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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, 30 June 22
INVESTMENT IN GLOBAL COAL SUPPLY CHAIN TO HIT $115 BN IN 2022, LED BY CHINA AND INDIA - BUSINESS LINE
At over $80 billion, China and India are anticipated to make up the bulk of global coal investment in 2022, says IEA.
The investment ...
Wednesday, 29 June 22
LNG MARKET REMAINS TIGHT - INTERMODAL
LNG market remains tight currently, mainly driven by the US LNG outage from the recent fire in Freeport LNG terminal together with the recent fall ...
Wednesday, 29 June 22
CHINA'S NEW PLAN FOR RENEWABLE ENERGY DEVELOPMENT FOCUSES ON CONSUMPTION - FITCH RATINGS
China’s focus on consumption penetration for renewable energy development in its recently released 14th five-year plan – 2021 to 2025 & ...
Wednesday, 29 June 22
APAC CORPORATE SECTOR OUTLOOKS SHIFT AMID GLOBAL SHOCKS - FITCH RATINGS’
Fitch Ratings’ mid-2022 corporate sector outlook review revealed that the Asia-Pacific (APAC) region saw the largest number of sector outlook ...
Thursday, 16 June 22
MARKET INSIGHT - INTERMODAL
Picking up from my last insight in March, on the early days of the invasion, it's worth pointing out the way that the fast-paced working enviro ...
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- Chettinad Cement Corporation Ltd - India
- Indogreen Group - Indonesia
- Wood Mackenzie - Singapore
- PowerSource Philippines DevCo
- The Treasury - Australian Government
- Indo Tambangraya Megah - Indonesia
- Madhucon Powers Ltd - India
- Renaissance Capital - South Africa
- White Energy Company Limited
- Minerals Council of Australia
- Gujarat Electricity Regulatory Commission - India
- Coastal Gujarat Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- McConnell Dowell - Australia
- Straits Asia Resources Limited - Singapore
- Iligan Light & Power Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- Sree Jayajothi Cements Limited - India
- Standard Chartered Bank - UAE
- Tamil Nadu electricity Board
- Global Coal Blending Company Limited - Australia
- Australian Commodity Traders Exchange
- Wilmar Investment Holdings
- Sindya Power Generating Company Private Ltd
- Uttam Galva Steels Limited - India
- Holcim Trading Pte Ltd - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Mjunction Services Limited - India
- Thai Mozambique Logistica
- Meenaskhi Energy Private Limited - India
- Port Waratah Coal Services - Australia
- Economic Council, Georgia
- Maheswari Brothers Coal Limited - India
- Malabar Cements Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Grasim Industreis Ltd - India
- Power Finance Corporation Ltd., India
- Sojitz Corporation - Japan
- Samtan Co., Ltd - South Korea
- Bhatia International Limited - India
- Parliament of New Zealand
- Essar Steel Hazira Ltd - India
- Edison Trading Spa - Italy
- Eastern Coal Council - USA
- Kohat Cement Company Ltd. - Pakistan
- Electricity Generating Authority of Thailand
- Kumho Petrochemical, South Korea
- Pendopo Energi Batubara - Indonesia
- Trasteel International SA, Italy
- Kobexindo Tractors - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- MS Steel International - UAE
- Indonesian Coal Mining Association
- Gujarat Mineral Development Corp Ltd - India
- Kideco Jaya Agung - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sical Logistics Limited - India
- Oldendorff Carriers - Singapore
- Global Green Power PLC Corporation, Philippines
- Bhushan Steel Limited - India
- Miang Besar Coal Terminal - Indonesia
- SMG Consultants - Indonesia
- Cement Manufacturers Association - India
- Sinarmas Energy and Mining - Indonesia
- Agrawal Coal Company - India
- Mercator Lines Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Interocean Group of Companies - India
- Mercuria Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kartika Selabumi Mining - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Africa Commodities Group - South Africa
- Barasentosa Lestari - Indonesia
- Savvy Resources Ltd - HongKong
- Aboitiz Power Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- CNBM International Corporation - China
- Planning Commission, India
- GVK Power & Infra Limited - India
- Rio Tinto Coal - Australia
- Semirara Mining Corp, Philippines
- Heidelberg Cement - Germany
- Binh Thuan Hamico - Vietnam
- PNOC Exploration Corporation - Philippines
- Kepco SPC Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Jorong Barutama Greston.PT - Indonesia
- Medco Energi Mining Internasional
- LBH Netherlands Bv - Netherlands
- Simpson Spence & Young - Indonesia
- Vizag Seaport Private Limited - India
- Chamber of Mines of South Africa
- ICICI Bank Limited - India
- Deloitte Consulting - India
- Neyveli Lignite Corporation Ltd, - India
- South Luzon Thermal Energy Corporation
- Central Java Power - Indonesia
- Aditya Birla Group - India
- The University of Queensland
- Bharathi Cement Corporation - India
- Larsen & Toubro Limited - India
- Bayan Resources Tbk. - Indonesia
- Petron Corporation, Philippines
- Intertek Mineral Services - Indonesia
- IEA Clean Coal Centre - UK
- Coalindo Energy - Indonesia
- Romanian Commodities Exchange
- Anglo American - United Kingdom
- Ambuja Cements Ltd - India
- TeaM Sual Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Commonwealth Bank - Australia
- Attock Cement Pakistan Limited
- Energy Link Ltd, New Zealand
- Thiess Contractors Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Bhoruka Overseas - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Sarangani Energy Corporation, Philippines
- PTC India Limited - India
- Siam City Cement PLC, Thailand
- Independent Power Producers Association of India
- Price Waterhouse Coopers - Russia
- Formosa Plastics Group - Taiwan
- The State Trading Corporation of India Ltd
- Posco Energy - South Korea
- Latin American Coal - Colombia
- Metalloyd Limited - United Kingdom
- Merrill Lynch Commodities Europe
- Kaltim Prima Coal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Siam City Cement - Thailand
- Bangladesh Power Developement Board
- Energy Development Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mintek Dendrill Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Transport, Egypt
- Therma Luzon, Inc, Philippines
- Riau Bara Harum - Indonesia
- Carbofer General Trading SA - India
- Singapore Mercantile Exchange
- Borneo Indobara - Indonesia
- Jindal Steel & Power Ltd - India
- Bulk Trading Sa - Switzerland
- IHS Mccloskey Coal Group - USA
- Globalindo Alam Lestari - Indonesia
- Makarim & Taira - Indonesia
- Georgia Ports Authority, United States
- Indian Oil Corporation Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Sidhee Cement - India
- San Jose City I Power Corp, Philippines
- ASAPP Information Group - India
- Indika Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Billiton Holdings Pty Ltd - Australia
- Kalimantan Lumbung Energi - Indonesia
- European Bulk Services B.V. - Netherlands
- Orica Mining Services - Indonesia
- Eastern Energy - Thailand
- OPG Power Generation Pvt Ltd - India
- Meralco Power Generation, Philippines
- Baramulti Group, Indonesia
- Karaikal Port Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Bahari Cakrawala Sebuku - Indonesia
- VISA Power Limited - India
- Ministry of Mines - Canada
- Tata Chemicals Ltd - India
- Ministry of Finance - Indonesia
- New Zealand Coal & Carbon
- Krishnapatnam Port Company Ltd. - India
- Ceylon Electricity Board - Sri Lanka
- Alfred C Toepfer International GmbH - Germany
- Ind-Barath Power Infra Limited - India
- SMC Global Power, Philippines
- Toyota Tsusho Corporation, Japan
- Vedanta Resources Plc - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GMR Energy Limited - India
- Marubeni Corporation - India
- Star Paper Mills Limited - India
- Xindia Steels Limited - India
- Videocon Industries ltd - India
- GAC Shipping (India) Pvt Ltd
- Goldman Sachs - Singapore
- Altura Mining Limited, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Global Business Power Corporation, Philippines
- Dalmia Cement Bharat India
- Indian Energy Exchange, India
- Central Electricity Authority - India
- Timah Investasi Mineral - Indoneisa
- Sakthi Sugars Limited - India
- Kapuas Tunggal Persada - Indonesia
- Coal and Oil Company - UAE
- Directorate Of Revenue Intelligence - India
- Bukit Makmur.PT - Indonesia
- Australian Coal Association
- India Bulls Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- Bukit Baiduri Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Electricity Authority, New Zealand
- Parry Sugars Refinery, India
- TNB Fuel Sdn Bhd - Malaysia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Lanco Infratech Ltd - India
- Antam Resourcindo - Indonesia
- London Commodity Brokers - England
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