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