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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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Thursday, 23 September 21
RECORD-HIGH GAS PRICES AFFECT MANY EUROPEAN CORPORATE SECTORS - FITCH RATINGS
Record-high natural gas prices are putting pressure on supply chains of many European corporate sectors, including non-integrated energy suppliers, ...
Wednesday, 22 September 21
MARKET INSIGHT - INTERMODAL
The unfolding last week of a trilateral defence pact between the United States, Australia, the United Kingdom (AUKUS) envisages a wide range of col ...
Tuesday, 21 September 21
CHINESE COAL IMPORTS FROM AUSTRALIA DROP 98.6% AS RESTRICTIONS BITE - BIMCO
In the first seven months of the year Chinese coal imports from Australia have totalled just 780,000 tonnes as Chinese restrictions on Australian c ...
Tuesday, 21 September 21
CHINA'S COAL OUTPUT RESUMES GROWTH IN AUGUST - XINHUA
China’s raw coal output rose 0.8 percent year on year to 340 million tonnes last month, official data showed.
The growth rate ...
Wednesday, 15 September 21
MARKET INSIGHT - INTERMODAL
Following the oil price sell off during most of August, partly triggered by oil demand fears amid the delta COVID variant, oil prices have resumed ...
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- ICICI Bank Limited - India
- Bayan Resources Tbk. - Indonesia
- GAC Shipping (India) Pvt Ltd
- Tata Chemicals Ltd - India
- MS Steel International - UAE
- Antam Resourcindo - Indonesia
- Independent Power Producers Association of India
- Intertek Mineral Services - Indonesia
- Sarangani Energy Corporation, Philippines
- Electricity Generating Authority of Thailand
- San Jose City I Power Corp, Philippines
- Samtan Co., Ltd - South Korea
- Agrawal Coal Company - India
- Cigading International Bulk Terminal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- PowerSource Philippines DevCo
- Power Finance Corporation Ltd., India
- Minerals Council of Australia
- London Commodity Brokers - England
- White Energy Company Limited
- PTC India Limited - India
- OPG Power Generation Pvt Ltd - India
- Indonesian Coal Mining Association
- Videocon Industries ltd - India
- Leighton Contractors Pty Ltd - Australia
- Ministry of Mines - Canada
- Toyota Tsusho Corporation, Japan
- The State Trading Corporation of India Ltd
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- TeaM Sual Corporation - Philippines
- Metalloyd Limited - United Kingdom
- Siam City Cement - Thailand
- Mjunction Services Limited - India
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- LBH Netherlands Bv - Netherlands
- Baramulti Group, Indonesia
- Australian Commodity Traders Exchange
- Vizag Seaport Private Limited - India
- Ministry of Finance - Indonesia
- Straits Asia Resources Limited - Singapore
- Sical Logistics Limited - India
- Bhushan Steel Limited - India
- Sojitz Corporation - Japan
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Makmur.PT - Indonesia
- Bangladesh Power Developement Board
- Iligan Light & Power Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Bharathi Cement Corporation - India
- Kumho Petrochemical, South Korea
- Vedanta Resources Plc - India
- Anglo American - United Kingdom
- Attock Cement Pakistan Limited
- Energy Development Corp, Philippines
- Thiess Contractors Indonesia
- Formosa Plastics Group - Taiwan
- Malabar Cements Ltd - India
- Petron Corporation, Philippines
- Chamber of Mines of South Africa
- Neyveli Lignite Corporation Ltd, - India
- Sinarmas Energy and Mining - Indonesia
- SN Aboitiz Power Inc, Philippines
- Marubeni Corporation - India
- Indogreen Group - Indonesia
- Carbofer General Trading SA - India
- Mintek Dendrill Indonesia
- Sree Jayajothi Cements Limited - India
- Australian Coal Association
- Global Coal Blending Company Limited - Australia
- Mercator Lines Limited - India
- Chettinad Cement Corporation Ltd - India
- Interocean Group of Companies - India
- Heidelberg Cement - Germany
- Directorate Of Revenue Intelligence - India
- CNBM International Corporation - China
- Kepco SPC Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- South Luzon Thermal Energy Corporation
- Commonwealth Bank - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Salva Resources Pvt Ltd - India
- Trasteel International SA, Italy
- ASAPP Information Group - India
- Central Java Power - Indonesia
- Dalmia Cement Bharat India
- CIMB Investment Bank - Malaysia
- PetroVietnam Power Coal Import and Supply Company
- Kaltim Prima Coal - Indonesia
- Madhucon Powers Ltd - India
- Makarim & Taira - Indonesia
- Meralco Power Generation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Indian Oil Corporation Limited
- Port Waratah Coal Services - Australia
- Jorong Barutama Greston.PT - Indonesia
- Merrill Lynch Commodities Europe
- Holcim Trading Pte Ltd - Singapore
- International Coal Ventures Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Georgia Ports Authority, United States
- Tamil Nadu electricity Board
- Savvy Resources Ltd - HongKong
- The Treasury - Australian Government
- Miang Besar Coal Terminal - Indonesia
- Electricity Authority, New Zealand
- Thai Mozambique Logistica
- Banpu Public Company Limited - Thailand
- Price Waterhouse Coopers - Russia
- Simpson Spence & Young - Indonesia
- Siam City Cement PLC, Thailand
- Manunggal Multi Energi - Indonesia
- European Bulk Services B.V. - Netherlands
- Planning Commission, India
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- Cement Manufacturers Association - India
- Pendopo Energi Batubara - Indonesia
- GMR Energy Limited - India
- PNOC Exploration Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- Oldendorff Carriers - Singapore
- Sakthi Sugars Limited - India
- Latin American Coal - Colombia
- IEA Clean Coal Centre - UK
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- Coal and Oil Company - UAE
- Indika Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Jaiprakash Power Ventures ltd
- Global Business Power Corporation, Philippines
- SMC Global Power, Philippines
- The University of Queensland
- Bukit Baiduri Energy - Indonesia
- Larsen & Toubro Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Petrochimia International Co. Ltd.- Taiwan
- Kideco Jaya Agung - Indonesia
- Bulk Trading Sa - Switzerland
- Gujarat Sidhee Cement - India
- Goldman Sachs - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Singapore Mercantile Exchange
- IHS Mccloskey Coal Group - USA
- Parliament of New Zealand
- Energy Link Ltd, New Zealand
- Edison Trading Spa - Italy
- Indo Tambangraya Megah - Indonesia
- India Bulls Power Limited - India
- Uttam Galva Steels Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Eastern Coal Council - USA
- Barasentosa Lestari - Indonesia
- Alfred C Toepfer International GmbH - Germany
- New Zealand Coal & Carbon
- Borneo Indobara - Indonesia
- Altura Mining Limited, Indonesia
- SMG Consultants - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Timah Investasi Mineral - Indoneisa
- Riau Bara Harum - Indonesia
- Kartika Selabumi Mining - Indonesia
- McConnell Dowell - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Semirara Mining Corp, Philippines
- Bhoruka Overseas - Indonesia
- Rio Tinto Coal - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Ministry of Transport, Egypt
- Deloitte Consulting - India
- Africa Commodities Group - South Africa
- Central Electricity Authority - India
- Standard Chartered Bank - UAE
- Globalindo Alam Lestari - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Orica Mining Services - Indonesia
- Binh Thuan Hamico - Vietnam
- Directorate General of MIneral and Coal - Indonesia
- Coalindo Energy - Indonesia
- Mercuria Energy - Indonesia
- Posco Energy - South Korea
- Xindia Steels Limited - India
- Ambuja Cements Ltd - India
- Medco Energi Mining Internasional
- Meenaskhi Energy Private Limited - India
- Bhatia International Limited - India
- Jindal Steel & Power Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Economic Council, Georgia
- GVK Power & Infra Limited - India
- Maheswari Brothers Coal Limited - India
- Wilmar Investment Holdings
- Therma Luzon, Inc, Philippines
- Lanco Infratech Ltd - India
- VISA Power Limited - India
- Ind-Barath Power Infra Limited - India
- Romanian Commodities Exchange
- Parry Sugars Refinery, India
- Indian Energy Exchange, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Eastern Energy - Thailand
- Grasim Industreis Ltd - India
- Orica Australia Pty. Ltd.
- TNB Fuel Sdn Bhd - Malaysia
- Sindya Power Generating Company Private Ltd
- Semirara Mining and Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Renaissance Capital - South Africa
- Aditya Birla Group - India
- Billiton Holdings Pty Ltd - Australia
- Wood Mackenzie - Singapore
- Gujarat Electricity Regulatory Commission - India
- Aboitiz Power Corporation - Philippines
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