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