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Friday, 20 August 21
CHINA’S IRON ORE IMPORTS CONTRACTED YEAR-ON-YEAR BY 2% IN 2018 AND GREW YEAR-ON-YEAR BY ONLY 1% IN 2019 - COMMODORE RESEARCH
 Examining the last ten years of China’s crude steel output and iron ore imports shows that China’s iron ore imports have stayed resilient during each year where China’s crude steel output growth came under notable pressure, Commodore Research reported in its August report.
Commodore Research further noted, last decade began with China’s crude steel output growing year-on-year by 9% in 2011, and iron ore imports that year grew year-on-year by a robust 11%. However, 2012 then saw crude steel output grow year-on-year by only 3%, but iron ore imports that year still grew year-on-year by 9%. 2013 saw strong growth in both crude steel output and iron ore imports (each grew by 10%), but then 2014 saw crude steel production grow year-on-year by 5%. However, iron ore imports in 2014 still grew year-on-year by 13%. 2015 then saw China’s crude steel output contract year-on-year by 2%, but iron ore imports that year still grew year-on-year by 2%.
2016 then saw crude steel output grow year-on-year by only 1%, but iron ore imports that year grew year-on-year by 8%. 2017 saw the same growth in both crude steel output and iron ore imports (each grew year-on-year by 5%).
As we have been stressing in our work since we started our consultancy in 2010, Commodore Research said, it is global iron ore production that dictates China’s iron ore import volume. China has long remained content to purchase as much iron ore that exporters want to sell China (as imports are much higher quality than iron ore mined in China). Year after year has continued to show that China’s actual iron ore import demand remains resilient even when crude steel output growth comes under pressure. 2018 and 2019 would then go on to see weakness in iron ore imports, but this was not due to weakness in crude steel output. China’s iron ore imports contracted year-on-year by 2% in 2018 and grew year-on-year by only 1% in 2019, but crude steel output grew year-on-year by 10% in 2018 and by 7% in 2019. It was not weakness in steel output that led to two years of iron ore import weakness.
Global iron ore production was not finding significant growth at this time following years of weakness in iron ore prices, and overall global iron ore production was also hit further in 2019 after Vale’s dam collapse in January 2019 (which ended up curtailing Vale’s production). 2020 then ended up seeing China’s crude steel output grow year-on-year by 6% and iron ore imports grow year-on-year by 9%.
Overall, year after year has continued to show that China’s actual iron ore import demand remains resilient even if steel output experiences low growth or even contracts.
During the last ten years, Commodore Research said, there have been three years where China’s crude steel output grew by less than 5% (2012, 2015, and 2016) — and during all of these years China’s annual iron ore imports set new records. This historical fact is not making its way into market consensus. The Chinese government never comes out and states that iron ore imports can find strength even during years where steel output comes under pressure, but this is exactly what history has continued to show. Consuming as much imported iron ore as possible (at the expense of domestically mined iron ore) remains in the very best interest of China’s environment — and fortunately for the Chinese steel sector, the price of iron ore cargoes are now much more attractive.
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Wednesday, 28 July 21
MARKET INSIGHT - INTERMODAL
Assessing the ship repair sector during this first half of the year, we continue to come across surprises and new restrictions which are trembling ...
Saturday, 24 July 21
UNDERSTANDING INDIA'S LATEST PEAK POWER DEMAND RECORD - IEEFA
Ramping up solar will be crucial as peak power demand hits during the day
At around noon on 7 July 2021, India’s instantaneous ...
Wednesday, 21 July 21
MARKET INSIGHT - INTERMODAL
Dry Buk Sales and Purchase activity has heated up during 2021, reaching record high levels during the first half of the year. The increased interes ...
Monday, 19 July 21
CHINA'S COAL OUTPUT UP 6.4 PCT IN H1 - XINHUA
China’s raw coal output climbed 6.4 percent year on year to 1.95 billion tonnes in the first six months of the year, official data showed.
...
Saturday, 17 July 21
COAL PRICES TRADE AT DECADE HIGH OF $140 PER TONNE, HERE ARE SOME FACTORS AT PLAY: CNBC-TV18
Coal prices are trading at $140 per tonne. In the last one week, coal has seen more than 8 percent gains; the last one month has seen 24 percent ju ...
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- Kobexindo Tractors - Indoneisa
- ASAPP Information Group - India
- Ministry of Finance - Indonesia
- Kepco SPC Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- GMR Energy Limited - India
- European Bulk Services B.V. - Netherlands
- Coalindo Energy - Indonesia
- Bhushan Steel Limited - India
- Sinarmas Energy and Mining - Indonesia
- Larsen & Toubro Limited - India
- Parliament of New Zealand
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- TNB Fuel Sdn Bhd - Malaysia
- Bharathi Cement Corporation - India
- Indogreen Group - Indonesia
- The Treasury - Australian Government
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- Electricity Authority, New Zealand
- Madhucon Powers Ltd - India
- Marubeni Corporation - India
- Petron Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- New Zealand Coal & Carbon
- Lanco Infratech Ltd - India
- Timah Investasi Mineral - Indoneisa
- Toyota Tsusho Corporation, Japan
- Bank of Tokyo Mitsubishi UFJ Ltd
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- Sree Jayajothi Cements Limited - India
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- Samtan Co., Ltd - South Korea
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- Vedanta Resources Plc - India
- Parry Sugars Refinery, India
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- Intertek Mineral Services - Indonesia
- Simpson Spence & Young - Indonesia
- Wood Mackenzie - Singapore
- Trasteel International SA, Italy
- SN Aboitiz Power Inc, Philippines
- Xindia Steels Limited - India
- Salva Resources Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Altura Mining Limited, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Posco Energy - South Korea
- Ceylon Electricity Board - Sri Lanka
- India Bulls Power Limited - India
- Chamber of Mines of South Africa
- Port Waratah Coal Services - Australia
- Sarangani Energy Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Australian Coal Association
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- Global Coal Blending Company Limited - Australia
- White Energy Company Limited
- Wilmar Investment Holdings
- Australian Commodity Traders Exchange
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- Planning Commission, India
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- MS Steel International - UAE
- Vizag Seaport Private Limited - India
- Global Business Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- IEA Clean Coal Centre - UK
- Sical Logistics Limited - India
- CIMB Investment Bank - Malaysia
- Africa Commodities Group - South Africa
- Indonesian Coal Mining Association
- Semirara Mining and Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Kalimantan Lumbung Energi - Indonesia
- PTC India Limited - India
- Romanian Commodities Exchange
- Tamil Nadu electricity Board
- Dalmia Cement Bharat India
- Aditya Birla Group - India
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- Goldman Sachs - Singapore
- Singapore Mercantile Exchange
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- Sakthi Sugars Limited - India
- Eastern Coal Council - USA
- Rio Tinto Coal - Australia
- Bukit Makmur.PT - Indonesia
- Uttam Galva Steels Limited - India
- Price Waterhouse Coopers - Russia
- Manunggal Multi Energi - Indonesia
- Ministry of Mines - Canada
- Latin American Coal - Colombia
- Karaikal Port Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Riau Bara Harum - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Mercuria Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Videocon Industries ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Directorate General of MIneral and Coal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- TeaM Sual Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- Neyveli Lignite Corporation Ltd, - India
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- Meenaskhi Energy Private Limited - India
- Thai Mozambique Logistica
- Aboitiz Power Corporation - Philippines
- Makarim & Taira - Indonesia
- Mjunction Services Limited - India
- Formosa Plastics Group - Taiwan
- IHS Mccloskey Coal Group - USA
- Bukit Asam (Persero) Tbk - Indonesia
- Economic Council, Georgia
- Bhoruka Overseas - Indonesia
- Maheswari Brothers Coal Limited - India
- Bhatia International Limited - India
- Leighton Contractors Pty Ltd - Australia
- Merrill Lynch Commodities Europe
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- Indika Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Georgia Ports Authority, United States
- OPG Power Generation Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Cement Manufacturers Association - India
- Independent Power Producers Association of India
- Kartika Selabumi Mining - Indonesia
- Mercator Lines Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Banpu Public Company Limited - Thailand
- Agrawal Coal Company - India
- Indian Oil Corporation Limited
- Star Paper Mills Limited - India
- Renaissance Capital - South Africa
- PNOC Exploration Corporation - Philippines
- Attock Cement Pakistan Limited
- Electricity Generating Authority of Thailand
- Meralco Power Generation, Philippines
- Eastern Energy - Thailand
- The University of Queensland
- Mintek Dendrill Indonesia
- Kumho Petrochemical, South Korea
- Metalloyd Limited - United Kingdom
- Indian Energy Exchange, India
- Anglo American - United Kingdom
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bayan Resources Tbk. - Indonesia
- Pendopo Energi Batubara - Indonesia
- Jindal Steel & Power Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Ministry of Transport, Egypt
- South Luzon Thermal Energy Corporation
- Heidelberg Cement - Germany
- Bulk Trading Sa - Switzerland
- Billiton Holdings Pty Ltd - Australia
- Antam Resourcindo - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Energy Link Ltd, New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Commonwealth Bank - Australia
- SMC Global Power, Philippines
- Central Java Power - Indonesia
- Minerals Council of Australia
- Tata Chemicals Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Bangladesh Power Developement Board
- Jaiprakash Power Ventures ltd
- Kaltim Prima Coal - Indonesia
- Ind-Barath Power Infra Limited - India
- Deloitte Consulting - India
- Energy Development Corp, Philippines
- The State Trading Corporation of India Ltd
- GAC Shipping (India) Pvt Ltd
- Sojitz Corporation - Japan
- Siam City Cement PLC, Thailand
- Maharashtra Electricity Regulatory Commission - India
- Globalindo Alam Lestari - Indonesia
- Orica Mining Services - Indonesia
- Medco Energi Mining Internasional
- Therma Luzon, Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Central Electricity Authority - India
- Straits Asia Resources Limited - Singapore
- Siam City Cement - Thailand
- CNBM International Corporation - China
- International Coal Ventures Pvt Ltd - India
- SMG Consultants - Indonesia
- Iligan Light & Power Inc, Philippines
- ICICI Bank Limited - India
- Edison Trading Spa - Italy
- Barasentosa Lestari - Indonesia
- Indo Tambangraya Megah - Indonesia
- Malabar Cements Ltd - India
- Rashtriya Ispat Nigam Limited - India
- McConnell Dowell - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Orica Australia Pty. Ltd.
- LBH Netherlands Bv - Netherlands
- Borneo Indobara - Indonesia
- Gujarat Sidhee Cement - India
- London Commodity Brokers - England
- Coal and Oil Company - UAE
- VISA Power Limited - India
- Sindya Power Generating Company Private Ltd
- Ambuja Cements Ltd - India
- Grasim Industreis Ltd - India
- Oldendorff Carriers - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Cigading International Bulk Terminal - Indonesia
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