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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, 20 January 22
CHINESE COAL JUMPS OVER 6% ON PRE-HOLIDAY SUPPLY WORRY - REUTERS
China’s thermal coal futures soared more than 6% on Wednesday, hitting a level last seen in late November as investors grew concerned over ti ...
Thursday, 20 January 22
VIETNAM: COAL SECTOR SEES POSITIVE PROSPECT IN 2022 - VNA
With many signs of rising demand for coal in various economic sectors in 2022, the Vietnam National Coal – Mineral Industries Group (Vinacomi ...
Wednesday, 19 January 22
MARKET INSIGHT - INTERMODAL
Since the beginning of the year, we have been witnessing the BDI correcting downwards with sizable drops across all segments. Latest similar levels ...
Sunday, 09 January 22
INDONESIA MINISTER SAYS 'EMERGENCY OVER' ON COAL SUPPLY CRUNCH - REUTERS
Indonesia’s power emergency which has triggered a coal export ban is over but the government will still continue to discuss policies in this ...
Wednesday, 05 January 22
CHINA COAL FUTURES SURGE ON SUPPLY WORRIES AMID INDONESIA EXPORT BAN - REUTERS
China’s thermal coal futures surged by as much as 7.8per cent to kick off 2022 on concerns of supply disruptions after Indonesia, its biggest ...
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- Directorate Of Revenue Intelligence - India
- Lanco Infratech Ltd - India
- European Bulk Services B.V. - Netherlands
- TeaM Sual Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Aboitiz Power Corporation - Philippines
- Mjunction Services Limited - India
- Agrawal Coal Company - India
- Ambuja Cements Ltd - India
- The University of Queensland
- Gujarat Mineral Development Corp Ltd - India
- Africa Commodities Group - South Africa
- Baramulti Group, Indonesia
- Orica Mining Services - Indonesia
- Bulk Trading Sa - Switzerland
- International Coal Ventures Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Riau Bara Harum - Indonesia
- Carbofer General Trading SA - India
- London Commodity Brokers - England
- Bukit Baiduri Energy - Indonesia
- The State Trading Corporation of India Ltd
- SMG Consultants - Indonesia
- Eastern Energy - Thailand
- Price Waterhouse Coopers - Russia
- Rashtriya Ispat Nigam Limited - India
- Antam Resourcindo - Indonesia
- Uttam Galva Steels Limited - India
- Commonwealth Bank - Australia
- Savvy Resources Ltd - HongKong
- The Treasury - Australian Government
- PTC India Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Economic Council, Georgia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Medco Energi Mining Internasional
- Tamil Nadu electricity Board
- Maharashtra Electricity Regulatory Commission - India
- Therma Luzon, Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Sojitz Corporation - Japan
- Pendopo Energi Batubara - Indonesia
- Dalmia Cement Bharat India
- Billiton Holdings Pty Ltd - Australia
- Central Electricity Authority - India
- Makarim & Taira - Indonesia
- Manunggal Multi Energi - Indonesia
- Tata Chemicals Ltd - India
- Jindal Steel & Power Ltd - India
- Bangladesh Power Developement Board
- Semirara Mining and Power Corporation, Philippines
- Cement Manufacturers Association - India
- Global Coal Blending Company Limited - Australia
- South Luzon Thermal Energy Corporation
- Meralco Power Generation, Philippines
- Ministry of Finance - Indonesia
- Bhatia International Limited - India
- VISA Power Limited - India
- McConnell Dowell - Australia
- Banpu Public Company Limited - Thailand
- Miang Besar Coal Terminal - Indonesia
- Energy Development Corp, Philippines
- Planning Commission, India
- Essar Steel Hazira Ltd - India
- Heidelberg Cement - Germany
- Samtan Co., Ltd - South Korea
- Goldman Sachs - Singapore
- Mercuria Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Oldendorff Carriers - Singapore
- Petron Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Meenaskhi Energy Private Limited - India
- Indian Oil Corporation Limited
- Kartika Selabumi Mining - Indonesia
- Anglo American - United Kingdom
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Coalindo Energy - Indonesia
- IEA Clean Coal Centre - UK
- Barasentosa Lestari - Indonesia
- Coal and Oil Company - UAE
- OPG Power Generation Pvt Ltd - India
- Electricity Authority, New Zealand
- Ind-Barath Power Infra Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Indika Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Ministry of Transport, Egypt
- New Zealand Coal & Carbon
- ASAPP Information Group - India
- Georgia Ports Authority, United States
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Mines - Canada
- Ceylon Electricity Board - Sri Lanka
- Globalindo Alam Lestari - Indonesia
- Rio Tinto Coal - Australia
- PetroVietnam Power Coal Import and Supply Company
- IHS Mccloskey Coal Group - USA
- GMR Energy Limited - India
- Sical Logistics Limited - India
- Alfred C Toepfer International GmbH - Germany
- Xindia Steels Limited - India
- Latin American Coal - Colombia
- Maheswari Brothers Coal Limited - India
- Indo Tambangraya Megah - Indonesia
- Jaiprakash Power Ventures ltd
- PNOC Exploration Corporation - Philippines
- Minerals Council of Australia
- Wilmar Investment Holdings
- Simpson Spence & Young - Indonesia
- Bukit Makmur.PT - Indonesia
- Australian Commodity Traders Exchange
- Port Waratah Coal Services - Australia
- Edison Trading Spa - Italy
- Borneo Indobara - Indonesia
- Sakthi Sugars Limited - India
- Kaltim Prima Coal - Indonesia
- Binh Thuan Hamico - Vietnam
- Marubeni Corporation - India
- Siam City Cement PLC, Thailand
- Videocon Industries ltd - India
- Timah Investasi Mineral - Indoneisa
- India Bulls Power Limited - India
- Metalloyd Limited - United Kingdom
- Posco Energy - South Korea
- Siam City Cement - Thailand
- Kumho Petrochemical, South Korea
- Indian Energy Exchange, India
- Mercator Lines Limited - India
- Thiess Contractors Indonesia
- Parliament of New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sarangani Energy Corporation, Philippines
- Australian Coal Association
- Central Java Power - Indonesia
- White Energy Company Limited
- Sinarmas Energy and Mining - Indonesia
- Kideco Jaya Agung - Indonesia
- GVK Power & Infra Limited - India
- Global Business Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Chettinad Cement Corporation Ltd - India
- Singapore Mercantile Exchange
- Electricity Generating Authority of Thailand
- Coastal Gujarat Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Thai Mozambique Logistica
- SMC Global Power, Philippines
- AsiaOL BioFuels Corp., Philippines
- Parry Sugars Refinery, India
- Bharathi Cement Corporation - India
- Renaissance Capital - South Africa
- Kapuas Tunggal Persada - Indonesia
- Standard Chartered Bank - UAE
- Petrochimia International Co. Ltd.- Taiwan
- Semirara Mining Corp, Philippines
- MS Steel International - UAE
- Holcim Trading Pte Ltd - Singapore
- Altura Mining Limited, Indonesia
- Mintek Dendrill Indonesia
- Trasteel International SA, Italy
- Energy Link Ltd, New Zealand
- Attock Cement Pakistan Limited
- Eastern Coal Council - USA
- GN Power Mariveles Coal Plant, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- ICICI Bank Limited - India
- Vizag Seaport Private Limited - India
- Iligan Light & Power Inc, Philippines
- Star Paper Mills Limited - India
- Aditya Birla Group - India
- Power Finance Corporation Ltd., India
- Sindya Power Generating Company Private Ltd
- CNBM International Corporation - China
- Straits Asia Resources Limited - Singapore
- Madhucon Powers Ltd - India
- Bhushan Steel Limited - India
- Larsen & Toubro Limited - India
- Vedanta Resources Plc - India
- Krishnapatnam Port Company Ltd. - India
- Grasim Industreis Ltd - India
- Global Green Power PLC Corporation, Philippines
- Malabar Cements Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- CIMB Investment Bank - Malaysia
- Bukit Asam (Persero) Tbk - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Karaikal Port Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Merrill Lynch Commodities Europe
- Toyota Tsusho Corporation, Japan
- Interocean Group of Companies - India
- Gujarat Electricity Regulatory Commission - India
- Pipit Mutiara Jaya. PT, Indonesia
- Chamber of Mines of South Africa
- Orica Australia Pty. Ltd.
- Indogreen Group - Indonesia
- Indonesian Coal Mining Association
- Romanian Commodities Exchange
- Kepco SPC Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Deloitte Consulting - India
- Gujarat Sidhee Cement - India
- Wood Mackenzie - Singapore
- LBH Netherlands Bv - Netherlands
- Intertek Mineral Services - Indonesia
- PowerSource Philippines DevCo
- Salva Resources Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- GAC Shipping (India) Pvt Ltd
- Sree Jayajothi Cements Limited - India
- Independent Power Producers Association of India
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