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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, 26 July 22
CAP RUSSIA'S OIL PRICE NOW - PROJECT SYNDICATE
Though the price of oil has declined in recent weeks, it is still through the roof, filtering through to gasoline prices, and causing economic and ...
Tuesday, 26 July 22
WILL SOUTH AMERICA’S WINTER DEMAND DRAW LNG CARGOES AWAY FROM EUROPE? - ICIS
South America is now in the middle of its winter demand season. Last year the region increased its share of global LNG imports in winter, with Braz ...
Monday, 25 July 22
GLOBAL 2021 COAL-FIRED ELECTRICITY GENERATION SURGES TO RECORD HIGH - REUTERS
By contrast, mine output was still fractionally below the record set between 2012 and 2014 because older and less efficient coal generators have be ...
Saturday, 23 July 22
THE EU HAS BEEN REDUCING IMPORTS OF RUSSIAN REFINED OIL PRODUCTS SINCE MARCH - BANCHERO COSTA
The European Union could now ban the import and transit of fuel oil from Russia around six months ahead of the planned deadline, an EU official and ...
Saturday, 23 July 22
INDONESIA CONSIDERING SCRAPPING DOMESTIC SALES RULE FOR PALM OIL EXPORTS - REUTERS
Indonesia is considering removing a domestic sales requirement for palm oil exports because high inventories of the vegetable oil have been holding ...
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- Sical Logistics Limited - India
- Mintek Dendrill Indonesia
- Holcim Trading Pte Ltd - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Renaissance Capital - South Africa
- Edison Trading Spa - Italy
- Offshore Bulk Terminal Pte Ltd, Singapore
- Karbindo Abesyapradhi - Indoneisa
- Salva Resources Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Carbofer General Trading SA - India
- Miang Besar Coal Terminal - Indonesia
- Iligan Light & Power Inc, Philippines
- Grasim Industreis Ltd - India
- Karaikal Port Pvt Ltd - India
- Thiess Contractors Indonesia
- Alfred C Toepfer International GmbH - Germany
- Star Paper Mills Limited - India
- Bhushan Steel Limited - India
- India Bulls Power Limited - India
- Central Electricity Authority - India
- Price Waterhouse Coopers - Russia
- Tata Chemicals Ltd - India
- Directorate Of Revenue Intelligence - India
- PowerSource Philippines DevCo
- Cement Manufacturers Association - India
- Sojitz Corporation - Japan
- VISA Power Limited - India
- Bharathi Cement Corporation - India
- Uttam Galva Steels Limited - India
- Bukit Baiduri Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Marubeni Corporation - India
- Leighton Contractors Pty Ltd - Australia
- Larsen & Toubro Limited - India
- IHS Mccloskey Coal Group - USA
- Xindia Steels Limited - India
- Bayan Resources Tbk. - Indonesia
- Dalmia Cement Bharat India
- Meralco Power Generation, Philippines
- Pendopo Energi Batubara - Indonesia
- Maheswari Brothers Coal Limited - India
- Vizag Seaport Private Limited - India
- South Luzon Thermal Energy Corporation
- Electricity Generating Authority of Thailand
- Binh Thuan Hamico - Vietnam
- PNOC Exploration Corporation - Philippines
- CNBM International Corporation - China
- Billiton Holdings Pty Ltd - Australia
- Barasentosa Lestari - Indonesia
- SN Aboitiz Power Inc, Philippines
- Makarim & Taira - Indonesia
- Bukit Makmur.PT - Indonesia
- Eastern Energy - Thailand
- Trasteel International SA, Italy
- Heidelberg Cement - Germany
- Petrochimia International Co. Ltd.- Taiwan
- Bhatia International Limited - India
- Indogreen Group - Indonesia
- Standard Chartered Bank - UAE
- Essar Steel Hazira Ltd - India
- Bulk Trading Sa - Switzerland
- Manunggal Multi Energi - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Riau Bara Harum - Indonesia
- Ind-Barath Power Infra Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Latin American Coal - Colombia
- Ceylon Electricity Board - Sri Lanka
- Asmin Koalindo Tuhup - Indonesia
- GVK Power & Infra Limited - India
- Mercuria Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Sidhee Cement - India
- Pipit Mutiara Jaya. PT, Indonesia
- Lanco Infratech Ltd - India
- Deloitte Consulting - India
- Timah Investasi Mineral - Indoneisa
- IEA Clean Coal Centre - UK
- Gujarat Electricity Regulatory Commission - India
- Formosa Plastics Group - Taiwan
- GMR Energy Limited - India
- Africa Commodities Group - South Africa
- White Energy Company Limited
- Anglo American - United Kingdom
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coalindo Energy - Indonesia
- Singapore Mercantile Exchange
- AsiaOL BioFuels Corp., Philippines
- Ministry of Transport, Egypt
- SMG Consultants - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Eastern Coal Council - USA
- Siam City Cement - Thailand
- Chettinad Cement Corporation Ltd - India
- Sindya Power Generating Company Private Ltd
- Madhucon Powers Ltd - India
- Globalindo Alam Lestari - Indonesia
- SMC Global Power, Philippines
- Borneo Indobara - Indonesia
- Medco Energi Mining Internasional
- Toyota Tsusho Corporation, Japan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- San Jose City I Power Corp, Philippines
- Sree Jayajothi Cements Limited - India
- Indo Tambangraya Megah - Indonesia
- Energy Development Corp, Philippines
- Indian Energy Exchange, India
- Jorong Barutama Greston.PT - Indonesia
- Orica Mining Services - Indonesia
- Rio Tinto Coal - Australia
- Central Java Power - Indonesia
- Savvy Resources Ltd - HongKong
- Electricity Authority, New Zealand
- Orica Australia Pty. Ltd.
- Global Business Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Planning Commission, India
- Port Waratah Coal Services - Australia
- Therma Luzon, Inc, Philippines
- The Treasury - Australian Government
- Cigading International Bulk Terminal - Indonesia
- Straits Asia Resources Limited - Singapore
- Coal and Oil Company - UAE
- CIMB Investment Bank - Malaysia
- New Zealand Coal & Carbon
- OPG Power Generation Pvt Ltd - India
- Chamber of Mines of South Africa
- Ambuja Cements Ltd - India
- Indian Oil Corporation Limited
- Neyveli Lignite Corporation Ltd, - India
- Power Finance Corporation Ltd., India
- Ministry of Mines - Canada
- Sakthi Sugars Limited - India
- Tamil Nadu electricity Board
- London Commodity Brokers - England
- Antam Resourcindo - Indonesia
- Malabar Cements Ltd - India
- Vedanta Resources Plc - India
- Kobexindo Tractors - Indoneisa
- International Coal Ventures Pvt Ltd - India
- Australian Coal Association
- Mjunction Services Limited - India
- Global Coal Blending Company Limited - Australia
- European Bulk Services B.V. - Netherlands
- The State Trading Corporation of India Ltd
- Aboitiz Power Corporation - Philippines
- ICICI Bank Limited - India
- Wilmar Investment Holdings
- Aditya Birla Group - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Simpson Spence & Young - Indonesia
- Minerals Council of Australia
- Krishnapatnam Port Company Ltd. - India
- Kideco Jaya Agung - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- MS Steel International - UAE
- Samtan Co., Ltd - South Korea
- Kepco SPC Power Corporation, Philippines
- Indonesian Coal Mining Association
- Sinarmas Energy and Mining - Indonesia
- LBH Netherlands Bv - Netherlands
- Thai Mozambique Logistica
- TeaM Sual Corporation - Philippines
- Economic Council, Georgia
- Wood Mackenzie - Singapore
- Bangladesh Power Developement Board
- Coastal Gujarat Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Global Green Power PLC Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Merrill Lynch Commodities Europe
- Energy Link Ltd, New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- The University of Queensland
- Oldendorff Carriers - Singapore
- Videocon Industries ltd - India
- Posco Energy - South Korea
- Romanian Commodities Exchange
- Parry Sugars Refinery, India
- Meenaskhi Energy Private Limited - India
- Siam City Cement PLC, Thailand
- Semirara Mining and Power Corporation, Philippines
- Australian Commodity Traders Exchange
- PTC India Limited - India
- McConnell Dowell - Australia
- Parliament of New Zealand
- Jaiprakash Power Ventures ltd
- Baramulti Group, Indonesia
- Commonwealth Bank - Australia
- Semirara Mining Corp, Philippines
- Ministry of Finance - Indonesia
- Georgia Ports Authority, United States
- Rashtriya Ispat Nigam Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- ASAPP Information Group - India
- Kaltim Prima Coal - Indonesia
- Altura Mining Limited, Indonesia
- Interocean Group of Companies - India
- Mercator Lines Limited - India
- Kartika Selabumi Mining - Indonesia
- Independent Power Producers Association of India
- Indika Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Agrawal Coal Company - India
- Attock Cement Pakistan Limited
- Kalimantan Lumbung Energi - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Jindal Steel & Power Ltd - India
- Kumho Petrochemical, South Korea
- Petron Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Goldman Sachs - Singapore
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