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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, 26 January 22
MARKET INSIGHT - INTERMODAL
While it is logical that most of the S&P reports of the first weeks of the year are linked to very limited activity as reflected in the weekly ...
Wednesday, 26 January 22
INDONESIA: DME PROJECT IS ECONOMICALLY VIABLE AS STUDY DEMONSTRATES
The government is encouraging downstream coal processing or increase in coal added value, for example by turning coal into Dimethyl Ether (DME) to ...
Wednesday, 26 January 22
COMMODITY PRICES COULD SOAR IF THE RUSSIA-UKRAINE CRISIS ESCALATES - ING
It appears that a number of commodity markets are starting to at least price in some geopolitical risk around the growing tension between Russia an ...
Wednesday, 26 January 22
INDONESIA'S COAL BAN SENDS PRICES SOARING, OTHER EXPORTERS FAIL TO STEP UP - REUTERS
Indonesia’s short-lived ban on exporting coal has sent ructions through the seaborne market for the fuel in Asia, with the fallout likely to ...
Friday, 21 January 22
CHINA'S POWER TRADING TARIFFS TO RISE IN 2022 - FITCH RATINGS
Rising trading volume and higher-than-benchmark tariffs in the 2022 bilateral contracts signed between Chinese power generation companies (gencos) ...
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- Metalloyd Limited - United Kingdom
- Indian Oil Corporation Limited
- Meenaskhi Energy Private Limited - India
- Bukit Makmur.PT - Indonesia
- PNOC Exploration Corporation - Philippines
- Borneo Indobara - Indonesia
- Global Coal Blending Company Limited - Australia
- TeaM Sual Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- Mintek Dendrill Indonesia
- Australian Commodity Traders Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sarangani Energy Corporation, Philippines
- Indian Energy Exchange, India
- Planning Commission, India
- Merrill Lynch Commodities Europe
- AsiaOL BioFuels Corp., Philippines
- Ministry of Finance - Indonesia
- Georgia Ports Authority, United States
- Sinarmas Energy and Mining - Indonesia
- OPG Power Generation Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Edison Trading Spa - Italy
- Banpu Public Company Limited - Thailand
- CNBM International Corporation - China
- SMC Global Power, Philippines
- Kumho Petrochemical, South Korea
- San Jose City I Power Corp, Philippines
- ICICI Bank Limited - India
- Rashtriya Ispat Nigam Limited - India
- Romanian Commodities Exchange
- Wilmar Investment Holdings
- Ind-Barath Power Infra Limited - India
- Madhucon Powers Ltd - India
- Maheswari Brothers Coal Limited - India
- Standard Chartered Bank - UAE
- Mercuria Energy - Indonesia
- Baramulti Group, Indonesia
- Gujarat Electricity Regulatory Commission - India
- Anglo American - United Kingdom
- Economic Council, Georgia
- Barasentosa Lestari - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Thai Mozambique Logistica
- PowerSource Philippines DevCo
- Coalindo Energy - Indonesia
- Bulk Trading Sa - Switzerland
- The University of Queensland
- Toyota Tsusho Corporation, Japan
- Heidelberg Cement - Germany
- Oldendorff Carriers - Singapore
- Karaikal Port Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Kepco SPC Power Corporation, Philippines
- Tamil Nadu electricity Board
- New Zealand Coal & Carbon
- Meralco Power Generation, Philippines
- Coastal Gujarat Power Limited - India
- SMG Consultants - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Eastern Coal Council - USA
- Asmin Koalindo Tuhup - Indonesia
- Cement Manufacturers Association - India
- Indonesian Coal Mining Association
- Thiess Contractors Indonesia
- CIMB Investment Bank - Malaysia
- Minerals Council of Australia
- McConnell Dowell - Australia
- London Commodity Brokers - England
- Energy Link Ltd, New Zealand
- GVK Power & Infra Limited - India
- Videocon Industries ltd - India
- Petron Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Sidhee Cement - India
- Iligan Light & Power Inc, Philippines
- Global Business Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Salva Resources Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- ASAPP Information Group - India
- Vijayanagar Sugar Pvt Ltd - India
- Singapore Mercantile Exchange
- Billiton Holdings Pty Ltd - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Latin American Coal - Colombia
- Ministry of Mines - Canada
- Ambuja Cements Ltd - India
- Independent Power Producers Association of India
- Interocean Group of Companies - India
- Trasteel International SA, Italy
- Kideco Jaya Agung - Indonesia
- Lanco Infratech Ltd - India
- Larsen & Toubro Limited - India
- Sical Logistics Limited - India
- Indogreen Group - Indonesia
- Riau Bara Harum - Indonesia
- Manunggal Multi Energi - Indonesia
- Straits Asia Resources Limited - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Global Green Power PLC Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Timah Investasi Mineral - Indoneisa
- Savvy Resources Ltd - HongKong
- Xindia Steels Limited - India
- Parry Sugars Refinery, India
- Goldman Sachs - Singapore
- IEA Clean Coal Centre - UK
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Orica Mining Services - Indonesia
- Sindya Power Generating Company Private Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- South Luzon Thermal Energy Corporation
- Intertek Mineral Services - Indonesia
- Energy Development Corp, Philippines
- Jindal Steel & Power Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Parliament of New Zealand
- MS Steel International - UAE
- White Energy Company Limited
- VISA Power Limited - India
- Tata Chemicals Ltd - India
- Ministry of Transport, Egypt
- Aboitiz Power Corporation - Philippines
- Semirara Mining Corp, Philippines
- Marubeni Corporation - India
- Africa Commodities Group - South Africa
- Port Waratah Coal Services - Australia
- Vizag Seaport Private Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Samtan Co., Ltd - South Korea
- Deloitte Consulting - India
- Attock Cement Pakistan Limited
- International Coal Ventures Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Sojitz Corporation - Japan
- Chamber of Mines of South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Power Finance Corporation Ltd., India
- Karbindo Abesyapradhi - Indoneisa
- PTC India Limited - India
- The Treasury - Australian Government
- Carbofer General Trading SA - India
- Bayan Resources Tbk. - Indonesia
- Cigading International Bulk Terminal - Indonesia
- IHS Mccloskey Coal Group - USA
- Jorong Barutama Greston.PT - Indonesia
- Price Waterhouse Coopers - Russia
- Bhatia International Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jaiprakash Power Ventures ltd
- Kalimantan Lumbung Energi - Indonesia
- Directorate Of Revenue Intelligence - India
- Pendopo Energi Batubara - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Coal and Oil Company - UAE
- Siam City Cement - Thailand
- Vedanta Resources Plc - India
- Sakthi Sugars Limited - India
- Bhushan Steel Limited - India
- Bhoruka Overseas - Indonesia
- Orica Australia Pty. Ltd.
- Uttam Galva Steels Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Renaissance Capital - South Africa
- Mjunction Services Limited - India
- Eastern Energy - Thailand
- Medco Energi Mining Internasional
- Grasim Industreis Ltd - India
- Electricity Generating Authority of Thailand
- India Bulls Power Limited - India
- Agrawal Coal Company - India
- Bukit Baiduri Energy - Indonesia
- Siam City Cement PLC, Thailand
- Dalmia Cement Bharat India
- Binh Thuan Hamico - Vietnam
- European Bulk Services B.V. - Netherlands
- Wood Mackenzie - Singapore
- Rio Tinto Coal - Australia
- Kapuas Tunggal Persada - Indonesia
- LBH Netherlands Bv - Netherlands
- Australian Coal Association
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Altura Mining Limited, Indonesia
- Makarim & Taira - Indonesia
- GAC Shipping (India) Pvt Ltd
- Formosa Plastics Group - Taiwan
- Bharathi Cement Corporation - India
- Krishnapatnam Port Company Ltd. - India
- Miang Besar Coal Terminal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Malabar Cements Ltd - India
- SN Aboitiz Power Inc, Philippines
- Indika Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Simpson Spence & Young - Indonesia
- Commonwealth Bank - Australia
- Mercator Lines Limited - India
- Kobexindo Tractors - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- GMR Energy Limited - India
- Electricity Authority, New Zealand
- Alfred C Toepfer International GmbH - Germany
- Antam Resourcindo - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Central Electricity Authority - India
- Chettinad Cement Corporation Ltd - India
- Posco Energy - South Korea
- Central Java Power - Indonesia
- Aditya Birla Group - India
- Leighton Contractors Pty Ltd - Australia
- Star Paper Mills Limited - India
- Kaltim Prima Coal - Indonesia
- Bangladesh Power Developement Board
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