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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, 15 October 21
GLOBAL STEEL DEMAND GROWTH DOWNGRADED FOR 2021 DUE TO CHINA - WORLD STEEL ASSOCIATION
The World Steel Association (worldsteel) today released an update of its Short Range Outlook (SRO) for 2021 and 2022. worldsteel forecasts that ste ...
Thursday, 14 October 21
SPIKING COAL PRICES: DON’T BLAME THE ENERGY TRANSITION - IEEFA
Volatility highlights urgency for renewables-based energy solutions
“Energy crisis.” The phrase evokes nearly-forgotten ...
Thursday, 14 October 21
EIA FORECASTS U.S. COAL PRODUCTION TOTALS 588 MMST IN 2021, UP 53 MMST YOY
U.S. coal production in EIA's forecasts totals 588 million short tons (MMst) in 2021, 53 MMst more than in 2020.
According ...
Wednesday, 13 October 21
COAL PRICES ARE ROARING BACK AMID A GLOBAL ENERGY CRUNCH - SYDNEY MORNING HERALD
Soaring coal prices have placed Australia’s mining and energy exports on track to reach a record $349 billion this year evenas the value of t ...
Wednesday, 13 October 21
CHINA ISN'T THE ONLY HUGE ASIAN ECONOMY WITH A COAL SHORTAGE NOW - CNBC
China is not the only Asian giant grappling with an energy crunch — India is also teetering on the edge of a power crisis.
Mos ...
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- Eastern Coal Council - USA
- Electricity Authority, New Zealand
- Aboitiz Power Corporation - Philippines
- Coalindo Energy - Indonesia
- PowerSource Philippines DevCo
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Finance - Indonesia
- Maheswari Brothers Coal Limited - India
- GAC Shipping (India) Pvt Ltd
- Australian Commodity Traders Exchange
- Goldman Sachs - Singapore
- Rashtriya Ispat Nigam Limited - India
- Parliament of New Zealand
- SMG Consultants - Indonesia
- CNBM International Corporation - China
- Indogreen Group - Indonesia
- White Energy Company Limited
- Sarangani Energy Corporation, Philippines
- Trasteel International SA, Italy
- OPG Power Generation Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- ASAPP Information Group - India
- Semirara Mining and Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Minerals Council of Australia
- Chamber of Mines of South Africa
- Billiton Holdings Pty Ltd - Australia
- Siam City Cement - Thailand
- Straits Asia Resources Limited - Singapore
- Larsen & Toubro Limited - India
- Petron Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- IHS Mccloskey Coal Group - USA
- Cement Manufacturers Association - India
- Latin American Coal - Colombia
- Global Green Power PLC Corporation, Philippines
- Tata Chemicals Ltd - India
- Gujarat Sidhee Cement - India
- AsiaOL BioFuels Corp., Philippines
- Bangladesh Power Developement Board
- Gujarat Mineral Development Corp Ltd - India
- Electricity Generating Authority of Thailand
- Heidelberg Cement - Germany
- Ministry of Mines - Canada
- Attock Cement Pakistan Limited
- Petrochimia International Co. Ltd.- Taiwan
- Carbofer General Trading SA - India
- MS Steel International - UAE
- Kepco SPC Power Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Savvy Resources Ltd - HongKong
- TNB Fuel Sdn Bhd - Malaysia
- Agrawal Coal Company - India
- Jorong Barutama Greston.PT - Indonesia
- Grasim Industreis Ltd - India
- Semirara Mining Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- Vedanta Resources Plc - India
- Barasentosa Lestari - Indonesia
- Orica Mining Services - Indonesia
- Riau Bara Harum - Indonesia
- Bukit Baiduri Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Videocon Industries ltd - India
- Orica Australia Pty. Ltd.
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- International Coal Ventures Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Planning Commission, India
- Jindal Steel & Power Ltd - India
- SMC Global Power, Philippines
- Mintek Dendrill Indonesia
- Uttam Galva Steels Limited - India
- Madhucon Powers Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PTC India Limited - India
- Port Waratah Coal Services - Australia
- TeaM Sual Corporation - Philippines
- Antam Resourcindo - Indonesia
- Siam City Cement PLC, Thailand
- Ind-Barath Power Infra Limited - India
- Essar Steel Hazira Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Malabar Cements Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Formosa Plastics Group - Taiwan
- Thai Mozambique Logistica
- Timah Investasi Mineral - Indoneisa
- Sical Logistics Limited - India
- The State Trading Corporation of India Ltd
- Baramulti Group, Indonesia
- Sojitz Corporation - Japan
- Intertek Mineral Services - Indonesia
- Interocean Group of Companies - India
- Bulk Trading Sa - Switzerland
- Coal and Oil Company - UAE
- GMR Energy Limited - India
- Directorate General of MIneral and Coal - Indonesia
- PNOC Exploration Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Jaiprakash Power Ventures ltd
- Energy Development Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Altura Mining Limited, Indonesia
- Chettinad Cement Corporation Ltd - India
- Meenaskhi Energy Private Limited - India
- India Bulls Power Limited - India
- Medco Energi Mining Internasional
- Rio Tinto Coal - Australia
- San Jose City I Power Corp, Philippines
- Mercator Lines Limited - India
- Aditya Birla Group - India
- Indian Energy Exchange, India
- Price Waterhouse Coopers - Russia
- Bhoruka Overseas - Indonesia
- Ambuja Cements Ltd - India
- Kaltim Prima Coal - Indonesia
- Samtan Co., Ltd - South Korea
- Anglo American - United Kingdom
- Coastal Gujarat Power Limited - India
- Mjunction Services Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Central Electricity Authority - India
- Meralco Power Generation, Philippines
- Wood Mackenzie - Singapore
- Metalloyd Limited - United Kingdom
- Pendopo Energi Batubara - Indonesia
- Merrill Lynch Commodities Europe
- Indian Oil Corporation Limited
- CIMB Investment Bank - Malaysia
- Independent Power Producers Association of India
- Therma Luzon, Inc, Philippines
- South Luzon Thermal Energy Corporation
- The Treasury - Australian Government
- Marubeni Corporation - India
- Vijayanagar Sugar Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Singapore Mercantile Exchange
- London Commodity Brokers - England
- Commonwealth Bank - Australia
- Leighton Contractors Pty Ltd - Australia
- Deloitte Consulting - India
- ICICI Bank Limited - India
- SN Aboitiz Power Inc, Philippines
- Karaikal Port Pvt Ltd - India
- New Zealand Coal & Carbon
- Edison Trading Spa - Italy
- McConnell Dowell - Australia
- Maharashtra Electricity Regulatory Commission - India
- Simpson Spence & Young - Indonesia
- Ministry of Transport, Egypt
- Renaissance Capital - South Africa
- Power Finance Corporation Ltd., India
- Kideco Jaya Agung - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indonesian Coal Mining Association
- Asmin Koalindo Tuhup - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Central Java Power - Indonesia
- VISA Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- Makarim & Taira - Indonesia
- Global Business Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Sakthi Sugars Limited - India
- Eastern Energy - Thailand
- European Bulk Services B.V. - Netherlands
- Oldendorff Carriers - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Kobexindo Tractors - Indoneisa
- Energy Link Ltd, New Zealand
- Borneo Indobara - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Cigading International Bulk Terminal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Kartika Selabumi Mining - Indonesia
- Economic Council, Georgia
- LBH Netherlands Bv - Netherlands
- Wilmar Investment Holdings
- Banpu Public Company Limited - Thailand
- IEA Clean Coal Centre - UK
- Standard Chartered Bank - UAE
- Kapuas Tunggal Persada - Indonesia
- Posco Energy - South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dalmia Cement Bharat India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Australian Coal Association
- PetroVietnam Power Coal Import and Supply Company
- Xindia Steels Limited - India
- Bhatia International Limited - India
- Bhushan Steel Limited - India
- Sindya Power Generating Company Private Ltd
- Romanian Commodities Exchange
- Tamil Nadu electricity Board
- Kalimantan Lumbung Energi - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Sree Jayajothi Cements Limited - India
- Iligan Light & Power Inc, Philippines
- Star Paper Mills Limited - India
- Thiess Contractors Indonesia
- Indika Energy - Indonesia
- Africa Commodities Group - South Africa
- Bharathi Cement Corporation - India
- The University of Queensland
- Bayan Resources Tbk. - Indonesia
- GVK Power & Infra Limited - India
- Lanco Infratech Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Georgia Ports Authority, United States
- Kumho Petrochemical, South Korea
- Mercuria Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Parry Sugars Refinery, India
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