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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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Tuesday, 29 March 22
MEMR OF INDONESIA HAS FIXED COAL PRICE AT US$ 90 PER TONNE FOR DOMESTIC INDUSTRIES EXCEPT SMELTER INDUSTRIES; FOR PLN USD 70 IS APPLICABLE
Minister of Energy and Mineral Resources (ESDM) Arifin Tasrif has set the selling price of coal for domestic, industrial except metal processing an ...
Monday, 21 March 22
A FORCE MAJEURE TO BE RECKONED WITH - BALTIC EXCHANGE
Sanctions cause payment confusion
This dispute in MUR Shipping BV v. RTI Ltd [2022] EWHC 467 (Comm) related to an owner’s purported exercis ...
Monday, 21 March 22
CHINA'S COAL OUTPUT UP 10.3 PCT IN FIRST TWO MONTHS - XINHUA
China’s raw coal output posted fast growth in the first two months of 2022, while coal imports continued to shrink, official data showed.
...
Tuesday, 15 March 22
INDUSTRY VETERANS & ORGANIZATIONS HONOURED WITH THE PRESTIGIOUS SHIPTEK INTERNATIONAL AWARDS 2022
Press Release: The 15th edition of the prestigious ShipTek International Conference & Awards 2022 concluded successfully from March 7th - 8th 2 ...
Tuesday, 15 March 22
CHINA'S COAL OUTPUT GROWS TO STABILIZE MARKET SUPPLY - XINHUA
China’s coal market has seen growth in output since late February amid the country’s efforts to stabilize production and ensure supply, ...
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- India Bulls Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- Power Finance Corporation Ltd., India
- Africa Commodities Group - South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Karaikal Port Pvt Ltd - India
- PowerSource Philippines DevCo
- Port Waratah Coal Services - Australia
- Indogreen Group - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Petron Corporation, Philippines
- Gujarat Sidhee Cement - India
- Marubeni Corporation - India
- International Coal Ventures Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Attock Cement Pakistan Limited
- Simpson Spence & Young - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Minerals Council of Australia
- ASAPP Information Group - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Meralco Power Generation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Sarangani Energy Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Chettinad Cement Corporation Ltd - India
- Heidelberg Cement - Germany
- Rio Tinto Coal - Australia
- Therma Luzon, Inc, Philippines
- Parry Sugars Refinery, India
- Timah Investasi Mineral - Indoneisa
- Anglo American - United Kingdom
- Electricity Authority, New Zealand
- Medco Energi Mining Internasional
- Edison Trading Spa - Italy
- ICICI Bank Limited - India
- Global Business Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- European Bulk Services B.V. - Netherlands
- McConnell Dowell - Australia
- Central Java Power - Indonesia
- Singapore Mercantile Exchange
- Renaissance Capital - South Africa
- Neyveli Lignite Corporation Ltd, - India
- Petrochimia International Co. Ltd.- Taiwan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dalmia Cement Bharat India
- GVK Power & Infra Limited - India
- Grasim Industreis Ltd - India
- The University of Queensland
- South Luzon Thermal Energy Corporation
- Indo Tambangraya Megah - Indonesia
- Salva Resources Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- VISA Power Limited - India
- Antam Resourcindo - Indonesia
- Standard Chartered Bank - UAE
- Mercator Lines Limited - India
- Indika Energy - Indonesia
- New Zealand Coal & Carbon
- IHS Mccloskey Coal Group - USA
- Global Green Power PLC Corporation, Philippines
- Economic Council, Georgia
- Savvy Resources Ltd - HongKong
- Videocon Industries ltd - India
- Latin American Coal - Colombia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Trasteel International SA, Italy
- Coalindo Energy - Indonesia
- Georgia Ports Authority, United States
- Kapuas Tunggal Persada - Indonesia
- Bangladesh Power Developement Board
- Ceylon Electricity Board - Sri Lanka
- Semirara Mining Corp, Philippines
- Ministry of Finance - Indonesia
- Thiess Contractors Indonesia
- Bhatia International Limited - India
- Energy Development Corp, Philippines
- IEA Clean Coal Centre - UK
- Mjunction Services Limited - India
- Ind-Barath Power Infra Limited - India
- Eastern Energy - Thailand
- Kepco SPC Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Formosa Plastics Group - Taiwan
- Madhucon Powers Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kartika Selabumi Mining - Indonesia
- Sree Jayajothi Cements Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Jaiprakash Power Ventures ltd
- Chamber of Mines of South Africa
- San Jose City I Power Corp, Philippines
- Goldman Sachs - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Wilmar Investment Holdings
- Pendopo Energi Batubara - Indonesia
- Meenaskhi Energy Private Limited - India
- PetroVietnam Power Coal Import and Supply Company
- PNOC Exploration Corporation - Philippines
- Uttam Galva Steels Limited - India
- Energy Link Ltd, New Zealand
- Vizag Seaport Private Limited - India
- Alfred C Toepfer International GmbH - Germany
- Kalimantan Lumbung Energi - Indonesia
- Posco Energy - South Korea
- Directorate Of Revenue Intelligence - India
- Iligan Light & Power Inc, Philippines
- Kumho Petrochemical, South Korea
- Ministry of Mines - Canada
- Sojitz Corporation - Japan
- Toyota Tsusho Corporation, Japan
- Kohat Cement Company Ltd. - Pakistan
- Cement Manufacturers Association - India
- Essar Steel Hazira Ltd - India
- The State Trading Corporation of India Ltd
- Banpu Public Company Limited - Thailand
- Agrawal Coal Company - India
- Kaltim Prima Coal - Indonesia
- Sical Logistics Limited - India
- Tata Chemicals Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Siam City Cement - Thailand
- Central Electricity Authority - India
- Indian Energy Exchange, India
- Larsen & Toubro Limited - India
- Indian Oil Corporation Limited
- Baramulti Group, Indonesia
- Thai Mozambique Logistica
- CNBM International Corporation - China
- Planning Commission, India
- Mintek Dendrill Indonesia
- Merrill Lynch Commodities Europe
- Altura Mining Limited, Indonesia
- Electricity Generating Authority of Thailand
- Global Coal Blending Company Limited - Australia
- Deloitte Consulting - India
- Globalindo Alam Lestari - Indonesia
- GAC Shipping (India) Pvt Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Bharathi Cement Corporation - India
- Bukit Baiduri Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Barasentosa Lestari - Indonesia
- OPG Power Generation Pvt Ltd - India
- Independent Power Producers Association of India
- Lanco Infratech Ltd - India
- Wood Mackenzie - Singapore
- SMC Global Power, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Indonesian Coal Mining Association
- Interocean Group of Companies - India
- White Energy Company Limited
- Bhushan Steel Limited - India
- Kobexindo Tractors - Indoneisa
- Ambuja Cements Ltd - India
- Borneo Indobara - Indonesia
- Riau Bara Harum - Indonesia
- Australian Coal Association
- Vedanta Resources Plc - India
- SMG Consultants - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Straits Asia Resources Limited - Singapore
- Bhoruka Overseas - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Metalloyd Limited - United Kingdom
- Billiton Holdings Pty Ltd - Australia
- Jorong Barutama Greston.PT - Indonesia
- London Commodity Brokers - England
- Semirara Mining and Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- GMR Energy Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Bayan Resources Tbk. - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Price Waterhouse Coopers - Russia
- Coastal Gujarat Power Limited - India
- The Treasury - Australian Government
- Oldendorff Carriers - Singapore
- Aditya Birla Group - India
- Manunggal Multi Energi - Indonesia
- Australian Commodity Traders Exchange
- Carbofer General Trading SA - India
- Romanian Commodities Exchange
- Cigading International Bulk Terminal - Indonesia
- MS Steel International - UAE
- Malabar Cements Ltd - India
- Samtan Co., Ltd - South Korea
- Maheswari Brothers Coal Limited - India
- LBH Netherlands Bv - Netherlands
- Sakthi Sugars Limited - India
- Mercuria Energy - Indonesia
- Parliament of New Zealand
- Makarim & Taira - Indonesia
- Eastern Coal Council - USA
- Tamil Nadu electricity Board
- Star Paper Mills Limited - India
- Xindia Steels Limited - India
- Krishnapatnam Port Company Ltd. - India
- CIMB Investment Bank - Malaysia
- Coal and Oil Company - UAE
- Orica Australia Pty. Ltd.
- Gujarat Mineral Development Corp Ltd - India
- Orica Mining Services - Indonesia
- Jindal Steel & Power Ltd - India
- Binh Thuan Hamico - Vietnam
- PTC India Limited - India
- Bukit Makmur.PT - Indonesia
- Commonwealth Bank - Australia
- Siam City Cement PLC, Thailand
- Ministry of Transport, Egypt
- SN Aboitiz Power Inc, Philippines
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