement Corporation - India
- MS Steel International - UAE
- India Bulls Power Limited - India
- Africa Commodities Group - South Africa
- Eastern Energy - Thailand
- Heidelberg Cement - Germany
- Sree Jayajothi Cements Limited - India
- Makarim & Taira - Indonesia
- Jaiprakash Power Ventures ltd
- PowerSource Philippines DevCo
- Ministry of Finance - Indonesia
- Sindya Power Generating Company Private Ltd
- Banpu Public Company Limited - Thailand
- Bayan Resources Tbk. - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Bukit Asam (Persero) Tbk - Indonesia
- Metalloyd Limited - United Kingdom
- Directorate Of Revenue Intelligence - India
- Holcim Trading Pte Ltd - Singapore
- LBH Netherlands Bv - Netherlands
- Toyota Tsusho Corporation, Japan
- South Luzon Thermal Energy Corporation
- Malabar Cements Ltd - India
- Bhatia International Limited - India
- Agrawal Coal Company - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Georgia Ports Authority, United States
- Aditya Birla Group - India
- Coalindo Energy - Indonesia
- Indonesian Coal Mining Association
- Altura Mining Limited, Indonesia
- Deloitte Consulting - India
- Renaissance Capital - South Africa
- Standard Chartered Bank - UAE
- Karaikal Port Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Coal and Oil Company - UAE
- Posco Energy - South Korea
- Attock Cement Pakistan Limited
- CNBM International Corporation - China
- Neyveli Lignite Corporation Ltd, - India
- PNOC Exploration Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Meralco Power Generation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Bulk Trading Sa - Switzerland
- Electricity Authority, New Zealand
- TeaM Sual Corporation - Philippines
- Tata Chemicals Ltd - India
- ASAPP Information Group - India
- Tamil Nadu electricity Board
- Vedanta Resources Plc - India
- Cement Manufacturers Association - India
- Essar Steel Hazira Ltd - India
- Orica Australia Pty. Ltd.
- Indika Energy - Indonesia
- Uttam Galva Steels Limited - India
- Eastern Coal Council - USA
- Ind-Barath Power Infra Limited - India
- Indian Energy Exchange, India
- The University of Queensland
- Aboitiz Power Corporation - Philippines
- Trasteel International SA, Italy
- Mercuria Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- SMC Global Power, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Australian Commodity Traders Exchange
- Global Business Power Corporation, Philippines
- The Treasury - Australian Government
- Billiton Holdings Pty Ltd - Australia
- Bhushan Steel Limited - India
- Borneo Indobara - Indonesia
- Indogreen Group - Indonesia
- European Bulk Services B.V. - Netherlands
- Leighton Contractors Pty Ltd - Australia
- Meenaskhi Energy Private Limited - India
- Therma Luzon, Inc, Philippines
- Intertek Mineral Services - Indonesia
- Sical Logistics Limited - India
- Petron Corporation, Philippines
- Xindia Steels Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Alfred C Toepfer International GmbH - Germany
- Economic Council, Georgia
- Mercator Lines Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Minerals Council of Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Price Waterhouse Coopers - Russia
- Kepco SPC Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Formosa Plastics Group - Taiwan
- Parry Sugars Refinery, India
- ICICI Bank Limited - India
- Samtan Co., Ltd - South Korea
- Larsen & Toubro Limited - India
- Wood Mackenzie - Singapore
- Binh Thuan Hamico - Vietnam
- Sojitz Corporation - Japan
- OPG Power Generation Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Wilmar Investment Holdings
- Rio Tinto Coal - Australia
- Oldendorff Carriers - Singapore
- Madhucon Powers Ltd - India
- CIMB Investment Bank - Malaysia
- Baramulti Group, Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Central Electricity Authority - India
- Power Finance Corporation Ltd., India
- Mintek Dendrill Indonesia
- Thiess Contractors Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bangladesh Power Developement Board
- Chettinad Cement Corporation Ltd - India
- San Jose City I Power Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- Bahari Cakrawala Sebuku - Indonesia
- Commonwealth Bank - Australia
- Sakthi Sugars Limited - India
- Lanco Infratech Ltd - India
- Independent Power Producers Association of India
- Edison Trading Spa - Italy
- Kartika Selabumi Mining - Indonesia
- Jindal Steel & Power Ltd - India
- Gujarat Electricity Regulatory Commission - India
- VISA Power Limited - India
- Parliament of New Zealand
- Gujarat Sidhee Cement - India
- Bukit Baiduri Energy - Indonesia
- Electricity Generating Authority of Thailand
- Directorate General of MIneral and Coal - Indonesia
- Goldman Sachs - Singapore
- Thai Mozambique Logistica
- Sinarmas Energy and Mining - Indonesia
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