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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
INVESTMENT IN GLOBAL COAL SUPPLY CHAIN TO HIT $115 BN IN 2022, LED BY CHINA AND INDIA - BUSINESS LINE
At over $80 billion, China and India are anticipated to make up the bulk of global coal investment in 2022, says IEA.
The investment ...
Wednesday, 29 June 22
LNG MARKET REMAINS TIGHT - INTERMODAL
LNG market remains tight currently, mainly driven by the US LNG outage from the recent fire in Freeport LNG terminal together with the recent fall ...
Wednesday, 29 June 22
CHINA'S NEW PLAN FOR RENEWABLE ENERGY DEVELOPMENT FOCUSES ON CONSUMPTION - FITCH RATINGS
China’s focus on consumption penetration for renewable energy development in its recently released 14th five-year plan – 2021 to 2025 & ...
Wednesday, 29 June 22
APAC CORPORATE SECTOR OUTLOOKS SHIFT AMID GLOBAL SHOCKS - FITCH RATINGS’
Fitch Ratings’ mid-2022 corporate sector outlook review revealed that the Asia-Pacific (APAC) region saw the largest number of sector outlook ...
Thursday, 16 June 22
MARKET INSIGHT - INTERMODAL
Picking up from my last insight in March, on the early days of the invasion, it's worth pointing out the way that the fast-paced working enviro ...
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- Agrawal Coal Company - India
- CNBM International Corporation - China
- ICICI Bank Limited - India
- Therma Luzon, Inc, Philippines
- Economic Council, Georgia
- Madhucon Powers Ltd - India
- Bulk Trading Sa - Switzerland
- Gujarat Electricity Regulatory Commission - India
- Heidelberg Cement - Germany
- Metalloyd Limited - United Kingdom
- Offshore Bulk Terminal Pte Ltd, Singapore
- Independent Power Producers Association of India
- India Bulls Power Limited - India
- Globalindo Alam Lestari - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mintek Dendrill Indonesia
- CIMB Investment Bank - Malaysia
- Kapuas Tunggal Persada - Indonesia
- Star Paper Mills Limited - India
- Xindia Steels Limited - India
- Meenaskhi Energy Private Limited - India
- Iligan Light & Power Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Straits Asia Resources Limited - Singapore
- Videocon Industries ltd - India
- Semirara Mining Corp, Philippines
- Sical Logistics Limited - India
- Tamil Nadu electricity Board
- Indika Energy - Indonesia
- Gujarat Sidhee Cement - India
- PowerSource Philippines DevCo
- Eastern Coal Council - USA
- Barasentosa Lestari - Indonesia
- European Bulk Services B.V. - Netherlands
- Thai Mozambique Logistica
- Essar Steel Hazira Ltd - India
- White Energy Company Limited
- Bharathi Cement Corporation - India
- Coalindo Energy - Indonesia
- Makarim & Taira - Indonesia
- Wilmar Investment Holdings
- Formosa Plastics Group - Taiwan
- Vijayanagar Sugar Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Rio Tinto Coal - Australia
- Neyveli Lignite Corporation Ltd, - India
- Bayan Resources Tbk. - Indonesia
- Orica Mining Services - Indonesia
- Banpu Public Company Limited - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Tata Chemicals Ltd - India
- Anglo American - United Kingdom
- Power Finance Corporation Ltd., India
- Africa Commodities Group - South Africa
- Billiton Holdings Pty Ltd - Australia
- Indogreen Group - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Orica Australia Pty. Ltd.
- Australian Coal Association
- Mercuria Energy - Indonesia
- Minerals Council of Australia
- New Zealand Coal & Carbon
- Sakthi Sugars Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Alfred C Toepfer International GmbH - Germany
- Dalmia Cement Bharat India
- Binh Thuan Hamico - Vietnam
- Bhatia International Limited - India
- Leighton Contractors Pty Ltd - Australia
- GMR Energy Limited - India
- Karbindo Abesyapradhi - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Petrochimia International Co. Ltd.- Taiwan
- The Treasury - Australian Government
- Karaikal Port Pvt Ltd - India
- Altura Mining Limited, Indonesia
- GAC Shipping (India) Pvt Ltd
- Uttam Galva Steels Limited - India
- Ambuja Cements Ltd - India
- Energy Development Corp, Philippines
- Toyota Tsusho Corporation, Japan
- Australian Commodity Traders Exchange
- PNOC Exploration Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Merrill Lynch Commodities Europe
- Bhushan Steel Limited - India
- Thiess Contractors Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kaltim Prima Coal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Kideco Jaya Agung - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Latin American Coal - Colombia
- Kumho Petrochemical, South Korea
- IEA Clean Coal Centre - UK
- Sindya Power Generating Company Private Ltd
- Singapore Mercantile Exchange
- Central Electricity Authority - India
- Planning Commission, India
- Aditya Birla Group - India
- Port Waratah Coal Services - Australia
- Petron Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Carbofer General Trading SA - India
- San Jose City I Power Corp, Philippines
- Bukit Makmur.PT - Indonesia
- Energy Link Ltd, New Zealand
- SMC Global Power, Philippines
- Indian Energy Exchange, India
- TeaM Sual Corporation - Philippines
- Edison Trading Spa - Italy
- Mjunction Services Limited - India
- Maheswari Brothers Coal Limited - India
- Ministry of Finance - Indonesia
- McConnell Dowell - Australia
- Savvy Resources Ltd - HongKong
- Larsen & Toubro Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Rashtriya Ispat Nigam Limited - India
- Lanco Infratech Ltd - India
- Timah Investasi Mineral - Indoneisa
- Marubeni Corporation - India
- Sarangani Energy Corporation, Philippines
- MS Steel International - UAE
- Posco Energy - South Korea
- PTC India Limited - India
- Kepco SPC Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Ind-Barath Power Infra Limited - India
- Riau Bara Harum - Indonesia
- Bukit Baiduri Energy - Indonesia
- Siam City Cement - Thailand
- SN Aboitiz Power Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- SMG Consultants - Indonesia
- Chettinad Cement Corporation Ltd - India
- Grasim Industreis Ltd - India
- London Commodity Brokers - England
- Manunggal Multi Energi - Indonesia
- Electricity Authority, New Zealand
- Trasteel International SA, Italy
- Commonwealth Bank - Australia
- Global Business Power Corporation, Philippines
- Vedanta Resources Plc - India
- Baramulti Group, Indonesia
- Samtan Co., Ltd - South Korea
- Malabar Cements Ltd - India
- Mercator Lines Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Parliament of New Zealand
- Central Java Power - Indonesia
- Meralco Power Generation, Philippines
- Bangladesh Power Developement Board
- Attock Cement Pakistan Limited
- International Coal Ventures Pvt Ltd - India
- Ministry of Mines - Canada
- Jindal Steel & Power Ltd - India
- Goldman Sachs - Singapore
- Cement Manufacturers Association - India
- Maharashtra Electricity Regulatory Commission - India
- VISA Power Limited - India
- The State Trading Corporation of India Ltd
- Indonesian Coal Mining Association
- Intertek Mineral Services - Indonesia
- Standard Chartered Bank - UAE
- Cigading International Bulk Terminal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Georgia Ports Authority, United States
- Ceylon Electricity Board - Sri Lanka
- Gujarat Mineral Development Corp Ltd - India
- Romanian Commodities Exchange
- Indo Tambangraya Megah - Indonesia
- Eastern Energy - Thailand
- ASAPP Information Group - India
- Indian Oil Corporation Limited
- Antam Resourcindo - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- GVK Power & Infra Limited - India
- Oldendorff Carriers - Singapore
- Bhoruka Overseas - Indonesia
- Renaissance Capital - South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Krishnapatnam Port Company Ltd. - India
- Salva Resources Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Sojitz Corporation - Japan
- Siam City Cement PLC, Thailand
- IHS Mccloskey Coal Group - USA
- Directorate Of Revenue Intelligence - India
- Wood Mackenzie - Singapore
- Global Green Power PLC Corporation, Philippines
- Coal and Oil Company - UAE
- Sree Jayajothi Cements Limited - India
- The University of Queensland
- Price Waterhouse Coopers - Russia
- South Luzon Thermal Energy Corporation
- Kobexindo Tractors - Indoneisa
- Chamber of Mines of South Africa
- LBH Netherlands Bv - Netherlands
- Global Coal Blending Company Limited - Australia
- Aboitiz Power Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- Borneo Indobara - Indonesia
- Ministry of Transport, Egypt
- Electricity Generating Authority of Thailand
- Medco Energi Mining Internasional
- Deloitte Consulting - India
- Parry Sugars Refinery, India
- Simpson Spence & Young - Indonesia
- Interocean Group of Companies - India
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