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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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- Bahari Cakrawala Sebuku - Indonesia
- Borneo Indobara - Indonesia
- Straits Asia Resources Limited - Singapore
- Directorate Of Revenue Intelligence - India
- Jorong Barutama Greston.PT - Indonesia
- Tamil Nadu electricity Board
- Malabar Cements Ltd - India
- PowerSource Philippines DevCo
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Timah Investasi Mineral - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Chamber of Mines of South Africa
- Meenaskhi Energy Private Limited - India
- Independent Power Producers Association of India
- Anglo American - United Kingdom
- Bukit Asam (Persero) Tbk - Indonesia
- Coalindo Energy - Indonesia
- Ministry of Transport, Egypt
- GAC Shipping (India) Pvt Ltd
- Rashtriya Ispat Nigam Limited - India
- Altura Mining Limited, Indonesia
- Videocon Industries ltd - India
- Baramulti Group, Indonesia
- Bharathi Cement Corporation - India
- European Bulk Services B.V. - Netherlands
- Rio Tinto Coal - Australia
- CIMB Investment Bank - Malaysia
- Mjunction Services Limited - India
- Coastal Gujarat Power Limited - India
- Aboitiz Power Corporation - Philippines
- Medco Energi Mining Internasional
- Semirara Mining Corp, Philippines
- Iligan Light & Power Inc, Philippines
- Bangladesh Power Developement Board
- Coal and Oil Company - UAE
- Holcim Trading Pte Ltd - Singapore
- Banpu Public Company Limited - Thailand
- Kepco SPC Power Corporation, Philippines
- Singapore Mercantile Exchange
- Global Coal Blending Company Limited - Australia
- Oldendorff Carriers - Singapore
- PNOC Exploration Corporation - Philippines
- Price Waterhouse Coopers - Russia
- Wood Mackenzie - Singapore
- Karaikal Port Pvt Ltd - India
- Wilmar Investment Holdings
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ambuja Cements Ltd - India
- ASAPP Information Group - India
- New Zealand Coal & Carbon
- Meralco Power Generation, Philippines
- Uttam Galva Steels Limited - India
- LBH Netherlands Bv - Netherlands
- Madhucon Powers Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Salva Resources Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Star Paper Mills Limited - India
- Thiess Contractors Indonesia
- Trasteel International SA, Italy
- Africa Commodities Group - South Africa
- Parry Sugars Refinery, India
- Ministry of Mines - Canada
- Bhatia International Limited - India
- Bhoruka Overseas - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Marubeni Corporation - India
- Binh Thuan Hamico - Vietnam
- TNB Fuel Sdn Bhd - Malaysia
- Port Waratah Coal Services - Australia
- Globalindo Alam Lestari - Indonesia
- ICICI Bank Limited - India
- McConnell Dowell - Australia
- Power Finance Corporation Ltd., India
- Central Electricity Authority - India
- Pendopo Energi Batubara - Indonesia
- Chettinad Cement Corporation Ltd - India
- Jindal Steel & Power Ltd - India
- Ind-Barath Power Infra Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Kartika Selabumi Mining - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Merrill Lynch Commodities Europe
- Jaiprakash Power Ventures ltd
- Metalloyd Limited - United Kingdom
- Mercuria Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- South Luzon Thermal Energy Corporation
- Vijayanagar Sugar Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- San Jose City I Power Corp, Philippines
- Siam City Cement PLC, Thailand
- Latin American Coal - Colombia
- Planning Commission, India
- SMC Global Power, Philippines
- IHS Mccloskey Coal Group - USA
- Eastern Energy - Thailand
- OPG Power Generation Pvt Ltd - India
- Parliament of New Zealand
- Samtan Co., Ltd - South Korea
- Simpson Spence & Young - Indonesia
- Xindia Steels Limited - India
- Georgia Ports Authority, United States
- White Energy Company Limited
- Indonesian Coal Mining Association
- Kaltim Prima Coal - Indonesia
- The Treasury - Australian Government
- MS Steel International - UAE
- Indian Oil Corporation Limited
- AsiaOL BioFuels Corp., Philippines
- Bulk Trading Sa - Switzerland
- Edison Trading Spa - Italy
- Makarim & Taira - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Kumho Petrochemical, South Korea
- Alfred C Toepfer International GmbH - Germany
- Leighton Contractors Pty Ltd - Australia
- Kapuas Tunggal Persada - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Maheswari Brothers Coal Limited - India
- Cement Manufacturers Association - India
- Electricity Generating Authority of Thailand
- Indika Energy - Indonesia
- Deloitte Consulting - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Mercator Lines Limited - India
- Vedanta Resources Plc - India
- Lanco Infratech Ltd - India
- Australian Coal Association
- Kideco Jaya Agung - Indonesia
- Vizag Seaport Private Limited - India
- Larsen & Toubro Limited - India
- Eastern Coal Council - USA
- GVK Power & Infra Limited - India
- Antam Resourcindo - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Heidelberg Cement - Germany
- Australian Commodity Traders Exchange
- Sree Jayajothi Cements Limited - India
- Posco Energy - South Korea
- Savvy Resources Ltd - HongKong
- SN Aboitiz Power Inc, Philippines
- India Bulls Power Limited - India
- Agrawal Coal Company - India
- TeaM Sual Corporation - Philippines
- Petron Corporation, Philippines
- Sojitz Corporation - Japan
- Aditya Birla Group - India
- Bhushan Steel Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Attock Cement Pakistan Limited
- Mintek Dendrill Indonesia
- Riau Bara Harum - Indonesia
- Grasim Industreis Ltd - India
- Economic Council, Georgia
- Semirara Mining and Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Formosa Plastics Group - Taiwan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indo Tambangraya Megah - Indonesia
- Energy Link Ltd, New Zealand
- Interocean Group of Companies - India
- The University of Queensland
- VISA Power Limited - India
- Thai Mozambique Logistica
- Orica Australia Pty. Ltd.
- Essar Steel Hazira Ltd - India
- Orica Mining Services - Indonesia
- Indian Energy Exchange, India
- Dalmia Cement Bharat India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Makmur.PT - Indonesia
- Ministry of Finance - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Tata Chemicals Ltd - India
- Indogreen Group - Indonesia
- Kobexindo Tractors - Indoneisa
- Renaissance Capital - South Africa
- Carbofer General Trading SA - India
- Gujarat Mineral Development Corp Ltd - India
- SMG Consultants - Indonesia
- Romanian Commodities Exchange
- Sakthi Sugars Limited - India
- Minerals Council of Australia
- Central Java Power - Indonesia
- Sarangani Energy Corporation, Philippines
- The State Trading Corporation of India Ltd
- Standard Chartered Bank - UAE
- Sindya Power Generating Company Private Ltd
- Sical Logistics Limited - India
- Energy Development Corp, Philippines
- Toyota Tsusho Corporation, Japan
- Bayan Resources Tbk. - Indonesia
- Manunggal Multi Energi - Indonesia
- GMR Energy Limited - India
- Barasentosa Lestari - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Kohat Cement Company Ltd. - Pakistan
- CNBM International Corporation - China
- International Coal Ventures Pvt Ltd - India
- Electricity Authority, New Zealand
- Goldman Sachs - Singapore
- Global Business Power Corporation, Philippines
- London Commodity Brokers - England
- Commonwealth Bank - Australia
- PTC India Limited - India
- Gujarat Sidhee Cement - India
- Bukit Baiduri Energy - Indonesia
- Siam City Cement - Thailand
- Krishnapatnam Port Company Ltd. - India
- IEA Clean Coal Centre - UK
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