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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, 30 June 21
MARKET INSIGHT - INTERMODAL
The strong freight performance since the beginning of year has continued for the dry bulk market with earnings being at the highest level in over a ...
Monday, 28 June 21
MINISTRY OF ENERGY AND MINERAL RESOURCES OF INDONESIA THREATENS TO REVOKE 2,350 MINING BUSINESS PERMITS
The Ministry of Energy and Mineral Resources said that the revocation of mining business permits was in accordance with President Jokowi's inst ...
Sunday, 27 June 21
INDONESIA'S STATE-OWNED UTILITY PLN'S 2060 NET ZERO AMBITION NOT WITHOUT FLAWS AND GAPS - IEEFA
Indonesia on the right emissions reduction pathway but same old coal stories persist
Recent announcements by Indonesia’s state-owned uti ...
Saturday, 26 June 21
COAL PRICES HIT DECADE HIGH DESPITE EFFORTS TO WEAN THE WORLD OFF CARBON - WSJ
Rebounding electricity usage and scanty rainfall in China have added fuel to the rally
Coal prices have climbed to their highest lev ...
Saturday, 26 June 21
KOSPO INVITED BIDS FOR 480,000 MT OF COAL PER ANNUM
COALspot.com: Korea Southern Power Co., Ltd. (KOSPO) has issued an International tender for total 480,000 MT of NCV 1 Min. 5,600 (Spec 1) /Min. 5,0 ...
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- TeaM Sual Corporation - Philippines
- Orica Australia Pty. Ltd.
- Offshore Bulk Terminal Pte Ltd, Singapore
- Videocon Industries ltd - India
- Interocean Group of Companies - India
- Kumho Petrochemical, South Korea
- White Energy Company Limited
- Metalloyd Limited - United Kingdom
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- Ministry of Transport, Egypt
- Tamil Nadu electricity Board
- Dalmia Cement Bharat India
- IEA Clean Coal Centre - UK
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- Oldendorff Carriers - Singapore
- Eastern Coal Council - USA
- Bukit Baiduri Energy - Indonesia
- The University of Queensland
- Agrawal Coal Company - India
- Maharashtra Electricity Regulatory Commission - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Business Power Corporation, Philippines
- Xindia Steels Limited - India
- Gujarat Mineral Development Corp Ltd - India
- SMG Consultants - Indonesia
- Simpson Spence & Young - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Altura Mining Limited, Indonesia
- Merrill Lynch Commodities Europe
- GN Power Mariveles Coal Plant, Philippines
- Miang Besar Coal Terminal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- PNOC Exploration Corporation - Philippines
- Trasteel International SA, Italy
- Sree Jayajothi Cements Limited - India
- Latin American Coal - Colombia
- Sical Logistics Limited - India
- Bhushan Steel Limited - India
- Gujarat Sidhee Cement - India
- Salva Resources Pvt Ltd - India
- Lanco Infratech Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Toyota Tsusho Corporation, Japan
- Bulk Trading Sa - Switzerland
- Georgia Ports Authority, United States
- CIMB Investment Bank - Malaysia
- Sinarmas Energy and Mining - Indonesia
- Sojitz Corporation - Japan
- Petron Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- Cement Manufacturers Association - India
- Mintek Dendrill Indonesia
- Semirara Mining Corp, Philippines
- Coal and Oil Company - UAE
- Aboitiz Power Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- Savvy Resources Ltd - HongKong
- Eastern Energy - Thailand
- Rashtriya Ispat Nigam Limited - India
- CNBM International Corporation - China
- Vizag Seaport Private Limited - India
- Mjunction Services Limited - India
- Parry Sugars Refinery, India
- Kepco SPC Power Corporation, Philippines
- Romanian Commodities Exchange
- Posco Energy - South Korea
- Thiess Contractors Indonesia
- Barasentosa Lestari - Indonesia
- Bukit Makmur.PT - Indonesia
- Timah Investasi Mineral - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Edison Trading Spa - Italy
- Central Electricity Authority - India
- San Jose City I Power Corp, Philippines
- Indika Energy - Indonesia
- MS Steel International - UAE
- SMC Global Power, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- London Commodity Brokers - England
- Banpu Public Company Limited - Thailand
- Goldman Sachs - Singapore
- Indo Tambangraya Megah - Indonesia
- OPG Power Generation Pvt Ltd - India
- Port Waratah Coal Services - Australia
- ASAPP Information Group - India
- Ministry of Finance - Indonesia
- Meenaskhi Energy Private Limited - India
- GVK Power & Infra Limited - India
- Electricity Generating Authority of Thailand
- The State Trading Corporation of India Ltd
- Kartika Selabumi Mining - Indonesia
- Australian Coal Association
- Baramulti Group, Indonesia
- Siam City Cement PLC, Thailand
- Bangladesh Power Developement Board
- Holcim Trading Pte Ltd - Singapore
- Grasim Industreis Ltd - India
- Ind-Barath Power Infra Limited - India
- Rio Tinto Coal - Australia
- Bayan Resources Tbk. - Indonesia
- Indonesian Coal Mining Association
- Kobexindo Tractors - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- Mercuria Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Globalindo Alam Lestari - Indonesia
- Aditya Birla Group - India
- Medco Energi Mining Internasional
- Minerals Council of Australia
- Madhucon Powers Ltd - India
- Energy Link Ltd, New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Chettinad Cement Corporation Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- South Luzon Thermal Energy Corporation
- Samtan Co., Ltd - South Korea
- IHS Mccloskey Coal Group - USA
- Parliament of New Zealand
- Renaissance Capital - South Africa
- AsiaOL BioFuels Corp., Philippines
- Power Finance Corporation Ltd., India
- Directorate General of MIneral and Coal - Indonesia
- Siam City Cement - Thailand
- Gujarat Electricity Regulatory Commission - India
- Central Java Power - Indonesia
- PTC India Limited - India
- Commonwealth Bank - Australia
- Planning Commission, India
- Kaltim Prima Coal - Indonesia
- Karaikal Port Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Vedanta Resources Plc - India
- Coalindo Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Maheswari Brothers Coal Limited - India
- International Coal Ventures Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Bhoruka Overseas - Indonesia
- Wood Mackenzie - Singapore
- Manunggal Multi Energi - Indonesia
- GMR Energy Limited - India
- GAC Shipping (India) Pvt Ltd
- Larsen & Toubro Limited - India
- The Treasury - Australian Government
- Wilmar Investment Holdings
- Jindal Steel & Power Ltd - India
- Ambuja Cements Ltd - India
- Formosa Plastics Group - Taiwan
- Antam Resourcindo - Indonesia
- PowerSource Philippines DevCo
- Essar Steel Hazira Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Bukit Asam (Persero) Tbk - Indonesia
- Economic Council, Georgia
- Uttam Galva Steels Limited - India
- India Bulls Power Limited - India
- Marubeni Corporation - India
- Anglo American - United Kingdom
- Heidelberg Cement - Germany
- Chamber of Mines of South Africa
- Intertek Mineral Services - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Jorong Barutama Greston.PT - Indonesia
- Makarim & Taira - Indonesia
- Iligan Light & Power Inc, Philippines
- Singapore Mercantile Exchange
- Meralco Power Generation, Philippines
- Price Waterhouse Coopers - Russia
- ICICI Bank Limited - India
- Indian Energy Exchange, India
- European Bulk Services B.V. - Netherlands
- Vijayanagar Sugar Pvt Ltd - India
- Carbofer General Trading SA - India
- Mercator Lines Limited - India
- Electricity Authority, New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Straits Asia Resources Limited - Singapore
- Riau Bara Harum - Indonesia
- Pendopo Energi Batubara - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Orica Mining Services - Indonesia
- Energy Development Corp, Philippines
- Coastal Gujarat Power Limited - India
- Sarangani Energy Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- McConnell Dowell - Australia
- Sakthi Sugars Limited - India
- Global Green Power PLC Corporation, Philippines
- Attock Cement Pakistan Limited
- Krishnapatnam Port Company Ltd. - India
- Bharathi Cement Corporation - India
- Thai Mozambique Logistica
- Borneo Indobara - Indonesia
- Tata Chemicals Ltd - India
- Jaiprakash Power Ventures ltd
- Malabar Cements Ltd - India
- Global Coal Blending Company Limited - Australia
- Deloitte Consulting - India
- Star Paper Mills Limited - India
- Sindya Power Generating Company Private Ltd
- Independent Power Producers Association of India
- Standard Chartered Bank - UAE
- Africa Commodities Group - South Africa
- SN Aboitiz Power Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Indian Oil Corporation Limited
- Kalimantan Lumbung Energi - Indonesia
- Ministry of Mines - Canada
- Kideco Jaya Agung - Indonesia
- New Zealand Coal & Carbon
- Indogreen Group - Indonesia
- Australian Commodity Traders Exchange
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