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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, 08 March 22
RUSSIA-UKRAINE CONFLICT ADDS IMPETUS TO ASIA'S ENERGY TRANSITION - IEEFA
Clean energy alternatives are a crucial hedge against future disruptions in global commodity markets
Russia’s invasion of Ukra ...
Tuesday, 08 March 22
THE HIGH COST OF INDONESIA’S DOWNSTREAM COAL PROJECTS IS UNDERESTIMATED - IEEFA
Three Indonesian ministries have come up with a DME purchase price of US$378/tonne fixed for 20 years compared to IEEFA’s US$601/tonne estima ...
Wednesday, 02 March 22
SHIPPING MARKET INSIGHT - INTERMODAL
The escalating confrontation between Russia and Ukraine has the potential to disrupt global order and set the world back a few decades. While count ...
Tuesday, 22 February 22
THE DRY BULK MARKET HAS MOVED ON A POSITIVE TRACK - ALLIED
The dry bulk market has moved on a positive track as of the past couple of weeks or so. Following the typical softening in freight conditions durin ...
Tuesday, 22 February 22
CHINA'S DAILY OUTPUT OF COAL REBOUNDS TO OVER 12 MLN TONNES - REUTERS
China’s coal output returned to more than 12 million tonnes per day as of Feb. 20, the country’s state planner said on Monday, a level ...
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- Riau Bara Harum - Indonesia
- SN Aboitiz Power Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Global Green Power PLC Corporation, Philippines
- Mercuria Energy - Indonesia
- New Zealand Coal & Carbon
- Semirara Mining Corp, Philippines
- Aboitiz Power Corporation - Philippines
- Banpu Public Company Limited - Thailand
- Miang Besar Coal Terminal - Indonesia
- PTC India Limited - India
- Gujarat Sidhee Cement - India
- Star Paper Mills Limited - India
- Minerals Council of Australia
- Wilmar Investment Holdings
- Madhucon Powers Ltd - India
- LBH Netherlands Bv - Netherlands
- Energy Link Ltd, New Zealand
- Ministry of Finance - Indonesia
- Kobexindo Tractors - Indoneisa
- The Treasury - Australian Government
- Tata Chemicals Ltd - India
- Chamber of Mines of South Africa
- Indian Energy Exchange, India
- Renaissance Capital - South Africa
- The State Trading Corporation of India Ltd
- Samtan Co., Ltd - South Korea
- Gujarat Mineral Development Corp Ltd - India
- London Commodity Brokers - England
- Orica Australia Pty. Ltd.
- Parliament of New Zealand
- Orica Mining Services - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Alfred C Toepfer International GmbH - Germany
- International Coal Ventures Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Latin American Coal - Colombia
- Bhushan Steel Limited - India
- Economic Council, Georgia
- Simpson Spence & Young - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Asmin Koalindo Tuhup - Indonesia
- SMC Global Power, Philippines
- Heidelberg Cement - Germany
- Bulk Trading Sa - Switzerland
- Billiton Holdings Pty Ltd - Australia
- Trasteel International SA, Italy
- Singapore Mercantile Exchange
- Baramulti Group, Indonesia
- Sinarmas Energy and Mining - Indonesia
- GVK Power & Infra Limited - India
- India Bulls Power Limited - India
- Dalmia Cement Bharat India
- Australian Commodity Traders Exchange
- Borneo Indobara - Indonesia
- Siam City Cement PLC, Thailand
- The University of Queensland
- Lanco Infratech Ltd - India
- CIMB Investment Bank - Malaysia
- Makarim & Taira - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Deloitte Consulting - India
- TNB Fuel Sdn Bhd - Malaysia
- Sakthi Sugars Limited - India
- Altura Mining Limited, Indonesia
- Binh Thuan Hamico - Vietnam
- Power Finance Corporation Ltd., India
- Ministry of Transport, Egypt
- Bukit Asam (Persero) Tbk - Indonesia
- TeaM Sual Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- Krishnapatnam Port Company Ltd. - India
- Australian Coal Association
- Attock Cement Pakistan Limited
- Pipit Mutiara Jaya. PT, Indonesia
- Uttam Galva Steels Limited - India
- Mjunction Services Limited - India
- ICICI Bank Limited - India
- PowerSource Philippines DevCo
- Indo Tambangraya Megah - Indonesia
- Meenaskhi Energy Private Limited - India
- Sical Logistics Limited - India
- Sarangani Energy Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Independent Power Producers Association of India
- Xindia Steels Limited - India
- Energy Development Corp, Philippines
- Coal and Oil Company - UAE
- Bhoruka Overseas - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- MS Steel International - UAE
- Petron Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Mercator Lines Limited - India
- South Luzon Thermal Energy Corporation
- Vizag Seaport Private Limited - India
- Price Waterhouse Coopers - Russia
- Eastern Energy - Thailand
- Mintek Dendrill Indonesia
- Marubeni Corporation - India
- Leighton Contractors Pty Ltd - Australia
- Coastal Gujarat Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Planning Commission, India
- Essar Steel Hazira Ltd - India
- Carbofer General Trading SA - India
- Bayan Resources Tbk. - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Kideco Jaya Agung - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Tamil Nadu electricity Board
- Eastern Coal Council - USA
- Aditya Birla Group - India
- Thiess Contractors Indonesia
- Holcim Trading Pte Ltd - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Wood Mackenzie - Singapore
- Maheswari Brothers Coal Limited - India
- ASAPP Information Group - India
- Siam City Cement - Thailand
- Bharathi Cement Corporation - India
- Intertek Mineral Services - Indonesia
- San Jose City I Power Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GMR Energy Limited - India
- Global Coal Blending Company Limited - Australia
- Vedanta Resources Plc - India
- Bangladesh Power Developement Board
- Manunggal Multi Energi - Indonesia
- CNBM International Corporation - China
- Toyota Tsusho Corporation, Japan
- White Energy Company Limited
- Sree Jayajothi Cements Limited - India
- Meralco Power Generation, Philippines
- Bhatia International Limited - India
- Global Business Power Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Edison Trading Spa - Italy
- Chettinad Cement Corporation Ltd - India
- Indian Oil Corporation Limited
- Karbindo Abesyapradhi - Indoneisa
- Central Java Power - Indonesia
- Oldendorff Carriers - Singapore
- Cement Manufacturers Association - India
- Agrawal Coal Company - India
- Coalindo Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Indika Energy - Indonesia
- SMG Consultants - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Globalindo Alam Lestari - Indonesia
- Goldman Sachs - Singapore
- Antam Resourcindo - Indonesia
- Romanian Commodities Exchange
- Gujarat Electricity Regulatory Commission - India
- Salva Resources Pvt Ltd - India
- Medco Energi Mining Internasional
- Barasentosa Lestari - Indonesia
- Sindya Power Generating Company Private Ltd
- Port Waratah Coal Services - Australia
- McConnell Dowell - Australia
- PNOC Exploration Corporation - Philippines
- IEA Clean Coal Centre - UK
- Rio Tinto Coal - Australia
- GAC Shipping (India) Pvt Ltd
- Interocean Group of Companies - India
- Malabar Cements Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Standard Chartered Bank - UAE
- Directorate Of Revenue Intelligence - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indonesian Coal Mining Association
- Maharashtra Electricity Regulatory Commission - India
- Commonwealth Bank - Australia
- Rashtriya Ispat Nigam Limited - India
- Kartika Selabumi Mining - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Merrill Lynch Commodities Europe
- Central Electricity Authority - India
- Kumho Petrochemical, South Korea
- Indogreen Group - Indonesia
- European Bulk Services B.V. - Netherlands
- Bukit Baiduri Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Parry Sugars Refinery, India
- Cigading International Bulk Terminal - Indonesia
- Grasim Industreis Ltd - India
- Jindal Steel & Power Ltd - India
- VISA Power Limited - India
- Ind-Barath Power Infra Limited - India
- Pendopo Energi Batubara - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Ambuja Cements Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Africa Commodities Group - South Africa
- Savvy Resources Ltd - HongKong
- Electricity Generating Authority of Thailand
- Straits Asia Resources Limited - Singapore
- Georgia Ports Authority, United States
- Ministry of Mines - Canada
- Anglo American - United Kingdom
- Kaltim Prima Coal - Indonesia
- Jaiprakash Power Ventures ltd
- Videocon Industries ltd - India
- Bukit Makmur.PT - Indonesia
- Metalloyd Limited - United Kingdom
- Formosa Plastics Group - Taiwan
- Thai Mozambique Logistica
- Sojitz Corporation - Japan
- Electricity Authority, New Zealand
- Therma Luzon, Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Larsen & Toubro Limited - India
- Posco Energy - South Korea
- Neyveli Lignite Corporation Ltd, - India
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