【出版时间及名称】：2010年3月中国基本金属行业研究报告
        【作者】：瑞士信贷
        【文件格式】：pdf
        【页数】：33
        【目录或简介】：
Feedback from our China visit – solid 2Q10E demand points to upside
risk for flat steel and metals. Our recent visit to China points to positive,
yet decelerating, growth in 2010E Chinese commodity demand. We expect
outperformance of manufacturing-driven materials such as flat steel,
aluminum and copper, versus construction-driven materials such as long
steel and cement. In the near term, we see solid demand outlook for 2Q10,
driven by a broader recovery in manufacturing sectors and exports, along
with acceleration in property construction activity, posing upside risk for flat
steel and metals. On the other hand, the “structural transformation” in
demand has led to lacklustre growth in construction materials such as long
steel. At the macro level, we are seeing a consistent push for rural
consumption, a flexible macro policy driven by inflation and growth outlook,
and rising pressure on wages, and labour shortage for factory workers.
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Steel – rising steel prices, flat outperforms long.
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Coal – normalised pricing.
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Cement – cement price hikes partly offset cost pressure.
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Aluminium – solid demand outlook.
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Alumina – improving demand.