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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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Saturday, 08 May 21
LNG-TO-POWER INVESTORS IN THE PHILIPPINES RISK EXPOSURE TO $14 BILLION IN STRANDED ASSETS - IEEFA
High regulatory and financial uncertainty in the Philippines market
The race to develop liquified natural gas (LNG) facilities in th ...
Saturday, 08 May 21
THE COAL-TO-RENEWABLES TRANSITION TAKES OFF - IEEFA
Pre-Biden changes underscore coming 10-year wave of coal plant retirements
The traditional S-curve growth exhibited by disruptive te ...
Friday, 07 May 21
CHINA'S TOTAL COAL IMPORTS FOR 2020 REACHED A VOLUME OF 304 MILLION TONS - ASSOCARBONI
Our benchmarks, manufacturing Countries like China, Germany, Japan, India, South Korea and Taiwan will continue to use a mix of coal and nuclear to ...
Friday, 07 May 21
SEABORNE WORLD COAL TRADE CLOSED 2020 IN NEGATIVE - ASSOCARBONI
Coal confirmed its leadership as leading fuel for electricity generation also in 2020, accounting for 38% of overall production. For the first time ...
Friday, 07 May 21
INDONESIA'S THERMAL COAL EXPORTS IN 2020 DECREASED BY 13%; INDIA REMAINED THE TOP DESTINATION FOR INDONESIAN COAL - ASSOCARBONI
An increase in seaborne trade is forecast for 2022, driven by markets in Southeast Asia, where growing demand for coal from Bangladesh, the Philipp ...
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- Oldendorff Carriers - Singapore
- GMR Energy Limited - India
- Petron Corporation, Philippines
- Bhushan Steel Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Mercator Lines Limited - India
- PetroVietnam Power Coal Import and Supply Company
- MS Steel International - UAE
- Formosa Plastics Group - Taiwan
- SN Aboitiz Power Inc, Philippines
- CNBM International Corporation - China
- Sical Logistics Limited - India
- Timah Investasi Mineral - Indoneisa
- Antam Resourcindo - Indonesia
- Energy Development Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Agrawal Coal Company - India
- SMC Global Power, Philippines
- Sarangani Energy Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Australian Coal Association
- Bangladesh Power Developement Board
- GVK Power & Infra Limited - India
- Intertek Mineral Services - Indonesia
- Wilmar Investment Holdings
- Ambuja Cements Ltd - India
- Latin American Coal - Colombia
- Salva Resources Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- AsiaOL BioFuels Corp., Philippines
- Indian Energy Exchange, India
- Anglo American - United Kingdom
- Malabar Cements Ltd - India
- Manunggal Multi Energi - Indonesia
- Uttam Galva Steels Limited - India
- Kaltim Prima Coal - Indonesia
- Economic Council, Georgia
- Asmin Koalindo Tuhup - Indonesia
- Kideco Jaya Agung - Indonesia
- Makarim & Taira - Indonesia
- Vedanta Resources Plc - India
- Cement Manufacturers Association - India
- Chamber of Mines of South Africa
- Indonesian Coal Mining Association
- Jindal Steel & Power Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Larsen & Toubro Limited - India
- Planning Commission, India
- Aditya Birla Group - India
- Binh Thuan Hamico - Vietnam
- PowerSource Philippines DevCo
- Kumho Petrochemical, South Korea
- Metalloyd Limited - United Kingdom
- TNB Fuel Sdn Bhd - Malaysia
- Coal and Oil Company - UAE
- Bhatia International Limited - India
- European Bulk Services B.V. - Netherlands
- Indo Tambangraya Megah - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Barasentosa Lestari - Indonesia
- Edison Trading Spa - Italy
- White Energy Company Limited
- Banpu Public Company Limited - Thailand
- Ministry of Finance - Indonesia
- GAC Shipping (India) Pvt Ltd
- PNOC Exploration Corporation - Philippines
- Karaikal Port Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Jaiprakash Power Ventures ltd
- Gujarat Sidhee Cement - India
- The University of Queensland
- Coalindo Energy - Indonesia
- Meralco Power Generation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Tamil Nadu electricity Board
- Romanian Commodities Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- Energy Link Ltd, New Zealand
- Gujarat Electricity Regulatory Commission - India
- Tata Chemicals Ltd - India
- Indika Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Sinarmas Energy and Mining - Indonesia
- Posco Energy - South Korea
- Orica Australia Pty. Ltd.
- Orica Mining Services - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Siam City Cement - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Singapore Mercantile Exchange
- Central Electricity Authority - India
- Vizag Seaport Private Limited - India
- VISA Power Limited - India
- Cigading International Bulk Terminal - Indonesia
- Electricity Authority, New Zealand
- The State Trading Corporation of India Ltd
- IEA Clean Coal Centre - UK
- Minerals Council of Australia
- Madhucon Powers Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Sindya Power Generating Company Private Ltd
- Baramulti Group, Indonesia
- Grasim Industreis Ltd - India
- Mjunction Services Limited - India
- Australian Commodity Traders Exchange
- Dalmia Cement Bharat India
- Eastern Energy - Thailand
- Mercuria Energy - Indonesia
- San Jose City I Power Corp, Philippines
- CIMB Investment Bank - Malaysia
- Bayan Resources Tbk. - Indonesia
- Parry Sugars Refinery, India
- Central Java Power - Indonesia
- Pendopo Energi Batubara - Indonesia
- PTC India Limited - India
- Bharathi Cement Corporation - India
- Billiton Holdings Pty Ltd - Australia
- Kepco SPC Power Corporation, Philippines
- Ministry of Transport, Egypt
- Aboitiz Power Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- Thai Mozambique Logistica
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Standard Chartered Bank - UAE
- ASAPP Information Group - India
- The Treasury - Australian Government
- Savvy Resources Ltd - HongKong
- Mintek Dendrill Indonesia
- Borneo Indobara - Indonesia
- Marubeni Corporation - India
- Chettinad Cement Corporation Ltd - India
- Merrill Lynch Commodities Europe
- Goldman Sachs - Singapore
- Straits Asia Resources Limited - Singapore
- Attock Cement Pakistan Limited
- Videocon Industries ltd - India
- India Bulls Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indogreen Group - Indonesia
- Carbofer General Trading SA - India
- Rio Tinto Coal - Australia
- Coastal Gujarat Power Limited - India
- Maheswari Brothers Coal Limited - India
- Rashtriya Ispat Nigam Limited - India
- New Zealand Coal & Carbon
- Maharashtra Electricity Regulatory Commission - India
- ICICI Bank Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Star Paper Mills Limited - India
- Global Coal Blending Company Limited - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Toyota Tsusho Corporation, Japan
- Bukit Baiduri Energy - Indonesia
- Thiess Contractors Indonesia
- Parliament of New Zealand
- London Commodity Brokers - England
- Heidelberg Cement - Germany
- SMG Consultants - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Indian Oil Corporation Limited
- Iligan Light & Power Inc, Philippines
- Sojitz Corporation - Japan
- Semirara Mining Corp, Philippines
- Africa Commodities Group - South Africa
- Electricity Generating Authority of Thailand
- Bhoruka Overseas - Indonesia
- Xindia Steels Limited - India
- Kapuas Tunggal Persada - Indonesia
- Global Business Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Independent Power Producers Association of India
- Trasteel International SA, Italy
- Eastern Coal Council - USA
- Neyveli Lignite Corporation Ltd, - India
- Petrochimia International Co. Ltd.- Taiwan
- Sree Jayajothi Cements Limited - India
- Riau Bara Harum - Indonesia
- Globalindo Alam Lestari - Indonesia
- Renaissance Capital - South Africa
- Ceylon Electricity Board - Sri Lanka
- Essar Steel Hazira Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Altura Mining Limited, Indonesia
- Wood Mackenzie - Singapore
- Medco Energi Mining Internasional
- Semirara Mining and Power Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Georgia Ports Authority, United States
- Therma Luzon, Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Interocean Group of Companies - India
- Ministry of Mines - Canada
- Price Waterhouse Coopers - Russia
- TeaM Sual Corporation - Philippines
- Commonwealth Bank - Australia
- Power Finance Corporation Ltd., India
- McConnell Dowell - Australia
- Siam City Cement PLC, Thailand
- Lanco Infratech Ltd - India
- Kartika Selabumi Mining - Indonesia
- Samtan Co., Ltd - South Korea
- Sakthi Sugars Limited - India
- Deloitte Consulting - India
- Ind-Barath Power Infra Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Simpson Spence & Young - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Port Waratah Coal Services - Australia
- Directorate Of Revenue Intelligence - India
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