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Wednesday, 30 September 20
MARKET INSIGHT - INTERMODAL
 Spot rates for Capesize bulk carriers received a significant boost last week, however, there are certain reservations in the market regarding the potential levels we will see during the last quarter of the year. When looking at the iron ore market we notice various positive fundamentals driving and supporting the long term dynamics that are in turn, having an impact on the freight levels for the commodity.
Iron ore prices have now declined after surging to their highest levels in more than six years earlier in September this year, on the back of supply disruptions in Brazil and record steel output in China. Market watchers have warned of a possible near-term slowdown in prices this month, though major financial institutions and analysts have mentioned that strong Chinese demand will most likely support prices for the rest of the year. China’s dominance in iron ore consumption gives it considerable capacity to set global prices. Chinese steel production is forecasted to drop slightly to 987 million tonnes this year, before potentially rebounding to more than 1 billion tons in 2021. China imports more than 70% of seaborne iron ore to feed its steel industry -which is the world’s most prominent.
On the supply side, Australia is dominant as it tops global annual iron ore exports. The commodity earns the country a substantial AUD100 billion in annual revenue. Sources in Australia are expecting elevated iron ore prices for the next two years. It is projected that commodity exports of the country will again thrive in the year ahead, which highlights the economic opportunity presented by the absence of a high number of coronavirus cases in Western Australia - which is responsible for the vast majority of Australia's iron ore production. Australian miners have been enjoying the strongest iron ore prices in six years on the back of record Chinese demand and supply disruptions in Brazil, where dam safety and issues caused by the pandemic have adversely affected output levels.
Also underpinning iron ore prices in the short term are constraints on Brazilian supply. Vale SA is now facing tougher regulatory requirements following the consequences of the dam disaster coupled with the current coronavirus situation which is derailing production plans. In view of the above and the overall economic fundamentals, the country’s production is not expected to return to “normal” levels until late 2022. That being said, iron ore prices rose as high as $US130 a tonne in the past two months. Analysts predicted that iron ore would hold around $US100 a tonne "over coming months" and would gradually decline to be closer to $US85 a tonne by June 2021.
Given China’s important role in the dry bulk market and in particular it’s influence on the freight levels of the Capesize segment, it is always interesting to keep an eye on its development and recovery in industrial production. China’s intensive import levels have, so far, been enough to support market fundamentals and rates. However, volatility is still there for the dry bulk market and hopefully the rest of the world will also follow suit in the recovery wave at some point soon.
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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Saturday, 23 January 21
GOVT PLANNING TO OPEN UP COAL MARKETING TO STREAMLINE PROCESS - THE INDIAN EXPRESS
The government is considering opening up coal marketing, Coal Secretary Anil Kumar Jain said on Thursday. Currently, production by Coal India is al ...
Thursday, 21 January 21
LNG MARKET RIDING HIGH, BUT WILL THE GAINS CONTINUE? - DREWRY
The LNG market started 2021 on a high note with Asian spot prices crossing $30 per MMBtu while LNG shipping rates recorded a high $350k per day due ...
Thursday, 21 January 21
CHINA'S SPOT THERMAL COAL PRICES REFRESH RECORD HIGH - MYSTEEL
Despite the moderate rebound in temperatures across most regions of China after late December’s deep-freeze, thermal coal prices in the count ...
Wednesday, 20 January 21
CORONAVIRUS OUTBREAK IN HEBEI HAS LIMITED IMPACT ON CHINA'S STEEL INDUSTRY - FITCH RATINGS
The recent Covid-19 outbreak in the steel producing hub Hebei will not have material impact on China’s steel industry, Fitch Ratings says.
...
Wednesday, 20 January 21
MARKET INSIGHT - INTERMODAL
While 2020 is finally behind us, its negative impacts are still hovering over the shipping market. That being said, it is still too early to even s ...
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- Formosa Plastics Group - Taiwan
- CIMB Investment Bank - Malaysia
- Karaikal Port Pvt Ltd - India
- CNBM International Corporation - China
- Bhushan Steel Limited - India
- Bayan Resources Tbk. - Indonesia
- McConnell Dowell - Australia
- Banpu Public Company Limited - Thailand
- Bharathi Cement Corporation - India
- Independent Power Producers Association of India
- International Coal Ventures Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- European Bulk Services B.V. - Netherlands
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The State Trading Corporation of India Ltd
- Karbindo Abesyapradhi - Indoneisa
- GVK Power & Infra Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Makarim & Taira - Indonesia
- Oldendorff Carriers - Singapore
- Metalloyd Limited - United Kingdom
- Marubeni Corporation - India
- Tata Chemicals Ltd - India
- Uttam Galva Steels Limited - India
- Mercator Lines Limited - India
- IEA Clean Coal Centre - UK
- GN Power Mariveles Coal Plant, Philippines
- Coalindo Energy - Indonesia
- Electricity Authority, New Zealand
- Mercuria Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indian Oil Corporation Limited
- Globalindo Alam Lestari - Indonesia
- Bangladesh Power Developement Board
- Trasteel International SA, Italy
- Bulk Trading Sa - Switzerland
- Romanian Commodities Exchange
- Mintek Dendrill Indonesia
- Wood Mackenzie - Singapore
- Toyota Tsusho Corporation, Japan
- Maharashtra Electricity Regulatory Commission - India
- GMR Energy Limited - India
- MS Steel International - UAE
- Sinarmas Energy and Mining - Indonesia
- New Zealand Coal & Carbon
- Straits Asia Resources Limited - Singapore
- Bukit Baiduri Energy - Indonesia
- Carbofer General Trading SA - India
- Barasentosa Lestari - Indonesia
- Ministry of Transport, Egypt
- Miang Besar Coal Terminal - Indonesia
- Videocon Industries ltd - India
- Renaissance Capital - South Africa
- Planning Commission, India
- San Jose City I Power Corp, Philippines
- Orica Mining Services - Indonesia
- Singapore Mercantile Exchange
- Sojitz Corporation - Japan
- Commonwealth Bank - Australia
- Mjunction Services Limited - India
- Eastern Coal Council - USA
- Therma Luzon, Inc, Philippines
- Semirara Mining Corp, Philippines
- Heidelberg Cement - Germany
- Cigading International Bulk Terminal - Indonesia
- Madhucon Powers Ltd - India
- Indonesian Coal Mining Association
- Holcim Trading Pte Ltd - Singapore
- ASAPP Information Group - India
- Kapuas Tunggal Persada - Indonesia
- Indika Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- TeaM Sual Corporation - Philippines
- Merrill Lynch Commodities Europe
- Ministry of Finance - Indonesia
- Ambuja Cements Ltd - India
- Agrawal Coal Company - India
- Deloitte Consulting - India
- Alfred C Toepfer International GmbH - Germany
- AsiaOL BioFuels Corp., Philippines
- Central Electricity Authority - India
- Latin American Coal - Colombia
- Antam Resourcindo - Indonesia
- Directorate Of Revenue Intelligence - India
- Energy Link Ltd, New Zealand
- Ind-Barath Power Infra Limited - India
- IHS Mccloskey Coal Group - USA
- Malabar Cements Ltd - India
- Wilmar Investment Holdings
- Energy Development Corp, Philippines
- Meralco Power Generation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vijayanagar Sugar Pvt Ltd - India
- London Commodity Brokers - England
- Kartika Selabumi Mining - Indonesia
- Coal and Oil Company - UAE
- Star Paper Mills Limited - India
- Baramulti Group, Indonesia
- VISA Power Limited - India
- Anglo American - United Kingdom
- Vizag Seaport Private Limited - India
- Global Business Power Corporation, Philippines
- Indian Energy Exchange, India
- Billiton Holdings Pty Ltd - Australia
- Indogreen Group - Indonesia
- Kepco SPC Power Corporation, Philippines
- Cement Manufacturers Association - India
- Salva Resources Pvt Ltd - India
- Thiess Contractors Indonesia
- Riau Bara Harum - Indonesia
- Tamil Nadu electricity Board
- LBH Netherlands Bv - Netherlands
- White Energy Company Limited
- Simpson Spence & Young - Indonesia
- Port Waratah Coal Services - Australia
- Orica Australia Pty. Ltd.
- Medco Energi Mining Internasional
- GAC Shipping (India) Pvt Ltd
- ICICI Bank Limited - India
- Directorate General of MIneral and Coal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Georgia Ports Authority, United States
- Aditya Birla Group - India
- The Treasury - Australian Government
- SMG Consultants - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Thai Mozambique Logistica
- Interocean Group of Companies - India
- OPG Power Generation Pvt Ltd - India
- The University of Queensland
- Indo Tambangraya Megah - Indonesia
- Bhoruka Overseas - Indonesia
- Rio Tinto Coal - Australia
- Minerals Council of Australia
- Parry Sugars Refinery, India
- Binh Thuan Hamico - Vietnam
- Savvy Resources Ltd - HongKong
- Economic Council, Georgia
- Lanco Infratech Ltd - India
- Kideco Jaya Agung - Indonesia
- Aboitiz Power Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- Ministry of Mines - Canada
- Bahari Cakrawala Sebuku - Indonesia
- Standard Chartered Bank - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sree Jayajothi Cements Limited - India
- Sakthi Sugars Limited - India
- Grasim Industreis Ltd - India
- Price Waterhouse Coopers - Russia
- Kalimantan Lumbung Energi - Indonesia
- Maheswari Brothers Coal Limited - India
- Edison Trading Spa - Italy
- Bukit Makmur.PT - Indonesia
- Australian Commodity Traders Exchange
- Global Coal Blending Company Limited - Australia
- Asmin Koalindo Tuhup - Indonesia
- Xindia Steels Limited - India
- Parliament of New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- Posco Energy - South Korea
- India Bulls Power Limited - India
- Power Finance Corporation Ltd., India
- Coastal Gujarat Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- Siam City Cement PLC, Thailand
- Siam City Cement - Thailand
- PTC India Limited - India
- Krishnapatnam Port Company Ltd. - India
- Gujarat Mineral Development Corp Ltd - India
- Africa Commodities Group - South Africa
- Chettinad Cement Corporation Ltd - India
- Kumho Petrochemical, South Korea
- Sindya Power Generating Company Private Ltd
- Borneo Indobara - Indonesia
- South Luzon Thermal Energy Corporation
- Altura Mining Limited, Indonesia
- Jindal Steel & Power Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Goldman Sachs - Singapore
- Chamber of Mines of South Africa
- Jorong Barutama Greston.PT - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Intertek Mineral Services - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Larsen & Toubro Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Kaltim Prima Coal - Indonesia
- Electricity Generating Authority of Thailand
- Samtan Co., Ltd - South Korea
- Sarangani Energy Corporation, Philippines
- Petron Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Eastern Energy - Thailand
- Australian Coal Association
- SN Aboitiz Power Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Vedanta Resources Plc - India
- Gujarat Electricity Regulatory Commission - India
- PNOC Exploration Corporation - Philippines
- Dalmia Cement Bharat India
- Bhatia International Limited - India
- Gujarat Sidhee Cement - India
- Meenaskhi Energy Private Limited - India
- Sical Logistics Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Attock Cement Pakistan Limited
- Timah Investasi Mineral - Indoneisa
- Manunggal Multi Energi - Indonesia
- Global Green Power PLC Corporation, Philippines
- PowerSource Philippines DevCo
- SMC Global Power, Philippines
- Central Java Power - Indonesia
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