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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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Monday, 06 December 21
CHINA SETS 2022 ANNUAL THERMAL COAL PRICES AT 700 YUAN/T - MEDIA: REUTERS
China’s top economic planner has proposed to set annual thermal coal prices for 2022 at between 550 yuan and 850 yuan ($86-$133) per tonne, a ...
Thursday, 02 December 21
BUMI RECORDED US$ 666.18 MILLION AS REVENUE IN THE 3RD QUARTER, UP 13.31% YOY
PT Bumi Resources Tbk and its subsidiaries have recorded a surge in revenue in the third quarter of 2021. BUMI has recorded US$ 666.18 million as r ...
Thursday, 02 December 21
CHINA'S COAL CRUNCH IS OVER, BUT PRICES ARE STILL TOO HIGH - REUTERS
China’s coal crisis has largely been resolved with gains in both production and stockpiles sufficient to ensure power supplies over winter.
...
Wednesday, 01 December 21
2022 OUTLOOK: INDONESIAN COAL MINING - FITCH RATINGS
Fitch Ratings has a neutral outlook on the Indonesian coal sector for 2022.
Earnings generation should slow down as selling pr ...
Wednesday, 01 December 21
SUPPLY OF COAL TO POWER PLANTS IN NOV MORE THAN CONSUMPTION: JOSHI - PTI
The supply of coal to power plants in November is more than the consumption, resulting in rise in stock of dry fuel at power plants, and this trend ...
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- OPG Power Generation Pvt Ltd - India
- GMR Energy Limited - India
- Larsen & Toubro Limited - India
- Cigading International Bulk Terminal - Indonesia
- Jaiprakash Power Ventures ltd
- Australian Coal Association
- Kumho Petrochemical, South Korea
- Coalindo Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- PowerSource Philippines DevCo
- Dalmia Cement Bharat India
- Sindya Power Generating Company Private Ltd
- Directorate General of MIneral and Coal - Indonesia
- Therma Luzon, Inc, Philippines
- CIMB Investment Bank - Malaysia
- Salva Resources Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- PetroVietnam Power Coal Import and Supply Company
- Petron Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Parliament of New Zealand
- IHS Mccloskey Coal Group - USA
- Sojitz Corporation - Japan
- Vizag Seaport Private Limited - India
- Mercator Lines Limited - India
- Borneo Indobara - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Baramulti Group, Indonesia
- Meenaskhi Energy Private Limited - India
- Ind-Barath Power Infra Limited - India
- MS Steel International - UAE
- Goldman Sachs - Singapore
- Grasim Industreis Ltd - India
- Independent Power Producers Association of India
- Siam City Cement PLC, Thailand
- Marubeni Corporation - India
- Africa Commodities Group - South Africa
- Indian Oil Corporation Limited
- SN Aboitiz Power Inc, Philippines
- Price Waterhouse Coopers - Russia
- Eastern Energy - Thailand
- Standard Chartered Bank - UAE
- Energy Link Ltd, New Zealand
- Indo Tambangraya Megah - Indonesia
- Bulk Trading Sa - Switzerland
- PNOC Exploration Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Orica Australia Pty. Ltd.
- Global Green Power PLC Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- SMC Global Power, Philippines
- Trasteel International SA, Italy
- Altura Mining Limited, Indonesia
- Chamber of Mines of South Africa
- Mjunction Services Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Jindal Steel & Power Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- VISA Power Limited - India
- South Luzon Thermal Energy Corporation
- Sakthi Sugars Limited - India
- Commonwealth Bank - Australia
- ICICI Bank Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Merrill Lynch Commodities Europe
- Meralco Power Generation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The State Trading Corporation of India Ltd
- Interocean Group of Companies - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sarangani Energy Corporation, Philippines
- India Bulls Power Limited - India
- Siam City Cement - Thailand
- Central Java Power - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Romanian Commodities Exchange
- Economic Council, Georgia
- Port Waratah Coal Services - Australia
- Coal and Oil Company - UAE
- Samtan Co., Ltd - South Korea
- Neyveli Lignite Corporation Ltd, - India
- Aditya Birla Group - India
- Chettinad Cement Corporation Ltd - India
- Simpson Spence & Young - Indonesia
- Formosa Plastics Group - Taiwan
- Banpu Public Company Limited - Thailand
- Ministry of Transport, Egypt
- Straits Asia Resources Limited - Singapore
- Sree Jayajothi Cements Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Rashtriya Ispat Nigam Limited - India
- Billiton Holdings Pty Ltd - Australia
- Electricity Generating Authority of Thailand
- Leighton Contractors Pty Ltd - Australia
- Heidelberg Cement - Germany
- Kideco Jaya Agung - Indonesia
- San Jose City I Power Corp, Philippines
- Uttam Galva Steels Limited - India
- Deloitte Consulting - India
- Essar Steel Hazira Ltd - India
- Bukit Baiduri Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Indian Energy Exchange, India
- SMG Consultants - Indonesia
- Tamil Nadu electricity Board
- Tata Chemicals Ltd - India
- Coastal Gujarat Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- Ministry of Finance - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Sical Logistics Limited - India
- Georgia Ports Authority, United States
- Bayan Resources Tbk. - Indonesia
- Wilmar Investment Holdings
- Kaltim Prima Coal - Indonesia
- Lanco Infratech Ltd - India
- Renaissance Capital - South Africa
- Iligan Light & Power Inc, Philippines
- Energy Development Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Bangladesh Power Developement Board
- Krishnapatnam Port Company Ltd. - India
- Binh Thuan Hamico - Vietnam
- Jorong Barutama Greston.PT - Indonesia
- International Coal Ventures Pvt Ltd - India
- Singapore Mercantile Exchange
- Medco Energi Mining Internasional
- GAC Shipping (India) Pvt Ltd
- White Energy Company Limited
- Posco Energy - South Korea
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Star Paper Mills Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- GVK Power & Infra Limited - India
- Planning Commission, India
- Thai Mozambique Logistica
- Ceylon Electricity Board - Sri Lanka
- Holcim Trading Pte Ltd - Singapore
- Oldendorff Carriers - Singapore
- Carbofer General Trading SA - India
- Kohat Cement Company Ltd. - Pakistan
- Wood Mackenzie - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Miang Besar Coal Terminal - Indonesia
- Attock Cement Pakistan Limited
- Minerals Council of Australia
- Toyota Tsusho Corporation, Japan
- The Treasury - Australian Government
- Agrawal Coal Company - India
- Semirara Mining Corp, Philippines
- Riau Bara Harum - Indonesia
- Eastern Coal Council - USA
- Pendopo Energi Batubara - Indonesia
- Directorate Of Revenue Intelligence - India
- Bukit Makmur.PT - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Kapuas Tunggal Persada - Indonesia
- Metalloyd Limited - United Kingdom
- Bharathi Cement Corporation - India
- Central Electricity Authority - India
- LBH Netherlands Bv - Netherlands
- Global Business Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- European Bulk Services B.V. - Netherlands
- Barasentosa Lestari - Indonesia
- Indogreen Group - Indonesia
- Australian Commodity Traders Exchange
- Mintek Dendrill Indonesia
- Videocon Industries ltd - India
- Bhushan Steel Limited - India
- ASAPP Information Group - India
- Timah Investasi Mineral - Indoneisa
- Karbindo Abesyapradhi - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- Xindia Steels Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Bhatia International Limited - India
- Sinarmas Energy and Mining - Indonesia
- CNBM International Corporation - China
- Aboitiz Power Corporation - Philippines
- Vedanta Resources Plc - India
- McConnell Dowell - Australia
- Bhoruka Overseas - Indonesia
- PTC India Limited - India
- Makarim & Taira - Indonesia
- Malabar Cements Ltd - India
- Indonesian Coal Mining Association
- Ambuja Cements Ltd - India
- Kartika Selabumi Mining - Indonesia
- Antam Resourcindo - Indonesia
- Manunggal Multi Energi - Indonesia
- Rio Tinto Coal - Australia
- Edison Trading Spa - Italy
- Electricity Authority, New Zealand
- Savvy Resources Ltd - HongKong
- Power Finance Corporation Ltd., India
- IEA Clean Coal Centre - UK
- Ministry of Mines - Canada
- Anglo American - United Kingdom
- New Zealand Coal & Carbon
- Mercuria Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- The University of Queensland
- London Commodity Brokers - England
- Thiess Contractors Indonesia
- Indika Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Cement Manufacturers Association - India
- Parry Sugars Refinery, India
- Latin American Coal - Colombia
- Intertek Mineral Services - Indonesia
- Kepco SPC Power Corporation, Philippines
- Madhucon Powers Ltd - India
- Gujarat Sidhee Cement - India
- Orica Mining Services - Indonesia
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