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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, 08 September 21
MARKET INSIGHT - INTERMODAL
Last August was extremely hot in the dry bulk market with rates rising at levels that we have years to witness. The dry bulk index exceeded the 4,0 ...
Wednesday, 01 September 21
KOMIPO TO BUY 1.56 MILLION TONS OF 5600 NAR COAL OF AUSTRALIA OR SOUTH AFRICAN ORIGIN FOR 2022 - 2024
COALspot.com: Korea Midland Power Co., Ltd (KOMIPO) has issued an international tender for total 1,560,000 MT of Bituminous Coal to be used a ...
Wednesday, 01 September 21
MARKET INSIGHT - INTERMODAL
As the summer season is coming to an end, the dry bulk market continues to rally. The confidence that the outstanding freight market performance ha ...
Monday, 30 August 21
68% OF U.S. COAL FLEET RETIREMENTS SINCE 2011 WERE PLANTS FUELED BY BITUMINOUS COAL - EIA
In 2011, the United States had 317.6 gigawatts (GW) of coal-fired electric generation capacity. About 88.7 GW of that capacity was retired in the d ...
Friday, 27 August 21
ALL YOU NEED TO KNOW ABOUT COAL'S MASSIVE RALLY AND NEAR-TERM OUTLOOK - CNBCTV18
Australia’s thermal coal at Newcastle Port, the benchmark for the vast Asian market, has surged over 100 percent this year to trade above $16 ...
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- PetroVietnam Power Coal Import and Supply Company
- Savvy Resources Ltd - HongKong
- Indian Oil Corporation Limited
- Makarim & Taira - Indonesia
- Aboitiz Power Corporation - Philippines
- Parry Sugars Refinery, India
- Posco Energy - South Korea
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- Directorate Of Revenue Intelligence - India
- New Zealand Coal & Carbon
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- Sakthi Sugars Limited - India
- GVK Power & Infra Limited - India
- Wilmar Investment Holdings
- Jaiprakash Power Ventures ltd
- Ambuja Cements Ltd - India
- Globalindo Alam Lestari - Indonesia
- Indian Energy Exchange, India
- Global Business Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- CIMB Investment Bank - Malaysia
- India Bulls Power Limited - India
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- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Straits Asia Resources Limited - Singapore
- Energy Link Ltd, New Zealand
- Bharathi Cement Corporation - India
- Kapuas Tunggal Persada - Indonesia
- Karaikal Port Pvt Ltd - India
- Meralco Power Generation, Philippines
- Economic Council, Georgia
- Semirara Mining Corp, Philippines
- Planning Commission, India
- Thai Mozambique Logistica
- Ministry of Mines - Canada
- Xindia Steels Limited - India
- Essar Steel Hazira Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Merrill Lynch Commodities Europe
- Mercator Lines Limited - India
- Indo Tambangraya Megah - Indonesia
- Deloitte Consulting - India
- Heidelberg Cement - Germany
- Standard Chartered Bank - UAE
- Neyveli Lignite Corporation Ltd, - India
- Kartika Selabumi Mining - Indonesia
- Indogreen Group - Indonesia
- Bangladesh Power Developement Board
- Bhushan Steel Limited - India
- Sindya Power Generating Company Private Ltd
- Thiess Contractors Indonesia
- Goldman Sachs - Singapore
- Banpu Public Company Limited - Thailand
- Minerals Council of Australia
- Edison Trading Spa - Italy
- Singapore Mercantile Exchange
- Malabar Cements Ltd - India
- Riau Bara Harum - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- MS Steel International - UAE
- Holcim Trading Pte Ltd - Singapore
- Global Coal Blending Company Limited - Australia
- Tamil Nadu electricity Board
- Attock Cement Pakistan Limited
- Trasteel International SA, Italy
- Marubeni Corporation - India
- Toyota Tsusho Corporation, Japan
- Petrochimia International Co. Ltd.- Taiwan
- Sinarmas Energy and Mining - Indonesia
- Orica Mining Services - Indonesia
- Meenaskhi Energy Private Limited - India
- Latin American Coal - Colombia
- Karbindo Abesyapradhi - Indoneisa
- Price Waterhouse Coopers - Russia
- Directorate General of MIneral and Coal - Indonesia
- PowerSource Philippines DevCo
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Baramulti Group, Indonesia
- Power Finance Corporation Ltd., India
- GN Power Mariveles Coal Plant, Philippines
- Indonesian Coal Mining Association
- TNB Fuel Sdn Bhd - Malaysia
- South Luzon Thermal Energy Corporation
- Chettinad Cement Corporation Ltd - India
- Commonwealth Bank - Australia
- Antam Resourcindo - Indonesia
- Sarangani Energy Corporation, Philippines
- IEA Clean Coal Centre - UK
- Eastern Coal Council - USA
- Tata Chemicals Ltd - India
- McConnell Dowell - Australia
- Bukit Makmur.PT - Indonesia
- The Treasury - Australian Government
- Larsen & Toubro Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- SN Aboitiz Power Inc, Philippines
- Uttam Galva Steels Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Metalloyd Limited - United Kingdom
- Cigading International Bulk Terminal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Mjunction Services Limited - India
- Simpson Spence & Young - Indonesia
- TeaM Sual Corporation - Philippines
- GMR Energy Limited - India
- Independent Power Producers Association of India
- Therma Luzon, Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Vizag Seaport Private Limited - India
- SMC Global Power, Philippines
- Ministry of Finance - Indonesia
- Indika Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Eastern Energy - Thailand
- San Jose City I Power Corp, Philippines
- Sojitz Corporation - Japan
- GAC Shipping (India) Pvt Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The State Trading Corporation of India Ltd
- Sical Logistics Limited - India
- OPG Power Generation Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Energy Development Corp, Philippines
- Interocean Group of Companies - India
- Star Paper Mills Limited - India
- Bukit Baiduri Energy - Indonesia
- Mintek Dendrill Indonesia
- European Bulk Services B.V. - Netherlands
- Altura Mining Limited, Indonesia
- Manunggal Multi Energi - Indonesia
- Intertek Mineral Services - Indonesia
- Aditya Birla Group - India
- Jindal Steel & Power Ltd - India
- AsiaOL BioFuels Corp., Philippines
- The University of Queensland
- Siam City Cement PLC, Thailand
- Coal and Oil Company - UAE
- Samtan Co., Ltd - South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Dalmia Cement Bharat India
- Timah Investasi Mineral - Indoneisa
- Orica Australia Pty. Ltd.
- Asmin Koalindo Tuhup - Indonesia
- Port Waratah Coal Services - Australia
- CNBM International Corporation - China
- Electricity Authority, New Zealand
- Chamber of Mines of South Africa
- Australian Coal Association
- Iligan Light & Power Inc, Philippines
- Australian Commodity Traders Exchange
- Oldendorff Carriers - Singapore
- Miang Besar Coal Terminal - Indonesia
- ASAPP Information Group - India
- Kepco SPC Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- Coastal Gujarat Power Limited - India
- Formosa Plastics Group - Taiwan
- Petron Corporation, Philippines
- Parliament of New Zealand
- Siam City Cement - Thailand
- Salva Resources Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Bhoruka Overseas - Indonesia
- Agrawal Coal Company - India
- Mercuria Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Central Java Power - Indonesia
- Electricity Generating Authority of Thailand
- Ind-Barath Power Infra Limited - India
- SMG Consultants - Indonesia
- Lanco Infratech Ltd - India
- Bayan Resources Tbk. - Indonesia
- Gujarat Sidhee Cement - India
- Renaissance Capital - South Africa
- Madhucon Powers Ltd - India
- LBH Netherlands Bv - Netherlands
- Grasim Industreis Ltd - India
- Bhatia International Limited - India
- Gujarat Electricity Regulatory Commission - India
- Billiton Holdings Pty Ltd - Australia
- Alfred C Toepfer International GmbH - Germany
- Kalimantan Lumbung Energi - Indonesia
- PTC India Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Carbofer General Trading SA - India
- Leighton Contractors Pty Ltd - Australia
- Maharashtra Electricity Regulatory Commission - India
- Kideco Jaya Agung - Indonesia
- Sree Jayajothi Cements Limited - India
- Africa Commodities Group - South Africa
- Vedanta Resources Plc - India
- Coalindo Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Bulk Trading Sa - Switzerland
- Barasentosa Lestari - Indonesia
- Central Electricity Authority - India
- London Commodity Brokers - England
- Georgia Ports Authority, United States
- Wood Mackenzie - Singapore
- Romanian Commodities Exchange
- IHS Mccloskey Coal Group - USA
- Rio Tinto Coal - Australia
- Cement Manufacturers Association - India
- PNOC Exploration Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- White Energy Company Limited
- Maheswari Brothers Coal Limited - India
- VISA Power Limited - India
- Ministry of Transport, Egypt
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