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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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Friday, 22 March 24
INDONESIA APPROVES 922.14 MLN T COAL PRODUCTION QUOTA FOR 2024, ABOVE TARGET - REUTERS
Indonesia has approved coal production quotas totalling 922.14 million metric tons for 2024, Bambang Suswantono, a senior official at the mining mi ...
Friday, 22 March 24
CHINA COAL INDUSTRY GROUP EXPECTS OUTPUT GROWTH TO SLOW IN 2024 - REUTERS
China’s coal output is expected to increase 36 million metric tons, or 0.8%, to about 4.7 billion tonnes in 2024, a Chinese coal industry gro ...
Monday, 18 March 24
THREE KEY TAKEAWAYS FROM OUR EUROPE GAS MARKETS SHORT-TERM OUTLOOK Q1 2024 - WOOD MACKENZIE
European gas prices are currently back to pre-crisis levels, but with a complex series of factors affecting future supply and demand, are they set ...
Wednesday, 06 March 24
INDONESIA AIMS TO FINISH MINING OUTPUT QUOTAS APPROVAL BY END-MARCH, OFFICIAL SAYS - REUTERS
Indonesia’s has approved the mining production quotarequests from more than 120mineral companies and aims to complete the approval process th ...
Monday, 04 March 24
IS YOUR GUARANTEE A GUARANTEE? NOTE TO SHIPOWNERS - GARD
KNOWLEDGE TO ELEVATE
The law of guarantees is not always obvious or easy to understand without proper guidance. This article clarifies the dif ...
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- Asia Pacific Energy Resources Ventures Inc, Philippines
- Latin American Coal - Colombia
- Baramulti Group, Indonesia
- Coastal Gujarat Power Limited - India
- Central Electricity Authority - India
- Energy Development Corp, Philippines
- PTC India Limited - India
- Coal and Oil Company - UAE
- Medco Energi Mining Internasional
- Formosa Plastics Group - Taiwan
- Leighton Contractors Pty Ltd - Australia
- Kaltim Prima Coal - Indonesia
- Coalindo Energy - Indonesia
- Eastern Coal Council - USA
- Gujarat Electricity Regulatory Commission - India
- PNOC Exploration Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indogreen Group - Indonesia
- Madhucon Powers Ltd - India
- Carbofer General Trading SA - India
- Karaikal Port Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Global Coal Blending Company Limited - Australia
- Uttam Galva Steels Limited - India
- Parry Sugars Refinery, India
- Krishnapatnam Port Company Ltd. - India
- Sakthi Sugars Limited - India
- MS Steel International - UAE
- Jindal Steel & Power Ltd - India
- Australian Commodity Traders Exchange
- Rio Tinto Coal - Australia
- Romanian Commodities Exchange
- Gujarat Mineral Development Corp Ltd - India
- Salva Resources Pvt Ltd - India
- Mintek Dendrill Indonesia
- Savvy Resources Ltd - HongKong
- Indian Energy Exchange, India
- Petron Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Central Java Power - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Edison Trading Spa - Italy
- Straits Asia Resources Limited - Singapore
- Dalmia Cement Bharat India
- VISA Power Limited - India
- Oldendorff Carriers - Singapore
- Essar Steel Hazira Ltd - India
- GVK Power & Infra Limited - India
- Mjunction Services Limited - India
- Renaissance Capital - South Africa
- Sarangani Energy Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Independent Power Producers Association of India
- Barasentosa Lestari - Indonesia
- Indika Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Kartika Selabumi Mining - Indonesia
- Lanco Infratech Ltd - India
- Chamber of Mines of South Africa
- Sindya Power Generating Company Private Ltd
- Eastern Energy - Thailand
- Sree Jayajothi Cements Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Kohat Cement Company Ltd. - Pakistan
- Makarim & Taira - Indonesia
- Wood Mackenzie - Singapore
- Vizag Seaport Private Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- GMR Energy Limited - India
- Therma Luzon, Inc, Philippines
- Iligan Light & Power Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Binh Thuan Hamico - Vietnam
- Bhatia International Limited - India
- Xindia Steels Limited - India
- Chettinad Cement Corporation Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Heidelberg Cement - Germany
- Ind-Barath Power Infra Limited - India
- Intertek Mineral Services - Indonesia
- Metalloyd Limited - United Kingdom
- Electricity Generating Authority of Thailand
- San Jose City I Power Corp, Philippines
- Riau Bara Harum - Indonesia
- Port Waratah Coal Services - Australia
- Toyota Tsusho Corporation, Japan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- London Commodity Brokers - England
- Simpson Spence & Young - Indonesia
- Siam City Cement PLC, Thailand
- India Bulls Power Limited - India
- Kideco Jaya Agung - Indonesia
- The Treasury - Australian Government
- GAC Shipping (India) Pvt Ltd
- ICICI Bank Limited - India
- Samtan Co., Ltd - South Korea
- Singapore Mercantile Exchange
- Vijayanagar Sugar Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Kumho Petrochemical, South Korea
- IHS Mccloskey Coal Group - USA
- Posco Energy - South Korea
- Rashtriya Ispat Nigam Limited - India
- Holcim Trading Pte Ltd - Singapore
- Bayan Resources Tbk. - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Kepco SPC Power Corporation, Philippines
- Sical Logistics Limited - India
- Altura Mining Limited, Indonesia
- Star Paper Mills Limited - India
- Goldman Sachs - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Pendopo Energi Batubara - Indonesia
- Maheswari Brothers Coal Limited - India
- Parliament of New Zealand
- Grasim Industreis Ltd - India
- Economic Council, Georgia
- Asmin Koalindo Tuhup - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Georgia Ports Authority, United States
- Tata Chemicals Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- CIMB Investment Bank - Malaysia
- Tamil Nadu electricity Board
- Indo Tambangraya Megah - Indonesia
- Thiess Contractors Indonesia
- SMG Consultants - Indonesia
- Vedanta Resources Plc - India
- Jorong Barutama Greston.PT - Indonesia
- Videocon Industries ltd - India
- Trasteel International SA, Italy
- Indian Oil Corporation Limited
- Ministry of Transport, Egypt
- Global Green Power PLC Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Aditya Birla Group - India
- Kobexindo Tractors - Indoneisa
- PowerSource Philippines DevCo
- Price Waterhouse Coopers - Russia
- White Energy Company Limited
- Borneo Indobara - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Marubeni Corporation - India
- Aboitiz Power Corporation - Philippines
- CNBM International Corporation - China
- ASAPP Information Group - India
- Anglo American - United Kingdom
- Timah Investasi Mineral - Indoneisa
- Interocean Group of Companies - India
- Bulk Trading Sa - Switzerland
- Antam Resourcindo - Indonesia
- SMC Global Power, Philippines
- Orica Australia Pty. Ltd.
- McConnell Dowell - Australia
- Energy Link Ltd, New Zealand
- Directorate Of Revenue Intelligence - India
- Deloitte Consulting - India
- Sojitz Corporation - Japan
- Wilmar Investment Holdings
- TeaM Sual Corporation - Philippines
- Standard Chartered Bank - UAE
- Mercuria Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Power Finance Corporation Ltd., India
- Ministry of Mines - Canada
- Thai Mozambique Logistica
- Bukit Baiduri Energy - Indonesia
- The State Trading Corporation of India Ltd
- Jaiprakash Power Ventures ltd
- Attock Cement Pakistan Limited
- Globalindo Alam Lestari - Indonesia
- Ambuja Cements Ltd - India
- Orica Mining Services - Indonesia
- Mercator Lines Limited - India
- Cement Manufacturers Association - India
- Planning Commission, India
- Bhoruka Overseas - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Semirara Mining Corp, Philippines
- The University of Queensland
- Commonwealth Bank - Australia
- Meralco Power Generation, Philippines
- Larsen & Toubro Limited - India
- Electricity Authority, New Zealand
- Ministry of Finance - Indonesia
- Kapuas Tunggal Persada - Indonesia
- OPG Power Generation Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Australian Coal Association
- Maharashtra Electricity Regulatory Commission - India
- Ceylon Electricity Board - Sri Lanka
- Billiton Holdings Pty Ltd - Australia
- Global Business Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- South Luzon Thermal Energy Corporation
- Bangladesh Power Developement Board
- Cigading International Bulk Terminal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- New Zealand Coal & Carbon
- Agrawal Coal Company - India
- Banpu Public Company Limited - Thailand
- Bharathi Cement Corporation - India
- Semirara Mining and Power Corporation, Philippines
- Africa Commodities Group - South Africa
- IEA Clean Coal Centre - UK
- Siam City Cement - Thailand
- Bhushan Steel Limited - India
- Indonesian Coal Mining Association
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Makmur.PT - Indonesia
- Malabar Cements Ltd - India
- Minerals Council of Australia
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