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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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Thursday, 15 July 21
U.S. FOSSIL FUEL CONSUMPTION FELL BY 9% IN 2020, THE LOWEST LEVEL IN NEARLY 30 YEARS - EIA
U.S. fossil fuel consumption fell by 9% in 2020, the lowest level in nearly 30 years
In 2020, total consumption of fossil fuels in t ...
Thursday, 15 July 21
IN 2020, U.S. COAL PRODUCTION FELL TO ITS LOWEST LEVEL SINCE 1965 - EIA
U.S. coal production totaled 535 million short tons (MMst) in 2020, a 24% decrease from the 706 MMst mined in 2019 and the lowest level of coal pro ...
Wednesday, 14 July 21
MARKET INSIGHT - INTERMODAL
In its latest Global Economic Prospects report, the world bank recorded the strongest post-recession global growth in 80 years, but emerging and de ...
Tuesday, 13 July 21
JAPAN STILL SEEKING TO EXPLOIT COAL POWER LOOPHOLES - IEEFA
JBIC wants to continue burdening developing nations with its expensive coal-fired power technology
Japan is continuing to push its expensive c ...
Sunday, 11 July 21
COAL SHOWS ITS STAYING POWER AS ECONOMIES BOUNCE BACK - THE WALL STREET JOURNAL
Coal use is surging in some of the world’s largest economies as electricity demand rebounds from the pandemic, illustrating the challenges to ...
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- Binh Thuan Hamico - Vietnam
- McConnell Dowell - Australia
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- Edison Trading Spa - Italy
- Indonesian Coal Mining Association
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- GN Power Mariveles Coal Plant, Philippines
- GVK Power & Infra Limited - India
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- Gujarat Electricity Regulatory Commission - India
- CNBM International Corporation - China
- San Jose City I Power Corp, Philippines
- Kumho Petrochemical, South Korea
- Sical Logistics Limited - India
- Baramulti Group, Indonesia
- Mercuria Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Central Electricity Authority - India
- Neyveli Lignite Corporation Ltd, - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Xindia Steels Limited - India
- GAC Shipping (India) Pvt Ltd
- International Coal Ventures Pvt Ltd - India
- Indian Oil Corporation Limited
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- Renaissance Capital - South Africa
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- The State Trading Corporation of India Ltd
- Heidelberg Cement - Germany
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- Star Paper Mills Limited - India
- Salva Resources Pvt Ltd - India
- Tamil Nadu electricity Board
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- Gujarat Mineral Development Corp Ltd - India
- Agrawal Coal Company - India
- Indian Energy Exchange, India
- PNOC Exploration Corporation - Philippines
- Bhatia International Limited - India
- Indika Energy - Indonesia
- London Commodity Brokers - England
- Kobexindo Tractors - Indoneisa
- Dalmia Cement Bharat India
- Petron Corporation, Philippines
- GMR Energy Limited - India
- PetroVietnam Power Coal Import and Supply Company
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- Mjunction Services Limited - India
- Ministry of Transport, Egypt
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- Energy Link Ltd, New Zealand
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- Wood Mackenzie - Singapore
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- Commonwealth Bank - Australia
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- Bayan Resources Tbk. - Indonesia
- Africa Commodities Group - South Africa
- Straits Asia Resources Limited - Singapore
- Karaikal Port Pvt Ltd - India
- ICICI Bank Limited - India
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- LBH Netherlands Bv - Netherlands
- The University of Queensland
- Power Finance Corporation Ltd., India
- Krishnapatnam Port Company Ltd. - India
- Therma Luzon, Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Anglo American - United Kingdom
- Karbindo Abesyapradhi - Indoneisa
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- Planning Commission, India
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- TNB Fuel Sdn Bhd - Malaysia
- Latin American Coal - Colombia
- Essar Steel Hazira Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Sinarmas Energy and Mining - Indonesia
- Cigading International Bulk Terminal - Indonesia
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- Sojitz Corporation - Japan
- Maheswari Brothers Coal Limited - India
- Economic Council, Georgia
- Chamber of Mines of South Africa
- Sakthi Sugars Limited - India
- Sindya Power Generating Company Private Ltd
- Kapuas Tunggal Persada - Indonesia
- Vizag Seaport Private Limited - India
- Pendopo Energi Batubara - Indonesia
- Metalloyd Limited - United Kingdom
- Meralco Power Generation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Toyota Tsusho Corporation, Japan
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- Oldendorff Carriers - Singapore
- Meenaskhi Energy Private Limited - India
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- SMC Global Power, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Attock Cement Pakistan Limited
- Ministry of Mines - Canada
- Indogreen Group - Indonesia
- Standard Chartered Bank - UAE
- Port Waratah Coal Services - Australia
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- Maharashtra Electricity Regulatory Commission - India
- Parliament of New Zealand
- Energy Development Corp, Philippines
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- SMG Consultants - Indonesia
- Coal and Oil Company - UAE
- Eastern Coal Council - USA
- Timah Investasi Mineral - Indoneisa
- Electricity Authority, New Zealand
- Wilmar Investment Holdings
- Siam City Cement - Thailand
- Mercator Lines Limited - India
- IEA Clean Coal Centre - UK
- Bulk Trading Sa - Switzerland
- Kohat Cement Company Ltd. - Pakistan
- Bangladesh Power Developement Board
- Jorong Barutama Greston.PT - Indonesia
- Samtan Co., Ltd - South Korea
- OPG Power Generation Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Miang Besar Coal Terminal - Indonesia
- South Luzon Thermal Energy Corporation
- The Treasury - Australian Government
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- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Grasim Industreis Ltd - India
- Antam Resourcindo - Indonesia
- Electricity Generating Authority of Thailand
- Rio Tinto Coal - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Holcim Trading Pte Ltd - Singapore
- Barasentosa Lestari - Indonesia
- Global Green Power PLC Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Videocon Industries ltd - India
- Cement Manufacturers Association - India
- Chettinad Cement Corporation Ltd - India
- VISA Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Siam City Cement PLC, Thailand
- Goldman Sachs - Singapore
- Singapore Mercantile Exchange
- Orica Australia Pty. Ltd.
- Rashtriya Ispat Nigam Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Parry Sugars Refinery, India
- Larsen & Toubro Limited - India
- MS Steel International - UAE
- Savvy Resources Ltd - HongKong
- Altura Mining Limited, Indonesia
- Ceylon Electricity Board - Sri Lanka
- Simpson Spence & Young - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Orica Mining Services - Indonesia
- Merrill Lynch Commodities Europe
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- Thiess Contractors Indonesia
- India Bulls Power Limited - India
- Central Java Power - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Aditya Birla Group - India
- Minerals Council of Australia
- Global Business Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Ministry of Finance - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Coastal Gujarat Power Limited - India
- ASAPP Information Group - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Price Waterhouse Coopers - Russia
- PTC India Limited - India
- Kartika Selabumi Mining - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Jindal Steel & Power Ltd - India
- Thai Mozambique Logistica
- New Zealand Coal & Carbon
- Malabar Cements Ltd - India
- Medco Energi Mining Internasional
- Georgia Ports Authority, United States
- Australian Commodity Traders Exchange
- Vedanta Resources Plc - India
- Australian Coal Association
- Tata Chemicals Ltd - India
- Eastern Energy - Thailand
- Deloitte Consulting - India
- Ambuja Cements Ltd - India
- Gujarat Sidhee Cement - India
- Trasteel International SA, Italy
- Global Coal Blending Company Limited - Australia
- Independent Power Producers Association of India
- Formosa Plastics Group - Taiwan
- Uttam Galva Steels Limited - India
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- Indo Tambangraya Megah - Indonesia
- TeaM Sual Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- Intertek Mineral Services - Indonesia
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- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coalindo Energy - Indonesia
- White Energy Company Limited
- Posco Energy - South Korea
- Globalindo Alam Lestari - Indonesia
- Bharathi Cement Corporation - India
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