Investing ahead of cycles Steel prices at troughs and on track to a mild recovery We expect Chinese steel prices to trough in the next 6-12 months with benchmark HRC price to fall 34% Y/Y in 2009 before trending up a modest 5% Y/Y in 2010...

Lead indicators for Asias steel flat products market CRU Markit Steel PMIs are monthly forward looking indicators of activity in the steel industry, covering North America, Asia and Europe. They are monthly indexes, constructed using surve...

Lead indicators for Europes steel flat products market CRU Markit Steel PMIs are monthly forward looking indicators of activity in the steel industry, covering North America, Asia and Europe. They are monthly indexes, constructed using sur...

Lead indicators for North Americas steel flat products market CRU Markit Steel PMIs are monthly forward looking indicators of activity in the steel industry, covering North America, Asia and Europe. They are monthly indexes, constructed us...

CONTENTS Executive Summary 3 The Partys On 4 Confidence On The Ground Improves But Still Fragile 5 Stimulus Packages A Wild Card 7 New Iron Ore Benchmark: A Key Determinant Of Steel Prices 11 Onward To Normal Margins In FY10 12 Prudent In...

Investing ahead of cycles Steel prices at troughs and on track to a mild recovery We expect Chinese steel prices to trough in the next 6-12 months with benchmark HRC price to fall 34% Y/Y in 2009 before trending up a modest 5% Y/Y in 2010...

Our previous view: In our report, China Steel Sector: Reality versus policy, published on March 5, 2009, we highlighted three positives: (1) the Rmb4 trillion economic stimulus program; (2) Chinas aggressive monetary easing as of 4Q08 brin...

Contents Investment Case....................................................... 3 Summary Conclusions.......................................................3 Why We Prefer Tata and JSW to SAIL and JSPL.........................................

Steel Time to Get More Aggressive: Upgrading to Attractive What's Changed Industry View: Steel In-Line to Attractive PT: Nippon Steel yen;270 to yen;480 PT: SMI yen;150 to yen;280 PT: Kobe Steel yen;150 to yen;220 PT: JFE Holdings yen;2,90...

Asia Pacific Steel V-Shaped Recovery Needed to Keep this Rally Alive Worst of the News Flow Behind Us, but Sustainable Earning Recovery Still Elusive: Regional steel prices have fallen 10% YTD, about in line with our forecast, but they are...