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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, 08 July 21
STRONGEST HALF YEAR FOR SHIPPING MARKETS SINCE 2008 - CLARKSONS
A year on from peak trade disruption, we update our half year report for the shipping industry profiling a strong recovery and some exceptional ind ...
Tuesday, 06 July 21
INDONESIA COAL PRICE REFERENCE RISES TO 112 MONTHS HIGH IN JULY 2021; 121.15% HIGHER COMPARED TO THAT IN JULY 2020 PRICE
COALspot.com: The Indonesia coal price reference for July 2021 fixed at US$ 115.35 per ton FOB vessel.
The Indonesia coal price referenc ...
Tuesday, 06 July 21
INDONESIAN COAL EXPORTS FELL BY 37% YOY IN 1Q21 DUE TO ADVERSE WEATHER CONDITIONS - FITCH RATINGS
Chinese coal imports declined by 25% yoy in 5M21as a result of both restrictions on Australian coal and the high base in 2020. Import volume in Jan ...
Tuesday, 06 July 21
INDONESIAN 4,200 INDEX HAS ALSO INCREASED TO OVER USD50 PER TONNE SINCE MAY THIS YEAR REFLECTING STRONG CHINESE IMPORT DEMAND - FITCH RATINGS
Price Surge Since March
APAC thermal coal has resumed its price surge since March this year. The benchmark Newcastle 6,000kcal/kg grade c ...
Thursday, 01 July 21
WHY INDIA’S SOLAR POWER TARIFFS ARE CLIMBING AFTER HITTING RECORD LOWS LAST YEAR - IEEFA
What’s behind the recent increase?
Solar tariffs are deflationary. Prices have fallen by 75% in seven years in India, and in 2 ...
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- McConnell Dowell - Australia
- Bharathi Cement Corporation - India
- CNBM International Corporation - China
- Trasteel International SA, Italy
- Sical Logistics Limited - India
- Holcim Trading Pte Ltd - Singapore
- Antam Resourcindo - Indonesia
- Australian Commodity Traders Exchange
- The Treasury - Australian Government
- Electricity Authority, New Zealand
- Global Coal Blending Company Limited - Australia
- Globalindo Alam Lestari - Indonesia
- Eastern Energy - Thailand
- Minerals Council of Australia
- Bangladesh Power Developement Board
- VISA Power Limited - India
- Baramulti Group, Indonesia
- Makarim & Taira - Indonesia
- Independent Power Producers Association of India
- Essar Steel Hazira Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Attock Cement Pakistan Limited
- SMG Consultants - Indonesia
- Kepco SPC Power Corporation, Philippines
- Borneo Indobara - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Economic Council, Georgia
- Sindya Power Generating Company Private Ltd
- Star Paper Mills Limited - India
- Indo Tambangraya Megah - Indonesia
- Standard Chartered Bank - UAE
- Vizag Seaport Private Limited - India
- Heidelberg Cement - Germany
- Anglo American - United Kingdom
- Asmin Koalindo Tuhup - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Krishnapatnam Port Company Ltd. - India
- Renaissance Capital - South Africa
- Energy Development Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Merrill Lynch Commodities Europe
- Petrochimia International Co. Ltd.- Taiwan
- Planning Commission, India
- Bukit Asam (Persero) Tbk - Indonesia
- Wood Mackenzie - Singapore
- Chamber of Mines of South Africa
- Siam City Cement - Thailand
- India Bulls Power Limited - India
- Ambuja Cements Ltd - India
- Straits Asia Resources Limited - Singapore
- Savvy Resources Ltd - HongKong
- PTC India Limited - India
- Vedanta Resources Plc - India
- Lanco Infratech Ltd - India
- Oldendorff Carriers - Singapore
- Ceylon Electricity Board - Sri Lanka
- Riau Bara Harum - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Tamil Nadu electricity Board
- IEA Clean Coal Centre - UK
- Metalloyd Limited - United Kingdom
- Sakthi Sugars Limited - India
- Africa Commodities Group - South Africa
- Ind-Barath Power Infra Limited - India
- Kumho Petrochemical, South Korea
- White Energy Company Limited
- Parry Sugars Refinery, India
- Global Business Power Corporation, Philippines
- Indian Energy Exchange, India
- Marubeni Corporation - India
- Coal and Oil Company - UAE
- Sarangani Energy Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Ministry of Finance - Indonesia
- Indika Energy - Indonesia
- ICICI Bank Limited - India
- SN Aboitiz Power Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Semirara Mining Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GMR Energy Limited - India
- Karaikal Port Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Intertek Mineral Services - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Leighton Contractors Pty Ltd - Australia
- Posco Energy - South Korea
- LBH Netherlands Bv - Netherlands
- Salva Resources Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Romanian Commodities Exchange
- Miang Besar Coal Terminal - Indonesia
- Malabar Cements Ltd - India
- Orica Australia Pty. Ltd.
- Wilmar Investment Holdings
- Coalindo Energy - Indonesia
- Agrawal Coal Company - India
- Pendopo Energi Batubara - Indonesia
- Dalmia Cement Bharat India
- Directorate General of MIneral and Coal - Indonesia
- Latin American Coal - Colombia
- Therma Luzon, Inc, Philippines
- Central Java Power - Indonesia
- Power Finance Corporation Ltd., India
- Kaltim Prima Coal - Indonesia
- Coastal Gujarat Power Limited - India
- South Luzon Thermal Energy Corporation
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Global Green Power PLC Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Banpu Public Company Limited - Thailand
- Parliament of New Zealand
- GVK Power & Infra Limited - India
- Sojitz Corporation - Japan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhushan Steel Limited - India
- Sinarmas Energy and Mining - Indonesia
- Ministry of Transport, Egypt
- San Jose City I Power Corp, Philippines
- The State Trading Corporation of India Ltd
- Kapuas Tunggal Persada - Indonesia
- Goldman Sachs - Singapore
- Thai Mozambique Logistica
- Barasentosa Lestari - Indonesia
- Mjunction Services Limited - India
- Carbofer General Trading SA - India
- Kobexindo Tractors - Indoneisa
- The University of Queensland
- Sree Jayajothi Cements Limited - India
- Price Waterhouse Coopers - Russia
- Aditya Birla Group - India
- Meralco Power Generation, Philippines
- London Commodity Brokers - England
- OPG Power Generation Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Rio Tinto Coal - Australia
- Jindal Steel & Power Ltd - India
- Energy Link Ltd, New Zealand
- GN Power Mariveles Coal Plant, Philippines
- AsiaOL BioFuels Corp., Philippines
- Australian Coal Association
- Simpson Spence & Young - Indonesia
- Deloitte Consulting - India
- Alfred C Toepfer International GmbH - Germany
- Cigading International Bulk Terminal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Indogreen Group - Indonesia
- Kartika Selabumi Mining - Indonesia
- Directorate Of Revenue Intelligence - India
- Thiess Contractors Indonesia
- Madhucon Powers Ltd - India
- Mintek Dendrill Indonesia
- Georgia Ports Authority, United States
- Formosa Plastics Group - Taiwan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- PowerSource Philippines DevCo
- Commonwealth Bank - Australia
- MS Steel International - UAE
- Aboitiz Power Corporation - Philippines
- Videocon Industries ltd - India
- Uttam Galva Steels Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jaiprakash Power Ventures ltd
- Eastern Coal Council - USA
- Grasim Industreis Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Neyveli Lignite Corporation Ltd, - India
- PetroVietnam Power Coal Import and Supply Company
- Altura Mining Limited, Indonesia
- Toyota Tsusho Corporation, Japan
- Bhoruka Overseas - Indonesia
- Mercuria Energy - Indonesia
- Bhatia International Limited - India
- Siam City Cement PLC, Thailand
- Indonesian Coal Mining Association
- Bulk Trading Sa - Switzerland
- Semirara Mining and Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Orica Mining Services - Indonesia
- Larsen & Toubro Limited - India
- Timah Investasi Mineral - Indoneisa
- Cement Manufacturers Association - India
- Ministry of Mines - Canada
- Manunggal Multi Energi - Indonesia
- Petron Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Interocean Group of Companies - India
- Electricity Generating Authority of Thailand
- Indian Oil Corporation Limited
- Xindia Steels Limited - India
- Binh Thuan Hamico - Vietnam
- Mercator Lines Limited - India
- Medco Energi Mining Internasional
- Samtan Co., Ltd - South Korea
- European Bulk Services B.V. - Netherlands
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Port Waratah Coal Services - Australia
- Karbindo Abesyapradhi - Indoneisa
- New Zealand Coal & Carbon
- Bahari Cakrawala Sebuku - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Tata Chemicals Ltd - India
- Kideco Jaya Agung - Indonesia
- SMC Global Power, Philippines
- TeaM Sual Corporation - Philippines
- PNOC Exploration Corporation - Philippines
- Central Electricity Authority - India
- ASAPP Information Group - India
- IHS Mccloskey Coal Group - USA
- Maheswari Brothers Coal Limited - India
- Edison Trading Spa - Italy
- Singapore Mercantile Exchange
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