Table of contents
NJA basic material stocks (Credit Suisse coverage) 2
Credit Suisse commodity price forecast 4
Monthly theme – quiet summer 5
Downstream demand snapshots 8
Steel – production still flat 10
Asset-based valuation – steel 11
Peers valuations – steel 12
Share performance – steel 13
Coal – stable prices in peak season 14
Asset-based valuation – coal 15
Peers valuations – coal 16
Share performance – coal 17
Cement – weak season, supply concern 18
Asset-based valuation – cement 19
Peers valuations – cement 20
Share performance – cement 21
Aluminum – extending trough by smelter restarts 22
Alumina – stable pricing 23
Copper – disparity of apparent demand versus semi production growth 24
Other non-ferrous metals 25
Asset-based valuation – gold 26
Peers valuation – non-ferrous metals 27
Share performance – non-ferrous metals 28