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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, 11 June 22
AIMTEK INTERNATIONAL CONFERENCE AND AWARDS
Press Release: The prestigious AIMTEK International Conference and Awards concluded successfully on June 7th, 2022 at Radisson Blu, Yas Island Abu ...
Thursday, 26 May 22
MARKET INSIGHT - INTERMODAL
The newbuilding market activity has been significantly positive from a dry bulk owner perspective during the first half of 2022. Indeed, the contra ...
Wednesday, 18 May 22
INDONESIAN COAL PRICE REFERENCE DROPPED 4.42% IN MAY
COALspot.com: Indonesian Coal Price Reference for May delivery drops 4.42 per cent month on month.
The Indonesian Coal Price Referen ...
Thursday, 12 May 22
MARKET INSIGHT - INTERMODAL
Almost through half of the year, the overall shipping market continues to show signs of healthiness, after plenty of festivities and holidays that ...
Wednesday, 27 April 22
EUROPEAN UNION'S LNG IMPORTS - BANCHERO COSTA
In 2021, the European Union (27) was the third largest seaborne importer of LNG in the world, with a 15.8% share.
It followed Mainla ...
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- Energy Link Ltd, New Zealand
- Minerals Council of Australia
- Timah Investasi Mineral - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- Vedanta Resources Plc - India
- Power Finance Corporation Ltd., India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Uttam Galva Steels Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Edison Trading Spa - Italy
- Simpson Spence & Young - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Energy Development Corp, Philippines
- India Bulls Power Limited - India
- Goldman Sachs - Singapore
- Mercator Lines Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Posco Energy - South Korea
- Thiess Contractors Indonesia
- Global Green Power PLC Corporation, Philippines
- Mjunction Services Limited - India
- LBH Netherlands Bv - Netherlands
- TeaM Sual Corporation - Philippines
- Coastal Gujarat Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Eastern Energy - Thailand
- Karaikal Port Pvt Ltd - India
- Romanian Commodities Exchange
- Iligan Light & Power Inc, Philippines
- Port Waratah Coal Services - Australia
- Directorate Of Revenue Intelligence - India
- Ministry of Mines - Canada
- Altura Mining Limited, Indonesia
- Xindia Steels Limited - India
- MS Steel International - UAE
- Oldendorff Carriers - Singapore
- Dalmia Cement Bharat India
- Global Coal Blending Company Limited - Australia
- Siam City Cement - Thailand
- Intertek Mineral Services - Indonesia
- Rio Tinto Coal - Australia
- Lanco Infratech Ltd - India
- Ceylon Electricity Board - Sri Lanka
- SMG Consultants - Indonesia
- Toyota Tsusho Corporation, Japan
- Bharathi Cement Corporation - India
- PTC India Limited - India
- Central Java Power - Indonesia
- Rashtriya Ispat Nigam Limited - India
- The University of Queensland
- Interocean Group of Companies - India
- San Jose City I Power Corp, Philippines
- Standard Chartered Bank - UAE
- Thai Mozambique Logistica
- Jindal Steel & Power Ltd - India
- Semirara Mining Corp, Philippines
- Metalloyd Limited - United Kingdom
- Savvy Resources Ltd - HongKong
- Meenaskhi Energy Private Limited - India
- Indogreen Group - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Vijayanagar Sugar Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Cement Manufacturers Association - India
- Wood Mackenzie - Singapore
- Madhucon Powers Ltd - India
- Kideco Jaya Agung - Indonesia
- Antam Resourcindo - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Bhoruka Overseas - Indonesia
- Orica Australia Pty. Ltd.
- Billiton Holdings Pty Ltd - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Samtan Co., Ltd - South Korea
- Meralco Power Generation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Leighton Contractors Pty Ltd - Australia
- London Commodity Brokers - England
- Malabar Cements Ltd - India
- GAC Shipping (India) Pvt Ltd
- Mintek Dendrill Indonesia
- Bukit Makmur.PT - Indonesia
- Marubeni Corporation - India
- Banpu Public Company Limited - Thailand
- Cigading International Bulk Terminal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Orica Mining Services - Indonesia
- PNOC Exploration Corporation - Philippines
- Tata Chemicals Ltd - India
- Parry Sugars Refinery, India
- Latin American Coal - Colombia
- Electricity Generating Authority of Thailand
- AsiaOL BioFuels Corp., Philippines
- Sindya Power Generating Company Private Ltd
- Bangladesh Power Developement Board
- Essar Steel Hazira Ltd - India
- Ministry of Transport, Egypt
- Heidelberg Cement - Germany
- The State Trading Corporation of India Ltd
- Deloitte Consulting - India
- Gujarat Sidhee Cement - India
- Chamber of Mines of South Africa
- GMR Energy Limited - India
- Indika Energy - Indonesia
- New Zealand Coal & Carbon
- Alfred C Toepfer International GmbH - Germany
- Price Waterhouse Coopers - Russia
- Kepco SPC Power Corporation, Philippines
- Commonwealth Bank - Australia
- European Bulk Services B.V. - Netherlands
- Coalindo Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- OPG Power Generation Pvt Ltd - India
- Ministry of Finance - Indonesia
- Agrawal Coal Company - India
- Petron Corporation, Philippines
- South Luzon Thermal Energy Corporation
- SN Aboitiz Power Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Bhatia International Limited - India
- Manunggal Multi Energi - Indonesia
- Aditya Birla Group - India
- Krishnapatnam Port Company Ltd. - India
- Trasteel International SA, Italy
- Kapuas Tunggal Persada - Indonesia
- Bayan Resources Tbk. - Indonesia
- Sinarmas Energy and Mining - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Renaissance Capital - South Africa
- Mercuria Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Indian Oil Corporation Limited
- Directorate General of MIneral and Coal - Indonesia
- Singapore Mercantile Exchange
- Africa Commodities Group - South Africa
- White Energy Company Limited
- Gujarat Electricity Regulatory Commission - India
- Globalindo Alam Lestari - Indonesia
- Coal and Oil Company - UAE
- Tamil Nadu electricity Board
- Kumho Petrochemical, South Korea
- Petrochimia International Co. Ltd.- Taiwan
- Sical Logistics Limited - India
- Attock Cement Pakistan Limited
- Larsen & Toubro Limited - India
- Central Electricity Authority - India
- VISA Power Limited - India
- Therma Luzon, Inc, Philippines
- Bhushan Steel Limited - India
- Semirara Mining and Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Bulk Trading Sa - Switzerland
- Indonesian Coal Mining Association
- Makarim & Taira - Indonesia
- Sojitz Corporation - Japan
- Barasentosa Lestari - Indonesia
- Salva Resources Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Ambuja Cements Ltd - India
- Wilmar Investment Holdings
- Australian Commodity Traders Exchange
- Miang Besar Coal Terminal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Binh Thuan Hamico - Vietnam
- CIMB Investment Bank - Malaysia
- Riau Bara Harum - Indonesia
- Maheswari Brothers Coal Limited - India
- Electricity Authority, New Zealand
- Jaiprakash Power Ventures ltd
- Vizag Seaport Private Limited - India
- Pendopo Energi Batubara - Indonesia
- ICICI Bank Limited - India
- Grasim Industreis Ltd - India
- CNBM International Corporation - China
- Planning Commission, India
- ASAPP Information Group - India
- Karbindo Abesyapradhi - Indoneisa
- Eastern Coal Council - USA
- IHS Mccloskey Coal Group - USA
- Kalimantan Lumbung Energi - Indonesia
- GVK Power & Infra Limited - India
- Global Business Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- McConnell Dowell - Australia
- Kartika Selabumi Mining - Indonesia
- Baramulti Group, Indonesia
- Australian Coal Association
- Star Paper Mills Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Independent Power Producers Association of India
- Medco Energi Mining Internasional
- Carbofer General Trading SA - India
- Sakthi Sugars Limited - India
- Ind-Barath Power Infra Limited - India
- Indian Energy Exchange, India
- Merrill Lynch Commodities Europe
- Siam City Cement PLC, Thailand
- Borneo Indobara - Indonesia
- Bukit Baiduri Energy - Indonesia
- Georgia Ports Authority, United States
- Anglo American - United Kingdom
- Formosa Plastics Group - Taiwan
- Economic Council, Georgia
- Videocon Industries ltd - India
- Kobexindo Tractors - Indoneisa
- Parliament of New Zealand
- PowerSource Philippines DevCo
- The Treasury - Australian Government
- SMC Global Power, Philippines
- Holcim Trading Pte Ltd - Singapore
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