Table of contents
NJA basic material stocks (Credit Suisse coverage) 2
Table of contents 3
Credit Suisse commodity price forecasts 4
Monthly theme – seasonally slow demand, focus on the results period 5
Downstream demand snapshots 9
Steel – firmer ex. China steel prices lead upside risk in China 11
Asset-based valuation – steel 12
Valuation of peers – steel 13
Share performance – steel 14
Coal – normalised pricing 15
Asset-based valuation – coal 16
Valuation of peers – coal 17
Share performance – coal 18
Cement – quiet cement prices, all eyes on March 19
Asset-based valuation – cement 20
Valuation of peers – cement 21
Share performance – cement 22
Aluminium – normalising prices 23
Alumina – improving pricing 24
Copper – imports soften 25
Other non-ferrous metals 26
Asset-based valuation – gold 27
Valuation of peers – non-ferrous metals 28
Share performance – non-ferrous metals 29