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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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Friday, 30 April 21
HIGH-SULPHUR FUEL OIL SALES REBOUND AFTER PRE-IMO 2020 - BIMCO
HSFO sales are up 47.2% from Q1 2020, reaching 3.1m tonnes. This is however still less than a third of high-sulphur fuel sales in Q1 2019, before t ...
Monday, 26 April 21
CHINA TO FURTHER CUT COAL USE IN 2021 - XINHUA
China aims to reduce the share of coal in its energy mix to less than 56% this year, according to a guideline released by the National Energy Admin ...
Wednesday, 21 April 21
COAL FINANCING COSTS HAVE SURGED IN PAST 10 YEARS - UNIVERSITY OF OXFORD - THE GUARDIAN
Coal financing costs have surged over the last decade as investors demand returns four times as high as the payoff required from renewable energy p ...
Tuesday, 20 April 21
US DOLLAR LIBOR TRANSITION IN ASSET FINANCE - WHERE ARE WE NOW? - WATSON FARLEY & WILLIAMS
Since our last article, there has been a raft of regulatory and market body announcements relating to the transition away from LIBOR and the follow ...
Sunday, 18 April 21
INDONESIA LIKELY TO WITNESS 119 OIL AND GAS PROJECTS STARTS ACROSS VALUE CHAIN BY 2025, SAYS GLOBALDATA
Indonesia is expected to witness 119 oil and gas projects commencing their operations across value chain during 2021-2025, accounting for 6% of the ...
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- Larsen & Toubro Limited - India
- Sree Jayajothi Cements Limited - India
- Parry Sugars Refinery, India
- Bhoruka Overseas - Indonesia
- SN Aboitiz Power Inc, Philippines
- Gujarat Sidhee Cement - India
- Metalloyd Limited - United Kingdom
- Mintek Dendrill Indonesia
- Minerals Council of Australia
- Agrawal Coal Company - India
- Gujarat Electricity Regulatory Commission - India
- Pipit Mutiara Jaya. PT, Indonesia
- Grasim Industreis Ltd - India
- Savvy Resources Ltd - HongKong
- Siam City Cement - Thailand
- Parliament of New Zealand
- Independent Power Producers Association of India
- Wood Mackenzie - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Banpu Public Company Limited - Thailand
- Jaiprakash Power Ventures ltd
- Kartika Selabumi Mining - Indonesia
- Deloitte Consulting - India
- Kohat Cement Company Ltd. - Pakistan
- Maheswari Brothers Coal Limited - India
- Coal and Oil Company - UAE
- Formosa Plastics Group - Taiwan
- Neyveli Lignite Corporation Ltd, - India
- Bukit Asam (Persero) Tbk - Indonesia
- Indogreen Group - Indonesia
- The University of Queensland
- MS Steel International - UAE
- Timah Investasi Mineral - Indoneisa
- GMR Energy Limited - India
- Bhushan Steel Limited - India
- Bharathi Cement Corporation - India
- Billiton Holdings Pty Ltd - Australia
- Latin American Coal - Colombia
- Semirara Mining and Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Karaikal Port Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Essar Steel Hazira Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Makarim & Taira - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- ICICI Bank Limited - India
- Bukit Makmur.PT - Indonesia
- Iligan Light & Power Inc, Philippines
- Baramulti Group, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Petrochimia International Co. Ltd.- Taiwan
- Port Waratah Coal Services - Australia
- Rashtriya Ispat Nigam Limited - India
- Marubeni Corporation - India
- Petron Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Attock Cement Pakistan Limited
- Commonwealth Bank - Australia
- Africa Commodities Group - South Africa
- Thai Mozambique Logistica
- Uttam Galva Steels Limited - India
- Heidelberg Cement - Germany
- Kepco SPC Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- Bhatia International Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Posco Energy - South Korea
- South Luzon Thermal Energy Corporation
- Central Electricity Authority - India
- Karbindo Abesyapradhi - Indoneisa
- Dalmia Cement Bharat India
- Borneo Indobara - Indonesia
- Aboitiz Power Corporation - Philippines
- Electricity Generating Authority of Thailand
- Meralco Power Generation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Ambuja Cements Ltd - India
- Manunggal Multi Energi - Indonesia
- OPG Power Generation Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Merrill Lynch Commodities Europe
- Bukit Baiduri Energy - Indonesia
- Mercuria Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Eastern Energy - Thailand
- Sakthi Sugars Limited - India
- Madhucon Powers Ltd - India
- Lanco Infratech Ltd - India
- Aditya Birla Group - India
- Globalindo Alam Lestari - Indonesia
- IEA Clean Coal Centre - UK
- Ceylon Electricity Board - Sri Lanka
- PowerSource Philippines DevCo
- London Commodity Brokers - England
- Edison Trading Spa - Italy
- Global Coal Blending Company Limited - Australia
- Simpson Spence & Young - Indonesia
- Kobexindo Tractors - Indoneisa
- Planning Commission, India
- Kideco Jaya Agung - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Holcim Trading Pte Ltd - Singapore
- Vedanta Resources Plc - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Mines - Canada
- Offshore Bulk Terminal Pte Ltd, Singapore
- Samtan Co., Ltd - South Korea
- Singapore Mercantile Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- CNBM International Corporation - China
- Asmin Koalindo Tuhup - Indonesia
- Altura Mining Limited, Indonesia
- Sojitz Corporation - Japan
- TeaM Sual Corporation - Philippines
- Mercator Lines Limited - India
- Tata Chemicals Ltd - India
- Cigading International Bulk Terminal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Coalindo Energy - Indonesia
- Power Finance Corporation Ltd., India
- New Zealand Coal & Carbon
- Bulk Trading Sa - Switzerland
- Siam City Cement PLC, Thailand
- SMG Consultants - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Antam Resourcindo - Indonesia
- Riau Bara Harum - Indonesia
- Vizag Seaport Private Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Transport, Egypt
- Videocon Industries ltd - India
- Indonesian Coal Mining Association
- The Treasury - Australian Government
- European Bulk Services B.V. - Netherlands
- Trasteel International SA, Italy
- Central Java Power - Indonesia
- Bangladesh Power Developement Board
- Cement Manufacturers Association - India
- Indika Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Goldman Sachs - Singapore
- Carbofer General Trading SA - India
- Romanian Commodities Exchange
- Kumho Petrochemical, South Korea
- India Bulls Power Limited - India
- ASAPP Information Group - India
- Rio Tinto Coal - Australia
- Meenaskhi Energy Private Limited - India
- Salva Resources Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Directorate Of Revenue Intelligence - India
- The State Trading Corporation of India Ltd
- Semirara Mining Corp, Philippines
- Ministry of Finance - Indonesia
- Price Waterhouse Coopers - Russia
- VISA Power Limited - India
- Sindya Power Generating Company Private Ltd
- Ind-Barath Power Infra Limited - India
- Therma Luzon, Inc, Philippines
- Mjunction Services Limited - India
- Kaltim Prima Coal - Indonesia
- Georgia Ports Authority, United States
- Leighton Contractors Pty Ltd - Australia
- Indian Oil Corporation Limited
- Straits Asia Resources Limited - Singapore
- LBH Netherlands Bv - Netherlands
- Coastal Gujarat Power Limited - India
- CIMB Investment Bank - Malaysia
- Medco Energi Mining Internasional
- Xindia Steels Limited - India
- SMC Global Power, Philippines
- Miang Besar Coal Terminal - Indonesia
- Australian Commodity Traders Exchange
- San Jose City I Power Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- Australian Coal Association
- Sarangani Energy Corporation, Philippines
- PTC India Limited - India
- Krishnapatnam Port Company Ltd. - India
- Malabar Cements Ltd - India
- Global Green Power PLC Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Tamil Nadu electricity Board
- Renaissance Capital - South Africa
- Thiess Contractors Indonesia
- Wilmar Investment Holdings
- Interocean Group of Companies - India
- Intertek Mineral Services - Indonesia
- Eastern Coal Council - USA
- Economic Council, Georgia
- Kapuas Tunggal Persada - Indonesia
- Anglo American - United Kingdom
- Star Paper Mills Limited - India
- Standard Chartered Bank - UAE
- Energy Link Ltd, New Zealand
- McConnell Dowell - Australia
- Chamber of Mines of South Africa
- Toyota Tsusho Corporation, Japan
- Directorate General of MIneral and Coal - Indonesia
- Orica Mining Services - Indonesia
- Sical Logistics Limited - India
- Kalimantan Lumbung Energi - Indonesia
- GVK Power & Infra Limited - India
- Energy Development Corp, Philippines
- Jindal Steel & Power Ltd - India
- Electricity Authority, New Zealand
- White Energy Company Limited
- IHS Mccloskey Coal Group - USA
- Global Business Power Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Indian Energy Exchange, India
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