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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, 13 October 21
MARKET INSIGHT - INTERMODAL
Following up on our insight on May 2021, where we discussed about the Capesize market outlook for the second half of the year, we are pleased to se ...
Wednesday, 13 October 21
FBX INDEX: THE IMPOSSIBILITY OF SHORT-TERM FORECASTING - LARS JENSEN
Will freight rates on Asia-Europe or the Transpacific reach 40.000 USD/FFE in the run-up prior to Chinese New Year 2022? Or will they start droppin ...
Wednesday, 13 October 21
CHINA FLOODS: COAL PRICE HITS FRESH HIGH AS MINES SHUT - BBC
The price of coal used in China’s power plants has surged to a new record high as another of the country’s key mining regions is hit by ...
Tuesday, 12 October 21
BUMA SIGNS CONDITIONAL AGREEMENT FOR AUSTRALIAN ASSET ACQUISITION
PT Tbk. announced that its subsidiary, PT Bukit Makmur Mandiri Utama, through its newly incorporated Australian subsidiary, BUMA International Pty ...
Tuesday, 12 October 21
INDONESIA'S COAL-BASED POWER PLANTS ARE SUBJECT TO CARBON TAX NEXT YEAR, ELECTRICITY COSTS COULD RISE! - CNBC
The Indonesian government is planning plans to implement a carbon tax of IDR 30 per kilogram (kg) of carbon dioxide equivalent (CO2e) or equivalent ...
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- Mercuria Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Global Business Power Corporation, Philippines
- India Bulls Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Energy Link Ltd, New Zealand
- Aboitiz Power Corporation - Philippines
- Indian Oil Corporation Limited
- Ambuja Cements Ltd - India
- Australian Commodity Traders Exchange
- Sree Jayajothi Cements Limited - India
- Wilmar Investment Holdings
- Tata Chemicals Ltd - India
- IHS Mccloskey Coal Group - USA
- Merrill Lynch Commodities Europe
- Intertek Mineral Services - Indonesia
- Samtan Co., Ltd - South Korea
- Wood Mackenzie - Singapore
- Antam Resourcindo - Indonesia
- AsiaOL BioFuels Corp., Philippines
- PetroVietnam Power Coal Import and Supply Company
- Tamil Nadu electricity Board
- Uttam Galva Steels Limited - India
- Bhoruka Overseas - Indonesia
- Attock Cement Pakistan Limited
- Australian Coal Association
- Dalmia Cement Bharat India
- Gujarat Sidhee Cement - India
- Maharashtra Electricity Regulatory Commission - India
- Parliament of New Zealand
- CIMB Investment Bank - Malaysia
- Petron Corporation, Philippines
- Africa Commodities Group - South Africa
- Karaikal Port Pvt Ltd - India
- Economic Council, Georgia
- Asmin Koalindo Tuhup - Indonesia
- Eastern Coal Council - USA
- Chettinad Cement Corporation Ltd - India
- Coalindo Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Siam City Cement - Thailand
- Karbindo Abesyapradhi - Indoneisa
- Metalloyd Limited - United Kingdom
- Vijayanagar Sugar Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Siam City Cement PLC, Thailand
- Electricity Generating Authority of Thailand
- Leighton Contractors Pty Ltd - Australia
- Vizag Seaport Private Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Cement Manufacturers Association - India
- Georgia Ports Authority, United States
- Central Java Power - Indonesia
- Heidelberg Cement - Germany
- White Energy Company Limited
- Holcim Trading Pte Ltd - Singapore
- Star Paper Mills Limited - India
- Ind-Barath Power Infra Limited - India
- Ceylon Electricity Board - Sri Lanka
- GVK Power & Infra Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- European Bulk Services B.V. - Netherlands
- Mercator Lines Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Price Waterhouse Coopers - Russia
- International Coal Ventures Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Larsen & Toubro Limited - India
- Bayan Resources Tbk. - Indonesia
- Globalindo Alam Lestari - Indonesia
- Meralco Power Generation, Philippines
- Aditya Birla Group - India
- McConnell Dowell - Australia
- Miang Besar Coal Terminal - Indonesia
- Port Waratah Coal Services - Australia
- Orica Mining Services - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Deloitte Consulting - India
- Oldendorff Carriers - Singapore
- Singapore Mercantile Exchange
- Timah Investasi Mineral - Indoneisa
- Riau Bara Harum - Indonesia
- Standard Chartered Bank - UAE
- Salva Resources Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Xindia Steels Limited - India
- Independent Power Producers Association of India
- Gujarat Electricity Regulatory Commission - India
- Renaissance Capital - South Africa
- LBH Netherlands Bv - Netherlands
- PowerSource Philippines DevCo
- ASAPP Information Group - India
- Sindya Power Generating Company Private Ltd
- Interocean Group of Companies - India
- Sical Logistics Limited - India
- The University of Queensland
- Billiton Holdings Pty Ltd - Australia
- Kobexindo Tractors - Indoneisa
- New Zealand Coal & Carbon
- Pipit Mutiara Jaya. PT, Indonesia
- Iligan Light & Power Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Directorate Of Revenue Intelligence - India
- Electricity Authority, New Zealand
- PNOC Exploration Corporation - Philippines
- Jaiprakash Power Ventures ltd
- Coal and Oil Company - UAE
- PTC India Limited - India
- Banpu Public Company Limited - Thailand
- Kideco Jaya Agung - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Indika Energy - Indonesia
- Energy Development Corp, Philippines
- Posco Energy - South Korea
- Videocon Industries ltd - India
- Therma Luzon, Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Asam (Persero) Tbk - Indonesia
- SN Aboitiz Power Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Maheswari Brothers Coal Limited - India
- Vedanta Resources Plc - India
- Sojitz Corporation - Japan
- Parry Sugars Refinery, India
- Bangladesh Power Developement Board
- Sinarmas Energy and Mining - Indonesia
- Pendopo Energi Batubara - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Planning Commission, India
- Savvy Resources Ltd - HongKong
- Coastal Gujarat Power Limited - India
- Sakthi Sugars Limited - India
- Mjunction Services Limited - India
- Marubeni Corporation - India
- Formosa Plastics Group - Taiwan
- Ministry of Finance - Indonesia
- Romanian Commodities Exchange
- Anglo American - United Kingdom
- Krishnapatnam Port Company Ltd. - India
- IEA Clean Coal Centre - UK
- Minerals Council of Australia
- Ministry of Transport, Egypt
- Rio Tinto Coal - Australia
- Directorate General of MIneral and Coal - Indonesia
- Altura Mining Limited, Indonesia
- Latin American Coal - Colombia
- Baramulti Group, Indonesia
- Global Coal Blending Company Limited - Australia
- MS Steel International - UAE
- London Commodity Brokers - England
- Trasteel International SA, Italy
- Manunggal Multi Energi - Indonesia
- The Treasury - Australian Government
- Edison Trading Spa - Italy
- Agrawal Coal Company - India
- Makarim & Taira - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Thai Mozambique Logistica
- Petrochimia International Co. Ltd.- Taiwan
- Rashtriya Ispat Nigam Limited - India
- Lanco Infratech Ltd - India
- Madhucon Powers Ltd - India
- Orica Australia Pty. Ltd.
- Grasim Industreis Ltd - India
- Barasentosa Lestari - Indonesia
- GMR Energy Limited - India
- Carbofer General Trading SA - India
- Chamber of Mines of South Africa
- Bharathi Cement Corporation - India
- Indogreen Group - Indonesia
- Bukit Makmur.PT - Indonesia
- Alfred C Toepfer International GmbH - Germany
- SMG Consultants - Indonesia
- San Jose City I Power Corp, Philippines
- Malabar Cements Ltd - India
- Indonesian Coal Mining Association
- Eastern Energy - Thailand
- Bhushan Steel Limited - India
- Kaltim Prima Coal - Indonesia
- Borneo Indobara - Indonesia
- Thiess Contractors Indonesia
- Simpson Spence & Young - Indonesia
- Essar Steel Hazira Ltd - India
- Medco Energi Mining Internasional
- Goldman Sachs - Singapore
- Global Green Power PLC Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Commonwealth Bank - Australia
- Indo Tambangraya Megah - Indonesia
- Central Electricity Authority - India
- SMC Global Power, Philippines
- Indian Energy Exchange, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhatia International Limited - India
- Kumho Petrochemical, South Korea
- Bulk Trading Sa - Switzerland
- Bukit Baiduri Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- ICICI Bank Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- CNBM International Corporation - China
- Binh Thuan Hamico - Vietnam
- GAC Shipping (India) Pvt Ltd
- The State Trading Corporation of India Ltd
- VISA Power Limited - India
- Power Finance Corporation Ltd., India
- Jorong Barutama Greston.PT - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- TeaM Sual Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Ministry of Mines - Canada
- Mintek Dendrill Indonesia
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