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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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Saturday, 23 July 22
STABILITY OF RUSSIAN GAS FLOWS REMAIN UNCERTAIN, DESPITE THE REOPENING OF NORD STREAM - WOOD MACKENZIE
Gazprom confirmed today that regular annual maintenance of Nord Stream is officially over and gas flows restarted at 63 million cubic metres per da ...
Friday, 22 July 22
MARKET INSIGHT - INTERMODAL
Faced with uncertainty regarding the most cost-efficient alternative fuels and the future dominant method to reduce their greenhouse emissions, man ...
Friday, 22 July 22
YANCOAL AUSTRALIA CUTS 2022 COAL OUTPUT VIEW AS FLOODS, COVID BITE - REUTERS
Coal miner Yancoal Australia Ltd YAL.AX cut its 2022 output forecast on Wednesday, signalling a hit from higher-than-expected rainfall, COVID-19-le ...
Wednesday, 20 July 22
BOOST FOR BIOFUELS AS IMO REMOVES REGULATORY HURDLE - GARD
MARPOL Annex VI regulations were written for petroleum derived fuels but also apply to biofuels. It has been a challenge to meet the regulatory req ...
Wednesday, 20 July 22
INDONESIA’S COAL EXPORTS TO THE EU INCREASED SIGNIFICANTLY RECENTLY
European countries have increased coal imports from Indonesia due to the energy crisis that hit the region after Russia cuts gas exports to Europe. ...
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- Therma Luzon, Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Pipit Mutiara Jaya. PT, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Kideco Jaya Agung - Indonesia
- Videocon Industries ltd - India
- Indonesian Coal Mining Association
- CIMB Investment Bank - Malaysia
- Port Waratah Coal Services - Australia
- Central Electricity Authority - India
- Bharathi Cement Corporation - India
- Bhatia International Limited - India
- South Luzon Thermal Energy Corporation
- TNB Fuel Sdn Bhd - Malaysia
- Deloitte Consulting - India
- Economic Council, Georgia
- Goldman Sachs - Singapore
- Chamber of Mines of South Africa
- Globalindo Alam Lestari - Indonesia
- Bukit Baiduri Energy - Indonesia
- Energy Link Ltd, New Zealand
- ICICI Bank Limited - India
- Bhoruka Overseas - Indonesia
- Eastern Energy - Thailand
- Sojitz Corporation - Japan
- GMR Energy Limited - India
- Siam City Cement PLC, Thailand
- Ambuja Cements Ltd - India
- Commonwealth Bank - Australia
- Georgia Ports Authority, United States
- Makarim & Taira - Indonesia
- Antam Resourcindo - Indonesia
- Central Java Power - Indonesia
- McConnell Dowell - Australia
- Global Coal Blending Company Limited - Australia
- VISA Power Limited - India
- Simpson Spence & Young - Indonesia
- Sindya Power Generating Company Private Ltd
- Oldendorff Carriers - Singapore
- Lanco Infratech Ltd - India
- Australian Coal Association
- Orica Australia Pty. Ltd.
- Heidelberg Cement - Germany
- Indogreen Group - Indonesia
- Parliament of New Zealand
- Baramulti Group, Indonesia
- London Commodity Brokers - England
- Essar Steel Hazira Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Manunggal Multi Energi - Indonesia
- Dalmia Cement Bharat India
- Global Green Power PLC Corporation, Philippines
- Eastern Coal Council - USA
- Ministry of Mines - Canada
- PNOC Exploration Corporation - Philippines
- Independent Power Producers Association of India
- ASAPP Information Group - India
- Miang Besar Coal Terminal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Indo Tambangraya Megah - Indonesia
- Metalloyd Limited - United Kingdom
- International Coal Ventures Pvt Ltd - India
- The Treasury - Australian Government
- Orica Mining Services - Indonesia
- Larsen & Toubro Limited - India
- Coal and Oil Company - UAE
- Electricity Authority, New Zealand
- Rashtriya Ispat Nigam Limited - India
- Australian Commodity Traders Exchange
- Latin American Coal - Colombia
- Electricity Generating Authority of Thailand
- Marubeni Corporation - India
- Bangladesh Power Developement Board
- IEA Clean Coal Centre - UK
- Savvy Resources Ltd - HongKong
- Kobexindo Tractors - Indoneisa
- The State Trading Corporation of India Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Malabar Cements Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sakthi Sugars Limited - India
- OPG Power Generation Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Bhushan Steel Limited - India
- Leighton Contractors Pty Ltd - Australia
- Riau Bara Harum - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Thai Mozambique Logistica
- Mintek Dendrill Indonesia
- AsiaOL BioFuels Corp., Philippines
- Altura Mining Limited, Indonesia
- Sarangani Energy Corporation, Philippines
- Aditya Birla Group - India
- Global Business Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- Bukit Makmur.PT - Indonesia
- Singapore Mercantile Exchange
- Carbofer General Trading SA - India
- Mjunction Services Limited - India
- Anglo American - United Kingdom
- Romanian Commodities Exchange
- PTC India Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Mineral Development Corp Ltd - India
- Maheswari Brothers Coal Limited - India
- GAC Shipping (India) Pvt Ltd
- SN Aboitiz Power Inc, Philippines
- Coalindo Energy - Indonesia
- Medco Energi Mining Internasional
- Pendopo Energi Batubara - Indonesia
- Indian Energy Exchange, India
- Iligan Light & Power Inc, Philippines
- The University of Queensland
- Bahari Cakrawala Sebuku - Indonesia
- Wilmar Investment Holdings
- Jorong Barutama Greston.PT - Indonesia
- Price Waterhouse Coopers - Russia
- Planning Commission, India
- Meralco Power Generation, Philippines
- Wood Mackenzie - Singapore
- Ceylon Electricity Board - Sri Lanka
- Grasim Industreis Ltd - India
- Africa Commodities Group - South Africa
- Agrawal Coal Company - India
- Energy Development Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Semirara Mining Corp, Philippines
- Gujarat Sidhee Cement - India
- Jindal Steel & Power Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- MS Steel International - UAE
- San Jose City I Power Corp, Philippines
- Madhucon Powers Ltd - India
- Sical Logistics Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Merrill Lynch Commodities Europe
- India Bulls Power Limited - India
- Vizag Seaport Private Limited - India
- Samtan Co., Ltd - South Korea
- Renaissance Capital - South Africa
- Attock Cement Pakistan Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Star Paper Mills Limited - India
- Siam City Cement - Thailand
- Salva Resources Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Directorate Of Revenue Intelligence - India
- Posco Energy - South Korea
- Aboitiz Power Corporation - Philippines
- Cement Manufacturers Association - India
- Binh Thuan Hamico - Vietnam
- Power Finance Corporation Ltd., India
- New Zealand Coal & Carbon
- Bayan Resources Tbk. - Indonesia
- Coastal Gujarat Power Limited - India
- Intertek Mineral Services - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mercator Lines Limited - India
- Kartika Selabumi Mining - Indonesia
- Ind-Barath Power Infra Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Banpu Public Company Limited - Thailand
- PetroVietnam Power Coal Import and Supply Company
- Krishnapatnam Port Company Ltd. - India
- Toyota Tsusho Corporation, Japan
- Meenaskhi Energy Private Limited - India
- Xindia Steels Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Petron Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Kaltim Prima Coal - Indonesia
- PowerSource Philippines DevCo
- Tamil Nadu electricity Board
- Jaiprakash Power Ventures ltd
- Semirara Mining and Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Formosa Plastics Group - Taiwan
- Indian Oil Corporation Limited
- SMC Global Power, Philippines
- Indika Energy - Indonesia
- Standard Chartered Bank - UAE
- Tata Chemicals Ltd - India
- Edison Trading Spa - Italy
- Kepco SPC Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Ministry of Finance - Indonesia
- GVK Power & Infra Limited - India
- Chettinad Cement Corporation Ltd - India
- Rio Tinto Coal - Australia
- European Bulk Services B.V. - Netherlands
- CNBM International Corporation - China
- Trasteel International SA, Italy
- Borneo Indobara - Indonesia
- TeaM Sual Corporation - Philippines
- Interocean Group of Companies - India
- Thiess Contractors Indonesia
- SMG Consultants - Indonesia
- Karaikal Port Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- IHS Mccloskey Coal Group - USA
- Mercuria Energy - Indonesia
- Ministry of Transport, Egypt
- Barasentosa Lestari - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Parry Sugars Refinery, India
- Sree Jayajothi Cements Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Minerals Council of Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Uttam Galva Steels Limited - India
- White Energy Company Limited
- Vedanta Resources Plc - India
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