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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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Thursday, 07 July 22
COAL INDIA'S PRODUCTION SETS RECORD INCREASE OF 29% YOY AT 36 MT IN Q1FY23 - IIFL SECURITIES
Coal India Limited (CIL) has ended April-June quarter FY’23 capping a historic high of 29% yoy output growth, compared to same quarter FY&rsq ...
Wednesday, 06 July 22
MARKET INSIGHT - INTERMODAL
Following the 3rd Decarbonizing Shipping Forum, held in Hamburg on June 2022, there has been a meaningful resurgence of discussions within the ship ...
Tuesday, 05 July 22
WHY ARE VLSFO PRICES SO HIGH, ESPECIALLY IN SINGAPORE? - STEVE CHRISTY, INTEGR8 FUELS
Tightness in products still trumps talks of recession
Last month we wrote about the fears of recession versus the tightness in product markets ...
Tuesday, 05 July 22
ADANI ENTERPRISES LOWEST BIDDER IN COAL INDIA'S IMPORT TENDER: REPORT - BUSINESS STANDARD
Coal India Ltd floated its first import tender on behalf of power companies, where Adani Enterprises Ltd came out to be the lowest bidder, a report ...
Tuesday, 05 July 22
CHINA POLICY KEY FOR IRON ORE OUTLOOK - ING
China’s covid lockdowns and recessionary risks hit iron ore
Iron ore prices have fallen significantly from their year-to-date high of US$ ...
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- European Bulk Services B.V. - Netherlands
- Commonwealth Bank - Australia
- Australian Coal Association
- ICICI Bank Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Agrawal Coal Company - India
- ASAPP Information Group - India
- Pipit Mutiara Jaya. PT, Indonesia
- Iligan Light & Power Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- CNBM International Corporation - China
- Coal and Oil Company - UAE
- Eastern Energy - Thailand
- Sical Logistics Limited - India
- Cement Manufacturers Association - India
- Ind-Barath Power Infra Limited - India
- Standard Chartered Bank - UAE
- GAC Shipping (India) Pvt Ltd
- Gujarat Electricity Regulatory Commission - India
- Anglo American - United Kingdom
- Gujarat Sidhee Cement - India
- Directorate Of Revenue Intelligence - India
- Wood Mackenzie - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Ambuja Cements Ltd - India
- GMR Energy Limited - India
- Maheswari Brothers Coal Limited - India
- Alfred C Toepfer International GmbH - Germany
- PTC India Limited - India
- Parry Sugars Refinery, India
- Ministry of Transport, Egypt
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- IEA Clean Coal Centre - UK
- Kideco Jaya Agung - Indonesia
- Port Waratah Coal Services - Australia
- Medco Energi Mining Internasional
- Jindal Steel & Power Ltd - India
- Thiess Contractors Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Leighton Contractors Pty Ltd - Australia
- Makarim & Taira - Indonesia
- Bayan Resources Tbk. - Indonesia
- Thai Mozambique Logistica
- Barasentosa Lestari - Indonesia
- Aboitiz Power Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- Attock Cement Pakistan Limited
- Star Paper Mills Limited - India
- GVK Power & Infra Limited - India
- Lanco Infratech Ltd - India
- Madhucon Powers Ltd - India
- Independent Power Producers Association of India
- Bhatia International Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Electricity Generating Authority of Thailand
- Goldman Sachs - Singapore
- VISA Power Limited - India
- Merrill Lynch Commodities Europe
- Banpu Public Company Limited - Thailand
- McConnell Dowell - Australia
- Sakthi Sugars Limited - India
- Sree Jayajothi Cements Limited - India
- Bukit Makmur.PT - Indonesia
- Oldendorff Carriers - Singapore
- Africa Commodities Group - South Africa
- Gujarat Mineral Development Corp Ltd - India
- Chettinad Cement Corporation Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Videocon Industries ltd - India
- Metalloyd Limited - United Kingdom
- Jaiprakash Power Ventures ltd
- Salva Resources Pvt Ltd - India
- Baramulti Group, Indonesia
- Economic Council, Georgia
- Maharashtra Electricity Regulatory Commission - India
- Trasteel International SA, Italy
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jorong Barutama Greston.PT - Indonesia
- Altura Mining Limited, Indonesia
- Latin American Coal - Colombia
- Krishnapatnam Port Company Ltd. - India
- PowerSource Philippines DevCo
- Indian Energy Exchange, India
- Manunggal Multi Energi - Indonesia
- Global Coal Blending Company Limited - Australia
- The State Trading Corporation of India Ltd
- Heidelberg Cement - Germany
- Samtan Co., Ltd - South Korea
- Tata Chemicals Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Interocean Group of Companies - India
- Rashtriya Ispat Nigam Limited - India
- Vedanta Resources Plc - India
- Vizag Seaport Private Limited - India
- South Luzon Thermal Energy Corporation
- Pendopo Energi Batubara - Indonesia
- Antam Resourcindo - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Coastal Gujarat Power Limited - India
- Larsen & Toubro Limited - India
- Bharathi Cement Corporation - India
- Ministry of Finance - Indonesia
- Eastern Coal Council - USA
- Karaikal Port Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Kumho Petrochemical, South Korea
- Wilmar Investment Holdings
- Renaissance Capital - South Africa
- Bulk Trading Sa - Switzerland
- Indian Oil Corporation Limited
- OPG Power Generation Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Meralco Power Generation, Philippines
- Marubeni Corporation - India
- Savvy Resources Ltd - HongKong
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Mines - Canada
- Petron Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Dalmia Cement Bharat India
- Malabar Cements Ltd - India
- Essar Steel Hazira Ltd - India
- Xindia Steels Limited - India
- Mintek Dendrill Indonesia
- White Energy Company Limited
- SMG Consultants - Indonesia
- Australian Commodity Traders Exchange
- PetroVietnam Power Coal Import and Supply Company
- Therma Luzon, Inc, Philippines
- Posco Energy - South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Binh Thuan Hamico - Vietnam
- Mjunction Services Limited - India
- Bhushan Steel Limited - India
- Kohat Cement Company Ltd. - Pakistan
- PNOC Exploration Corporation - Philippines
- Riau Bara Harum - Indonesia
- Romanian Commodities Exchange
- India Bulls Power Limited - India
- Kobexindo Tractors - Indoneisa
- Uttam Galva Steels Limited - India
- Mercator Lines Limited - India
- CIMB Investment Bank - Malaysia
- Directorate General of MIneral and Coal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Semirara Mining Corp, Philippines
- Energy Link Ltd, New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- International Coal Ventures Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Planning Commission, India
- AsiaOL BioFuels Corp., Philippines
- Rio Tinto Coal - Australia
- Coalindo Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Globalindo Alam Lestari - Indonesia
- LBH Netherlands Bv - Netherlands
- SMC Global Power, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Timah Investasi Mineral - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- The University of Queensland
- Power Finance Corporation Ltd., India
- Simpson Spence & Young - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Deloitte Consulting - India
- Orica Australia Pty. Ltd.
- Sojitz Corporation - Japan
- Intertek Mineral Services - Indonesia
- The Treasury - Australian Government
- Semirara Mining and Power Corporation, Philippines
- Orica Mining Services - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Electricity Authority, New Zealand
- Sarangani Energy Corporation, Philippines
- London Commodity Brokers - England
- Central Electricity Authority - India
- Grasim Industreis Ltd - India
- Formosa Plastics Group - Taiwan
- Minerals Council of Australia
- Edison Trading Spa - Italy
- Indogreen Group - Indonesia
- Straits Asia Resources Limited - Singapore
- Chamber of Mines of South Africa
- San Jose City I Power Corp, Philippines
- Georgia Ports Authority, United States
- Indika Energy - Indonesia
- Mercuria Energy - Indonesia
- Central Java Power - Indonesia
- Parliament of New Zealand
- Tamil Nadu electricity Board
- Meenaskhi Energy Private Limited - India
- Aditya Birla Group - India
- Borneo Indobara - Indonesia
- New Zealand Coal & Carbon
- Energy Development Corp, Philippines
- Siam City Cement - Thailand
- Kaltim Prima Coal - Indonesia
- Bhoruka Overseas - Indonesia
- Sindya Power Generating Company Private Ltd
- Kartika Selabumi Mining - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Bangladesh Power Developement Board
- Price Waterhouse Coopers - Russia
- Carbofer General Trading SA - India
- Singapore Mercantile Exchange
- TeaM Sual Corporation - Philippines
- MS Steel International - UAE
- Siam City Cement PLC, Thailand
- Indo Tambangraya Megah - Indonesia
- IHS Mccloskey Coal Group - USA
- Indonesian Coal Mining Association
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