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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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Wednesday, 02 February 22
MARKET INSIGHT - INTERMODAL
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Monday, 31 January 22
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Sunday, 30 January 22
AIR PRODUCTS' COAL GASIFICATION PROPOSAL TRIGGERS LOOMING POLICY DISPUTES IN INDONESIA - IEEFA
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Sunday, 30 January 22
ENDGAME FOR NEW COAL POWER PROJECTS? - IEEFA INDIA
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Thursday, 27 January 22
2022 - A YEAR OF REBALANCING FOR METALS AND MINING - WOOD MACKENZIE
If 2021 was the year of rebound for metals and mining (M&M) commodities, then 2022 is shaping as the year of rebalance, says Wood Mackenzie, a ...
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- Directorate General of MIneral and Coal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Pendopo Energi Batubara - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Port Waratah Coal Services - Australia
- Global Green Power PLC Corporation, Philippines
- Attock Cement Pakistan Limited
- Binh Thuan Hamico - Vietnam
- Meenaskhi Energy Private Limited - India
- Altura Mining Limited, Indonesia
- Tamil Nadu electricity Board
- Sree Jayajothi Cements Limited - India
- Electricity Authority, New Zealand
- Antam Resourcindo - Indonesia
- Metalloyd Limited - United Kingdom
- Wilmar Investment Holdings
- Australian Coal Association
- New Zealand Coal & Carbon
- Banpu Public Company Limited - Thailand
- Cement Manufacturers Association - India
- Neyveli Lignite Corporation Ltd, - India
- Heidelberg Cement - Germany
- PetroVietnam Power Coal Import and Supply Company
- Makarim & Taira - Indonesia
- Bangladesh Power Developement Board
- Mercuria Energy - Indonesia
- Sical Logistics Limited - India
- Bukit Makmur.PT - Indonesia
- Holcim Trading Pte Ltd - Singapore
- ASAPP Information Group - India
- Global Coal Blending Company Limited - Australia
- Bhoruka Overseas - Indonesia
- Planning Commission, India
- Semirara Mining and Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- VISA Power Limited - India
- San Jose City I Power Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- Global Business Power Corporation, Philippines
- Africa Commodities Group - South Africa
- Borneo Indobara - Indonesia
- GAC Shipping (India) Pvt Ltd
- Barasentosa Lestari - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sakthi Sugars Limited - India
- Kaltim Prima Coal - Indonesia
- Jaiprakash Power Ventures ltd
- Indian Oil Corporation Limited
- TNB Fuel Sdn Bhd - Malaysia
- Anglo American - United Kingdom
- The University of Queensland
- Agrawal Coal Company - India
- South Luzon Thermal Energy Corporation
- ICICI Bank Limited - India
- Kumho Petrochemical, South Korea
- Bulk Trading Sa - Switzerland
- London Commodity Brokers - England
- Simpson Spence & Young - Indonesia
- Energy Development Corp, Philippines
- Ministry of Mines - Canada
- Salva Resources Pvt Ltd - India
- Lanco Infratech Ltd - India
- Toyota Tsusho Corporation, Japan
- Carbofer General Trading SA - India
- Price Waterhouse Coopers - Russia
- The Treasury - Australian Government
- Deloitte Consulting - India
- Mintek Dendrill Indonesia
- Eastern Coal Council - USA
- Rashtriya Ispat Nigam Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Power Finance Corporation Ltd., India
- Sindya Power Generating Company Private Ltd
- Malabar Cements Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Bhatia International Limited - India
- AsiaOL BioFuels Corp., Philippines
- Maheswari Brothers Coal Limited - India
- Directorate Of Revenue Intelligence - India
- Jorong Barutama Greston.PT - Indonesia
- Trasteel International SA, Italy
- Central Java Power - Indonesia
- Medco Energi Mining Internasional
- Electricity Generating Authority of Thailand
- Chettinad Cement Corporation Ltd - India
- MS Steel International - UAE
- Bahari Cakrawala Sebuku - Indonesia
- CNBM International Corporation - China
- Coalindo Energy - Indonesia
- Chamber of Mines of South Africa
- Independent Power Producers Association of India
- Intertek Mineral Services - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- GVK Power & Infra Limited - India
- Ministry of Finance - Indonesia
- International Coal Ventures Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Uttam Galva Steels Limited - India
- Therma Luzon, Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Star Paper Mills Limited - India
- Samtan Co., Ltd - South Korea
- Tata Chemicals Ltd - India
- European Bulk Services B.V. - Netherlands
- Formosa Plastics Group - Taiwan
- Goldman Sachs - Singapore
- Bhushan Steel Limited - India
- Sarangani Energy Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Larsen & Toubro Limited - India
- Kepco SPC Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- SMC Global Power, Philippines
- Leighton Contractors Pty Ltd - Australia
- Thiess Contractors Indonesia
- Petron Corporation, Philippines
- Eastern Energy - Thailand
- Dalmia Cement Bharat India
- PTC India Limited - India
- PNOC Exploration Corporation - Philippines
- Baramulti Group, Indonesia
- Minerals Council of Australia
- White Energy Company Limited
- Manunggal Multi Energi - Indonesia
- Posco Energy - South Korea
- Maharashtra Electricity Regulatory Commission - India
- Jindal Steel & Power Ltd - India
- TeaM Sual Corporation - Philippines
- Vizag Seaport Private Limited - India
- Commonwealth Bank - Australia
- Meralco Power Generation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Gujarat Mineral Development Corp Ltd - India
- Kobexindo Tractors - Indoneisa
- India Bulls Power Limited - India
- Indian Energy Exchange, India
- Singapore Mercantile Exchange
- Ambuja Cements Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Energy Link Ltd, New Zealand
- Economic Council, Georgia
- Bayan Resources Tbk. - Indonesia
- The State Trading Corporation of India Ltd
- Ministry of Transport, Egypt
- Kapuas Tunggal Persada - Indonesia
- Indogreen Group - Indonesia
- Mjunction Services Limited - India
- Australian Commodity Traders Exchange
- Madhucon Powers Ltd - India
- Thai Mozambique Logistica
- Indo Tambangraya Megah - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Wood Mackenzie - Singapore
- Riau Bara Harum - Indonesia
- Central Electricity Authority - India
- Gujarat Sidhee Cement - India
- OPG Power Generation Pvt Ltd - India
- Videocon Industries ltd - India
- Xindia Steels Limited - India
- Aboitiz Power Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Globalindo Alam Lestari - Indonesia
- IEA Clean Coal Centre - UK
- Sinarmas Energy and Mining - Indonesia
- Karaikal Port Pvt Ltd - India
- Interocean Group of Companies - India
- Timah Investasi Mineral - Indoneisa
- Siam City Cement - Thailand
- Edison Trading Spa - Italy
- Romanian Commodities Exchange
- Kohat Cement Company Ltd. - Pakistan
- Kalimantan Lumbung Energi - Indonesia
- Coastal Gujarat Power Limited - India
- Kartika Selabumi Mining - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- PowerSource Philippines DevCo
- Grasim Industreis Ltd - India
- Vedanta Resources Plc - India
- LBH Netherlands Bv - Netherlands
- Kideco Jaya Agung - Indonesia
- Essar Steel Hazira Ltd - India
- Orica Australia Pty. Ltd.
- Ceylon Electricity Board - Sri Lanka
- Standard Chartered Bank - UAE
- Ind-Barath Power Infra Limited - India
- Coal and Oil Company - UAE
- Latin American Coal - Colombia
- Iligan Light & Power Inc, Philippines
- Mercator Lines Limited - India
- McConnell Dowell - Australia
- GN Power Mariveles Coal Plant, Philippines
- Aditya Birla Group - India
- IHS Mccloskey Coal Group - USA
- Marubeni Corporation - India
- Bukit Asam (Persero) Tbk - Indonesia
- Indika Energy - Indonesia
- Orica Mining Services - Indonesia
- Renaissance Capital - South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Rio Tinto Coal - Australia
- GMR Energy Limited - India
- Parry Sugars Refinery, India
- Straits Asia Resources Limited - Singapore
- Parliament of New Zealand
- Sojitz Corporation - Japan
- Oldendorff Carriers - Singapore
- SMG Consultants - Indonesia
- Bharathi Cement Corporation - India
- Semirara Mining Corp, Philippines
- Indonesian Coal Mining Association
- Georgia Ports Authority, United States
- Siam City Cement PLC, Thailand
- Merrill Lynch Commodities Europe
- Bukit Baiduri Energy - Indonesia
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