Table of contents
NJA basic materials stocks (Credit Suisse coverage)....................................................2
NJA basic materials stocks (Credit Suisse coverage) (cont.) ........................................3
Credit Suisse commodity price forecasts.......................................................................5
January 2013: A bit more confidence, a little change in demand...................................6
Chinese downstream demand snapshots....................................................................12
Chinese downstream demand snapshots (cont.).........................................................13
Steel: Déjà Vu… steel margin contracted in IO restocking ..........................................15
Asset-based valuation: Steel........................................................................................16
Valuation of peers: Steel ..............................................................................................17
Share performance: Steel ............................................................................................18
Coal: Building a case of positive surprise ....................................................................19
Asset-based valuation: Coal ........................................................................................20
Valuation of peers: Coal...............................................................................................21
Share performance: Coal .............................................................................................22
Cement: On track with weak season............................................................................23
Asset-based valuation: Cement ...................................................................................24
Valuation of peers: Cement..........................................................................................25
Share performance: Cement........................................................................................26
Aluminium: Recovery in exports, for now.....................................................................27
Alumina: Imports continue to recover...........................................................................28
Copper: Rising inventory in exchange warehouse.......................................................29
Rare earths: Year-end pick-up in exports .....................................................................30
Other non-ferrous metals .............................................................................................31
Asset-based valuation: Gold ........................................................................................32
Valuation of peers: Non-ferrous metals........................................................................33
Share performance: Non-ferrous metals......................................................................34