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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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Tuesday, 26 April 22
CHINA'S APPETITE FOR BAUXITE HITS NEW RECORD AS Q1 IMPORTS JUMP 15.4% Y/Y - BIMCO
Bauxite shipments arriving in China hit new record levels in the first quarter of 2022 and grew at an average annual rate of 12.8% between 2017 and ...
Tuesday, 26 April 22
INDIA'S COAL IMPORTS ARE SHIFTING, THERMAL MORE THAN COKING - REUTERS
India’s coal imports are starting to reflect shifting world trade and pricing dynamics in the wake of Russia’s invasion of neighbouring ...
Monday, 18 April 22
GERMAN COAL IMPORTERS EXPECT A BRIEF SPIKE IN PRICES ON EU BAN - REUTERS
A European Union embargo on Russian coal imports will push up prices in the short term before alternative supplies become available to steady the c ...
Monday, 18 April 22
FINNISH 'LOOPHOLES' ALLOW IMPORTS OF RUSSIAN COAL AND OIL TO CONTINUE - EURONEWS
Activists in Finland are calling for the government to clamp down faster on state-owned companies that continue to import raw materials from Russia ...
Monday, 18 April 22
GOVT IN DISCUSSION WITH WORLD BANK ON FRAMEWORK FOR COAL MINE CLOSURE - BUSINESS STANDARD
The coal ministry is in discussions with the World Bank for collaboration on the mine closure framework, a government official said on Wednesday.
...
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- Parry Sugars Refinery, India
- LBH Netherlands Bv - Netherlands
- Pendopo Energi Batubara - Indonesia
- Coastal Gujarat Power Limited - India
- Renaissance Capital - South Africa
- Indian Oil Corporation Limited
- Bukit Asam (Persero) Tbk - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Kobexindo Tractors - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Commonwealth Bank - Australia
- Bangladesh Power Developement Board
- Ambuja Cements Ltd - India
- Coalindo Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Chamber of Mines of South Africa
- Mercuria Energy - Indonesia
- Coal and Oil Company - UAE
- Intertek Mineral Services - Indonesia
- Makarim & Taira - Indonesia
- Tata Chemicals Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Goldman Sachs - Singapore
- Independent Power Producers Association of India
- IHS Mccloskey Coal Group - USA
- Jindal Steel & Power Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Kapuas Tunggal Persada - Indonesia
- Bukit Baiduri Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Orica Australia Pty. Ltd.
- Ministry of Finance - Indonesia
- Banpu Public Company Limited - Thailand
- Kartika Selabumi Mining - Indonesia
- TeaM Sual Corporation - Philippines
- Xindia Steels Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- London Commodity Brokers - England
- Posco Energy - South Korea
- Bhatia International Limited - India
- Altura Mining Limited, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Eastern Coal Council - USA
- Price Waterhouse Coopers - Russia
- Romanian Commodities Exchange
- Mintek Dendrill Indonesia
- Alfred C Toepfer International GmbH - Germany
- Sakthi Sugars Limited - India
- Iligan Light & Power Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Star Paper Mills Limited - India
- Carbofer General Trading SA - India
- SMC Global Power, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Directorate Of Revenue Intelligence - India
- Vizag Seaport Private Limited - India
- European Bulk Services B.V. - Netherlands
- Sical Logistics Limited - India
- Leighton Contractors Pty Ltd - Australia
- Sojitz Corporation - Japan
- Heidelberg Cement - Germany
- Energy Development Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Tamil Nadu electricity Board
- Vedanta Resources Plc - India
- Simpson Spence & Young - Indonesia
- Marubeni Corporation - India
- Interocean Group of Companies - India
- White Energy Company Limited
- Wilmar Investment Holdings
- Ministry of Transport, Egypt
- Karaikal Port Pvt Ltd - India
- Africa Commodities Group - South Africa
- The University of Queensland
- South Luzon Thermal Energy Corporation
- GMR Energy Limited - India
- Semirara Mining Corp, Philippines
- CIMB Investment Bank - Malaysia
- Sindya Power Generating Company Private Ltd
- Global Green Power PLC Corporation, Philippines
- Economic Council, Georgia
- Global Business Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Standard Chartered Bank - UAE
- Therma Luzon, Inc, Philippines
- Petron Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Dalmia Cement Bharat India
- Power Finance Corporation Ltd., India
- McConnell Dowell - Australia
- Merrill Lynch Commodities Europe
- Baramulti Group, Indonesia
- Mjunction Services Limited - India
- Bukit Makmur.PT - Indonesia
- Barasentosa Lestari - Indonesia
- Rio Tinto Coal - Australia
- Gujarat Sidhee Cement - India
- Essar Steel Hazira Ltd - India
- Energy Link Ltd, New Zealand
- New Zealand Coal & Carbon
- Ministry of Mines - Canada
- Ceylon Electricity Board - Sri Lanka
- Manunggal Multi Energi - Indonesia
- GAC Shipping (India) Pvt Ltd
- Cigading International Bulk Terminal - Indonesia
- IEA Clean Coal Centre - UK
- Deloitte Consulting - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Thai Mozambique Logistica
- Attock Cement Pakistan Limited
- Bulk Trading Sa - Switzerland
- SN Aboitiz Power Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Wood Mackenzie - Singapore
- Indogreen Group - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Uttam Galva Steels Limited - India
- Indonesian Coal Mining Association
- Jaiprakash Power Ventures ltd
- Thiess Contractors Indonesia
- Formosa Plastics Group - Taiwan
- Central Electricity Authority - India
- India Bulls Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Bharathi Cement Corporation - India
- Malabar Cements Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Indian Energy Exchange, India
- Metalloyd Limited - United Kingdom
- Global Coal Blending Company Limited - Australia
- Siam City Cement PLC, Thailand
- SMG Consultants - Indonesia
- Electricity Authority, New Zealand
- Cement Manufacturers Association - India
- Larsen & Toubro Limited - India
- Anglo American - United Kingdom
- Maheswari Brothers Coal Limited - India
- Kumho Petrochemical, South Korea
- Directorate General of MIneral and Coal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Siam City Cement - Thailand
- Orica Mining Services - Indonesia
- Mercator Lines Limited - India
- San Jose City I Power Corp, Philippines
- VISA Power Limited - India
- PTC India Limited - India
- Parliament of New Zealand
- Trasteel International SA, Italy
- Electricity Generating Authority of Thailand
- Semirara Mining and Power Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Lanco Infratech Ltd - India
- Videocon Industries ltd - India
- Eastern Energy - Thailand
- Minerals Council of Australia
- Riau Bara Harum - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Meralco Power Generation, Philippines
- ICICI Bank Limited - India
- Port Waratah Coal Services - Australia
- Medco Energi Mining Internasional
- Bahari Cakrawala Sebuku - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Singapore Mercantile Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- PowerSource Philippines DevCo
- Kaltim Prima Coal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Bhushan Steel Limited - India
- Samtan Co., Ltd - South Korea
- Gujarat Mineral Development Corp Ltd - India
- Bayan Resources Tbk. - Indonesia
- OPG Power Generation Pvt Ltd - India
- The Treasury - Australian Government
- Savvy Resources Ltd - HongKong
- Georgia Ports Authority, United States
- Toyota Tsusho Corporation, Japan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Grasim Industreis Ltd - India
- Central Java Power - Indonesia
- Indika Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Sarangani Energy Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- ASAPP Information Group - India
- Globalindo Alam Lestari - Indonesia
- Straits Asia Resources Limited - Singapore
- International Coal Ventures Pvt Ltd - India
- Planning Commission, India
- CNBM International Corporation - China
- Australian Commodity Traders Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Antam Resourcindo - Indonesia
- Aditya Birla Group - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Petrochimia International Co. Ltd.- Taiwan
- AsiaOL BioFuels Corp., Philippines
- Madhucon Powers Ltd - India
- Kideco Jaya Agung - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Miang Besar Coal Terminal - Indonesia
- Aboitiz Power Corporation - Philippines
- GVK Power & Infra Limited - India
- Australian Coal Association
- Oldendorff Carriers - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Edison Trading Spa - Italy
- MS Steel International - UAE
- Latin American Coal - Colombia
- Salva Resources Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Sinarmas Energy and Mining - Indonesia
- The State Trading Corporation of India Ltd
- Borneo Indobara - Indonesia
- Agrawal Coal Company - India
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