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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, 14 December 21
COAL LOCK-IN IN SOUTHEAST ASIA PRESENTS A CHALLENGE FOR THE ASIAN DEVELOPMENT BANK'S COAL RETIREMENT PLAN - IEEFA
In August, the Asian Development Bank (ADB) announced an ambitious plan to buy high emissions coal-fired power plants in Southeast Asia and retire ...
Saturday, 11 December 21
BUNKER BUYERS LOSE UP TO $5/MT FOR NOT COVERING ENOUGH SUPPLIERS - INTEGR8 FUELS
With the Brent price recently touching the $80 mark and before the Omicron variant concerns pushed it lower, bunker prices reached levels not seen ...
Tuesday, 07 December 21
SUPERCYCLE DEMAND: ARE WE THERE YET? - WOOD MACKENZIE
Taking young children on a long journey is fraught with challenges, not least the inevitable question a few minutes after leaving: are we there yet ...
Tuesday, 07 December 21
COAL WOULD REMAIN ENERGY LEADER FOR AT LEAST 15 YEARS - LIVEMINT
Coal India Ltd (CIL) has been in the eye of the storm after fuel stocks at coal-fuelled power plants depleted in October. Fuel stocks since are bei ...
Tuesday, 07 December 21
GLOBAL SHIPPING OUTLOOK TURNS STABLE FROM POSITIVE ON THE BACK OF PEAKING EARNINGS DURING 2021 - MOODY'S
The outlook for the global shipping industry is changed to stable from positive for the next 12 to 18 months due to demand slightly outstripping su ...
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- Parliament of New Zealand
- San Jose City I Power Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Vizag Seaport Private Limited - India
- Trasteel International SA, Italy
- Uttam Galva Steels Limited - India
- Wood Mackenzie - Singapore
- Pendopo Energi Batubara - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Formosa Plastics Group - Taiwan
- Siam City Cement PLC, Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Interocean Group of Companies - India
- India Bulls Power Limited - India
- MS Steel International - UAE
- Bayan Resources Tbk. - Indonesia
- White Energy Company Limited
- IEA Clean Coal Centre - UK
- Essar Steel Hazira Ltd - India
- Coal and Oil Company - UAE
- Barasentosa Lestari - Indonesia
- Kumho Petrochemical, South Korea
- Australian Coal Association
- Indian Oil Corporation Limited
- ICICI Bank Limited - India
- Electricity Generating Authority of Thailand
- Kapuas Tunggal Persada - Indonesia
- IHS Mccloskey Coal Group - USA
- Jaiprakash Power Ventures ltd
- Economic Council, Georgia
- SN Aboitiz Power Inc, Philippines
- Madhucon Powers Ltd - India
- Bhoruka Overseas - Indonesia
- Binh Thuan Hamico - Vietnam
- Marubeni Corporation - India
- PTC India Limited - India
- Global Business Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Mercuria Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Mineral Development Corp Ltd - India
- Independent Power Producers Association of India
- Global Coal Blending Company Limited - Australia
- Power Finance Corporation Ltd., India
- Ambuja Cements Ltd - India
- Carbofer General Trading SA - India
- Aboitiz Power Corporation - Philippines
- Mercator Lines Limited - India
- Heidelberg Cement - Germany
- Xindia Steels Limited - India
- Tata Chemicals Ltd - India
- Directorate Of Revenue Intelligence - India
- Bharathi Cement Corporation - India
- Semirara Mining and Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Neyveli Lignite Corporation Ltd, - India
- Central Electricity Authority - India
- Jindal Steel & Power Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Indonesian Coal Mining Association
- International Coal Ventures Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- LBH Netherlands Bv - Netherlands
- Agrawal Coal Company - India
- Miang Besar Coal Terminal - Indonesia
- Manunggal Multi Energi - Indonesia
- Sarangani Energy Corporation, Philippines
- Latin American Coal - Colombia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Salva Resources Pvt Ltd - India
- Standard Chartered Bank - UAE
- Therma Luzon, Inc, Philippines
- Gujarat Sidhee Cement - India
- Kaltim Prima Coal - Indonesia
- SMC Global Power, Philippines
- McConnell Dowell - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Vedanta Resources Plc - India
- Electricity Authority, New Zealand
- European Bulk Services B.V. - Netherlands
- SMG Consultants - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Sindya Power Generating Company Private Ltd
- Cigading International Bulk Terminal - Indonesia
- Minerals Council of Australia
- Africa Commodities Group - South Africa
- GVK Power & Infra Limited - India
- Thiess Contractors Indonesia
- Bhushan Steel Limited - India
- Meralco Power Generation, Philippines
- The University of Queensland
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Cement Manufacturers Association - India
- Metalloyd Limited - United Kingdom
- Dalmia Cement Bharat India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bulk Trading Sa - Switzerland
- Tamil Nadu electricity Board
- Global Green Power PLC Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Siam City Cement - Thailand
- Posco Energy - South Korea
- The Treasury - Australian Government
- Billiton Holdings Pty Ltd - Australia
- Ceylon Electricity Board - Sri Lanka
- Globalindo Alam Lestari - Indonesia
- Indian Energy Exchange, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Edison Trading Spa - Italy
- Alfred C Toepfer International GmbH - Germany
- Kobexindo Tractors - Indoneisa
- TeaM Sual Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- Grasim Industreis Ltd - India
- CIMB Investment Bank - Malaysia
- Star Paper Mills Limited - India
- Indogreen Group - Indonesia
- Maheswari Brothers Coal Limited - India
- Wilmar Investment Holdings
- Port Waratah Coal Services - Australia
- Bangladesh Power Developement Board
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Aditya Birla Group - India
- Videocon Industries ltd - India
- Lanco Infratech Ltd - India
- Kideco Jaya Agung - Indonesia
- Toyota Tsusho Corporation, Japan
- Orica Australia Pty. Ltd.
- Indika Energy - Indonesia
- Borneo Indobara - Indonesia
- Georgia Ports Authority, United States
- Savvy Resources Ltd - HongKong
- Medco Energi Mining Internasional
- Intertek Mineral Services - Indonesia
- Riau Bara Harum - Indonesia
- Rio Tinto Coal - Australia
- Coalindo Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Eastern Coal Council - USA
- PNOC Exploration Corporation - Philippines
- New Zealand Coal & Carbon
- Bukit Baiduri Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Straits Asia Resources Limited - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Timah Investasi Mineral - Indoneisa
- Kepco SPC Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Makarim & Taira - Indonesia
- Sojitz Corporation - Japan
- Simpson Spence & Young - Indonesia
- Energy Development Corp, Philippines
- CNBM International Corporation - China
- Krishnapatnam Port Company Ltd. - India
- Attock Cement Pakistan Limited
- Baramulti Group, Indonesia
- Samtan Co., Ltd - South Korea
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mintek Dendrill Indonesia
- Thai Mozambique Logistica
- Karbindo Abesyapradhi - Indoneisa
- Planning Commission, India
- Holcim Trading Pte Ltd - Singapore
- Ministry of Mines - Canada
- Kartika Selabumi Mining - Indonesia
- VISA Power Limited - India
- Malabar Cements Ltd - India
- Iligan Light & Power Inc, Philippines
- Price Waterhouse Coopers - Russia
- Ministry of Finance - Indonesia
- Orica Mining Services - Indonesia
- Bhatia International Limited - India
- Goldman Sachs - Singapore
- The State Trading Corporation of India Ltd
- PowerSource Philippines DevCo
- Antam Resourcindo - Indonesia
- Chamber of Mines of South Africa
- Renaissance Capital - South Africa
- Bukit Makmur.PT - Indonesia
- Larsen & Toubro Limited - India
- Banpu Public Company Limited - Thailand
- Sakthi Sugars Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Meenaskhi Energy Private Limited - India
- ASAPP Information Group - India
- Petron Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Parry Sugars Refinery, India
- Central Java Power - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Eastern Energy - Thailand
- Energy Link Ltd, New Zealand
- Australian Commodity Traders Exchange
- Gujarat Electricity Regulatory Commission - India
- OPG Power Generation Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- GMR Energy Limited - India
- London Commodity Brokers - England
- Mjunction Services Limited - India
- Anglo American - United Kingdom
- Romanian Commodities Exchange
- Sree Jayajothi Cements Limited - India
- Deloitte Consulting - India
- Singapore Mercantile Exchange
- Altura Mining Limited, Indonesia
- Indo Tambangraya Megah - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Oldendorff Carriers - Singapore
- South Luzon Thermal Energy Corporation
- Semirara Mining Corp, Philippines
- Commonwealth Bank - Australia
- Ministry of Transport, Egypt
- Sical Logistics Limited - India
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