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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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Wednesday, 24 November 21
WHY THIS MINING ANALYST IS UPBEAT ON THE IRON ORE PRICE FORECAST - MOTLEY FOOL
In many ways, 2021 can be called the year of the iron ore price. Much of the talk of the ASX town this year has revolved around this key economic m ...
Wednesday, 24 November 21
PRICE OF CHINA’S COAL FUTURE DROPS BY 60% AS NATIONWIDE DAILY OUTPUT REACHES OVER 12 MILLION TONS: NDRC - GLOBAL TIMES
China’s daily coal output has now stabilized after reaching over 12 million tons and the price of coal futures has declined to 800 yuan ($125 ...
Friday, 19 November 21
CHINA: COAL SUPPLIES TO STABILIZE FOR COMING COLD SEASON
China is capable of ensuring stable coal supplies this winter and next spring with the increase in coal production and the rising stockpiles at pow ...
Wednesday, 17 November 21
MARKET INSIGHT - INTERMODAL
It has been another declining week for the dry bulk market and evidently, we are seeing asset values gradually losing momentum as well. Following a ...
Tuesday, 16 November 21
EARNINGS RECOVERY IN INDONESIAN COAL TO CONTINUE THROUGH 2021, BUT SLOW IN 2022 - FITCH RATINGS
The recovery in the operating and financial performance of Indonesian coal miners and coal contractors is likely to slow in 2022, but coal prices s ...
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- Bhatia International Limited - India
- Antam Resourcindo - Indonesia
- Semirara Mining Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Jindal Steel & Power Ltd - India
- Star Paper Mills Limited - India
- Africa Commodities Group - South Africa
- Lanco Infratech Ltd - India
- Madhucon Powers Ltd - India
- Parliament of New Zealand
- Larsen & Toubro Limited - India
- GAC Shipping (India) Pvt Ltd
- Latin American Coal - Colombia
- Bhoruka Overseas - Indonesia
- Carbofer General Trading SA - India
- Sarangani Energy Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Salva Resources Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Minerals Council of Australia
- Indonesian Coal Mining Association
- Independent Power Producers Association of India
- Ind-Barath Power Infra Limited - India
- IHS Mccloskey Coal Group - USA
- GVK Power & Infra Limited - India
- McConnell Dowell - Australia
- LBH Netherlands Bv - Netherlands
- Orica Mining Services - Indonesia
- Metalloyd Limited - United Kingdom
- Electricity Generating Authority of Thailand
- Krishnapatnam Port Company Ltd. - India
- Anglo American - United Kingdom
- Marubeni Corporation - India
- Binh Thuan Hamico - Vietnam
- Savvy Resources Ltd - HongKong
- Kobexindo Tractors - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- Central Electricity Authority - India
- New Zealand Coal & Carbon
- Intertek Mineral Services - Indonesia
- CIMB Investment Bank - Malaysia
- Bangladesh Power Developement Board
- Banpu Public Company Limited - Thailand
- Iligan Light & Power Inc, Philippines
- PowerSource Philippines DevCo
- GN Power Mariveles Coal Plant, Philippines
- India Bulls Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- London Commodity Brokers - England
- Edison Trading Spa - Italy
- Petron Corporation, Philippines
- Australian Commodity Traders Exchange
- Indo Tambangraya Megah - Indonesia
- Bukit Makmur.PT - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Gujarat Sidhee Cement - India
- Billiton Holdings Pty Ltd - Australia
- OPG Power Generation Pvt Ltd - India
- Ministry of Mines - Canada
- Coastal Gujarat Power Limited - India
- Meralco Power Generation, Philippines
- Uttam Galva Steels Limited - India
- TeaM Sual Corporation - Philippines
- Agrawal Coal Company - India
- Maheswari Brothers Coal Limited - India
- Bhushan Steel Limited - India
- San Jose City I Power Corp, Philippines
- Mjunction Services Limited - India
- Goldman Sachs - Singapore
- Eastern Energy - Thailand
- Grasim Industreis Ltd - India
- ICICI Bank Limited - India
- Ambuja Cements Ltd - India
- Australian Coal Association
- Sinarmas Energy and Mining - Indonesia
- Trasteel International SA, Italy
- The Treasury - Australian Government
- Sakthi Sugars Limited - India
- Tamil Nadu electricity Board
- Rashtriya Ispat Nigam Limited - India
- Malabar Cements Ltd - India
- Jaiprakash Power Ventures ltd
- Neyveli Lignite Corporation Ltd, - India
- PTC India Limited - India
- Kaltim Prima Coal - Indonesia
- Price Waterhouse Coopers - Russia
- AsiaOL BioFuels Corp., Philippines
- Cigading International Bulk Terminal - Indonesia
- The University of Queensland
- Kohat Cement Company Ltd. - Pakistan
- Rio Tinto Coal - Australia
- Baramulti Group, Indonesia
- Videocon Industries ltd - India
- Eastern Coal Council - USA
- Planning Commission, India
- PNOC Exploration Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- Miang Besar Coal Terminal - Indonesia
- Globalindo Alam Lestari - Indonesia
- ASAPP Information Group - India
- Holcim Trading Pte Ltd - Singapore
- SMC Global Power, Philippines
- Singapore Mercantile Exchange
- SN Aboitiz Power Inc, Philippines
- Essar Steel Hazira Ltd - India
- Mercator Lines Limited - India
- Wood Mackenzie - Singapore
- Barasentosa Lestari - Indonesia
- Simpson Spence & Young - Indonesia
- Leighton Contractors Pty Ltd - Australia
- The State Trading Corporation of India Ltd
- Therma Luzon, Inc, Philippines
- Borneo Indobara - Indonesia
- Altura Mining Limited, Indonesia
- Sindya Power Generating Company Private Ltd
- Port Waratah Coal Services - Australia
- International Coal Ventures Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Aboitiz Power Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- Sical Logistics Limited - India
- Bulk Trading Sa - Switzerland
- Thai Mozambique Logistica
- Romanian Commodities Exchange
- Electricity Authority, New Zealand
- IEA Clean Coal Centre - UK
- Commonwealth Bank - Australia
- Mintek Dendrill Indonesia
- Ministry of Transport, Egypt
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Medco Energi Mining Internasional
- White Energy Company Limited
- Interocean Group of Companies - India
- TNB Fuel Sdn Bhd - Malaysia
- Georgia Ports Authority, United States
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Timah Investasi Mineral - Indoneisa
- VISA Power Limited - India
- Kideco Jaya Agung - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Coal and Oil Company - UAE
- Chettinad Cement Corporation Ltd - India
- Samtan Co., Ltd - South Korea
- Petrochimia International Co. Ltd.- Taiwan
- Parry Sugars Refinery, India
- Bharathi Cement Corporation - India
- Makarim & Taira - Indonesia
- Karaikal Port Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Economic Council, Georgia
- Sojitz Corporation - Japan
- Central Java Power - Indonesia
- Attock Cement Pakistan Limited
- Alfred C Toepfer International GmbH - Germany
- Deloitte Consulting - India
- Mercuria Energy - Indonesia
- GMR Energy Limited - India
- Global Business Power Corporation, Philippines
- Energy Development Corp, Philippines
- Wilmar Investment Holdings
- Straits Asia Resources Limited - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Cement Manufacturers Association - India
- Maharashtra Electricity Regulatory Commission - India
- Semirara Mining and Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Tata Chemicals Ltd - India
- Kumho Petrochemical, South Korea
- Kapuas Tunggal Persada - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Chamber of Mines of South Africa
- Siam City Cement - Thailand
- Riau Bara Harum - Indonesia
- Oldendorff Carriers - Singapore
- Standard Chartered Bank - UAE
- Kartika Selabumi Mining - Indonesia
- Energy Link Ltd, New Zealand
- MS Steel International - UAE
- European Bulk Services B.V. - Netherlands
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SMG Consultants - Indonesia
- Power Finance Corporation Ltd., India
- Coalindo Energy - Indonesia
- Renaissance Capital - South Africa
- Toyota Tsusho Corporation, Japan
- Thiess Contractors Indonesia
- Vedanta Resources Plc - India
- Indian Oil Corporation Limited
- Global Coal Blending Company Limited - Australia
- Vizag Seaport Private Limited - India
- Indian Energy Exchange, India
- Indika Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Siam City Cement PLC, Thailand
- Merrill Lynch Commodities Europe
- Meenaskhi Energy Private Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Xindia Steels Limited - India
- Bayan Resources Tbk. - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Orica Australia Pty. Ltd.
- Posco Energy - South Korea
- Bukit Baiduri Energy - Indonesia
- Indogreen Group - Indonesia
- Aditya Birla Group - India
- Dalmia Cement Bharat India
- CNBM International Corporation - China
- Directorate General of MIneral and Coal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Finance - Indonesia
- Pendopo Energi Batubara - Indonesia
- Heidelberg Cement - Germany
- South Luzon Thermal Energy Corporation
- Manunggal Multi Energi - Indonesia
- Kepco SPC Power Corporation, Philippines
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