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