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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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Saturday, 11 June 22
AIMTEK INTERNATIONAL CONFERENCE AND AWARDS
Press Release: The prestigious AIMTEK International Conference and Awards concluded successfully on June 7th, 2022 at Radisson Blu, Yas Island Abu ...
Thursday, 26 May 22
MARKET INSIGHT - INTERMODAL
The newbuilding market activity has been significantly positive from a dry bulk owner perspective during the first half of 2022. Indeed, the contra ...
Wednesday, 18 May 22
INDONESIAN COAL PRICE REFERENCE DROPPED 4.42% IN MAY
COALspot.com: Indonesian Coal Price Reference for May delivery drops 4.42 per cent month on month.
The Indonesian Coal Price Referen ...
Thursday, 12 May 22
MARKET INSIGHT - INTERMODAL
Almost through half of the year, the overall shipping market continues to show signs of healthiness, after plenty of festivities and holidays that ...
Wednesday, 27 April 22
EUROPEAN UNION'S LNG IMPORTS - BANCHERO COSTA
In 2021, the European Union (27) was the third largest seaborne importer of LNG in the world, with a 15.8% share.
It followed Mainla ...
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- Bukit Baiduri Energy - Indonesia
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- LBH Netherlands Bv - Netherlands
- Toyota Tsusho Corporation, Japan
- San Jose City I Power Corp, Philippines
- Planning Commission, India
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- TeaM Sual Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- Global Business Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Goldman Sachs - Singapore
- Sindya Power Generating Company Private Ltd
- Port Waratah Coal Services - Australia
- Independent Power Producers Association of India
- Kartika Selabumi Mining - Indonesia
- ICICI Bank Limited - India
- Coalindo Energy - Indonesia
- GVK Power & Infra Limited - India
- Oldendorff Carriers - Singapore
- Energy Link Ltd, New Zealand
- Banpu Public Company Limited - Thailand
- Jorong Barutama Greston.PT - Indonesia
- SN Aboitiz Power Inc, Philippines
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- International Coal Ventures Pvt Ltd - India
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- Bulk Trading Sa - Switzerland
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- Madhucon Powers Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
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- GMR Energy Limited - India
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- Miang Besar Coal Terminal - Indonesia
- Vedanta Resources Plc - India
- PetroVietnam Power Coal Import and Supply Company
- Orica Mining Services - Indonesia
- Trasteel International SA, Italy
- Intertek Mineral Services - Indonesia
- London Commodity Brokers - England
- OPG Power Generation Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Riau Bara Harum - Indonesia
- Wilmar Investment Holdings
- Semirara Mining Corp, Philippines
- Lanco Infratech Ltd - India
- Deloitte Consulting - India
- Eastern Energy - Thailand
- Rio Tinto Coal - Australia
- Cigading International Bulk Terminal - Indonesia
- Commonwealth Bank - Australia
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- Sical Logistics Limited - India
- Makarim & Taira - Indonesia
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- Ambuja Cements Ltd - India
- Ministry of Transport, Egypt
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- Simpson Spence & Young - Indonesia
- The University of Queensland
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Iligan Light & Power Inc, Philippines
- Meralco Power Generation, Philippines
- Larsen & Toubro Limited - India
- Kumho Petrochemical, South Korea
- MS Steel International - UAE
- Indika Energy - Indonesia
- Grasim Industreis Ltd - India
- CNBM International Corporation - China
- Interocean Group of Companies - India
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- Heidelberg Cement - Germany
- McConnell Dowell - Australia
- India Bulls Power Limited - India
- Ministry of Finance - Indonesia
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- Videocon Industries ltd - India
- Binh Thuan Hamico - Vietnam
- Jindal Steel & Power Ltd - India
- Mjunction Services Limited - India
- Ind-Barath Power Infra Limited - India
- Medco Energi Mining Internasional
- Karbindo Abesyapradhi - Indoneisa
- Africa Commodities Group - South Africa
- Ceylon Electricity Board - Sri Lanka
- Maharashtra Electricity Regulatory Commission - India
- Merrill Lynch Commodities Europe
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- European Bulk Services B.V. - Netherlands
- Holcim Trading Pte Ltd - Singapore
- Samtan Co., Ltd - South Korea
- Alfred C Toepfer International GmbH - Germany
- Bayan Resources Tbk. - Indonesia
- Star Paper Mills Limited - India
- Globalindo Alam Lestari - Indonesia
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- Salva Resources Pvt Ltd - India
- Coal and Oil Company - UAE
- The Treasury - Australian Government
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- IEA Clean Coal Centre - UK
- Directorate General of MIneral and Coal - Indonesia
- VISA Power Limited - India
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- Sakthi Sugars Limited - India
- Energy Development Corp, Philippines
- Power Finance Corporation Ltd., India
- Australian Coal Association
- Maheswari Brothers Coal Limited - India
- Barasentosa Lestari - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Carbofer General Trading SA - India
- Thai Mozambique Logistica
- Gujarat Mineral Development Corp Ltd - India
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- IHS Mccloskey Coal Group - USA
- Krishnapatnam Port Company Ltd. - India
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- Australian Commodity Traders Exchange
- Tamil Nadu electricity Board
- Economic Council, Georgia
- Indonesian Coal Mining Association
- The State Trading Corporation of India Ltd
- Baramulti Group, Indonesia
- Dalmia Cement Bharat India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PowerSource Philippines DevCo
- Bukit Asam (Persero) Tbk - Indonesia
- Wood Mackenzie - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Bhatia International Limited - India
- Metalloyd Limited - United Kingdom
- Gujarat Electricity Regulatory Commission - India
- Global Coal Blending Company Limited - Australia
- Attock Cement Pakistan Limited
- Bhushan Steel Limited - India
- Siam City Cement - Thailand
- Electricity Generating Authority of Thailand
- SMC Global Power, Philippines
- GAC Shipping (India) Pvt Ltd
- Aditya Birla Group - India
- Mercuria Energy - Indonesia
- SMG Consultants - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Central Electricity Authority - India
- Edison Trading Spa - Italy
- Malabar Cements Ltd - India
- Bhoruka Overseas - Indonesia
- Chamber of Mines of South Africa
- Central Java Power - Indonesia
- Anglo American - United Kingdom
- Orica Australia Pty. Ltd.
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- Xindia Steels Limited - India
- Gujarat Sidhee Cement - India
- Price Waterhouse Coopers - Russia
- Eastern Coal Council - USA
- Parliament of New Zealand
- Singapore Mercantile Exchange
- Sarangani Energy Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Standard Chartered Bank - UAE
- Straits Asia Resources Limited - Singapore
- Ministry of Mines - Canada
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- Asmin Koalindo Tuhup - Indonesia
- Tata Chemicals Ltd - India
- Georgia Ports Authority, United States
- Indian Oil Corporation Limited
- PTC India Limited - India
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- Renaissance Capital - South Africa
- Latin American Coal - Colombia
- Electricity Authority, New Zealand
- White Energy Company Limited
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