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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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Thursday, 25 January 24
THE RED SEA ESCALATION IMPLICATIONS ON GLOBAL SEABORNE TRADE - MARIA BERTZELETOU
In recent days, discussions have intensified about the potential impact on the seaborne trade and ton-miles due to the evolving dynamics of market ...
Thursday, 25 January 24
RED SEA SHIPPING DISRUPTIONS KEEP GEOPOLITICAL PREMIUM FOR COMMODITIES - FITCH RATINGS
Shipping disruptions and re-routing away from the Red Sea will maintain the geopolitical premium in the main commodity markets, including for oil a ...
Friday, 19 January 24
INDONESIA TARGETS 710 MLN METRIC TONS COAL OUTPUT IN 2024 AFTER RECORD 2023 - REUTERS
Indonesia, a major thermal coal exporter, aims to produce 710 million metric tons of coal in 2024, its mining minister said on Monday, after postin ...
Friday, 19 January 24
DRUMMOND COLOMBIA COAL OUTPUT ROSE 7.1% IN 2023 - REUTERS
Coal production from miner Drummond’s Colombia operations rose 7.1% in 2023 to 29.5 million metric tons, while exports declined by 2.6% to 27 ...
Friday, 19 January 24
CHINA'S 2023 COAL OUTPUT HITS RECORD HIGH - REUTERS
China’s coal output reached a record high in 2023, data from the statistics bureau showed on Wednesday, amid an ongoing focus on energy secur ...
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- Billiton Holdings Pty Ltd - Australia
- Agrawal Coal Company - India
- Wood Mackenzie - Singapore
- Chamber of Mines of South Africa
- Samtan Co., Ltd - South Korea
- Ministry of Finance - Indonesia
- Indian Energy Exchange, India
- Electricity Authority, New Zealand
- Baramulti Group, Indonesia
- Indian Oil Corporation Limited
- Medco Energi Mining Internasional
- Bharathi Cement Corporation - India
- Malabar Cements Ltd - India
- Globalindo Alam Lestari - Indonesia
- Price Waterhouse Coopers - Russia
- Madhucon Powers Ltd - India
- SMC Global Power, Philippines
- Jaiprakash Power Ventures ltd
- Edison Trading Spa - Italy
- Alfred C Toepfer International GmbH - Germany
- Krishnapatnam Port Company Ltd. - India
- IHS Mccloskey Coal Group - USA
- Energy Link Ltd, New Zealand
- LBH Netherlands Bv - Netherlands
- Therma Luzon, Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Port Waratah Coal Services - Australia
- Oldendorff Carriers - Singapore
- Africa Commodities Group - South Africa
- Central Electricity Authority - India
- Semirara Mining Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- Global Coal Blending Company Limited - Australia
- Bukit Baiduri Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Rio Tinto Coal - Australia
- Goldman Sachs - Singapore
- Jindal Steel & Power Ltd - India
- Bhatia International Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Australian Coal Association
- Singapore Mercantile Exchange
- Straits Asia Resources Limited - Singapore
- Meralco Power Generation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- TeaM Sual Corporation - Philippines
- Aboitiz Power Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- Bangladesh Power Developement Board
- Gujarat Mineral Development Corp Ltd - India
- Renaissance Capital - South Africa
- GAC Shipping (India) Pvt Ltd
- PNOC Exploration Corporation - Philippines
- White Energy Company Limited
- Mercuria Energy - Indonesia
- Electricity Generating Authority of Thailand
- Kideco Jaya Agung - Indonesia
- Thiess Contractors Indonesia
- Merrill Lynch Commodities Europe
- Minerals Council of Australia
- Sinarmas Energy and Mining - Indonesia
- ASAPP Information Group - India
- Vedanta Resources Plc - India
- Georgia Ports Authority, United States
- Tamil Nadu electricity Board
- Chettinad Cement Corporation Ltd - India
- MS Steel International - UAE
- Coalindo Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Iligan Light & Power Inc, Philippines
- ICICI Bank Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Trasteel International SA, Italy
- India Bulls Power Limited - India
- Sojitz Corporation - Japan
- Carbofer General Trading SA - India
- Indogreen Group - Indonesia
- Bukit Makmur.PT - Indonesia
- Riau Bara Harum - Indonesia
- Metalloyd Limited - United Kingdom
- GVK Power & Infra Limited - India
- Borneo Indobara - Indonesia
- Indika Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Siam City Cement PLC, Thailand
- Larsen & Toubro Limited - India
- Planning Commission, India
- SN Aboitiz Power Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Power Finance Corporation Ltd., India
- Australian Commodity Traders Exchange
- Maharashtra Electricity Regulatory Commission - India
- Orica Australia Pty. Ltd.
- International Coal Ventures Pvt Ltd - India
- Eastern Coal Council - USA
- Jorong Barutama Greston.PT - Indonesia
- Barasentosa Lestari - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Coastal Gujarat Power Limited - India
- Simpson Spence & Young - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Vizag Seaport Private Limited - India
- Parliament of New Zealand
- Global Business Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- Eastern Energy - Thailand
- AsiaOL BioFuels Corp., Philippines
- Kaltim Prima Coal - Indonesia
- Ambuja Cements Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Independent Power Producers Association of India
- Standard Chartered Bank - UAE
- Heidelberg Cement - Germany
- Parry Sugars Refinery, India
- Kumho Petrochemical, South Korea
- Banpu Public Company Limited - Thailand
- Posco Energy - South Korea
- Uttam Galva Steels Limited - India
- Economic Council, Georgia
- Star Paper Mills Limited - India
- CNBM International Corporation - China
- Makarim & Taira - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Grasim Industreis Ltd - India
- New Zealand Coal & Carbon
- Bulk Trading Sa - Switzerland
- TNB Fuel Sdn Bhd - Malaysia
- The State Trading Corporation of India Ltd
- Salva Resources Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- IEA Clean Coal Centre - UK
- European Bulk Services B.V. - Netherlands
- Vijayanagar Sugar Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Aditya Birla Group - India
- Xindia Steels Limited - India
- Semirara Mining and Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Energy Development Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Dalmia Cement Bharat India
- Latin American Coal - Colombia
- Indo Tambangraya Megah - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Coal and Oil Company - UAE
- Bayan Resources Tbk. - Indonesia
- Mercator Lines Limited - India
- Antam Resourcindo - Indonesia
- Timah Investasi Mineral - Indoneisa
- Anglo American - United Kingdom
- Bank of Tokyo Mitsubishi UFJ Ltd
- Interocean Group of Companies - India
- Mjunction Services Limited - India
- Cement Manufacturers Association - India
- Sindya Power Generating Company Private Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The Treasury - Australian Government
- Ministry of Transport, Egypt
- Indonesian Coal Mining Association
- GMR Energy Limited - India
- Meenaskhi Energy Private Limited - India
- Miang Besar Coal Terminal - Indonesia
- Bhushan Steel Limited - India
- Mintek Dendrill Indonesia
- SMG Consultants - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- South Luzon Thermal Energy Corporation
- Intertek Mineral Services - Indonesia
- Sakthi Sugars Limited - India
- Attock Cement Pakistan Limited
- Central Java Power - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Romanian Commodities Exchange
- Kepco SPC Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Manunggal Multi Energi - Indonesia
- The University of Queensland
- Savvy Resources Ltd - HongKong
- PTC India Limited - India
- Wilmar Investment Holdings
- Orica Mining Services - Indonesia
- Deloitte Consulting - India
- McConnell Dowell - Australia
- Thai Mozambique Logistica
- Bhoruka Overseas - Indonesia
- Sical Logistics Limited - India
- Altura Mining Limited, Indonesia
- VISA Power Limited - India
- PowerSource Philippines DevCo
- Rashtriya Ispat Nigam Limited - India
- Kapuas Tunggal Persada - Indonesia
- Sree Jayajothi Cements Limited - India
- Ministry of Mines - Canada
- Tata Chemicals Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Maheswari Brothers Coal Limited - India
- Marubeni Corporation - India
- Commonwealth Bank - Australia
- Ind-Barath Power Infra Limited - India
- Petron Corporation, Philippines
- London Commodity Brokers - England
- Essar Steel Hazira Ltd - India
- Lanco Infratech Ltd - India
- San Jose City I Power Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Videocon Industries ltd - India
- Siam City Cement - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Toyota Tsusho Corporation, Japan
- OPG Power Generation Pvt Ltd - India
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