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