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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, 02 February 24
DRY BULK MARKET: THE DOWNWARD REVISION IN THE GROWTH OF CAPESIZE TONNE DAYS IN JANUARY WITH THE BCI DROPPING - MARIA BERTZELETOU
In the last week of January, the dry freight market sustained weakness in the Capesize segment, while the number of ballasters in the Southeast (SE ...
Friday, 02 February 24
COAL INDIA ACHIEVES NEARLY 80% OF ITS FY24 PRODUCTION TARGET IN TEN MONTHS - CNBCTV18
For the month of January, the company’s production grew by 9.1% from the same period last year to 78.4 Million Tonnes (MT), from 71.9 MT last ...
Thursday, 01 February 24
CHINA'S WIND, SOLAR CAPACITY TO OVERTAKE COAL IN 2024 - INDUSTRY BODY, REUTERS REPORTED
China’s installed wind and solar capacity is expected to overtake coal for the first time this year, according to industry forecasts.
&nb ...
Thursday, 01 February 24
ANTI-DEDUCTION CLAUSES: CAN A CHARTERER WITHHOLD HIRE WITHOUT AN OWNER'S CONSENT? - SKULD
KNOWLEDGE TO ELEVATE
Summary
In The Anna Dorothea, the Court found that where a charterparty provides that no deduction from hire may be m ...
Thursday, 01 February 24
INDIA REBUILDS COAL STOCKS TO ENSURE ELECTRIC RELIABILITY - REUTERS
India’s electricity supply is much more comfortable at the start of 2024 than in either 2023 or 2022 as coal production has ramped up and the ...
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- Bhoruka Overseas - Indonesia
- MS Steel International - UAE
- Georgia Ports Authority, United States
- Port Waratah Coal Services - Australia
- Eastern Energy - Thailand
- Bangladesh Power Developement Board
- SMC Global Power, Philippines
- Ceylon Electricity Board - Sri Lanka
- Sindya Power Generating Company Private Ltd
- Mercuria Energy - Indonesia
- Antam Resourcindo - Indonesia
- Pendopo Energi Batubara - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- GAC Shipping (India) Pvt Ltd
- Kaltim Prima Coal - Indonesia
- Chamber of Mines of South Africa
- Kobexindo Tractors - Indoneisa
- Kepco SPC Power Corporation, Philippines
- Indian Oil Corporation Limited
- Vizag Seaport Private Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- PowerSource Philippines DevCo
- Holcim Trading Pte Ltd - Singapore
- Sakthi Sugars Limited - India
- ASAPP Information Group - India
- SN Aboitiz Power Inc, Philippines
- CNBM International Corporation - China
- Trasteel International SA, Italy
- ICICI Bank Limited - India
- The State Trading Corporation of India Ltd
- Krishnapatnam Port Company Ltd. - India
- Parliament of New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Interocean Group of Companies - India
- Mercator Lines Limited - India
- Salva Resources Pvt Ltd - India
- Standard Chartered Bank - UAE
- Central Electricity Authority - India
- New Zealand Coal & Carbon
- Kideco Jaya Agung - Indonesia
- Videocon Industries ltd - India
- Orica Mining Services - Indonesia
- Posco Energy - South Korea
- Rashtriya Ispat Nigam Limited - India
- Wilmar Investment Holdings
- Sojitz Corporation - Japan
- Parry Sugars Refinery, India
- Directorate General of MIneral and Coal - Indonesia
- Madhucon Powers Ltd - India
- Indian Energy Exchange, India
- GMR Energy Limited - India
- Global Green Power PLC Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Tamil Nadu electricity Board
- CIMB Investment Bank - Malaysia
- Star Paper Mills Limited - India
- Heidelberg Cement - Germany
- TeaM Sual Corporation - Philippines
- Medco Energi Mining Internasional
- Maharashtra Electricity Regulatory Commission - India
- Eastern Coal Council - USA
- Malabar Cements Ltd - India
- Kartika Selabumi Mining - Indonesia
- SMG Consultants - Indonesia
- OPG Power Generation Pvt Ltd - India
- Borneo Indobara - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Attock Cement Pakistan Limited
- Petron Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- London Commodity Brokers - England
- GN Power Mariveles Coal Plant, Philippines
- Mjunction Services Limited - India
- Oldendorff Carriers - Singapore
- Tata Chemicals Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Edison Trading Spa - Italy
- Leighton Contractors Pty Ltd - Australia
- Global Business Power Corporation, Philippines
- Indonesian Coal Mining Association
- Africa Commodities Group - South Africa
- VISA Power Limited - India
- Anglo American - United Kingdom
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Mines - Canada
- Jindal Steel & Power Ltd - India
- Timah Investasi Mineral - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- Toyota Tsusho Corporation, Japan
- IHS Mccloskey Coal Group - USA
- Meralco Power Generation, Philippines
- Mintek Dendrill Indonesia
- Barasentosa Lestari - Indonesia
- Essar Steel Hazira Ltd - India
- Coalindo Energy - Indonesia
- Central Java Power - Indonesia
- Power Finance Corporation Ltd., India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Mineral Development Corp Ltd - India
- Economic Council, Georgia
- Latin American Coal - Colombia
- Wood Mackenzie - Singapore
- McConnell Dowell - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Sarangani Energy Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Kapuas Tunggal Persada - Indonesia
- Romanian Commodities Exchange
- Formosa Plastics Group - Taiwan
- Orica Australia Pty. Ltd.
- Global Coal Blending Company Limited - Australia
- Maheswari Brothers Coal Limited - India
- PTC India Limited - India
- Jaiprakash Power Ventures ltd
- Ambuja Cements Ltd - India
- Binh Thuan Hamico - Vietnam
- Goldman Sachs - Singapore
- Sinarmas Energy and Mining - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Price Waterhouse Coopers - Russia
- Bharathi Cement Corporation - India
- European Bulk Services B.V. - Netherlands
- Coal and Oil Company - UAE
- Lanco Infratech Ltd - India
- PNOC Exploration Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Banpu Public Company Limited - Thailand
- Kohat Cement Company Ltd. - Pakistan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coastal Gujarat Power Limited - India
- Ind-Barath Power Infra Limited - India
- Rio Tinto Coal - Australia
- Indo Tambangraya Megah - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sree Jayajothi Cements Limited - India
- Metalloyd Limited - United Kingdom
- Samtan Co., Ltd - South Korea
- IEA Clean Coal Centre - UK
- Indogreen Group - Indonesia
- Larsen & Toubro Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Thai Mozambique Logistica
- Globalindo Alam Lestari - Indonesia
- Electricity Generating Authority of Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Cigading International Bulk Terminal - Indonesia
- Riau Bara Harum - Indonesia
- Deloitte Consulting - India
- Kalimantan Lumbung Energi - Indonesia
- India Bulls Power Limited - India
- Ministry of Finance - Indonesia
- San Jose City I Power Corp, Philippines
- Gujarat Sidhee Cement - India
- Semirara Mining Corp, Philippines
- Energy Development Corp, Philippines
- Merrill Lynch Commodities Europe
- Jorong Barutama Greston.PT - Indonesia
- Agrawal Coal Company - India
- Carbofer General Trading SA - India
- Planning Commission, India
- Neyveli Lignite Corporation Ltd, - India
- Bhatia International Limited - India
- GVK Power & Infra Limited - India
- Uttam Galva Steels Limited - India
- Straits Asia Resources Limited - Singapore
- Siam City Cement - Thailand
- Simpson Spence & Young - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Makmur.PT - Indonesia
- Ministry of Transport, Egypt
- Cement Manufacturers Association - India
- Bukit Asam (Persero) Tbk - Indonesia
- Sical Logistics Limited - India
- Grasim Industreis Ltd - India
- Therma Luzon, Inc, Philippines
- Australian Coal Association
- South Luzon Thermal Energy Corporation
- Baramulti Group, Indonesia
- Directorate Of Revenue Intelligence - India
- The Treasury - Australian Government
- Dalmia Cement Bharat India
- Savvy Resources Ltd - HongKong
- Marubeni Corporation - India
- Renaissance Capital - South Africa
- Asmin Koalindo Tuhup - Indonesia
- Indika Energy - Indonesia
- Australian Commodity Traders Exchange
- Aboitiz Power Corporation - Philippines
- Kumho Petrochemical, South Korea
- Vedanta Resources Plc - India
- Energy Link Ltd, New Zealand
- Bulk Trading Sa - Switzerland
- Altura Mining Limited, Indonesia
- Commonwealth Bank - Australia
- International Coal Ventures Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Siam City Cement PLC, Thailand
- Independent Power Producers Association of India
- Bhushan Steel Limited - India
- Makarim & Taira - Indonesia
- Chettinad Cement Corporation Ltd - India
- The University of Queensland
- Karaikal Port Pvt Ltd - India
- Thiess Contractors Indonesia
- Electricity Authority, New Zealand
- Aditya Birla Group - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Minerals Council of Australia
- Xindia Steels Limited - India
- White Energy Company Limited
- Alfred C Toepfer International GmbH - Germany
- Singapore Mercantile Exchange
- Meenaskhi Energy Private Limited - India
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