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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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Monday, 08 January 24
KOSPO TO BUY 80000 MT OF INDONESIAN LOW CALORIFIC VALUE COAL FOR FEB 2024
Korea Southern Power Co., Ltd. (KOSPO), is inviting bids for the supply of Indonesian Low Calorific Value Coal from qualified suppliers for Korean ...
Monday, 08 January 24
SEABORNE TRADE REACHES 12.4BN TONNES - CLARKSONS
China will establish a back-up coal production system by 2027 to stabilise prices and secure coal supply, the state planner said on Wednesday, even ...
Monday, 08 January 24
CAPESIZES START THE NEW YEAR ON POSITIVE NOTE - BALTIC EXCHANGE
Capesize
This week the capsize market has been marked by a mix of activities and challenges. Despite a slow start following the Christmas and N ...
Friday, 05 January 24
MORGAN STANLEY SEES LOWER OIL PRICES IN 2024 ON OVERSUPPLY CONCERNS - REUTERS
Morgan Stanley sees Brent crude prices anchored near $80 per barrel in the first half in 2024 before declining towards the end of the year as it ex ...
Friday, 05 January 24
INDIA'S COAL OUTPUT RISES NEARLY 11 PC IN DEC TO 92.87 MT - PTI
India’s coal production increased by 10.75 per cent to 92.87 million tonne in December 2023 as compared to the year-ago period, an official s ...
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- Marubeni Corporation - India
- GN Power Mariveles Coal Plant, Philippines
- Kapuas Tunggal Persada - Indonesia
- Kaltim Prima Coal - Indonesia
- Binh Thuan Hamico - Vietnam
- AsiaOL BioFuels Corp., Philippines
- Videocon Industries ltd - India
- Medco Energi Mining Internasional
- Bukit Makmur.PT - Indonesia
- Posco Energy - South Korea
- Power Finance Corporation Ltd., India
- Indogreen Group - Indonesia
- Globalindo Alam Lestari - Indonesia
- Kumho Petrochemical, South Korea
- Ambuja Cements Ltd - India
- Intertek Mineral Services - Indonesia
- ICICI Bank Limited - India
- Mercuria Energy - Indonesia
- SMG Consultants - Indonesia
- Merrill Lynch Commodities Europe
- The Treasury - Australian Government
- Malabar Cements Ltd - India
- Chamber of Mines of South Africa
- PNOC Exploration Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Leighton Contractors Pty Ltd - Australia
- Krishnapatnam Port Company Ltd. - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Rashtriya Ispat Nigam Limited - India
- Sojitz Corporation - Japan
- Minerals Council of Australia
- Bayan Resources Tbk. - Indonesia
- Manunggal Multi Energi - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Tamil Nadu electricity Board
- Siam City Cement - Thailand
- International Coal Ventures Pvt Ltd - India
- Tata Chemicals Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Parliament of New Zealand
- Bhatia International Limited - India
- Bangladesh Power Developement Board
- Sree Jayajothi Cements Limited - India
- Australian Commodity Traders Exchange
- Kideco Jaya Agung - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The University of Queensland
- Alfred C Toepfer International GmbH - Germany
- Borneo Indobara - Indonesia
- Indo Tambangraya Megah - Indonesia
- Economic Council, Georgia
- Sical Logistics Limited - India
- Straits Asia Resources Limited - Singapore
- Meralco Power Generation, Philippines
- Goldman Sachs - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Metalloyd Limited - United Kingdom
- Coastal Gujarat Power Limited - India
- London Commodity Brokers - England
- Gujarat Sidhee Cement - India
- Wood Mackenzie - Singapore
- Essar Steel Hazira Ltd - India
- Deloitte Consulting - India
- Bhoruka Overseas - Indonesia
- Riau Bara Harum - Indonesia
- Electricity Generating Authority of Thailand
- Cement Manufacturers Association - India
- ASAPP Information Group - India
- The State Trading Corporation of India Ltd
- Port Waratah Coal Services - Australia
- Aditya Birla Group - India
- Central Electricity Authority - India
- OPG Power Generation Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Standard Chartered Bank - UAE
- Ministry of Mines - Canada
- Indian Energy Exchange, India
- Electricity Authority, New Zealand
- Price Waterhouse Coopers - Russia
- Anglo American - United Kingdom
- Kobexindo Tractors - Indoneisa
- Indika Energy - Indonesia
- Energy Development Corp, Philippines
- LBH Netherlands Bv - Netherlands
- Antam Resourcindo - Indonesia
- Interocean Group of Companies - India
- SMC Global Power, Philippines
- Georgia Ports Authority, United States
- Oldendorff Carriers - Singapore
- Heidelberg Cement - Germany
- Agrawal Coal Company - India
- White Energy Company Limited
- New Zealand Coal & Carbon
- Dalmia Cement Bharat India
- Kepco SPC Power Corporation, Philippines
- Mercator Lines Limited - India
- Toyota Tsusho Corporation, Japan
- Australian Coal Association
- Rio Tinto Coal - Australia
- Orica Australia Pty. Ltd.
- Star Paper Mills Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Madhucon Powers Ltd - India
- MS Steel International - UAE
- Lanco Infratech Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Semirara Mining and Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- Grasim Industreis Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Wilmar Investment Holdings
- Vedanta Resources Plc - India
- Iligan Light & Power Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Sakthi Sugars Limited - India
- Global Coal Blending Company Limited - Australia
- Samtan Co., Ltd - South Korea
- Bharathi Cement Corporation - India
- Siam City Cement PLC, Thailand
- Planning Commission, India
- Savvy Resources Ltd - HongKong
- Xindia Steels Limited - India
- Thai Mozambique Logistica
- CIMB Investment Bank - Malaysia
- Altura Mining Limited, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- San Jose City I Power Corp, Philippines
- Parry Sugars Refinery, India
- India Bulls Power Limited - India
- Maheswari Brothers Coal Limited - India
- Mintek Dendrill Indonesia
- VISA Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Indian Oil Corporation Limited
- Timah Investasi Mineral - Indoneisa
- Singapore Mercantile Exchange
- Romanian Commodities Exchange
- PetroVietnam Power Coal Import and Supply Company
- Bulk Trading Sa - Switzerland
- Kartika Selabumi Mining - Indonesia
- Ministry of Finance - Indonesia
- Pendopo Energi Batubara - Indonesia
- Central Java Power - Indonesia
- South Luzon Thermal Energy Corporation
- Africa Commodities Group - South Africa
- Edison Trading Spa - Italy
- GMR Energy Limited - India
- PowerSource Philippines DevCo
- Global Business Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Renaissance Capital - South Africa
- IHS Mccloskey Coal Group - USA
- Chettinad Cement Corporation Ltd - India
- SN Aboitiz Power Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Thiess Contractors Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Salva Resources Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Attock Cement Pakistan Limited
- Gujarat Mineral Development Corp Ltd - India
- Simpson Spence & Young - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Formosa Plastics Group - Taiwan
- Sarangani Energy Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Makarim & Taira - Indonesia
- Ministry of Transport, Egypt
- Barasentosa Lestari - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Latin American Coal - Colombia
- Indonesian Coal Mining Association
- GAC Shipping (India) Pvt Ltd
- Global Green Power PLC Corporation, Philippines
- Eastern Energy - Thailand
- McConnell Dowell - Australia
- Trasteel International SA, Italy
- GVK Power & Infra Limited - India
- Uttam Galva Steels Limited - India
- Independent Power Producers Association of India
- Eastern Coal Council - USA
- Directorate Of Revenue Intelligence - India
- Holcim Trading Pte Ltd - Singapore
- Jaiprakash Power Ventures ltd
- European Bulk Services B.V. - Netherlands
- Coal and Oil Company - UAE
- Commonwealth Bank - Australia
- Baramulti Group, Indonesia
- CNBM International Corporation - China
- Coalindo Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Therma Luzon, Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- IEA Clean Coal Centre - UK
- Petrochimia International Co. Ltd.- Taiwan
- Jindal Steel & Power Ltd - India
- Vizag Seaport Private Limited - India
- Orica Mining Services - Indonesia
- Ind-Barath Power Infra Limited - India
- Bhushan Steel Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Larsen & Toubro Limited - India
- TeaM Sual Corporation - Philippines
- PTC India Limited - India
- Ceylon Electricity Board - Sri Lanka
- Bukit Asam (Persero) Tbk - Indonesia
- Petron Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Carbofer General Trading SA - India
- Mjunction Services Limited - India
- Banpu Public Company Limited - Thailand
- Sinarmas Energy and Mining - Indonesia
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