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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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Tuesday, 23 March 21
LOWER WHOLESALE PRICES PUT PRESSURE ON AUSTRALIAN ENERGY RETAILERS - FITCH RATINGS
Fitch Ratings expects the low wholesale energy prices in the Australian National Energy Market to persist through to 2022, which will affect electr ...
Tuesday, 23 March 21
SCRUBBER-FITTED SHIPS NEARLY DOUBLE AS FUEL SPREAD SETTLES AT $118 PER MT - PETER SAND
As the lion’s share of the world fleet replaced high-sulphur fuel oil (HSFO) with low-sulphur fuel oil (LFSO) as a mean of propulsion to be c ...
Tuesday, 23 March 21
CHINA'S COAL OUTPUT EDGES UP IN FIRST TWO MONTHS - XINHUA
China’s raw coal output rose 25 percent year on year to 620 million tonnes in the first two months of 2021, official data showed.
...
Wednesday, 17 March 21
MARKET INSIGHT - INTERMODAL
Shipping market players are familiar with the inverse correlation between the freight market and demolition activity i.e. when the market picks up ...
Friday, 12 March 21
INDIA SHOULD FOCUS ON REDUCING COAL POWER GENERATION INSTEAD OF CAPACITY - IEEFA
Nearly half of existing coal power in India is more expensive than new renewable power
To get to its ambitious climate targets, Indi ...
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- OPG Power Generation Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Bangladesh Power Developement Board
- Karbindo Abesyapradhi - Indoneisa
- Africa Commodities Group - South Africa
- Ambuja Cements Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Aboitiz Power Corporation - Philippines
- The University of Queensland
- Kapuas Tunggal Persada - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Tamil Nadu electricity Board
- Georgia Ports Authority, United States
- Wilmar Investment Holdings
- Bhatia International Limited - India
- Indian Energy Exchange, India
- Australian Coal Association
- South Luzon Thermal Energy Corporation
- Thai Mozambique Logistica
- Energy Link Ltd, New Zealand
- Jorong Barutama Greston.PT - Indonesia
- Tata Chemicals Ltd - India
- IEA Clean Coal Centre - UK
- Madhucon Powers Ltd - India
- Wood Mackenzie - Singapore
- Straits Asia Resources Limited - Singapore
- Interocean Group of Companies - India
- Sakthi Sugars Limited - India
- London Commodity Brokers - England
- Simpson Spence & Young - Indonesia
- Petron Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Antam Resourcindo - Indonesia
- Bulk Trading Sa - Switzerland
- Malabar Cements Ltd - India
- Jaiprakash Power Ventures ltd
- VISA Power Limited - India
- Kideco Jaya Agung - Indonesia
- Electricity Authority, New Zealand
- Standard Chartered Bank - UAE
- Indika Energy - Indonesia
- Latin American Coal - Colombia
- Binh Thuan Hamico - Vietnam
- White Energy Company Limited
- Independent Power Producers Association of India
- Australian Commodity Traders Exchange
- Sree Jayajothi Cements Limited - India
- Lanco Infratech Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Central Java Power - Indonesia
- AsiaOL BioFuels Corp., Philippines
- PTC India Limited - India
- Oldendorff Carriers - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Siam City Cement - Thailand
- The Treasury - Australian Government
- Parry Sugars Refinery, India
- India Bulls Power Limited - India
- Uttam Galva Steels Limited - India
- CNBM International Corporation - China
- Price Waterhouse Coopers - Russia
- Orica Australia Pty. Ltd.
- Intertek Mineral Services - Indonesia
- Indogreen Group - Indonesia
- Cigading International Bulk Terminal - Indonesia
- CIMB Investment Bank - Malaysia
- Barasentosa Lestari - Indonesia
- Sarangani Energy Corporation, Philippines
- Cement Manufacturers Association - India
- Ministry of Finance - Indonesia
- Videocon Industries ltd - India
- Banpu Public Company Limited - Thailand
- Meralco Power Generation, Philippines
- Global Coal Blending Company Limited - Australia
- Anglo American - United Kingdom
- Coalindo Energy - Indonesia
- Gujarat Sidhee Cement - India
- GMR Energy Limited - India
- Romanian Commodities Exchange
- ASAPP Information Group - India
- SMC Global Power, Philippines
- Salva Resources Pvt Ltd - India
- Sojitz Corporation - Japan
- Pendopo Energi Batubara - Indonesia
- Bukit Baiduri Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Medco Energi Mining Internasional
- Sical Logistics Limited - India
- Eastern Coal Council - USA
- Petrochimia International Co. Ltd.- Taiwan
- Vijayanagar Sugar Pvt Ltd - India
- McConnell Dowell - Australia
- Mjunction Services Limited - India
- SN Aboitiz Power Inc, Philippines
- Port Waratah Coal Services - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mintek Dendrill Indonesia
- Miang Besar Coal Terminal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Central Electricity Authority - India
- Larsen & Toubro Limited - India
- Sindya Power Generating Company Private Ltd
- Manunggal Multi Energi - Indonesia
- Iligan Light & Power Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Xindia Steels Limited - India
- Ministry of Mines - Canada
- Maheswari Brothers Coal Limited - India
- Edison Trading Spa - Italy
- Energy Development Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Aditya Birla Group - India
- Semirara Mining Corp, Philippines
- Borneo Indobara - Indonesia
- Trasteel International SA, Italy
- Eastern Energy - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coal and Oil Company - UAE
- TeaM Sual Corporation - Philippines
- ICICI Bank Limited - India
- SMG Consultants - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Ind-Barath Power Infra Limited - India
- Neyveli Lignite Corporation Ltd, - India
- GN Power Mariveles Coal Plant, Philippines
- MS Steel International - UAE
- Directorate General of MIneral and Coal - Indonesia
- Goldman Sachs - Singapore
- Dalmia Cement Bharat India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Therma Luzon, Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Carbofer General Trading SA - India
- Global Business Power Corporation, Philippines
- Agrawal Coal Company - India
- Bayan Resources Tbk. - Indonesia
- Bhoruka Overseas - Indonesia
- Holcim Trading Pte Ltd - Singapore
- The State Trading Corporation of India Ltd
- Semirara Mining and Power Corporation, Philippines
- Economic Council, Georgia
- Thiess Contractors Indonesia
- Samtan Co., Ltd - South Korea
- LBH Netherlands Bv - Netherlands
- Coastal Gujarat Power Limited - India
- Baramulti Group, Indonesia
- Rashtriya Ispat Nigam Limited - India
- New Zealand Coal & Carbon
- Posco Energy - South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Pipit Mutiara Jaya. PT, Indonesia
- Star Paper Mills Limited - India
- Makarim & Taira - Indonesia
- Altura Mining Limited, Indonesia
- Attock Cement Pakistan Limited
- Renaissance Capital - South Africa
- Indian Oil Corporation Limited
- Indo Tambangraya Megah - Indonesia
- Chettinad Cement Corporation Ltd - India
- Toyota Tsusho Corporation, Japan
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Parliament of New Zealand
- Singapore Mercantile Exchange
- San Jose City I Power Corp, Philippines
- Jindal Steel & Power Ltd - India
- Mercuria Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Vizag Seaport Private Limited - India
- Power Finance Corporation Ltd., India
- Globalindo Alam Lestari - Indonesia
- Electricity Generating Authority of Thailand
- Marubeni Corporation - India
- Riau Bara Harum - Indonesia
- Karaikal Port Pvt Ltd - India
- Planning Commission, India
- Kepco SPC Power Corporation, Philippines
- Vedanta Resources Plc - India
- IHS Mccloskey Coal Group - USA
- Siam City Cement PLC, Thailand
- Directorate Of Revenue Intelligence - India
- Indonesian Coal Mining Association
- GVK Power & Infra Limited - India
- Deloitte Consulting - India
- European Bulk Services B.V. - Netherlands
- PowerSource Philippines DevCo
- Essar Steel Hazira Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Bharathi Cement Corporation - India
- Global Green Power PLC Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Orica Mining Services - Indonesia
- Rio Tinto Coal - Australia
- PNOC Exploration Corporation - Philippines
- Commonwealth Bank - Australia
- Formosa Plastics Group - Taiwan
- Savvy Resources Ltd - HongKong
- Ministry of Transport, Egypt
- Kumho Petrochemical, South Korea
- Bhushan Steel Limited - India
- Bukit Makmur.PT - Indonesia
- Merrill Lynch Commodities Europe
- Grasim Industreis Ltd - India
- Meenaskhi Energy Private Limited - India
- Kobexindo Tractors - Indoneisa
- Chamber of Mines of South Africa
- PetroVietnam Power Coal Import and Supply Company
- Heidelberg Cement - Germany
- Minerals Council of Australia
- Mercator Lines Limited - India
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