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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, 04 November 21
FASTER DECARBONISATION: BACK TO BASICS FOR THE MINING INDUSTRY? - WOOD MACKENZIE
To the uninitiated, rugby is a technical and complicated game. As young schoolboys it was all a wee bit confusing and we invariably ended up on the ...
Wednesday, 03 November 21
CHINA TO LAUNCH NEW DATA MONITORING SYSTEM, TARGETING COAL MARKET SPECULATION, HOARDING - GLOBAL TIMES
China’s top economic planner announced on Sunday a new data system for supervising the implementation of medium- and long-term contracts of c ...
Wednesday, 03 November 21
CHINA’S STATE PLANNER SAYS COAL SUPPLY IMPROVING, PRICES STABILISING - REUTERS
China’s coal supply situation has seen significant improvement with joint efforts from coal producers, logistics and downstream users, while ...
Wednesday, 03 November 21
HIGHER COKING COAL PRICES TO PARE PROFITABILITY OF STEELMAKERS IN SECOND HALF OF FY22 - CRISIL RATINGS
The operating margin of primary steelmakers will reduce by a third to 24-26% in the second half of this fiscal versus the first half as input cost ...
Wednesday, 03 November 21
MARKET INSIGHT - INTERMODAL
November is here and soon the all time seasonal favorite “all I want or Christmas is you” by Mariah Carey will be played in radio stati ...
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- Directorate Of Revenue Intelligence - India
- Kepco SPC Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Deloitte Consulting - India
- PetroVietnam Power Coal Import and Supply Company
- Uttam Galva Steels Limited - India
- Meralco Power Generation, Philippines
- Anglo American - United Kingdom
- TNB Fuel Sdn Bhd - Malaysia
- Wilmar Investment Holdings
- Grasim Industreis Ltd - India
- Larsen & Toubro Limited - India
- PowerSource Philippines DevCo
- Simpson Spence & Young - Indonesia
- Independent Power Producers Association of India
- Australian Commodity Traders Exchange
- Alfred C Toepfer International GmbH - Germany
- The University of Queensland
- Global Green Power PLC Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Vedanta Resources Plc - India
- Minerals Council of Australia
- Krishnapatnam Port Company Ltd. - India
- Gujarat Mineral Development Corp Ltd - India
- Global Business Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- Mjunction Services Limited - India
- San Jose City I Power Corp, Philippines
- Oldendorff Carriers - Singapore
- Globalindo Alam Lestari - Indonesia
- IHS Mccloskey Coal Group - USA
- Rashtriya Ispat Nigam Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Bukit Makmur.PT - Indonesia
- Baramulti Group, Indonesia
- Ambuja Cements Ltd - India
- Vizag Seaport Private Limited - India
- Coalindo Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Mercuria Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Aditya Birla Group - India
- Singapore Mercantile Exchange
- MS Steel International - UAE
- GMR Energy Limited - India
- Gujarat Electricity Regulatory Commission - India
- SMG Consultants - Indonesia
- Banpu Public Company Limited - Thailand
- Star Paper Mills Limited - India
- Cement Manufacturers Association - India
- The State Trading Corporation of India Ltd
- Binh Thuan Hamico - Vietnam
- Chamber of Mines of South Africa
- Sarangani Energy Corporation, Philippines
- The Treasury - Australian Government
- Makarim & Taira - Indonesia
- Intertek Mineral Services - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Carbofer General Trading SA - India
- South Luzon Thermal Energy Corporation
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Iligan Light & Power Inc, Philippines
- Australian Coal Association
- IEA Clean Coal Centre - UK
- Coal and Oil Company - UAE
- Xindia Steels Limited - India
- Borneo Indobara - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Thiess Contractors Indonesia
- SMC Global Power, Philippines
- Price Waterhouse Coopers - Russia
- Thai Mozambique Logistica
- Bulk Trading Sa - Switzerland
- London Commodity Brokers - England
- Asia Pacific Energy Resources Ventures Inc, Philippines
- VISA Power Limited - India
- Goldman Sachs - Singapore
- Planning Commission, India
- Sical Logistics Limited - India
- Semirara Mining and Power Corporation, Philippines
- Posco Energy - South Korea
- Port Waratah Coal Services - Australia
- Economic Council, Georgia
- Ministry of Transport, Egypt
- Riau Bara Harum - Indonesia
- India Bulls Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- International Coal Ventures Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Samtan Co., Ltd - South Korea
- Indo Tambangraya Megah - Indonesia
- Petron Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Aboitiz Power Corporation - Philippines
- Tamil Nadu electricity Board
- Power Finance Corporation Ltd., India
- Siam City Cement PLC, Thailand
- Jindal Steel & Power Ltd - India
- Sindya Power Generating Company Private Ltd
- Indonesian Coal Mining Association
- Orica Mining Services - Indonesia
- Energy Development Corp, Philippines
- Trasteel International SA, Italy
- Bahari Cakrawala Sebuku - Indonesia
- Madhucon Powers Ltd - India
- Dalmia Cement Bharat India
- CIMB Investment Bank - Malaysia
- Indian Energy Exchange, India
- Electricity Authority, New Zealand
- Indian Oil Corporation Limited
- PNOC Exploration Corporation - Philippines
- Bangladesh Power Developement Board
- Gujarat Sidhee Cement - India
- Metalloyd Limited - United Kingdom
- Rio Tinto Coal - Australia
- ASAPP Information Group - India
- Kumho Petrochemical, South Korea
- Manunggal Multi Energi - Indonesia
- Videocon Industries ltd - India
- Georgia Ports Authority, United States
- Chettinad Cement Corporation Ltd - India
- McConnell Dowell - Australia
- Lanco Infratech Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Sinarmas Energy and Mining - Indonesia
- GVK Power & Infra Limited - India
- Global Coal Blending Company Limited - Australia
- Jaiprakash Power Ventures ltd
- PTC India Limited - India
- Coastal Gujarat Power Limited - India
- Altura Mining Limited, Indonesia
- LBH Netherlands Bv - Netherlands
- New Zealand Coal & Carbon
- ICICI Bank Limited - India
- Bayan Resources Tbk. - Indonesia
- Agrawal Coal Company - India
- Jorong Barutama Greston.PT - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Africa Commodities Group - South Africa
- CNBM International Corporation - China
- Bharathi Cement Corporation - India
- Barasentosa Lestari - Indonesia
- Merrill Lynch Commodities Europe
- Bhushan Steel Limited - India
- Bhoruka Overseas - Indonesia
- Kaltim Prima Coal - Indonesia
- Heidelberg Cement - Germany
- Kartika Selabumi Mining - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Kideco Jaya Agung - Indonesia
- SN Aboitiz Power Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Ministry of Mines - Canada
- Commonwealth Bank - Australia
- Tata Chemicals Ltd - India
- Latin American Coal - Colombia
- Eastern Coal Council - USA
- Offshore Bulk Terminal Pte Ltd, Singapore
- Interocean Group of Companies - India
- Mercator Lines Limited - India
- Semirara Mining Corp, Philippines
- Parliament of New Zealand
- AsiaOL BioFuels Corp., Philippines
- Salva Resources Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Ind-Barath Power Infra Limited - India
- Standard Chartered Bank - UAE
- Neyveli Lignite Corporation Ltd, - India
- Parry Sugars Refinery, India
- Central Java Power - Indonesia
- Mintek Dendrill Indonesia
- Straits Asia Resources Limited - Singapore
- Formosa Plastics Group - Taiwan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Marubeni Corporation - India
- Indogreen Group - Indonesia
- Romanian Commodities Exchange
- Eastern Energy - Thailand
- Therma Luzon, Inc, Philippines
- Savvy Resources Ltd - HongKong
- Leighton Contractors Pty Ltd - Australia
- Renaissance Capital - South Africa
- Bukit Baiduri Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Medco Energi Mining Internasional
- Edison Trading Spa - Italy
- Kobexindo Tractors - Indoneisa
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Finance - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Antam Resourcindo - Indonesia
- Sree Jayajothi Cements Limited - India
- Sojitz Corporation - Japan
- Karaikal Port Pvt Ltd - India
- White Energy Company Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indika Energy - Indonesia
- Energy Link Ltd, New Zealand
- Bhatia International Limited - India
- Electricity Generating Authority of Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Meenaskhi Energy Private Limited - India
- TeaM Sual Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Siam City Cement - Thailand
- European Bulk Services B.V. - Netherlands
- Wood Mackenzie - Singapore
- Attock Cement Pakistan Limited
- Billiton Holdings Pty Ltd - Australia
- Malabar Cements Ltd - India
- Central Electricity Authority - India
- Sakthi Sugars Limited - India
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