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