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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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- Deloitte Consulting - India
- Grasim Industreis Ltd - India
- SMG Consultants - Indonesia
- International Coal Ventures Pvt Ltd - India
- Videocon Industries ltd - India
- Lanco Infratech Ltd - India
- Anglo American - United Kingdom
- Uttam Galva Steels Limited - India
- Bhoruka Overseas - Indonesia
- Bhushan Steel Limited - India
- Globalindo Alam Lestari - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Eastern Energy - Thailand
- PetroVietnam Power Coal Import and Supply Company
- SMC Global Power, Philippines
- Antam Resourcindo - Indonesia
- San Jose City I Power Corp, Philippines
- Semirara Mining Corp, Philippines
- Ministry of Mines - Canada
- Parliament of New Zealand
- Gujarat Sidhee Cement - India
- Electricity Generating Authority of Thailand
- The University of Queensland
- Tamil Nadu electricity Board
- Krishnapatnam Port Company Ltd. - India
- Interocean Group of Companies - India
- OPG Power Generation Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Holcim Trading Pte Ltd - Singapore
- Indogreen Group - Indonesia
- Singapore Mercantile Exchange
- Bahari Cakrawala Sebuku - Indonesia
- Jaiprakash Power Ventures ltd
- Intertek Mineral Services - Indonesia
- PNOC Exploration Corporation - Philippines
- Eastern Coal Council - USA
- McConnell Dowell - Australia
- Orica Mining Services - Indonesia
- Merrill Lynch Commodities Europe
- Gujarat Mineral Development Corp Ltd - India
- Jindal Steel & Power Ltd - India
- TeaM Sual Corporation - Philippines
- White Energy Company Limited
- Planning Commission, India
- Carbofer General Trading SA - India
- Attock Cement Pakistan Limited
- Minerals Council of Australia
- Indika Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Essar Steel Hazira Ltd - India
- Therma Luzon, Inc, Philippines
- India Bulls Power Limited - India
- CNBM International Corporation - China
- Posco Energy - South Korea
- Energy Development Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- Oldendorff Carriers - Singapore
- Gujarat Electricity Regulatory Commission - India
- The State Trading Corporation of India Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Business Power Corporation, Philippines
- Marubeni Corporation - India
- Directorate Of Revenue Intelligence - India
- London Commodity Brokers - England
- Sindya Power Generating Company Private Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Latin American Coal - Colombia
- Sical Logistics Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Sinarmas Energy and Mining - Indonesia
- Iligan Light & Power Inc, Philippines
- Bhatia International Limited - India
- Bukit Makmur.PT - Indonesia
- Binh Thuan Hamico - Vietnam
- Sree Jayajothi Cements Limited - India
- SN Aboitiz Power Inc, Philippines
- Dalmia Cement Bharat India
- Kobexindo Tractors - Indoneisa
- Manunggal Multi Energi - Indonesia
- Kapuas Tunggal Persada - Indonesia
- New Zealand Coal & Carbon
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Transport, Egypt
- Kalimantan Lumbung Energi - Indonesia
- PowerSource Philippines DevCo
- Georgia Ports Authority, United States
- Maharashtra Electricity Regulatory Commission - India
- Kumho Petrochemical, South Korea
- Timah Investasi Mineral - Indoneisa
- Parry Sugars Refinery, India
- Borneo Indobara - Indonesia
- Port Waratah Coal Services - Australia
- Salva Resources Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Mercator Lines Limited - India
- Leighton Contractors Pty Ltd - Australia
- Karaikal Port Pvt Ltd - India
- Tata Chemicals Ltd - India
- Petron Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Coalindo Energy - Indonesia
- Xindia Steels Limited - India
- Cement Manufacturers Association - India
- Pipit Mutiara Jaya. PT, Indonesia
- European Bulk Services B.V. - Netherlands
- Sojitz Corporation - Japan
- Indian Oil Corporation Limited
- Independent Power Producers Association of India
- ICICI Bank Limited - India
- Kaltim Prima Coal - Indonesia
- Commonwealth Bank - Australia
- GMR Energy Limited - India
- Malabar Cements Ltd - India
- Baramulti Group, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Coastal Gujarat Power Limited - India
- Goldman Sachs - Singapore
- VISA Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Sarangani Energy Corporation, Philippines
- Makarim & Taira - Indonesia
- Bukit Baiduri Energy - Indonesia
- IEA Clean Coal Centre - UK
- Pendopo Energi Batubara - Indonesia
- Larsen & Toubro Limited - India
- GVK Power & Infra Limited - India
- Meenaskhi Energy Private Limited - India
- IHS Mccloskey Coal Group - USA
- Ind-Barath Power Infra Limited - India
- Indian Energy Exchange, India
- Bharathi Cement Corporation - India
- Energy Link Ltd, New Zealand
- Trasteel International SA, Italy
- Siam City Cement PLC, Thailand
- Cigading International Bulk Terminal - Indonesia
- Romanian Commodities Exchange
- Straits Asia Resources Limited - Singapore
- Alfred C Toepfer International GmbH - Germany
- Siam City Cement - Thailand
- Madhucon Powers Ltd - India
- Bayan Resources Tbk. - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Heidelberg Cement - Germany
- Bangladesh Power Developement Board
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Finance - Indonesia
- Samtan Co., Ltd - South Korea
- Standard Chartered Bank - UAE
- Australian Coal Association
- Ambuja Cements Ltd - India
- Power Finance Corporation Ltd., India
- Thai Mozambique Logistica
- Riau Bara Harum - Indonesia
- The Treasury - Australian Government
- Mercuria Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- South Luzon Thermal Energy Corporation
- Meralco Power Generation, Philippines
- GAC Shipping (India) Pvt Ltd
- Formosa Plastics Group - Taiwan
- Metalloyd Limited - United Kingdom
- Wilmar Investment Holdings
- Indonesian Coal Mining Association
- Neyveli Lignite Corporation Ltd, - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Toyota Tsusho Corporation, Japan
- Directorate General of MIneral and Coal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Wood Mackenzie - Singapore
- Kideco Jaya Agung - Indonesia
- Global Green Power PLC Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Mintek Dendrill Indonesia
- Maheswari Brothers Coal Limited - India
- Coal and Oil Company - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Vedanta Resources Plc - India
- Simpson Spence & Young - Indonesia
- Mjunction Services Limited - India
- Aditya Birla Group - India
- Savvy Resources Ltd - HongKong
- Edison Trading Spa - Italy
- Kartika Selabumi Mining - Indonesia
- Orica Australia Pty. Ltd.
- Barasentosa Lestari - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Agrawal Coal Company - India
- Africa Commodities Group - South Africa
- Banpu Public Company Limited - Thailand
- Price Waterhouse Coopers - Russia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Thiess Contractors Indonesia
- Renaissance Capital - South Africa
- PTC India Limited - India
- Central Electricity Authority - India
- Medco Energi Mining Internasional
- Aboitiz Power Corporation - Philippines
- Sakthi Sugars Limited - India
- Indo Tambangraya Megah - Indonesia
- Economic Council, Georgia
- Vizag Seaport Private Limited - India
- Global Coal Blending Company Limited - Australia
- ASAPP Information Group - India
- Vijayanagar Sugar Pvt Ltd - India
- Chamber of Mines of South Africa
- Chettinad Cement Corporation Ltd - India
- Star Paper Mills Limited - India
- Central Java Power - Indonesia
- MS Steel International - UAE
- Rio Tinto Coal - Australia
- AsiaOL BioFuels Corp., Philippines
- Australian Commodity Traders Exchange
- Electricity Authority, New Zealand
- Billiton Holdings Pty Ltd - Australia
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