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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, 03 February 22
COAL SHORTAGE NOW AT ALARMING LEVELS, SAY ALUMINIUM PRODUCERS - IANS
With no relief in sight despite coal stocks running critically low and production disruptions looming across the Indian aluminium sector, the Alumi ...
Wednesday, 02 February 22
HIGH COKING COAL PRICES PROVIDE GLIMPSE INTO STEELMAKING'S FUTURE - MCKINSEY
Last year was a volatile one in global commodity markets. Demand for coking coal, an essential raw material in the production of steel, was extreme ...
Wednesday, 02 February 22
INDONESIA'S RESTRICTIONS ON COMMODITIES RATTLE MARKETS, MORE MOVES LIKELY - REUTERS
In just the first month of this year, Indonesian policymakers have rattled global markets with restrictions on some of its biggest commodities expo ...
Wednesday, 02 February 22
CHINA'S TOP COAL PRODUCER FORECASTS 28 PCT PROFIT GROWTH IN 2021 - XINHUA
China Shenhua Energy Company Limited, one of the country’s biggest coal producers, said its net profits are expected to jump by 28 percent in ...
Wednesday, 02 February 22
COAL STORAGE IN CHINA’S POWER PLANTS NEAR RECORD HIGHS - XINHUA
Coal inflows into China’s power plants have picked up, bringing their coal storage to near record highs, the National Development and Reform ...
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- CNBM International Corporation - China
- Eastern Energy - Thailand
- Aditya Birla Group - India
- The University of Queensland
- Toyota Tsusho Corporation, Japan
- AsiaOL BioFuels Corp., Philippines
- Siam City Cement PLC, Thailand
- Sojitz Corporation - Japan
- Thiess Contractors Indonesia
- Binh Thuan Hamico - Vietnam
- Petron Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Altura Mining Limited, Indonesia
- Romanian Commodities Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jindal Steel & Power Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sical Logistics Limited - India
- Cement Manufacturers Association - India
- Dalmia Cement Bharat India
- Maharashtra Electricity Regulatory Commission - India
- India Bulls Power Limited - India
- Meralco Power Generation, Philippines
- Posco Energy - South Korea
- GVK Power & Infra Limited - India
- Madhucon Powers Ltd - India
- Bulk Trading Sa - Switzerland
- Bayan Resources Tbk. - Indonesia
- Commonwealth Bank - Australia
- Sarangani Energy Corporation, Philippines
- Anglo American - United Kingdom
- Neyveli Lignite Corporation Ltd, - India
- Rio Tinto Coal - Australia
- Indo Tambangraya Megah - Indonesia
- Orica Mining Services - Indonesia
- Riau Bara Harum - Indonesia
- Ind-Barath Power Infra Limited - India
- Indonesian Coal Mining Association
- GMR Energy Limited - India
- London Commodity Brokers - England
- Borneo Indobara - Indonesia
- Trasteel International SA, Italy
- Jaiprakash Power Ventures ltd
- Indogreen Group - Indonesia
- South Luzon Thermal Energy Corporation
- Bangladesh Power Developement Board
- Sinarmas Energy and Mining - Indonesia
- Global Green Power PLC Corporation, Philippines
- Ministry of Mines - Canada
- Offshore Bulk Terminal Pte Ltd, Singapore
- Independent Power Producers Association of India
- Wood Mackenzie - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Iligan Light & Power Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- Kobexindo Tractors - Indoneisa
- San Jose City I Power Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- PNOC Exploration Corporation - Philippines
- Energy Link Ltd, New Zealand
- Kumho Petrochemical, South Korea
- Aboitiz Power Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- Bhatia International Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Makarim & Taira - Indonesia
- Salva Resources Pvt Ltd - India
- ICICI Bank Limited - India
- Australian Commodity Traders Exchange
- Antam Resourcindo - Indonesia
- Maheswari Brothers Coal Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Standard Chartered Bank - UAE
- Gujarat Electricity Regulatory Commission - India
- Indika Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Kohat Cement Company Ltd. - Pakistan
- Heidelberg Cement - Germany
- Meenaskhi Energy Private Limited - India
- Videocon Industries ltd - India
- Global Coal Blending Company Limited - Australia
- Oldendorff Carriers - Singapore
- Simpson Spence & Young - Indonesia
- Medco Energi Mining Internasional
- Kaltim Prima Coal - Indonesia
- Intertek Mineral Services - Indonesia
- Planning Commission, India
- Krishnapatnam Port Company Ltd. - India
- The Treasury - Australian Government
- Global Business Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Power Finance Corporation Ltd., India
- Straits Asia Resources Limited - Singapore
- Edison Trading Spa - Italy
- Attock Cement Pakistan Limited
- Sree Jayajothi Cements Limited - India
- Agrawal Coal Company - India
- Electricity Generating Authority of Thailand
- Electricity Authority, New Zealand
- Vedanta Resources Plc - India
- Formosa Plastics Group - Taiwan
- IEA Clean Coal Centre - UK
- Parry Sugars Refinery, India
- Chettinad Cement Corporation Ltd - India
- Pendopo Energi Batubara - Indonesia
- Tata Chemicals Ltd - India
- Marubeni Corporation - India
- Chamber of Mines of South Africa
- Indian Energy Exchange, India
- Orica Australia Pty. Ltd.
- The State Trading Corporation of India Ltd
- Sakthi Sugars Limited - India
- Star Paper Mills Limited - India
- Karaikal Port Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Vizag Seaport Private Limited - India
- Central Electricity Authority - India
- Economic Council, Georgia
- Africa Commodities Group - South Africa
- Merrill Lynch Commodities Europe
- Essar Steel Hazira Ltd - India
- International Coal Ventures Pvt Ltd - India
- Deloitte Consulting - India
- Therma Luzon, Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- VISA Power Limited - India
- IHS Mccloskey Coal Group - USA
- Samtan Co., Ltd - South Korea
- Bukit Makmur.PT - Indonesia
- White Energy Company Limited
- Larsen & Toubro Limited - India
- ASAPP Information Group - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Malabar Cements Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Banpu Public Company Limited - Thailand
- Ceylon Electricity Board - Sri Lanka
- Carbofer General Trading SA - India
- Ambuja Cements Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Thai Mozambique Logistica
- Kartika Selabumi Mining - Indonesia
- Ministry of Finance - Indonesia
- Semirara Mining Corp, Philippines
- Price Waterhouse Coopers - Russia
- Pipit Mutiara Jaya. PT, Indonesia
- Latin American Coal - Colombia
- SMG Consultants - Indonesia
- SMC Global Power, Philippines
- PTC India Limited - India
- Gujarat Sidhee Cement - India
- Goldman Sachs - Singapore
- Minerals Council of Australia
- PowerSource Philippines DevCo
- Parliament of New Zealand
- Siam City Cement - Thailand
- Directorate Of Revenue Intelligence - India
- European Bulk Services B.V. - Netherlands
- Jorong Barutama Greston.PT - Indonesia
- Singapore Mercantile Exchange
- Interocean Group of Companies - India
- OPG Power Generation Pvt Ltd - India
- Xindia Steels Limited - India
- Central Java Power - Indonesia
- Energy Development Corp, Philippines
- New Zealand Coal & Carbon
- TeaM Sual Corporation - Philippines
- Mintek Dendrill Indonesia
- Semirara Mining and Power Corporation, Philippines
- Grasim Industreis Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- GN Power Mariveles Coal Plant, Philippines
- Kideco Jaya Agung - Indonesia
- Wilmar Investment Holdings
- Coal and Oil Company - UAE
- Mercator Lines Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Bharathi Cement Corporation - India
- Renaissance Capital - South Africa
- Manunggal Multi Energi - Indonesia
- Tamil Nadu electricity Board
- Vijayanagar Sugar Pvt Ltd - India
- Coalindo Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Timah Investasi Mineral - Indoneisa
- Georgia Ports Authority, United States
- Bhushan Steel Limited - India
- Holcim Trading Pte Ltd - Singapore
- McConnell Dowell - Australia
- CIMB Investment Bank - Malaysia
- Eastern Coal Council - USA
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indian Oil Corporation Limited
- Asmin Koalindo Tuhup - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Baramulti Group, Indonesia
- Lanco Infratech Ltd - India
- LBH Netherlands Bv - Netherlands
- Kapuas Tunggal Persada - Indonesia
- Uttam Galva Steels Limited - India
- Metalloyd Limited - United Kingdom
- MS Steel International - UAE
- Savvy Resources Ltd - HongKong
- Ministry of Transport, Egypt
- Globalindo Alam Lestari - Indonesia
- Bhoruka Overseas - Indonesia
- Barasentosa Lestari - Indonesia
- Australian Coal Association
- Leighton Contractors Pty Ltd - Australia
- Bukit Baiduri Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Mjunction Services Limited - India
- Mercuria Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
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