Table of contents
PM summary: re-positioning for an end to super-normal profits 3
We expect iron ore prices to recover in 2013; adjusting forecasts 5
An investment framework for picking iron ore-related stocks 14
The prospect of peak steel demand – timing is not clear cut 20
Seaborne iron ore to gradually displace high-cost China supply 26
Risks to our views 32
Risks and methodologies for stocks in this report 33
Disclosure Appendix 34