This week was a “weird” week with no clear direction given from the Baltic Indices. We can claim that our estimate of last week was practically proven right. We had given during week 38 an indication that the upcoming holidays of China in week40 and the Mid-Autumn Festival of 1st Oct 7th Oct 2010 would cause a pre-holiday advance activity just strong enough to clear the outstanding orders that would secure that there will not be a shortage of incoming cargoes during this holiday period. Panamax vessels are the size segment that was affected the most during this week and the Supramaxes followed, with the Handymaxes also in the red. The capes survived and performed positively with a 9.55% increase this week and that was enough to counterweight the losses of the other 3 smaller size sectors, ultimately giving the BDI the smallest week on week percentage rise of just 0.33%, an increase of just 8 points. We expect the same trends to continue over the holiday week though.
In the table on the left, we see the level of Chinese Imports of Iron/Ore for the period of 2006 until Sep 2010. It is clearly evident that we are reaching the lowest levels since Jan 2009, when the markets were struggling to recover from the post Oct 2008 financial markets crash that lead to a near standstill of world trade. The total imports of the essential raw material for the production of steel, iron/ore for China in 2009 was 628 mil tones a number about 30% higher than the total imports for 2008 that had totaled 444 mil tones a number again 14% higher than the previous figures of 2007 that were amounting to 383 mil tones. For 2010 the numbers so far present a 5% reduction compared to 2009, with the 4th quarter expected to continue at a similar pace as the whole of 2010 had progressed, and the total estimate for this year is that imports of iron/ore will gross to about 600 mil tones.
In the table on the left, we see the level of Chinese Imports of Iron/Ore for the period of 2006 until Sep 2010. It is clearly evident that we are reaching the lowest levels since Jan 2009, when the markets were struggling to recover from the post Oct 2008 financial markets crash that lead to a near standstill of world trade. The total imports of the essential raw material for the production of steel, iron/ore for China in 2009 was 628 mil tones a number about 30% higher than the total imports for 2008 that had totaled 444 mil tones a number again 14% higher than the previous figures of 2007 that were amounting to 383 mil tones. For 2010 the numbers so far present a 5% reduction compared to 2009, with the 4th quarter expected to continue at a similar pace as the whole of 2010 had progressed, and the total estimate for this year is that imports of iron/ore will gross to about 600 mil tones.
You may download the complete report from our WEBSERVER:
No comments:
Post a Comment