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1、EuropeanMetals&MiningIndustryOverviewEquity
2、Europe
3、Non-FerrousMetals,Mining&Minerals19December2013Bulkinguponironore:industryprimerDanielLian>>+442079962636ResearchAnalystMLI(UK)Aprimerfortheworld’slargestminedmetalmarketdaniel.lian@baml.comIronistheearth’sfourthmostabundan
4、telement,andthekeyingredientforThiagoLofiego,CFA>>+551121884010producingsteel,whichistheworld’smostconsumedmetal.ThetotalmarketforironResearchAnalystMerrillLynch(Brazil)oreisaroundtwobilliontonnes,andisthelargestminedmetalmarketbyvalue.thiago.lofiego@baml.comThisprimerisinte
5、ndedasatoolforcommodityandequityinvestorsalike,inMichaelWidmer+442079960694understandingandanalyzingtheironoremarketandironoreproducers.MetalsStrategistMLI(UK)Pricing:non-homogenousbulkproduct,riseofspotmarketmichael.widmer@baml.comIronoreisnotahomogenousproduct,andtherefore
6、thereisnosinglepricethatJasonFairclough>>+442079950225ResearchAnalystappliestoallironores.Rather,eachindividualcargoispricedaccordingtoaMLI(UK)referencepriceforabenchmarkproductfromwhichadjustmentscanbemade.Asajason.fairclough@baml.combulkcommodity,pricesarealsoinfluencedbyf
7、reight/transportcosts.Historically,DuncanSimmonds,CFA>>+61292265694pricinghasbeenbasedoffannualcontractnegotiationsbetweenthemajorminersResearchAnalystMerrillLynch(Australia)andsteelmakers.During2009/10,however,thecontractsystemwasabandoned,duncan.simmonds@baml.comandpricesh
8、avesincebeenbasedoffindicesreferencedtospotprices.TimnaTanners+16468553745ResearchAnalystDemand:rawmaterialforsteel,ChinadominatesdemandMLPF&SSteelproductioniseffectivelytheexclusivedemanddriverforironore,with98%oftimna.tanners@baml.comglobaldemandrepresentedbysteelmaking.Ch
9、inaisthedominantregionforAndrewSnowdowne>>+27218152621ResearchAnalystdemand,representing58%oftotalglobaldemand,andanevenhigher67%oftotalMerrillLynch(SouthAfrica)seabornedemand.Nearterm,demandisheavilyinfluencedbyrestocking/andrew.snowdowne@baml.comdestockingactivityamongstCh
10、inesesteelproducers.Longerterm,webelieveBhaskarNBasu,CFA>>+912266328674anal
