Smooth operation along the sea market

This week, the coastal bulk cargo transportation market was operating stably, and the freight rates were low and consolidation. On October 10, the China Coastal (Bulk) Freight Index issued by the Shanghai Shipping Exchange closed at 906.84 points, a slight increase of 0.1% from the previous period (September 26). The coal and grain freight index rose, the freight index of metal ore dropped, and the freight index of crude oil and refined oil remained stable.

During the “11th” long holiday, the average daily inventories of the six major power generation group coastal power plants totaled 14,430,900 tons, and the average daily coal consumption was 554,400 tons, and the average available days were 26 days. With the macroeconomic weakness and holiday factors affecting, the downturn in downstream demand has shown up. However, after the long holiday, the market did not drop significantly as expected. The main reasons are: Shenhua delayed the adjustment of thermal coal prices until October 10th; Daqin Line maintenance began on October 9th, and the port coal imports will be greatly reduced. Some traders still hold two days after the holiday. With regard to the purchase and transportation activities, the transportation demand continued to be good before the holiday. The basic arrangements for the shipping period during the “11th” period have also eased the contradiction of excess supply capacity, and the coastal coal transportation market has continued to recover slightly before the holiday. However, with the formal announcement of the price increase of large coal enterprises such as Shenhua, the wave of rushing traffic also came to an end, and the weak demand in the transportation market has also appeared.

Coastal coal freight rates continued to show a slight upward trend this week. On October 10, the freight index of coal cargoes issued by the Shanghai Shipping Exchange closed at 931.39 points, up 0.3% from the previous period. China Coastal Coal Freight Index (CBCFI), Qinhuangdao-Shanghai (4-5 million dwt), Qinhuangdao-Zhangjiagang (2-3 million dwt), Qinhuangdao-Nanjing (3-4 million dwt), Qinhuangdao-Guangzhou (5- The freight rates of the 60,000 dwt route were 21.6 yuan/ton, 27.1 yuan/ton, 28.9 yuan/ton, and 29.6 yuan/ton, up by 0.2 yuan/ton, 0.2 yuan/ton, and 0.1 yuan/ton respectively compared with September 30th. , 0.3 yuan / ton.

At present, the overall sluggish demand for steel and the tightening of funds from steel mills are still continuing. The overhaul of steel plants is also gradually being carried out. In this context, steel mills mostly adopt low inventory strategies. During the holidays, they mainly consume their own stocks, and the demand for metal ore transportation cannot be effectively boosted. On October 10, the freight index of coastal metal ore cargoes reported at 810.11 points, down by 0.9% from the previous period.

After the holiday season, the shipping market in the north was slightly cooler than before the holiday. Traders were bearish on the market and began cautious shipments. The shipping market returned to calm. However, benefiting from the increase in pre-holiday new grain and the southern feed factory preparing in advance, the ship transportation schedule of grain transportation vessels is relatively full, and the contradiction in transportation capacity supply has eased. On October 10, the freight index of coastal grain cargoes reported at 654.25 points, up 1.2% from the previous period, of which the Yingkou-Shenzhen (4-5 million dwt) route was 35.3 yuan/ton, up 0.3 yuan/ton from the previous period.

With many negative factors, international oil prices have shown a downward trend during the holiday period. Several major energy agencies have lowered their expectations for global economic growth in the next two years. Market traders have a weaker bearish sentiment. Only end-users make up as required, and demand for refined oil transportation continues. Weak balance situation. On October 10, the freight index of crude oil cargoes issued by the Shanghai Shipping Exchange was 1597.14 points, and the freight index of refined oil goods and freight was 1215.40 points, both of which were the same as the previous period.