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