Table of contents
NJA basic material stocks (Credit Suisse coverage) 2
Credit Suisse commodity price forecasts 4
Monthly theme – diverse order book trend 5
Downstream demand snapshots 8
Steel – is the market running out of steam? 10
Asset-based valuation – steel 11
Peers valuation – steel 12
Share performance – steel 13
Coal – same price, better balance 14
Asset-based valuation – coal 15
Peers valuations – coal 16
Share performance – coal 17
Cement– expect a strong 4Q09, partly offset by high expectations 18
Asset-based valuation – cement 19
Peers valuations – cement 20
Share performance – cement 21
Aluminium – upside risk in 4Q09 pricing 22
Alumina – picking up in pricing 23
Copper – overstocked? 24
Other non-ferrous metals 25
Asset-based valuation – gold 26
Peers valuations – non-ferrous metals 27
Share performance – non-ferrous metals 28