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