Twin demand engines revving up; further demand rebound in 2013 4
Divergent supply growth remains a key driver in 2013 5
Cement: Sustained and meaningful improvement through 2013 11
Metals: Prefer copper over aluminum on divergent supply growth 19
Coal: Pricing power waning; structural downcycle ahead 29
Steel: Margins troughed, but modest expansion in FY13 34
Higher earnings estimates on higher ASP assumptions 41
Target price changes 43
Angang (0347.HK): Upgrade to Buy on margin improvement 47
Shougang Resources (0639.HK): Weak price and no expansion; Sell 50
Mongolian Mining (0975.HK): Financing cost a heavy burden; Sell 53
CR Cement (1313.HK): Oversupply in key markets; down to Sell 55
Appendix 1: Cement databank 75
Appendix 2: Coal databank 77
Appendix 3: Steel databank 79
Disclosure Appendix 83


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