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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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- Ambuja Cements Ltd - India
- Meralco Power Generation, Philippines
- Independent Power Producers Association of India
- Tata Chemicals Ltd - India
- Price Waterhouse Coopers - Russia
- Aditya Birla Group - India
- IEA Clean Coal Centre - UK
- Bukit Makmur.PT - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Romanian Commodities Exchange
- Wilmar Investment Holdings
- Chettinad Cement Corporation Ltd - India
- Bangladesh Power Developement Board
- Orica Australia Pty. Ltd.
- Madhucon Powers Ltd - India
- Renaissance Capital - South Africa
- Heidelberg Cement - Germany
- White Energy Company Limited
- Coalindo Energy - Indonesia
- Latin American Coal - Colombia
- Alfred C Toepfer International GmbH - Germany
- Maheswari Brothers Coal Limited - India
- Merrill Lynch Commodities Europe
- Central Java Power - Indonesia
- Barasentosa Lestari - Indonesia
- Kartika Selabumi Mining - Indonesia
- Wood Mackenzie - Singapore
- Tamil Nadu electricity Board
- Ministry of Finance - Indonesia
- Orica Mining Services - Indonesia
- Electricity Generating Authority of Thailand
- Eastern Coal Council - USA
- Bhatia International Limited - India
- Port Waratah Coal Services - Australia
- McConnell Dowell - Australia
- Singapore Mercantile Exchange
- MS Steel International - UAE
- Riau Bara Harum - Indonesia
- Intertek Mineral Services - Indonesia
- Bhoruka Overseas - Indonesia
- Georgia Ports Authority, United States
- Bukit Baiduri Energy - Indonesia
- Cement Manufacturers Association - India
- Oldendorff Carriers - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Global Green Power PLC Corporation, Philippines
- Baramulti Group, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Manunggal Multi Energi - Indonesia
- Mercator Lines Limited - India
- Essar Steel Hazira Ltd - India
- Bharathi Cement Corporation - India
- Leighton Contractors Pty Ltd - Australia
- European Bulk Services B.V. - Netherlands
- Power Finance Corporation Ltd., India
- Maharashtra Electricity Regulatory Commission - India
- Sakthi Sugars Limited - India
- Kepco SPC Power Corporation, Philippines
- Indogreen Group - Indonesia
- Bayan Resources Tbk. - Indonesia
- LBH Netherlands Bv - Netherlands
- Agrawal Coal Company - India
- Bulk Trading Sa - Switzerland
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- New Zealand Coal & Carbon
- IHS Mccloskey Coal Group - USA
- Kideco Jaya Agung - Indonesia
- Sindya Power Generating Company Private Ltd
- Asmin Koalindo Tuhup - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Attock Cement Pakistan Limited
- Straits Asia Resources Limited - Singapore
- Krishnapatnam Port Company Ltd. - India
- Kumho Petrochemical, South Korea
- Standard Chartered Bank - UAE
- Videocon Industries ltd - India
- Larsen & Toubro Limited - India
- Vedanta Resources Plc - India
- Sree Jayajothi Cements Limited - India
- London Commodity Brokers - England
- GAC Shipping (India) Pvt Ltd
- Chamber of Mines of South Africa
- Vijayanagar Sugar Pvt Ltd - India
- Dalmia Cement Bharat India
- Therma Luzon, Inc, Philippines
- Vizag Seaport Private Limited - India
- Economic Council, Georgia
- Energy Link Ltd, New Zealand
- Indika Energy - Indonesia
- Bhushan Steel Limited - India
- AsiaOL BioFuels Corp., Philippines
- Global Business Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Aboitiz Power Corporation - Philippines
- Petron Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Africa Commodities Group - South Africa
- Thai Mozambique Logistica
- Pendopo Energi Batubara - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The University of Queensland
- Star Paper Mills Limited - India
- Sinarmas Energy and Mining - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Simpson Spence & Young - Indonesia
- Indian Oil Corporation Limited
- Iligan Light & Power Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Electricity Authority, New Zealand
- Medco Energi Mining Internasional
- Ministry of Mines - Canada
- Ind-Barath Power Infra Limited - India
- Lanco Infratech Ltd - India
- PowerSource Philippines DevCo
- Sarangani Energy Corporation, Philippines
- Xindia Steels Limited - India
- Mercuria Energy - Indonesia
- PTC India Limited - India
- Borneo Indobara - Indonesia
- Commonwealth Bank - Australia
- PetroVietnam Power Coal Import and Supply Company
- Directorate Of Revenue Intelligence - India
- Semirara Mining Corp, Philippines
- Salva Resources Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Australian Coal Association
- Bahari Cakrawala Sebuku - Indonesia
- Malabar Cements Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Antam Resourcindo - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Coastal Gujarat Power Limited - India
- Gujarat Sidhee Cement - India
- Karaikal Port Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Ministry of Transport, Egypt
- Interocean Group of Companies - India
- PNOC Exploration Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- Globalindo Alam Lestari - Indonesia
- Kaltim Prima Coal - Indonesia
- Trasteel International SA, Italy
- Gujarat Electricity Regulatory Commission - India
- Siam City Cement - Thailand
- Metalloyd Limited - United Kingdom
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indian Energy Exchange, India
- Coal and Oil Company - UAE
- Goldman Sachs - Singapore
- Rio Tinto Coal - Australia
- VISA Power Limited - India
- Siam City Cement PLC, Thailand
- Mintek Dendrill Indonesia
- Australian Commodity Traders Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Jaiprakash Power Ventures ltd
- Cigading International Bulk Terminal - Indonesia
- Toyota Tsusho Corporation, Japan
- San Jose City I Power Corp, Philippines
- Meenaskhi Energy Private Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- CNBM International Corporation - China
- The State Trading Corporation of India Ltd
- Holcim Trading Pte Ltd - Singapore
- Indonesian Coal Mining Association
- Grasim Industreis Ltd - India
- India Bulls Power Limited - India
- Edison Trading Spa - Italy
- Anglo American - United Kingdom
- Banpu Public Company Limited - Thailand
- Samtan Co., Ltd - South Korea
- Makarim & Taira - Indonesia
- GVK Power & Infra Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Sojitz Corporation - Japan
- Energy Development Corp, Philippines
- Marubeni Corporation - India
- Savvy Resources Ltd - HongKong
- Thiess Contractors Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Semirara Mining and Power Corporation, Philippines
- GMR Energy Limited - India
- Kobexindo Tractors - Indoneisa
- Binh Thuan Hamico - Vietnam
- Timah Investasi Mineral - Indoneisa
- Deloitte Consulting - India
- Jindal Steel & Power Ltd - India
- Carbofer General Trading SA - India
- GN Power Mariveles Coal Plant, Philippines
- Uttam Galva Steels Limited - India
- Eastern Energy - Thailand
- ASAPP Information Group - India
- SMG Consultants - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indo Tambangraya Megah - Indonesia
- The Treasury - Australian Government
- Global Coal Blending Company Limited - Australia
- Miang Besar Coal Terminal - Indonesia
- Mjunction Services Limited - India
- Sical Logistics Limited - India
- SN Aboitiz Power Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Formosa Plastics Group - Taiwan
- ICICI Bank Limited - India
- Parry Sugars Refinery, India
- OPG Power Generation Pvt Ltd - India
- Posco Energy - South Korea
- Central Electricity Authority - India
- SMC Global Power, Philippines
- Minerals Council of Australia
- South Luzon Thermal Energy Corporation
- Parliament of New Zealand
- TeaM Sual Corporation - Philippines
- Planning Commission, India
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