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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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Wednesday, 01 December 21
MARKET INSIGHT - INTERMODAL
Essentially, anyone involved in the shipping and commodity markets still struggle with commodity supply issues and skyrocketing prices in the conte ...
Tuesday, 30 November 21
CHINA'S TOP ECONOMIC PLANNER SUMMONS COAL PRODUCERS; LONG-TERM PRICING MECHANISM IS ADVISED - GLOBAL TIMES
China’s top economic planner the National Development and Reform Commission (NDRC) said on Monday that they summoned coal producers for a hea ...
Tuesday, 30 November 21
CHINA'S COAL PRICES PLUNGE AFTER GOVT SIGNALS MORE PRICE REGULATION - REUTERS
China’s thermal coal futures dropped 5.6% on Monday after the state economic planner signaled further regulations for prices of the dirty pow ...
Friday, 26 November 21
AS COAL MARKET STABILIZES, CHINA STEPS UP NATURAL GAS SUPPLY TO MEET WINTER DEMAND - GLOBAL TIMES
The daily supply of natural gas in China has exceeded 1 billion cubic meters (bcm) since November began, up 11 percent year-on-year, data from stat ...
Friday, 26 November 21
CHINA FINDS COMPLIANCE PROBLEMS IN COAL PRICE INDEX PROBE - REUTERS
China’s state planner on Wednesday said it had discovered some “noncompliant” behaviour among coal price index providers as it an ...
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- Gujarat Electricity Regulatory Commission - India
- Ind-Barath Power Infra Limited - India
- Xindia Steels Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Planning Commission, India
- Vijayanagar Sugar Pvt Ltd - India
- Bhatia International Limited - India
- Aditya Birla Group - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- European Bulk Services B.V. - Netherlands
- Oldendorff Carriers - Singapore
- Attock Cement Pakistan Limited
- Merrill Lynch Commodities Europe
- Wilmar Investment Holdings
- Grasim Industreis Ltd - India
- Cement Manufacturers Association - India
- ASAPP Information Group - India
- Carbofer General Trading SA - India
- Jaiprakash Power Ventures ltd
- Riau Bara Harum - Indonesia
- Chettinad Cement Corporation Ltd - India
- Siam City Cement PLC, Thailand
- GN Power Mariveles Coal Plant, Philippines
- International Coal Ventures Pvt Ltd - India
- Interocean Group of Companies - India
- Sinarmas Energy and Mining - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Toyota Tsusho Corporation, Japan
- The Treasury - Australian Government
- GVK Power & Infra Limited - India
- Mercator Lines Limited - India
- Videocon Industries ltd - India
- Chamber of Mines of South Africa
- Global Business Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Bulk Trading Sa - Switzerland
- Gujarat Mineral Development Corp Ltd - India
- Aboitiz Power Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- Kartika Selabumi Mining - Indonesia
- Malabar Cements Ltd - India
- Karaikal Port Pvt Ltd - India
- Indonesian Coal Mining Association
- Meenaskhi Energy Private Limited - India
- Sojitz Corporation - Japan
- Kumho Petrochemical, South Korea
- Bayan Resources Tbk. - Indonesia
- Coastal Gujarat Power Limited - India
- Maheswari Brothers Coal Limited - India
- Coal and Oil Company - UAE
- Vizag Seaport Private Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Coalindo Energy - Indonesia
- Sical Logistics Limited - India
- Global Green Power PLC Corporation, Philippines
- Latin American Coal - Colombia
- Medco Energi Mining Internasional
- Directorate Of Revenue Intelligence - India
- Kobexindo Tractors - Indoneisa
- Commonwealth Bank - Australia
- Posco Energy - South Korea
- Central Electricity Authority - India
- Globalindo Alam Lestari - Indonesia
- PNOC Exploration Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Bhushan Steel Limited - India
- Electricity Authority, New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Price Waterhouse Coopers - Russia
- Renaissance Capital - South Africa
- Star Paper Mills Limited - India
- Parry Sugars Refinery, India
- Thiess Contractors Indonesia
- Rio Tinto Coal - Australia
- The State Trading Corporation of India Ltd
- Minerals Council of Australia
- Goldman Sachs - Singapore
- Manunggal Multi Energi - Indonesia
- Indian Oil Corporation Limited
- PTC India Limited - India
- IHS Mccloskey Coal Group - USA
- New Zealand Coal & Carbon
- Makarim & Taira - Indonesia
- Standard Chartered Bank - UAE
- Borneo Indobara - Indonesia
- Singapore Mercantile Exchange
- Tata Chemicals Ltd - India
- Mjunction Services Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Madhucon Powers Ltd - India
- Sindya Power Generating Company Private Ltd
- Global Coal Blending Company Limited - Australia
- Bahari Cakrawala Sebuku - Indonesia
- ICICI Bank Limited - India
- Independent Power Producers Association of India
- Trasteel International SA, Italy
- Lanco Infratech Ltd - India
- Jindal Steel & Power Ltd - India
- Meralco Power Generation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Altura Mining Limited, Indonesia
- Sakthi Sugars Limited - India
- Semirara Mining and Power Corporation, Philippines
- Indian Energy Exchange, India
- Port Waratah Coal Services - Australia
- Bhoruka Overseas - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Indika Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Salva Resources Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- MS Steel International - UAE
- Australian Coal Association
- South Luzon Thermal Energy Corporation
- Ministry of Mines - Canada
- Bharathi Cement Corporation - India
- Africa Commodities Group - South Africa
- Wood Mackenzie - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- London Commodity Brokers - England
- IEA Clean Coal Centre - UK
- Parliament of New Zealand
- Miang Besar Coal Terminal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- CNBM International Corporation - China
- Bukit Baiduri Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- PowerSource Philippines DevCo
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SMC Global Power, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- White Energy Company Limited
- Tamil Nadu electricity Board
- Vedanta Resources Plc - India
- Anglo American - United Kingdom
- Baramulti Group, Indonesia
- Barasentosa Lestari - Indonesia
- Straits Asia Resources Limited - Singapore
- Holcim Trading Pte Ltd - Singapore
- Deloitte Consulting - India
- Kideco Jaya Agung - Indonesia
- Heidelberg Cement - Germany
- Edison Trading Spa - Italy
- Uttam Galva Steels Limited - India
- Metalloyd Limited - United Kingdom
- Savvy Resources Ltd - HongKong
- Marubeni Corporation - India
- GAC Shipping (India) Pvt Ltd
- Billiton Holdings Pty Ltd - Australia
- Iligan Light & Power Inc, Philippines
- Agrawal Coal Company - India
- Romanian Commodities Exchange
- The University of Queensland
- Antam Resourcindo - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Mintek Dendrill Indonesia
- Thai Mozambique Logistica
- Australian Commodity Traders Exchange
- Gujarat Sidhee Cement - India
- San Jose City I Power Corp, Philippines
- Therma Luzon, Inc, Philippines
- Ambuja Cements Ltd - India
- Kaltim Prima Coal - Indonesia
- Central Java Power - Indonesia
- Electricity Generating Authority of Thailand
- Simpson Spence & Young - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Timah Investasi Mineral - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- McConnell Dowell - Australia
- Orica Australia Pty. Ltd.
- Power Finance Corporation Ltd., India
- Formosa Plastics Group - Taiwan
- OPG Power Generation Pvt Ltd - India
- Petron Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Indo Tambangraya Megah - Indonesia
- Bukit Makmur.PT - Indonesia
- India Bulls Power Limited - India
- Energy Development Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Dalmia Cement Bharat India
- Energy Link Ltd, New Zealand
- Neyveli Lignite Corporation Ltd, - India
- Alfred C Toepfer International GmbH - Germany
- Eastern Energy - Thailand
- Binh Thuan Hamico - Vietnam
- Indogreen Group - Indonesia
- Ministry of Transport, Egypt
- Asmin Koalindo Tuhup - Indonesia
- Eastern Coal Council - USA
- Essar Steel Hazira Ltd - India
- Semirara Mining Corp, Philippines
- Orica Mining Services - Indonesia
- Cigading International Bulk Terminal - Indonesia
- SMG Consultants - Indonesia
- Pendopo Energi Batubara - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Intertek Mineral Services - Indonesia
- Mercuria Energy - Indonesia
- Economic Council, Georgia
- Siam City Cement - Thailand
- GMR Energy Limited - India
- Ministry of Finance - Indonesia
- Sarangani Energy Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- VISA Power Limited - India
- Larsen & Toubro Limited - India
- Bangladesh Power Developement Board
- Banpu Public Company Limited - Thailand
- Samtan Co., Ltd - South Korea
- Georgia Ports Authority, United States
- Krishnapatnam Port Company Ltd. - India
- Sree Jayajothi Cements Limited - India
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