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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, 23 December 21
INDONESIA’S 2022 COAL OUTPUT SEEN BETWEEN 637 MLN-664 MLN T- OFFICIAL - REUTERS
Indonesia’s 2022 coal output is estimated at between 637 million to 664 million tonnes based on production plans currently being finalised, s ...
Thursday, 23 December 21
VALE ANNOUNCES THE SALE OF ITS COAL ASSETS
Vale informs that, on this date, it has entered into a binding agreement with Vulcan to sell the Moatize coal mine and the Nacala Logistics Corrido ...
Thursday, 23 December 21
INDIA: CAPTIVE POWER PRODUCERS URGE GOVT TO ENSURE NORMAL COAL SUPPLIES - PTI
A captive power producers’ association has urged the government for 100 per cent normalisation of coal supply to captive power producers whil ...
Thursday, 23 December 21
MARKET INSIGHT - INTERMODAL
As an outstanding year for the dry bulk freight market comes to a close, so does a thriving year for the SnP market which can only be compared to 2 ...
Tuesday, 14 December 21
COAL LOCK-IN IN SOUTHEAST ASIA PRESENTS A CHALLENGE FOR THE ASIAN DEVELOPMENT BANK'S COAL RETIREMENT PLAN - IEEFA
In August, the Asian Development Bank (ADB) announced an ambitious plan to buy high emissions coal-fired power plants in Southeast Asia and retire ...
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- Kaltim Prima Coal - Indonesia
- European Bulk Services B.V. - Netherlands
- Miang Besar Coal Terminal - Indonesia
- Uttam Galva Steels Limited - India
- Bulk Trading Sa - Switzerland
- Power Finance Corporation Ltd., India
- London Commodity Brokers - England
- SMC Global Power, Philippines
- Merrill Lynch Commodities Europe
- Marubeni Corporation - India
- Leighton Contractors Pty Ltd - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Singapore Mercantile Exchange
- PTC India Limited - India
- Kobexindo Tractors - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- Sree Jayajothi Cements Limited - India
- Star Paper Mills Limited - India
- Georgia Ports Authority, United States
- Therma Luzon, Inc, Philippines
- IHS Mccloskey Coal Group - USA
- PowerSource Philippines DevCo
- Jindal Steel & Power Ltd - India
- Salva Resources Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Intertek Mineral Services - Indonesia
- Carbofer General Trading SA - India
- Independent Power Producers Association of India
- Orica Mining Services - Indonesia
- VISA Power Limited - India
- Minerals Council of Australia
- Sakthi Sugars Limited - India
- Indika Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Rio Tinto Coal - Australia
- Indogreen Group - Indonesia
- Electricity Authority, New Zealand
- Siam City Cement - Thailand
- Sojitz Corporation - Japan
- Bank of Tokyo Mitsubishi UFJ Ltd
- PNOC Exploration Corporation - Philippines
- Malabar Cements Ltd - India
- Directorate Of Revenue Intelligence - India
- Baramulti Group, Indonesia
- Manunggal Multi Energi - Indonesia
- Cigading International Bulk Terminal - Indonesia
- TeaM Sual Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- Electricity Generating Authority of Thailand
- Gujarat Mineral Development Corp Ltd - India
- Cement Manufacturers Association - India
- Renaissance Capital - South Africa
- Parliament of New Zealand
- Vizag Seaport Private Limited - India
- ICICI Bank Limited - India
- Goldman Sachs - Singapore
- Holcim Trading Pte Ltd - Singapore
- Price Waterhouse Coopers - Russia
- GAC Shipping (India) Pvt Ltd
- Lanco Infratech Ltd - India
- Deloitte Consulting - India
- Orica Australia Pty. Ltd.
- Parry Sugars Refinery, India
- Anglo American - United Kingdom
- Sindya Power Generating Company Private Ltd
- Dalmia Cement Bharat India
- Xindia Steels Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Transport, Egypt
- Aboitiz Power Corporation - Philippines
- Bhoruka Overseas - Indonesia
- Planning Commission, India
- Eastern Energy - Thailand
- Agrawal Coal Company - India
- Kohat Cement Company Ltd. - Pakistan
- Chamber of Mines of South Africa
- Oldendorff Carriers - Singapore
- Iligan Light & Power Inc, Philippines
- Posco Energy - South Korea
- Wilmar Investment Holdings
- Edison Trading Spa - Italy
- Ambuja Cements Ltd - India
- Siam City Cement PLC, Thailand
- Pendopo Energi Batubara - Indonesia
- Vedanta Resources Plc - India
- TNB Fuel Sdn Bhd - Malaysia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mercuria Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- LBH Netherlands Bv - Netherlands
- Global Coal Blending Company Limited - Australia
- Directorate General of MIneral and Coal - Indonesia
- Energy Development Corp, Philippines
- White Energy Company Limited
- Central Java Power - Indonesia
- SN Aboitiz Power Inc, Philippines
- Africa Commodities Group - South Africa
- The University of Queensland
- McConnell Dowell - Australia
- OPG Power Generation Pvt Ltd - India
- Indonesian Coal Mining Association
- Mjunction Services Limited - India
- Billiton Holdings Pty Ltd - Australia
- Indo Tambangraya Megah - Indonesia
- Kumho Petrochemical, South Korea
- Meralco Power Generation, Philippines
- Economic Council, Georgia
- Central Electricity Authority - India
- Borneo Indobara - Indonesia
- Kepco SPC Power Corporation, Philippines
- Ministry of Mines - Canada
- The Treasury - Australian Government
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Petron Corporation, Philippines
- GVK Power & Infra Limited - India
- Jaiprakash Power Ventures ltd
- Gujarat Electricity Regulatory Commission - India
- Metalloyd Limited - United Kingdom
- IEA Clean Coal Centre - UK
- Altura Mining Limited, Indonesia
- India Bulls Power Limited - India
- Mintek Dendrill Indonesia
- Commonwealth Bank - Australia
- San Jose City I Power Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Bhatia International Limited - India
- Antam Resourcindo - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- MS Steel International - UAE
- Australian Coal Association
- Trasteel International SA, Italy
- Aditya Birla Group - India
- Straits Asia Resources Limited - Singapore
- Bangladesh Power Developement Board
- Larsen & Toubro Limited - India
- Madhucon Powers Ltd - India
- Banpu Public Company Limited - Thailand
- Sical Logistics Limited - India
- Wood Mackenzie - Singapore
- Latin American Coal - Colombia
- Kalimantan Lumbung Energi - Indonesia
- SMG Consultants - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- New Zealand Coal & Carbon
- Heidelberg Cement - Germany
- South Luzon Thermal Energy Corporation
- Vijayanagar Sugar Pvt Ltd - India
- Semirara Mining Corp, Philippines
- The State Trading Corporation of India Ltd
- Interocean Group of Companies - India
- Global Business Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Toyota Tsusho Corporation, Japan
- Simpson Spence & Young - Indonesia
- Coal and Oil Company - UAE
- Australian Commodity Traders Exchange
- Barasentosa Lestari - Indonesia
- Sarangani Energy Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Thai Mozambique Logistica
- Kideco Jaya Agung - Indonesia
- Port Waratah Coal Services - Australia
- Coalindo Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Krishnapatnam Port Company Ltd. - India
- GMR Energy Limited - India
- Gujarat Sidhee Cement - India
- Ind-Barath Power Infra Limited - India
- Riau Bara Harum - Indonesia
- Eastern Coal Council - USA
- Globalindo Alam Lestari - Indonesia
- Savvy Resources Ltd - HongKong
- Binh Thuan Hamico - Vietnam
- Thiess Contractors Indonesia
- Grasim Industreis Ltd - India
- Medco Energi Mining Internasional
- Makarim & Taira - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- CNBM International Corporation - China
- Energy Link Ltd, New Zealand
- Karaikal Port Pvt Ltd - India
- Bhushan Steel Limited - India
- Attock Cement Pakistan Limited
- Rashtriya Ispat Nigam Limited - India
- Sinarmas Energy and Mining - Indonesia
- Videocon Industries ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Tata Chemicals Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Indian Energy Exchange, India
- Jorong Barutama Greston.PT - Indonesia
- Global Green Power PLC Corporation, Philippines
- Ministry of Finance - Indonesia
- Essar Steel Hazira Ltd - India
- ASAPP Information Group - India
- Petrochimia International Co. Ltd.- Taiwan
- Formosa Plastics Group - Taiwan
- Bharathi Cement Corporation - India
- Semirara Mining and Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Romanian Commodities Exchange
- PetroVietnam Power Coal Import and Supply Company
- Standard Chartered Bank - UAE
- Indian Oil Corporation Limited
- Tamil Nadu electricity Board
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- CIMB Investment Bank - Malaysia
- Kapuas Tunggal Persada - Indonesia
- Mercator Lines Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Maheswari Brothers Coal Limited - India
- Bukit Baiduri Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Kartika Selabumi Mining - Indonesia
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