Table of contents
NJA basic material stocks (Credit Suisse coverage)........................................................... 2
Monthly theme: FY07 results midway review ...................................................................... 3
Credit Suisse commodity price forecast .............................................................................. 5
Downstream demand snapshots ......................................................................................... 6
Steel – Accelerated cost push, mounting risks in downstream............................................ 7
Asset based valuation – steel ......................................................................................... 8
Valuation peers – steel.................................................................................................... 9
Share performance – steel............................................................................................ 10
Coal – easing spot market, margin expansion intact ......................................................... 11
Asset based valuation – coal ........................................................................................ 12
Valuation peers – coal................................................................................................... 13
Share performance – coal............................................................................................. 14
Cement – more positive data points for eastern China...................................................... 15
Asset-based valuation – cement................................................................................... 16
Valuations – cement...................................................................................................... 17
Share performance – cement........................................................................................ 18
Aluminum – softening demand growth in Jan.-Feb. .......................................................... 19
Alumina –spot softened, as expected................................................................................ 20
Copper – emerging Shanghai discount vs LME ................................................................ 21
Other non-ferrous metals................................................................................................... 22
Asset-based valuation – gold........................................................................................ 23
Valuation peers – non-ferrous metals ........................................................................... 24
Share performance – non-ferrous metals ..................................................................... 25