Posted: October 21st, 2013 | Author: Pascal Blanc | Filed under: China, Commodities, Iron ore, Metals, Steel, Transportation | Tags: baltic dry index, coal, iron ore, shipping, shipping rate, steel | No Comments »
In spite of the delivery of new bulk carriers ordered during the shipping golden age, dry shippers bulk freight rates are rising due to Chinese iron ore purchases. The shipowners are back on the bulk carriers spot market to meet the increase in Chinese steel production, the highest in three years, which is driving the biggest jump in shipping rates since 2009.
This increase in steel output has reduced the iron ore stock which fell to its lowest level since 2007. The number of Capesize vessels in service, the largest bulk carriers, increased by 51% in September to 124 from August according to a study by Morgan Stanley. More than 90% were intended for China.
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Posted: July 16th, 2013 | Author: Pascal Blanc | Filed under: China, Commodities, Economic Indicators | Tags: china, chromium, coal, commodities, commodities china, commodities price, electricity, gas, iron ore, nickel, steel | No Comments »
China announced Monday that its gross domestic product growth slowed to 7.5% in the three months ended in June. Its economic growth is still strong, compared with much of the world. But recent single-digit expansion rates are a notable comedown from a 14.2% peak in 2007.
Unlike so often in the past, though, the Chinese leadership shows little inclination to act. Indeed, the mood in Beijing is studiedly sanguine. Not only did the national statistics bureau describe yesterday’s figures as “within the reasonable range for the year”. Finance Minister Lou Jiwei even hinted, last week, that growth could drop well below 7 per cent over the coming months (although his remarks were later airbrushed into line with the official 7.5 per cent target by the state news agency).
The biggest losers from China’s rebalancing are likely to be the major commodity-producing emerging markets, most of which lie in Latin America, the Middle East and parts of Africa, but China’s slowdown will impact on different commodity groups in different ways.
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Posted: July 6th, 2012 | Author: Pascal Blanc | Filed under: China, Electricity, Energy | Tags: china, coal | No Comments »
In Chinese ports, coal stocks accumulate and are currently at the highest level since autumn 2008, at the beginning of the global economic crisis. In mid-June, 9.46 million tons of coal were stored, for a total capacity of Chinese ports just above 10 million tonnes.
Due to the global economic slowdown, Chinese factories are running at lower capacity, leading to lower electricity and coal consumption. The growing power need has fallen sharply in recent months, but coal imports remained unchanged.
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