One billion tonnes of iron ore headed for China this year
Iron ore imports by China this year are on course to exceed one billion tonnes by a comfortable margin, breaking the 2016 record, after figures for the first half showed another jump in cargoes and highlighted the ability of the largest steelmaker to absorb rising seaborne supplies.
Shipments in June were 94.7 million tonnes (mt), up from 91.5mt in May, according to customs data on Thursday. In the first six months, imports rose to 539mt, 9.3% higher than the same period in 2016. Last year, China only just beat the one billion tonne-mark, importing 1.024 billion tonnes. Bloomberg
US on track to be No.2 LNG exporter by end-2022: IEA
The US is on track to have capacity to become the world’s second largest exporter of liquefied natural gas (LNG) by the end of 2022, just behind Australia and ahead of Qatar, the International Energy Agency (IEA) said.
Overall, global LNG export capacity would reach 650 billion cubic metres (bcm) a year by the end of 2022, compared to less than 452 bcm a year in 2016, IEA said in its annual report on gas markets.
Of that amount, Australia would have capacity to export 117.8 bcm a year of LNG, followed by the US with 106.7 bcm a year and Qatar with 104.9 bcm a year, it said. Australia would stay top by adding 30 bcm a year of capacity by the end of 2022 to its existing capacity, but the US, which has seen shale gas output surge, would add about 90 bcm a year to its capacity of about 14 bcm a year now. Reuters
Electricity consumption from EVs to rise manifold
Electricity consumption from electric vehicles (EVs) will rise to 1,800 terawatt-hours (TWh) by 2040 from 6TWh in 2016, Bloomberg New Energy Finance (BNEF) said in a report. The quantum of demand will represent just 5% of the projected global power consumption in 2040. But it can displace a significant quantity of fossil fuel demand.
“We project 34% of cars on the road will be EVs by 2040—530 million EVs in total—which will displace up to 8 million barrels of transportation fuel per day,” BNEF said in a report. According to the report, utilities will have to manage the “peakiness” of the fast-charging load profiles through the introduction of time-of-use rates to encourage off-peak charging, as well as storage solutions that can mitigate high power demand from the grid.