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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, 30 June 22
FINANCIAL GAINS SUPPORT COAL TRANSITION - BALTIC EXCHANGE
Support for the shift away from coal dependency continues to mount, with the International Monetary Fund (IMF) calculating that the move would gene ...
Thursday, 30 June 22
WHY ARE LNG SHIPPING STOCKS RESILIENT? - DREWRY
LNG shipping stocks are proving resilient despite uncertainties about growth in global GDP, high inflation and the ongoing geopolitical crisis caus ...
Thursday, 30 June 22
SPOT AUSTRALIAN THERMAL COAL HAS SURGED, BUT CONTRACT PRICE IS KEY - REUTERS
The spot price of Australian thermal coal is higher than that of coking coal, an unprecedented situation that highlights just how the global market ...
Thursday, 30 June 22
SHANXI PROVINCE RAISES ANNUAL COAL OUTPUT TO 1.3 BILLION TONS TO ENSURE CHINA’S ENERGY SUPPLY - GLOBAL TIMES
North China’s Shanxi Province, a major coal-producing region, recently announced a move to increase its annual coal production output by 107 ...
Thursday, 30 June 22
DIVERGENCE BETWEEN HIGH- AND LOW-GRADE THERMAL COAL PRICES IN APAC TO NARROW - FITCH RATINGS
Prices between high- and low-grade thermal coal in Asia-Pacific (APAC) have diverged since late March 2022, but Fitch Ratings expects the gap to na ...
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- Port Waratah Coal Services - Australia
- Commonwealth Bank - Australia
- Alfred C Toepfer International GmbH - Germany
- Central Java Power - Indonesia
- Mjunction Services Limited - India
- Carbofer General Trading SA - India
- Indika Energy - Indonesia
- Uttam Galva Steels Limited - India
- Billiton Holdings Pty Ltd - Australia
- Ministry of Finance - Indonesia
- Aditya Birla Group - India
- PNOC Exploration Corporation - Philippines
- Simpson Spence & Young - Indonesia
- SN Aboitiz Power Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- San Jose City I Power Corp, Philippines
- Antam Resourcindo - Indonesia
- Indo Tambangraya Megah - Indonesia
- Savvy Resources Ltd - HongKong
- Globalindo Alam Lestari - Indonesia
- Africa Commodities Group - South Africa
- Barasentosa Lestari - Indonesia
- MS Steel International - UAE
- AsiaOL BioFuels Corp., Philippines
- Cigading International Bulk Terminal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Coal and Oil Company - UAE
- Kohat Cement Company Ltd. - Pakistan
- Baramulti Group, Indonesia
- Semirara Mining Corp, Philippines
- Ministry of Transport, Egypt
- Directorate Of Revenue Intelligence - India
- Neyveli Lignite Corporation Ltd, - India
- Manunggal Multi Energi - Indonesia
- Vedanta Resources Plc - India
- Bangladesh Power Developement Board
- Edison Trading Spa - Italy
- PTC India Limited - India
- Medco Energi Mining Internasional
- Singapore Mercantile Exchange
- Mercuria Energy - Indonesia
- Posco Energy - South Korea
- Georgia Ports Authority, United States
- Sojitz Corporation - Japan
- Sinarmas Energy and Mining - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Baiduri Energy - Indonesia
- ASAPP Information Group - India
- Central Electricity Authority - India
- Altura Mining Limited, Indonesia
- Semirara Mining and Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Star Paper Mills Limited - India
- Global Business Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Lanco Infratech Ltd - India
- Gujarat Sidhee Cement - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Orica Australia Pty. Ltd.
- Agrawal Coal Company - India
- Formosa Plastics Group - Taiwan
- Mintek Dendrill Indonesia
- Sree Jayajothi Cements Limited - India
- Australian Coal Association
- Metalloyd Limited - United Kingdom
- TNB Fuel Sdn Bhd - Malaysia
- Malabar Cements Ltd - India
- VISA Power Limited - India
- Pendopo Energi Batubara - Indonesia
- Sindya Power Generating Company Private Ltd
- Wood Mackenzie - Singapore
- New Zealand Coal & Carbon
- Meralco Power Generation, Philippines
- Global Green Power PLC Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Marubeni Corporation - India
- Madhucon Powers Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- India Bulls Power Limited - India
- Indonesian Coal Mining Association
- LBH Netherlands Bv - Netherlands
- Bukit Makmur.PT - Indonesia
- Siam City Cement PLC, Thailand
- Eastern Energy - Thailand
- Bhoruka Overseas - Indonesia
- Coastal Gujarat Power Limited - India
- GVK Power & Infra Limited - India
- Thai Mozambique Logistica
- Wilmar Investment Holdings
- Attock Cement Pakistan Limited
- Larsen & Toubro Limited - India
- Straits Asia Resources Limited - Singapore
- Kapuas Tunggal Persada - Indonesia
- Heidelberg Cement - Germany
- Energy Development Corp, Philippines
- Indogreen Group - Indonesia
- Ministry of Mines - Canada
- ICICI Bank Limited - India
- Intertek Mineral Services - Indonesia
- The University of Queensland
- SMG Consultants - Indonesia
- Iligan Light & Power Inc, Philippines
- Australian Commodity Traders Exchange
- Kaltim Prima Coal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Coalindo Energy - Indonesia
- Xindia Steels Limited - India
- Parliament of New Zealand
- Maharashtra Electricity Regulatory Commission - India
- Sakthi Sugars Limited - India
- Kideco Jaya Agung - Indonesia
- Samtan Co., Ltd - South Korea
- Holcim Trading Pte Ltd - Singapore
- Bhushan Steel Limited - India
- Salva Resources Pvt Ltd - India
- Mercator Lines Limited - India
- Bulk Trading Sa - Switzerland
- Essar Steel Hazira Ltd - India
- Deloitte Consulting - India
- Borneo Indobara - Indonesia
- Banpu Public Company Limited - Thailand
- Indian Oil Corporation Limited
- Videocon Industries ltd - India
- Cement Manufacturers Association - India
- Kobexindo Tractors - Indoneisa
- Standard Chartered Bank - UAE
- Leighton Contractors Pty Ltd - Australia
- Electricity Generating Authority of Thailand
- Eastern Coal Council - USA
- Meenaskhi Energy Private Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Sical Logistics Limited - India
- Dalmia Cement Bharat India
- Thiess Contractors Indonesia
- Trasteel International SA, Italy
- Chamber of Mines of South Africa
- Sarangani Energy Corporation, Philippines
- Makarim & Taira - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Petron Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Energy Link Ltd, New Zealand
- CIMB Investment Bank - Malaysia
- Karaikal Port Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Romanian Commodities Exchange
- Gujarat Electricity Regulatory Commission - India
- Minerals Council of Australia
- Miang Besar Coal Terminal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Planning Commission, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- TeaM Sual Corporation - Philippines
- Tamil Nadu electricity Board
- Bank of Tokyo Mitsubishi UFJ Ltd
- Rio Tinto Coal - Australia
- Renaissance Capital - South Africa
- The State Trading Corporation of India Ltd
- London Commodity Brokers - England
- Orica Mining Services - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Independent Power Producers Association of India
- Interocean Group of Companies - India
- PetroVietnam Power Coal Import and Supply Company
- CNBM International Corporation - China
- Gujarat Mineral Development Corp Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Bhatia International Limited - India
- Therma Luzon, Inc, Philippines
- GMR Energy Limited - India
- Timah Investasi Mineral - Indoneisa
- OPG Power Generation Pvt Ltd - India
- Latin American Coal - Colombia
- Bayan Resources Tbk. - Indonesia
- Price Waterhouse Coopers - Russia
- Aboitiz Power Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- Pipit Mutiara Jaya. PT, Indonesia
- The Treasury - Australian Government
- Kumho Petrochemical, South Korea
- Asmin Koalindo Tuhup - Indonesia
- McConnell Dowell - Australia
- Parry Sugars Refinery, India
- European Bulk Services B.V. - Netherlands
- Vizag Seaport Private Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- South Luzon Thermal Energy Corporation
- Bharathi Cement Corporation - India
- Kartika Selabumi Mining - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Grasim Industreis Ltd - India
- Goldman Sachs - Singapore
- Power Finance Corporation Ltd., India
- Economic Council, Georgia
- IEA Clean Coal Centre - UK
- Electricity Authority, New Zealand
- Chettinad Cement Corporation Ltd - India
- Maheswari Brothers Coal Limited - India
- Jaiprakash Power Ventures ltd
- Jindal Steel & Power Ltd - India
- Oldendorff Carriers - Singapore
- IHS Mccloskey Coal Group - USA
- Karbindo Abesyapradhi - Indoneisa
- Binh Thuan Hamico - Vietnam
- PowerSource Philippines DevCo
- Anglo American - United Kingdom
- SMC Global Power, Philippines
- Indian Energy Exchange, India
- Riau Bara Harum - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Siam City Cement - Thailand
- White Energy Company Limited
- Tata Chemicals Ltd - India
- Ambuja Cements Ltd - India
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