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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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Saturday, 11 December 21
BUNKER BUYERS LOSE UP TO $5/MT FOR NOT COVERING ENOUGH SUPPLIERS - INTEGR8 FUELS
With the Brent price recently touching the $80 mark and before the Omicron variant concerns pushed it lower, bunker prices reached levels not seen ...
Tuesday, 07 December 21
SUPERCYCLE DEMAND: ARE WE THERE YET? - WOOD MACKENZIE
Taking young children on a long journey is fraught with challenges, not least the inevitable question a few minutes after leaving: are we there yet ...
Tuesday, 07 December 21
COAL WOULD REMAIN ENERGY LEADER FOR AT LEAST 15 YEARS - LIVEMINT
Coal India Ltd (CIL) has been in the eye of the storm after fuel stocks at coal-fuelled power plants depleted in October. Fuel stocks since are bei ...
Tuesday, 07 December 21
GLOBAL SHIPPING OUTLOOK TURNS STABLE FROM POSITIVE ON THE BACK OF PEAKING EARNINGS DURING 2021 - MOODY'S
The outlook for the global shipping industry is changed to stable from positive for the next 12 to 18 months due to demand slightly outstripping su ...
Tuesday, 07 December 21
COAL FIRMS SEE SHARE PRICES SURGE MONDAY, AFTER GOVERNMENT READJUSTS CONTRACT PRICES - GLOBAL TIMES
Share prices of China’s coal enterprises jumped on Monday on the A-share market following a nationwide adjustment to annual thermal coal pric ...
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- Singapore Mercantile Exchange
- Bangladesh Power Developement Board
- The State Trading Corporation of India Ltd
- Jindal Steel & Power Ltd - India
- Savvy Resources Ltd - HongKong
- New Zealand Coal & Carbon
- Directorate Of Revenue Intelligence - India
- Australian Commodity Traders Exchange
- Metalloyd Limited - United Kingdom
- Asmin Koalindo Tuhup - Indonesia
- Sojitz Corporation - Japan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Meenaskhi Energy Private Limited - India
- Kepco SPC Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- Indo Tambangraya Megah - Indonesia
- Salva Resources Pvt Ltd - India
- Planning Commission, India
- Bharathi Cement Corporation - India
- Electricity Authority, New Zealand
- Essar Steel Hazira Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Krishnapatnam Port Company Ltd. - India
- Marubeni Corporation - India
- GN Power Mariveles Coal Plant, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Kohat Cement Company Ltd. - Pakistan
- Bulk Trading Sa - Switzerland
- Tata Chemicals Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The Treasury - Australian Government
- ASAPP Information Group - India
- Kideco Jaya Agung - Indonesia
- Sarangani Energy Corporation, Philippines
- Posco Energy - South Korea
- Economic Council, Georgia
- Heidelberg Cement - Germany
- Neyveli Lignite Corporation Ltd, - India
- Attock Cement Pakistan Limited
- Ministry of Finance - Indonesia
- Iligan Light & Power Inc, Philippines
- Cement Manufacturers Association - India
- PTC India Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- GAC Shipping (India) Pvt Ltd
- Ind-Barath Power Infra Limited - India
- SN Aboitiz Power Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Larsen & Toubro Limited - India
- Rio Tinto Coal - Australia
- Jaiprakash Power Ventures ltd
- Kalimantan Lumbung Energi - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PNOC Exploration Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- Indonesian Coal Mining Association
- Rashtriya Ispat Nigam Limited - India
- Formosa Plastics Group - Taiwan
- Toyota Tsusho Corporation, Japan
- Edison Trading Spa - Italy
- Globalindo Alam Lestari - Indonesia
- Sical Logistics Limited - India
- Holcim Trading Pte Ltd - Singapore
- Energy Development Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- Banpu Public Company Limited - Thailand
- Standard Chartered Bank - UAE
- Leighton Contractors Pty Ltd - Australia
- Cigading International Bulk Terminal - Indonesia
- Indogreen Group - Indonesia
- Barasentosa Lestari - Indonesia
- White Energy Company Limited
- Ministry of Transport, Egypt
- Australian Coal Association
- Eastern Coal Council - USA
- Central Electricity Authority - India
- Sindya Power Generating Company Private Ltd
- Ceylon Electricity Board - Sri Lanka
- Bank of Tokyo Mitsubishi UFJ Ltd
- Videocon Industries ltd - India
- Bhushan Steel Limited - India
- Jorong Barutama Greston.PT - Indonesia
- VISA Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Uttam Galva Steels Limited - India
- Straits Asia Resources Limited - Singapore
- Mjunction Services Limited - India
- Pendopo Energi Batubara - Indonesia
- Meralco Power Generation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Carbofer General Trading SA - India
- Anglo American - United Kingdom
- LBH Netherlands Bv - Netherlands
- Kaltim Prima Coal - Indonesia
- Price Waterhouse Coopers - Russia
- Parry Sugars Refinery, India
- Bukit Makmur.PT - Indonesia
- Kumho Petrochemical, South Korea
- Gujarat Sidhee Cement - India
- TeaM Sual Corporation - Philippines
- Semirara Mining Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Xindia Steels Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Karaikal Port Pvt Ltd - India
- Vedanta Resources Plc - India
- Global Coal Blending Company Limited - Australia
- Bhoruka Overseas - Indonesia
- Merrill Lynch Commodities Europe
- India Bulls Power Limited - India
- Kartika Selabumi Mining - Indonesia
- London Commodity Brokers - England
- Pipit Mutiara Jaya. PT, Indonesia
- Commonwealth Bank - Australia
- Aboitiz Power Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- Sakthi Sugars Limited - India
- Intertek Mineral Services - Indonesia
- Wood Mackenzie - Singapore
- Samtan Co., Ltd - South Korea
- Makarim & Taira - Indonesia
- GMR Energy Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Minerals Council of Australia
- Thiess Contractors Indonesia
- PowerSource Philippines DevCo
- Simpson Spence & Young - Indonesia
- IHS Mccloskey Coal Group - USA
- CIMB Investment Bank - Malaysia
- Interocean Group of Companies - India
- OPG Power Generation Pvt Ltd - India
- Dalmia Cement Bharat India
- McConnell Dowell - Australia
- Independent Power Producers Association of India
- Lanco Infratech Ltd - India
- MS Steel International - UAE
- International Coal Ventures Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Mintek Dendrill Indonesia
- The University of Queensland
- European Bulk Services B.V. - Netherlands
- Mercuria Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Indian Oil Corporation Limited
- Coastal Gujarat Power Limited - India
- Africa Commodities Group - South Africa
- Baramulti Group, Indonesia
- Goldman Sachs - Singapore
- Manunggal Multi Energi - Indonesia
- Medco Energi Mining Internasional
- Petron Corporation, Philippines
- Eastern Energy - Thailand
- San Jose City I Power Corp, Philippines
- Renaissance Capital - South Africa
- Energy Link Ltd, New Zealand
- Star Paper Mills Limited - India
- Maheswari Brothers Coal Limited - India
- Miang Besar Coal Terminal - Indonesia
- IEA Clean Coal Centre - UK
- GVK Power & Infra Limited - India
- Siam City Cement - Thailand
- Indian Energy Exchange, India
- Malabar Cements Ltd - India
- Thai Mozambique Logistica
- Electricity Generating Authority of Thailand
- Ambuja Cements Ltd - India
- Wilmar Investment Holdings
- Chettinad Cement Corporation Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Bhatia International Limited - India
- Binh Thuan Hamico - Vietnam
- Therma Luzon, Inc, Philippines
- Madhucon Powers Ltd - India
- Deloitte Consulting - India
- Antam Resourcindo - Indonesia
- Coal and Oil Company - UAE
- Bayan Resources Tbk. - Indonesia
- Grasim Industreis Ltd - India
- Bukit Baiduri Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Aditya Birla Group - India
- AsiaOL BioFuels Corp., Philippines
- SMC Global Power, Philippines
- Coalindo Energy - Indonesia
- Orica Australia Pty. Ltd.
- Tamil Nadu electricity Board
- Parliament of New Zealand
- Georgia Ports Authority, United States
- Vizag Seaport Private Limited - India
- Semirara Mining and Power Corporation, Philippines
- Central Java Power - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Power Finance Corporation Ltd., India
- Riau Bara Harum - Indonesia
- Latin American Coal - Colombia
- ICICI Bank Limited - India
- Trasteel International SA, Italy
- Altura Mining Limited, Indonesia
- Chamber of Mines of South Africa
- Orica Mining Services - Indonesia
- Borneo Indobara - Indonesia
- Indika Energy - Indonesia
- CNBM International Corporation - China
- Mercator Lines Limited - India
- Agrawal Coal Company - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Romanian Commodities Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Mines - Canada
- SMG Consultants - Indonesia
- Siam City Cement PLC, Thailand
- Gujarat Mineral Development Corp Ltd - India
- Timah Investasi Mineral - Indoneisa
- Global Business Power Corporation, Philippines
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