DISCLOSUREAPPENDIXATTHEBACKOFTHISREPORTCONTAINSIMPORTANTDISCLOSURES,ANALYSTCERTIFICATIONS,LEGALENTITYDISCLOSUREANDTHESTATUSOFNON-USANALYSTS.USDisclosure:CreditSuissedoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Asaresult,investorsshouldbeawarethattheFirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.14May2019AsiaPacific/AustraliaEquityResearchDiversifiedMetals&MiningBulkCommodityForecastsSECTORFORECASTTheCreditSuisseConnectionsSeriesleveragesourexceptionalbreadthofmacroandmicroresearchtodeliverincisivecross-sectorandcross-borderthematicinsightsforourclients.ResearchAnalystsMatthewHope61282054669matthew.hope@credit-suisse.comYangLuo85221016328yang.luo@credit-suisse.comSamWebb61282054535sam.webb@credit-suisse.comSamuelCatalano442078830346samuel.catalano@credit-suisse.comCaioRibeiro551137016324caio.b.ribeiro@credit-suisse.comNeelkanthMishra912267773716neelkanth.mishra@credit-suisse.comCurtWoodworth,CFA2123255117curt.woodworth@credit-suisse.comAriJahja622125537976ariyanto.jahja@credit-suisse.comMichaelSlifirski61392801845michael.slifirski@credit-suisse.comConorRowley442078839156conor.rowley@credit-suisse.comPaworamon(Poom)Suvarnatemee,CFA6626146210paworamon.suvarnatemee@credit-suisse.comHoonsikMin82237073761hoonsik.min@credit-suisse.comChienPoHuang886227156342chien-po.huang@credit-suisse.comPrateekSingh912267773894prateek.singh@credit-suisse.comBullishonsteelrawmaterials,notenergycoal■We'veliftedourironorepriceforecasts21%andexpectapricepeakof$110/tin3Q19whenwebelieveChina'stradestocksatportsmaybeexhausted.Ourrevisedsupply&demandestimateindicatesa57Mtironoredeficitin2019,whichweexpectwilllargelyimpactChina.Whensupplyisnolongeravailablefromports,steelmillsarelikelytobidaggressivelyforspotironorecargoesratherthanwillinglycurtailblastfurnaces.Revisionstooursupply&demandforecastincludehigherChinesesteeloutput(+32Mt)andgreatersupplylossesfromthebigi...
