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