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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, 27 January 22
2022 - A YEAR OF REBALANCING FOR METALS AND MINING - WOOD MACKENZIE
If 2021 was the year of rebound for metals and mining (M&M) commodities, then 2022 is shaping as the year of rebalance, says Wood Mackenzie, a ...
Wednesday, 26 January 22
MARKET INSIGHT - INTERMODAL
While it is logical that most of the S&P reports of the first weeks of the year are linked to very limited activity as reflected in the weekly ...
Wednesday, 26 January 22
INDONESIA: DME PROJECT IS ECONOMICALLY VIABLE AS STUDY DEMONSTRATES
The government is encouraging downstream coal processing or increase in coal added value, for example by turning coal into Dimethyl Ether (DME) to ...
Wednesday, 26 January 22
COMMODITY PRICES COULD SOAR IF THE RUSSIA-UKRAINE CRISIS ESCALATES - ING
It appears that a number of commodity markets are starting to at least price in some geopolitical risk around the growing tension between Russia an ...
Wednesday, 26 January 22
INDONESIA'S COAL BAN SENDS PRICES SOARING, OTHER EXPORTERS FAIL TO STEP UP - REUTERS
Indonesia’s short-lived ban on exporting coal has sent ructions through the seaborne market for the fuel in Asia, with the fallout likely to ...
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- VISA Power Limited - India
- Mintek Dendrill Indonesia
- Banpu Public Company Limited - Thailand
- Mercator Lines Limited - India
- Indo Tambangraya Megah - Indonesia
- Ministry of Finance - Indonesia
- Bharathi Cement Corporation - India
- Bhatia International Limited - India
- Chettinad Cement Corporation Ltd - India
- SMC Global Power, Philippines
- MS Steel International - UAE
- Attock Cement Pakistan Limited
- SN Aboitiz Power Inc, Philippines
- Bulk Trading Sa - Switzerland
- Bayan Resources Tbk. - Indonesia
- Xindia Steels Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhoruka Overseas - Indonesia
- The State Trading Corporation of India Ltd
- Straits Asia Resources Limited - Singapore
- Agrawal Coal Company - India
- Maharashtra Electricity Regulatory Commission - India
- GMR Energy Limited - India
- Ministry of Transport, Egypt
- Posco Energy - South Korea
- Economic Council, Georgia
- Essar Steel Hazira Ltd - India
- Central Java Power - Indonesia
- McConnell Dowell - Australia
- AsiaOL BioFuels Corp., Philippines
- PNOC Exploration Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- Latin American Coal - Colombia
- Sree Jayajothi Cements Limited - India
- Coalindo Energy - Indonesia
- Global Business Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- IHS Mccloskey Coal Group - USA
- Kobexindo Tractors - Indoneisa
- Riau Bara Harum - Indonesia
- Therma Luzon, Inc, Philippines
- Trasteel International SA, Italy
- CNBM International Corporation - China
- Altura Mining Limited, Indonesia
- Samtan Co., Ltd - South Korea
- Gujarat Sidhee Cement - India
- Indogreen Group - Indonesia
- Goldman Sachs - Singapore
- Eastern Coal Council - USA
- Pipit Mutiara Jaya. PT, Indonesia
- Mjunction Services Limited - India
- International Coal Ventures Pvt Ltd - India
- India Bulls Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Port Waratah Coal Services - Australia
- Wilmar Investment Holdings
- Kaltim Prima Coal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Dalmia Cement Bharat India
- Bhushan Steel Limited - India
- Coal and Oil Company - UAE
- Parliament of New Zealand
- Heidelberg Cement - Germany
- Makarim & Taira - Indonesia
- Directorate Of Revenue Intelligence - India
- Directorate General of MIneral and Coal - Indonesia
- Toyota Tsusho Corporation, Japan
- Marubeni Corporation - India
- TNB Fuel Sdn Bhd - Malaysia
- Uttam Galva Steels Limited - India
- PTC India Limited - India
- Maheswari Brothers Coal Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Electricity Generating Authority of Thailand
- Edison Trading Spa - Italy
- Iligan Light & Power Inc, Philippines
- Formosa Plastics Group - Taiwan
- SMG Consultants - Indonesia
- Siam City Cement - Thailand
- Aditya Birla Group - India
- Vijayanagar Sugar Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Kepco SPC Power Corporation, Philippines
- Madhucon Powers Ltd - India
- Singapore Mercantile Exchange
- Leighton Contractors Pty Ltd - Australia
- The Treasury - Australian Government
- European Bulk Services B.V. - Netherlands
- Binh Thuan Hamico - Vietnam
- Star Paper Mills Limited - India
- Videocon Industries ltd - India
- Karaikal Port Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Barasentosa Lestari - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PowerSource Philippines DevCo
- Georgia Ports Authority, United States
- Indian Oil Corporation Limited
- Alfred C Toepfer International GmbH - Germany
- Miang Besar Coal Terminal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Anglo American - United Kingdom
- White Energy Company Limited
- Sindya Power Generating Company Private Ltd
- Globalindo Alam Lestari - Indonesia
- Bukit Baiduri Energy - Indonesia
- Medco Energi Mining Internasional
- Kohat Cement Company Ltd. - Pakistan
- Thai Mozambique Logistica
- LBH Netherlands Bv - Netherlands
- ICICI Bank Limited - India
- Lanco Infratech Ltd - India
- Malabar Cements Ltd - India
- Kartika Selabumi Mining - Indonesia
- GVK Power & Infra Limited - India
- Sarangani Energy Corporation, Philippines
- Tata Chemicals Ltd - India
- New Zealand Coal & Carbon
- Global Coal Blending Company Limited - Australia
- Gujarat Electricity Regulatory Commission - India
- Merrill Lynch Commodities Europe
- TeaM Sual Corporation - Philippines
- Jindal Steel & Power Ltd - India
- Orica Australia Pty. Ltd.
- Wood Mackenzie - Singapore
- Jaiprakash Power Ventures ltd
- Gujarat Mineral Development Corp Ltd - India
- Ind-Barath Power Infra Limited - India
- Deloitte Consulting - India
- Meenaskhi Energy Private Limited - India
- Aboitiz Power Corporation - Philippines
- Indian Energy Exchange, India
- Salva Resources Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Savvy Resources Ltd - HongKong
- Sakthi Sugars Limited - India
- Rashtriya Ispat Nigam Limited - India
- London Commodity Brokers - England
- Eastern Energy - Thailand
- Antam Resourcindo - Indonesia
- South Luzon Thermal Energy Corporation
- Oldendorff Carriers - Singapore
- ASAPP Information Group - India
- Bukit Makmur.PT - Indonesia
- Interocean Group of Companies - India
- Renaissance Capital - South Africa
- Simpson Spence & Young - Indonesia
- Chamber of Mines of South Africa
- Standard Chartered Bank - UAE
- Minerals Council of Australia
- Romanian Commodities Exchange
- Metalloyd Limited - United Kingdom
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bangladesh Power Developement Board
- Vedanta Resources Plc - India
- Sinarmas Energy and Mining - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Kideco Jaya Agung - Indonesia
- Mercuria Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Commonwealth Bank - Australia
- Central Electricity Authority - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- Coastal Gujarat Power Limited - India
- Vizag Seaport Private Limited - India
- Australian Coal Association
- IEA Clean Coal Centre - UK
- CIMB Investment Bank - Malaysia
- Ministry of Mines - Canada
- Indika Energy - Indonesia
- Energy Link Ltd, New Zealand
- Australian Commodity Traders Exchange
- Indonesian Coal Mining Association
- Asmin Koalindo Tuhup - Indonesia
- Price Waterhouse Coopers - Russia
- Intertek Mineral Services - Indonesia
- Energy Development Corp, Philippines
- Cement Manufacturers Association - India
- Independent Power Producers Association of India
- Thiess Contractors Indonesia
- Grasim Industreis Ltd - India
- San Jose City I Power Corp, Philippines
- Africa Commodities Group - South Africa
- GN Power Mariveles Coal Plant, Philippines
- Petron Corporation, Philippines
- Planning Commission, India
- Manunggal Multi Energi - Indonesia
- Power Finance Corporation Ltd., India
- Tamil Nadu electricity Board
- OPG Power Generation Pvt Ltd - India
- Orica Mining Services - Indonesia
- Parry Sugars Refinery, India
- Bahari Cakrawala Sebuku - Indonesia
- Borneo Indobara - Indonesia
- Ambuja Cements Ltd - India
- The University of Queensland
- Pendopo Energi Batubara - Indonesia
- Meralco Power Generation, Philippines
- Semirara Mining Corp, Philippines
- Carbofer General Trading SA - India
- Ceylon Electricity Board - Sri Lanka
- Global Green Power PLC Corporation, Philippines
- Siam City Cement PLC, Thailand
- Kumho Petrochemical, South Korea
- Baramulti Group, Indonesia
- Sojitz Corporation - Japan
- Sical Logistics Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Electricity Authority, New Zealand
- Timah Investasi Mineral - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- Larsen & Toubro Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Billiton Holdings Pty Ltd - Australia
- Rio Tinto Coal - Australia
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