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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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Friday, 26 November 21
CHINA FINDS COMPLIANCE PROBLEMS IN COAL PRICE INDEX PROBE - REUTERS
China’s state planner on Wednesday said it had discovered some “noncompliant” behaviour among coal price index providers as it an ...
Thursday, 25 November 21
SE ASIA POWER DEMAND TO RISE AS STATE SUPPORT MITIGATES COVID-19 IMPACT - FITCH RATINGS
Electricity demand in south-east Asia is likely to increase in 2021, following slow growth or contraction in 2020, thanks to state support that has ...
Thursday, 25 November 21
FITCH RATINGS INCREASES MOST GLOBAL METALS AND MINING PRICE ASSUMPTIONS - FITCH RATINGS
Fitch Ratings has increased most metals and mining price assumptions, particularly those that benefit from increased longer-term demand due to glob ...
Thursday, 25 November 21
CHINA'S COAL PRICE DROPS IN MID-NOVEMBER AMID GOVERNMENT’S SWEEPING MEASURES - GLOBAL TIMES
China’s coal prices have dropped significantly in mid-November compared with the beginning of the month, with the price of coking coal and co ...
Wednesday, 24 November 21
MARKET INSIGHT - INTERMODAL
Inflation is the word that has dominated the meetings of foreign leaders and finance ministers in recent weeks, as rising energy costs, supply chai ...
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- European Bulk Services B.V. - Netherlands
- The State Trading Corporation of India Ltd
- Directorate Of Revenue Intelligence - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Videocon Industries ltd - India
- Bangladesh Power Developement Board
- Renaissance Capital - South Africa
- Global Business Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Merrill Lynch Commodities Europe
- Jaiprakash Power Ventures ltd
- Krishnapatnam Port Company Ltd. - India
- Interocean Group of Companies - India
- Medco Energi Mining Internasional
- Sindya Power Generating Company Private Ltd
- Petron Corporation, Philippines
- Tata Chemicals Ltd - India
- Goldman Sachs - Singapore
- Samtan Co., Ltd - South Korea
- Price Waterhouse Coopers - Russia
- Sree Jayajothi Cements Limited - India
- Energy Link Ltd, New Zealand
- Heidelberg Cement - Germany
- Latin American Coal - Colombia
- Bulk Trading Sa - Switzerland
- Kalimantan Lumbung Energi - Indonesia
- PTC India Limited - India
- Kepco SPC Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Tamil Nadu electricity Board
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Cigading International Bulk Terminal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Central Java Power - Indonesia
- Ambuja Cements Ltd - India
- Sical Logistics Limited - India
- Electricity Authority, New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- Marubeni Corporation - India
- Bharathi Cement Corporation - India
- PowerSource Philippines DevCo
- Globalindo Alam Lestari - Indonesia
- Grasim Industreis Ltd - India
- Therma Luzon, Inc, Philippines
- The Treasury - Australian Government
- Malabar Cements Ltd - India
- Lanco Infratech Ltd - India
- Baramulti Group, Indonesia
- Siam City Cement PLC, Thailand
- Sojitz Corporation - Japan
- Deloitte Consulting - India
- Toyota Tsusho Corporation, Japan
- Indogreen Group - Indonesia
- Parry Sugars Refinery, India
- Georgia Ports Authority, United States
- Planning Commission, India
- Agrawal Coal Company - India
- McConnell Dowell - Australia
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Siam City Cement - Thailand
- Romanian Commodities Exchange
- AsiaOL BioFuels Corp., Philippines
- Billiton Holdings Pty Ltd - Australia
- Jorong Barutama Greston.PT - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Directorate General of MIneral and Coal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Attock Cement Pakistan Limited
- Uttam Galva Steels Limited - India
- Indian Energy Exchange, India
- Chamber of Mines of South Africa
- IEA Clean Coal Centre - UK
- Electricity Generating Authority of Thailand
- Coalindo Energy - Indonesia
- GVK Power & Infra Limited - India
- Global Coal Blending Company Limited - Australia
- Indonesian Coal Mining Association
- South Luzon Thermal Energy Corporation
- Indian Oil Corporation Limited
- Riau Bara Harum - Indonesia
- Banpu Public Company Limited - Thailand
- Edison Trading Spa - Italy
- Africa Commodities Group - South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- VISA Power Limited - India
- Salva Resources Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Orica Mining Services - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Karaikal Port Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- SMG Consultants - Indonesia
- Mjunction Services Limited - India
- Sarangani Energy Corporation, Philippines
- White Energy Company Limited
- Port Waratah Coal Services - Australia
- MS Steel International - UAE
- Eastern Coal Council - USA
- Star Paper Mills Limited - India
- ASAPP Information Group - India
- Singapore Mercantile Exchange
- Meralco Power Generation, Philippines
- India Bulls Power Limited - India
- Maheswari Brothers Coal Limited - India
- Mintek Dendrill Indonesia
- The University of Queensland
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Thiess Contractors Indonesia
- Posco Energy - South Korea
- Ministry of Finance - Indonesia
- Economic Council, Georgia
- Neyveli Lignite Corporation Ltd, - India
- Sinarmas Energy and Mining - Indonesia
- LBH Netherlands Bv - Netherlands
- Oldendorff Carriers - Singapore
- Bayan Resources Tbk. - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Wood Mackenzie - Singapore
- Wilmar Investment Holdings
- London Commodity Brokers - England
- Aditya Birla Group - India
- Thai Mozambique Logistica
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kaltim Prima Coal - Indonesia
- Kumho Petrochemical, South Korea
- Semirara Mining Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vedanta Resources Plc - India
- Ministry of Mines - Canada
- Leighton Contractors Pty Ltd - Australia
- Parliament of New Zealand
- Coal and Oil Company - UAE
- Pendopo Energi Batubara - Indonesia
- Formosa Plastics Group - Taiwan
- Xindia Steels Limited - India
- Larsen & Toubro Limited - India
- Power Finance Corporation Ltd., India
- Binh Thuan Hamico - Vietnam
- Madhucon Powers Ltd - India
- Mercator Lines Limited - India
- San Jose City I Power Corp, Philippines
- Iligan Light & Power Inc, Philippines
- Antam Resourcindo - Indonesia
- Aboitiz Power Corporation - Philippines
- Bhoruka Overseas - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Rio Tinto Coal - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Intertek Mineral Services - Indonesia
- GAC Shipping (India) Pvt Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Energy Development Corp, Philippines
- Australian Commodity Traders Exchange
- Barasentosa Lestari - Indonesia
- Metalloyd Limited - United Kingdom
- Commonwealth Bank - Australia
- Savvy Resources Ltd - HongKong
- Eastern Energy - Thailand
- Manunggal Multi Energi - Indonesia
- Indika Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Borneo Indobara - Indonesia
- Trasteel International SA, Italy
- Ind-Barath Power Infra Limited - India
- Indo Tambangraya Megah - Indonesia
- Coastal Gujarat Power Limited - India
- Kideco Jaya Agung - Indonesia
- Dalmia Cement Bharat India
- Straits Asia Resources Limited - Singapore
- SMC Global Power, Philippines
- Alfred C Toepfer International GmbH - Germany
- Bukit Asam (Persero) Tbk - Indonesia
- Vizag Seaport Private Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Minerals Council of Australia
- Cement Manufacturers Association - India
- Standard Chartered Bank - UAE
- Carbofer General Trading SA - India
- Bhatia International Limited - India
- Kartika Selabumi Mining - Indonesia
- Gujarat Sidhee Cement - India
- Australian Coal Association
- Bukit Makmur.PT - Indonesia
- Bhushan Steel Limited - India
- TeaM Sual Corporation - Philippines
- Independent Power Producers Association of India
- Ceylon Electricity Board - Sri Lanka
- SN Aboitiz Power Inc, Philippines
- Sakthi Sugars Limited - India
- OPG Power Generation Pvt Ltd - India
- Central Electricity Authority - India
- Bukit Baiduri Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Global Green Power PLC Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Altura Mining Limited, Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Makarim & Taira - Indonesia
- Orica Australia Pty. Ltd.
- New Zealand Coal & Carbon
- CNBM International Corporation - China
- CIMB Investment Bank - Malaysia
- Anglo American - United Kingdom
- Semirara Mining and Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Ministry of Transport, Egypt
- Simpson Spence & Young - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- ICICI Bank Limited - India
- GMR Energy Limited - India
- Mercuria Energy - Indonesia
- Jindal Steel & Power Ltd - India
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