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Wednesday, 09 February 22
MARKET INSIGHT - INTERMODAL
 Iron ore prices have jumped significantly in the week prior to the Chinese New Year with traders and producers stocking up on raw materials. China’s stronger-than-expected steel production, combined with an aggressive restocking of inventory levels and the country’s ports had driven iron ore prices well above expectations.
Iron ore stocks have also spiked as analysts upgrade their price forecasts for the commodity on the back of another unexpected recovery. The record prices of last May tumbled unexpectedly fast to under $US100 a tonne, and currently iron ore is taking the pundits again by surprise with a new run that now has it back near $US150/t. The sentiment is apparently still driven by signals about increased infrastructure spending in China and upgraded price forecasts. Nevertheless, and apart from the price of the commodity itself, it is very important that we still see the good fundamentals and dynamics there, which in any case support our overall optimism and hopes that better and more stable freight rates for Capes must be around the corner.
Looking at Australian iron ore exports to China, it is positive to see they remained robust last month despite the backdrop of rising market prices due to multiple factors including weather disruption and labor “shortage” concerns. Industry analysts said the proportion of Australian iron ore in China’s total iron ore imports may be reduced to below 60 percent in 2022 for the first time since 2015, especially as China is still diversifying its sources of supplies and deepening industry upgrading while pursuing low-carbon targets at the same time.
The price of iron ore was also reflected in the rising imports in China in recent weeks, and perhaps it is more important to keep an eye on inventory levels as well. According to data from industry sources, the total inventory of iron ore imported by steel mills across China reached about 117.57 million tons this week, an increase of 470,200 tons from the previous month. Of course it is always possible that the price increase could simply and perhaps only be related to seasonal speculation itself.
Overall since 2015, China’s iron ore imports from Australia and Brazil have accounted for nearly 80 percent of all imports, of which imports from Australia have exceeded 60 percent. Bilateral relations have soured again recently due to Australia’s attitude toward China, which has caused disruption for trade activities. Iron ore exports are still among the few remaining products that are still in high demand in China, partly due to the needs of the domestic construction sector. However, the expectation is that import proportion from Australia in 2022 is likely to drop below 60 percent, having been 61.6 percent in 2021 and 62.5 percent in 2020. We also hear a lot about the change in policy and the potential domestic supply of iron ore in China, not sure however if all this is something that will really re-shape the market dynamics in the future.
By Christopher Whitty,
Director, Towage & Marine Port Services
Compiled by:
Intermodal Research & Valuations
Analysts:
Yiannis Parganas
Tamara Apostolou
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 August 22
SHIPPING INDUSTRY TO REMOVE THE INDIAN OCEAN HIGH RISK AREA - BIMCO
After more than a decade of effective threat-reducing counter-piracy operations the shipping industry has removed the ‘Indian Ocean High Risk ...
Tuesday, 23 August 22
SHIPPING: GLOBAL TAX REFORM - WATSON FARLEY & WILLIAMS
OECD rules designed to implement a global minimum corporate tax rate for very large multinational groups have now been published and are expected t ...
Tuesday, 23 August 22
PARTIES CONCLUDE JOINT R&D AGREEMENT FOR WORLD’S FIRST AMMONIA FLOATING STORAGE AND REGASIFICATION BARGE CONTRIBUTING TO PROMOTING THE EARLY INTRODUCTION OF AMMONIA FUEL - NYK
NYK Line, Nihon Shipyard Co., Ltd. (NSY), ClassNK, and IHI Corporation (IHI) signed a joint research and development agreement for the commercializ ...
Monday, 22 August 22
INDONESIAN GOVERNMENT IMPOSED ON NEW PROGRESSIVE ROYALTIES FOR COAL
Indonesian President Joko Widodo has signed a Government Regulation (Number 26 of 2022) on 15 August 2022 related to the progressive royalty rates ...
Monday, 22 August 22
CHINA'S JULY RUSSIAN COAL IMPORTS HIT 5-YR HIGH AS WEST SHUNS MOSCOW - REUTERS
China’s coal imports from Russia jumped 14% in July from a year earlier to their highest in at least five years, as China bought discounted c ...
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- Cement Manufacturers Association - India
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- Anglo American - United Kingdom
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- Indian Oil Corporation Limited
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- Semirara Mining Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Manunggal Multi Energi - Indonesia
- OPG Power Generation Pvt Ltd - India
- Eastern Energy - Thailand
- Aditya Birla Group - India
- ASAPP Information Group - India
- CNBM International Corporation - China
- PowerSource Philippines DevCo
- Bangladesh Power Developement Board
- Meenaskhi Energy Private Limited - India
- VISA Power Limited - India
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- The State Trading Corporation of India Ltd
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- Wood Mackenzie - Singapore
- Commonwealth Bank - Australia
- Attock Cement Pakistan Limited
- PNOC Exploration Corporation - Philippines
- Independent Power Producers Association of India
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- Indo Tambangraya Megah - Indonesia
- Indonesian Coal Mining Association
- Planning Commission, India
- Ministry of Finance - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Sical Logistics Limited - India
- Kumho Petrochemical, South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- MS Steel International - UAE
- ICICI Bank Limited - India
- New Zealand Coal & Carbon
- Siam City Cement PLC, Thailand
- Goldman Sachs - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Jaiprakash Power Ventures ltd
- Bhoruka Overseas - Indonesia
- Ind-Barath Power Infra Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Mines - Canada
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- Sindya Power Generating Company Private Ltd
- Medco Energi Mining Internasional
- Central Java Power - Indonesia
- Bhatia International Limited - India
- Mintek Dendrill Indonesia
- Eastern Coal Council - USA
- Parry Sugars Refinery, India
- Karaikal Port Pvt Ltd - India
- Madhucon Powers Ltd - India
- Toyota Tsusho Corporation, Japan
- Global Coal Blending Company Limited - Australia
- Simpson Spence & Young - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Asmin Koalindo Tuhup - Indonesia
- The University of Queensland
- Parliament of New Zealand
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- Directorate General of MIneral and Coal - Indonesia
- Bharathi Cement Corporation - India
- Essar Steel Hazira Ltd - India
- Makarim & Taira - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Chamber of Mines of South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Tamil Nadu electricity Board
- San Jose City I Power Corp, Philippines
- Bhushan Steel Limited - India
- Africa Commodities Group - South Africa
- IEA Clean Coal Centre - UK
- Malabar Cements Ltd - India
- Tata Chemicals Ltd - India
- Energy Development Corp, Philippines
- Uttam Galva Steels Limited - India
- Cigading International Bulk Terminal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Formosa Plastics Group - Taiwan
- Kalimantan Lumbung Energi - Indonesia
- Kaltim Prima Coal - Indonesia
- Gujarat Sidhee Cement - India
- Sakthi Sugars Limited - India
- Indian Energy Exchange, India
- Pipit Mutiara Jaya. PT, Indonesia
- Trasteel International SA, Italy
- Bulk Trading Sa - Switzerland
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- London Commodity Brokers - England
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Dalmia Cement Bharat India
- Ceylon Electricity Board - Sri Lanka
- Thai Mozambique Logistica
- Holcim Trading Pte Ltd - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Borneo Indobara - Indonesia
- Minerals Council of Australia
- Barasentosa Lestari - Indonesia
- Central Electricity Authority - India
- Riau Bara Harum - Indonesia
- Grasim Industreis Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Standard Chartered Bank - UAE
- Georgia Ports Authority, United States
- Mjunction Services Limited - India
- Mercuria Energy - Indonesia
- Carbofer General Trading SA - India
- Jindal Steel & Power Ltd - India
- Vedanta Resources Plc - India
- Ambuja Cements Ltd - India
- Altura Mining Limited, Indonesia
- Directorate Of Revenue Intelligence - India
- Orica Australia Pty. Ltd.
- Iligan Light & Power Inc, Philippines
- Economic Council, Georgia
- GMR Energy Limited - India
- Kideco Jaya Agung - Indonesia
- Heidelberg Cement - Germany
- Power Finance Corporation Ltd., India
- Sojitz Corporation - Japan
- Romanian Commodities Exchange
- Lanco Infratech Ltd - India
- Ministry of Transport, Egypt
- Mercator Lines Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Aboitiz Power Corporation - Philippines
- GVK Power & Infra Limited - India
- McConnell Dowell - Australia
- Timah Investasi Mineral - Indoneisa
- Singapore Mercantile Exchange
- Interocean Group of Companies - India
- Sarangani Energy Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- India Bulls Power Limited - India
- Edison Trading Spa - Italy
- Wilmar Investment Holdings
- Metalloyd Limited - United Kingdom
- PetroVietnam Power Coal Import and Supply Company
- Petrochimia International Co. Ltd.- Taiwan
- Energy Link Ltd, New Zealand
- Electricity Authority, New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Agrawal Coal Company - India
- Deloitte Consulting - India
- Videocon Industries ltd - India
- Global Green Power PLC Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Thiess Contractors Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- IHS Mccloskey Coal Group - USA
- PTC India Limited - India
- Australian Commodity Traders Exchange
- Samtan Co., Ltd - South Korea
- Jorong Barutama Greston.PT - Indonesia
- Intertek Mineral Services - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Semirara Mining and Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Therma Luzon, Inc, Philippines
- Savvy Resources Ltd - HongKong
- Kepco SPC Power Corporation, Philippines
- The Treasury - Australian Government
- Siam City Cement - Thailand
- Indika Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- AsiaOL BioFuels Corp., Philippines
- SMG Consultants - Indonesia
- Meralco Power Generation, Philippines
- Banpu Public Company Limited - Thailand
- SMC Global Power, Philippines
- Kapuas Tunggal Persada - Indonesia
- Kartika Selabumi Mining - Indonesia
- TeaM Sual Corporation - Philippines
- Oldendorff Carriers - Singapore
- Global Business Power Corporation, Philippines
- Petron Corporation, Philippines
- Baramulti Group, Indonesia
- Antam Resourcindo - Indonesia
- Coalindo Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Rio Tinto Coal - Australia
- Larsen & Toubro Limited - India
- Indogreen Group - Indonesia
- Sree Jayajothi Cements Limited - India
- Marubeni Corporation - India
- Port Waratah Coal Services - Australia
- Billiton Holdings Pty Ltd - Australia
- Leighton Contractors Pty Ltd - Australia
- Renaissance Capital - South Africa
- Star Paper Mills Limited - India
- Orica Mining Services - Indonesia
- Posco Energy - South Korea
- Coal and Oil Company - UAE
- Bukit Baiduri Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Xindia Steels Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Binh Thuan Hamico - Vietnam
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