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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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Tuesday, 13 February 24
WHAT IS THE OUTLOOK FOR THE NATURAL GAS SPOT PRICE IN 2024 AND 2025? EIA
We expect the U.S. benchmark Henry Hub natural gas spot price to average higher in 2024 and 2025 than in 2023, but to remain lower than $3.00 per m ...
Monday, 12 February 24
US THERMAL COAL EXPORTS HIT 5-YEAR HIGHS AND TOP $5 BLN IN 2023 - REUTERS
United States exporters of thermal coal earned more than $5 billion in 2023 as they shipped out more than 32.5 million metric tons of the high-poll ...
Tuesday, 06 February 24
NEW E-FUELS PROJECT TO MAKE INTERNATIONAL SHIPPING CLIMATE-NEUTRAL - RINA
Transport and trade on the ocean blue must be made much greener. This is the goal of the new €17 million European GAMMA project, where compani ...
Tuesday, 06 February 24
INDIA SEES ANNUAL COAL OUTPUT UP 10.9% IN 2024/25 - REUTERS
India expects domestic coal output to increase by 10.9% to 1.13 billion metric tons in the fiscal year ending March 2025, a senior government offic ...
Tuesday, 06 February 24
INDIA'S COAL PRODUCTION INCREASES BY 10.3% TO 99.73 MILLION TONNE IN JANUARY - PTI
The country’s coal output rose 10.3 per cent to 99.73 Million Tonne (MT) in January, over the same month in the previous fiscal.
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- Independent Power Producers Association of India
- Indonesian Coal Mining Association
- Rashtriya Ispat Nigam Limited - India
- Ind-Barath Power Infra Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Bukit Baiduri Energy - Indonesia
- GVK Power & Infra Limited - India
- Thai Mozambique Logistica
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SN Aboitiz Power Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Sree Jayajothi Cements Limited - India
- Medco Energi Mining Internasional
- Central Java Power - Indonesia
- Attock Cement Pakistan Limited
- Essar Steel Hazira Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Bhatia International Limited - India
- Mercator Lines Limited - India
- Indian Energy Exchange, India
- ICICI Bank Limited - India
- European Bulk Services B.V. - Netherlands
- MS Steel International - UAE
- Tata Chemicals Ltd - India
- Coal and Oil Company - UAE
- Baramulti Group, Indonesia
- Bulk Trading Sa - Switzerland
- Meenaskhi Energy Private Limited - India
- Minerals Council of Australia
- Petrochimia International Co. Ltd.- Taiwan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Port Waratah Coal Services - Australia
- India Bulls Power Limited - India
- Posco Energy - South Korea
- Maharashtra Electricity Regulatory Commission - India
- Gujarat Mineral Development Corp Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Timah Investasi Mineral - Indoneisa
- London Commodity Brokers - England
- Vedanta Resources Plc - India
- Thiess Contractors Indonesia
- Heidelberg Cement - Germany
- Iligan Light & Power Inc, Philippines
- Coastal Gujarat Power Limited - India
- Metalloyd Limited - United Kingdom
- Parliament of New Zealand
- Power Finance Corporation Ltd., India
- Kohat Cement Company Ltd. - Pakistan
- Altura Mining Limited, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coalindo Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Economic Council, Georgia
- Jaiprakash Power Ventures ltd
- PetroVietnam Power Coal Import and Supply Company
- Indo Tambangraya Megah - Indonesia
- Australian Commodity Traders Exchange
- Global Green Power PLC Corporation, Philippines
- Lanco Infratech Ltd - India
- Chamber of Mines of South Africa
- Salva Resources Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Price Waterhouse Coopers - Russia
- Krishnapatnam Port Company Ltd. - India
- TNB Fuel Sdn Bhd - Malaysia
- Merrill Lynch Commodities Europe
- Cement Manufacturers Association - India
- New Zealand Coal & Carbon
- Central Electricity Authority - India
- Madhucon Powers Ltd - India
- Sojitz Corporation - Japan
- Kartika Selabumi Mining - Indonesia
- Mercuria Energy - Indonesia
- Ministry of Mines - Canada
- Sical Logistics Limited - India
- Maheswari Brothers Coal Limited - India
- Sindya Power Generating Company Private Ltd
- Straits Asia Resources Limited - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Petron Corporation, Philippines
- The University of Queensland
- Kaltim Prima Coal - Indonesia
- Borneo Indobara - Indonesia
- Siam City Cement PLC, Thailand
- Indogreen Group - Indonesia
- Wood Mackenzie - Singapore
- International Coal Ventures Pvt Ltd - India
- Planning Commission, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Romanian Commodities Exchange
- Manunggal Multi Energi - Indonesia
- Kapuas Tunggal Persada - Indonesia
- White Energy Company Limited
- PowerSource Philippines DevCo
- Semirara Mining Corp, Philippines
- Bhushan Steel Limited - India
- Miang Besar Coal Terminal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Aditya Birla Group - India
- Jorong Barutama Greston.PT - Indonesia
- Kepco SPC Power Corporation, Philippines
- Tamil Nadu electricity Board
- Ambuja Cements Ltd - India
- Samtan Co., Ltd - South Korea
- GAC Shipping (India) Pvt Ltd
- Indika Energy - Indonesia
- Kumho Petrochemical, South Korea
- Trasteel International SA, Italy
- Ministry of Transport, Egypt
- Gujarat Sidhee Cement - India
- Global Business Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- LBH Netherlands Bv - Netherlands
- Formosa Plastics Group - Taiwan
- Dalmia Cement Bharat India
- Renaissance Capital - South Africa
- Makarim & Taira - Indonesia
- Carbofer General Trading SA - India
- Sakthi Sugars Limited - India
- Vizag Seaport Private Limited - India
- Orica Mining Services - Indonesia
- Georgia Ports Authority, United States
- Latin American Coal - Colombia
- Mintek Dendrill Indonesia
- Eastern Energy - Thailand
- Binh Thuan Hamico - Vietnam
- Siam City Cement - Thailand
- Parry Sugars Refinery, India
- Kobexindo Tractors - Indoneisa
- Banpu Public Company Limited - Thailand
- Gujarat Electricity Regulatory Commission - India
- Orica Australia Pty. Ltd.
- Directorate Of Revenue Intelligence - India
- Jindal Steel & Power Ltd - India
- Cigading International Bulk Terminal - Indonesia
- IHS Mccloskey Coal Group - USA
- Karbindo Abesyapradhi - Indoneisa
- CIMB Investment Bank - Malaysia
- Uttam Galva Steels Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Oldendorff Carriers - Singapore
- San Jose City I Power Corp, Philippines
- Meralco Power Generation, Philippines
- Star Paper Mills Limited - India
- Semirara Mining and Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Therma Luzon, Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- TeaM Sual Corporation - Philippines
- Rio Tinto Coal - Australia
- Standard Chartered Bank - UAE
- Aboitiz Power Corporation - Philippines
- SMC Global Power, Philippines
- OPG Power Generation Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Electricity Authority, New Zealand
- Savvy Resources Ltd - HongKong
- GMR Energy Limited - India
- Grasim Industreis Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Eastern Coal Council - USA
- Anglo American - United Kingdom
- Mjunction Services Limited - India
- Simpson Spence & Young - Indonesia
- Edison Trading Spa - Italy
- Electricity Generating Authority of Thailand
- ASAPP Information Group - India
- Bukit Makmur.PT - Indonesia
- Agrawal Coal Company - India
- Energy Link Ltd, New Zealand
- Neyveli Lignite Corporation Ltd, - India
- Pendopo Energi Batubara - Indonesia
- Singapore Mercantile Exchange
- Intertek Mineral Services - Indonesia
- South Luzon Thermal Energy Corporation
- Antam Resourcindo - Indonesia
- Indian Oil Corporation Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Australian Coal Association
- Africa Commodities Group - South Africa
- PNOC Exploration Corporation - Philippines
- VISA Power Limited - India
- CNBM International Corporation - China
- The Treasury - Australian Government
- Kideco Jaya Agung - Indonesia
- Globalindo Alam Lestari - Indonesia
- Chettinad Cement Corporation Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Energy Development Corp, Philippines
- Malabar Cements Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Xindia Steels Limited - India
- Sarangani Energy Corporation, Philippines
- Larsen & Toubro Limited - India
- Videocon Industries ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- McConnell Dowell - Australia
- Holcim Trading Pte Ltd - Singapore
- Riau Bara Harum - Indonesia
- Global Coal Blending Company Limited - Australia
- Bangladesh Power Developement Board
- PTC India Limited - India
- Goldman Sachs - Singapore
- Wilmar Investment Holdings
- Bharathi Cement Corporation - India
- Marubeni Corporation - India
- Vijayanagar Sugar Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- SMG Consultants - Indonesia
- Interocean Group of Companies - India
- Ministry of Finance - Indonesia
- Commonwealth Bank - Australia
- Karaikal Port Pvt Ltd - India
- Deloitte Consulting - India
- Ceylon Electricity Board - Sri Lanka
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