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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, 06 October 21
EUROPEAN COAL FUTURES CLIMB TO 13-YEAR PEAK - REUTERS
European coal futures rose to a 13-year high and physical thermal coal prices were at record highs as rallying gas prices and strong Asian demand f ...
Tuesday, 05 October 21
CAPESIZE MARKET WAS IN A STEEP CLIMB FOR MOST OF THIS WEEK - BALTIC EXCHANGE
Capesize
The Capesize market was in a steep climb for most of this week as it reached a pinnacle of $74,786 Wednesday before stalling, regather ...
Wednesday, 29 September 21
THE WRITING IS ON THE WALL: AUSTRALIA’S COAL ERA IS OVER - YAHOO!FINANCE
As the fringe of Australian politics strives to pump up the coal industry, facts show that coal production has started its long run decline.
&n ...
Wednesday, 29 September 21
SURGING COAL PRICES SPLIT ASIAN BUYERS INTO RICH AND POOR - REUTERS
As seaborne coal in Asia trades at, or near, record highs, there are early signs of demand destruction, especially among price-sensitive buyers suc ...
Wednesday, 29 September 21
MARKET INSIGHT - INTERMODAL
Tanker Asset values have surprised to the upside, despite the downward pressure on the freight market. Tanker rates have been hovering close to the ...
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- Maharashtra Electricity Regulatory Commission - India
- SMC Global Power, Philippines
- Thai Mozambique Logistica
- The University of Queensland
- McConnell Dowell - Australia
- Cement Manufacturers Association - India
- Indogreen Group - Indonesia
- Xindia Steels Limited - India
- Africa Commodities Group - South Africa
- Indonesian Coal Mining Association
- Interocean Group of Companies - India
- Mintek Dendrill Indonesia
- Samtan Co., Ltd - South Korea
- Karaikal Port Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Georgia Ports Authority, United States
- Krishnapatnam Port Company Ltd. - India
- London Commodity Brokers - England
- Madhucon Powers Ltd - India
- Carbofer General Trading SA - India
- Metalloyd Limited - United Kingdom
- Straits Asia Resources Limited - Singapore
- Bayan Resources Tbk. - Indonesia
- Eastern Coal Council - USA
- Salva Resources Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- Energy Development Corp, Philippines
- PNOC Exploration Corporation - Philippines
- Uttam Galva Steels Limited - India
- Manunggal Multi Energi - Indonesia
- Indian Oil Corporation Limited
- Chettinad Cement Corporation Ltd - India
- Therma Luzon, Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Agrawal Coal Company - India
- Economic Council, Georgia
- Marubeni Corporation - India
- Deloitte Consulting - India
- Kohat Cement Company Ltd. - Pakistan
- TNB Fuel Sdn Bhd - Malaysia
- VISA Power Limited - India
- Sindya Power Generating Company Private Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Petron Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- MS Steel International - UAE
- Meralco Power Generation, Philippines
- Kideco Jaya Agung - Indonesia
- Bhatia International Limited - India
- Goldman Sachs - Singapore
- Globalindo Alam Lestari - Indonesia
- Ministry of Transport, Egypt
- LBH Netherlands Bv - Netherlands
- Tamil Nadu electricity Board
- IEA Clean Coal Centre - UK
- Wilmar Investment Holdings
- Dalmia Cement Bharat India
- Jorong Barutama Greston.PT - Indonesia
- Star Paper Mills Limited - India
- Kartika Selabumi Mining - Indonesia
- Binh Thuan Hamico - Vietnam
- Port Waratah Coal Services - Australia
- Medco Energi Mining Internasional
- Electricity Authority, New Zealand
- Siam City Cement - Thailand
- Formosa Plastics Group - Taiwan
- Thiess Contractors Indonesia
- Jaiprakash Power Ventures ltd
- Australian Coal Association
- AsiaOL BioFuels Corp., Philippines
- International Coal Ventures Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Savvy Resources Ltd - HongKong
- Central Electricity Authority - India
- Kumho Petrochemical, South Korea
- Oldendorff Carriers - Singapore
- Coalindo Energy - Indonesia
- ASAPP Information Group - India
- Kaltim Prima Coal - Indonesia
- Tata Chemicals Ltd - India
- The State Trading Corporation of India Ltd
- CNBM International Corporation - China
- Coastal Gujarat Power Limited - India
- CIMB Investment Bank - Malaysia
- IHS Mccloskey Coal Group - USA
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Cigading International Bulk Terminal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Aditya Birla Group - India
- GVK Power & Infra Limited - India
- Gujarat Sidhee Cement - India
- Chamber of Mines of South Africa
- Simpson Spence & Young - Indonesia
- Aboitiz Power Corporation - Philippines
- SMG Consultants - Indonesia
- Mjunction Services Limited - India
- Makarim & Taira - Indonesia
- Timah Investasi Mineral - Indoneisa
- Bharathi Cement Corporation - India
- Kepco SPC Power Corporation, Philippines
- Malabar Cements Ltd - India
- Ministry of Finance - Indonesia
- Attock Cement Pakistan Limited
- Indika Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Vizag Seaport Private Limited - India
- Bhushan Steel Limited - India
- Sree Jayajothi Cements Limited - India
- Rio Tinto Coal - Australia
- Singapore Mercantile Exchange
- India Bulls Power Limited - India
- Global Green Power PLC Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Posco Energy - South Korea
- Central Java Power - Indonesia
- OPG Power Generation Pvt Ltd - India
- Orica Mining Services - Indonesia
- Ind-Barath Power Infra Limited - India
- Grasim Industreis Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Maheswari Brothers Coal Limited - India
- PowerSource Philippines DevCo
- Minerals Council of Australia
- Orica Australia Pty. Ltd.
- Leighton Contractors Pty Ltd - Australia
- Bulk Trading Sa - Switzerland
- GMR Energy Limited - India
- The Treasury - Australian Government
- Kobexindo Tractors - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- Meenaskhi Energy Private Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Ambuja Cements Ltd - India
- Energy Link Ltd, New Zealand
- Parry Sugars Refinery, India
- Trasteel International SA, Italy
- PTC India Limited - India
- Miang Besar Coal Terminal - Indonesia
- Toyota Tsusho Corporation, Japan
- Petrochimia International Co. Ltd.- Taiwan
- Vedanta Resources Plc - India
- Coal and Oil Company - UAE
- Indo Tambangraya Megah - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Edison Trading Spa - Italy
- Lanco Infratech Ltd - India
- Siam City Cement PLC, Thailand
- Renaissance Capital - South Africa
- SN Aboitiz Power Inc, Philippines
- Commonwealth Bank - Australia
- Ministry of Mines - Canada
- Standard Chartered Bank - UAE
- South Luzon Thermal Energy Corporation
- Mercator Lines Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Vijayanagar Sugar Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Banpu Public Company Limited - Thailand
- Sarangani Energy Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Bukit Makmur.PT - Indonesia
- Iligan Light & Power Inc, Philippines
- Indian Energy Exchange, India
- Antam Resourcindo - Indonesia
- Sojitz Corporation - Japan
- San Jose City I Power Corp, Philippines
- Mercuria Energy - Indonesia
- Altura Mining Limited, Indonesia
- Romanian Commodities Exchange
- Billiton Holdings Pty Ltd - Australia
- Merrill Lynch Commodities Europe
- Eastern Energy - Thailand
- Semirara Mining Corp, Philippines
- Borneo Indobara - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Bhoruka Overseas - Indonesia
- Sakthi Sugars Limited - India
- Power Finance Corporation Ltd., India
- Videocon Industries ltd - India
- Sical Logistics Limited - India
- Baramulti Group, Indonesia
- Larsen & Toubro Limited - India
- Electricity Generating Authority of Thailand
- New Zealand Coal & Carbon
- Pendopo Energi Batubara - Indonesia
- Planning Commission, India
- Anglo American - United Kingdom
- Heidelberg Cement - Germany
- Barasentosa Lestari - Indonesia
- Bangladesh Power Developement Board
- Price Waterhouse Coopers - Russia
- European Bulk Services B.V. - Netherlands
- Karbindo Abesyapradhi - Indoneisa
- Bukit Baiduri Energy - Indonesia
- Parliament of New Zealand
- Global Business Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- Australian Commodity Traders Exchange
- Jindal Steel & Power Ltd - India
- Latin American Coal - Colombia
- Intertek Mineral Services - Indonesia
- ICICI Bank Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Semirara Mining and Power Corporation, Philippines
- White Energy Company Limited
- Gujarat Mineral Development Corp Ltd - India
- Independent Power Producers Association of India
- Global Coal Blending Company Limited - Australia
- Neyveli Lignite Corporation Ltd, - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Wood Mackenzie - Singapore
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