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How to use this primer 2
Introduction 5
— Global demand firm but is it topping? ...................................................................6
— Global supply response remains slow ..................................................................9
— Geopolitical and environmental constraints ........................................................10
Section 1: Sector drivers and valuation 13
— Supply and demand both drive miners ...............................................................14
— ESG now pervades and values mining and metals.............................................16
— Consolidation .....................................................................................................18
— Industry structure and pricing power...................................................................24
— Changing industry cost structures ......................................................................25
— Declining reserves..............................................................................................30
— Cyclicality confused by reflationary policies........................................................33
— Long-term demand trends and intensity of use...................................................35
— Speculative demand a continuing driver .............................................................39
— Stocking and de-stocking affects cycles .............................................................41
— China and other emerging economies................................................................42
— Impact of infrastructure development .................................................................45
— Valuation methodology and trends .....................................................................45
Section 2: Major indicators 49
— Key indicators of global mining and steel equity performance.............................50
— China lending, physical and construction............................................................51
— US dollar and global funds flow..........................................................................52
— US ISM indices ..................................................................................................53
— UBS mining overheating risk index.....................................................................54
— Crude oil price....................................................................................................55
— Metals prices (MGMI).........................................................................................56
— Chinese steel and equity prices..........................................................................57
— Chinese trade flows............................................................................................58
Section 3: Metals and commodities markets 59
— What are TC/RCs?.............................................................................................60
— Metal exchanges................................................................................................62
— Metals trading – an introduction .........................................................................64
— Other materials ..................................................................................................84
Section 4: Hard rock to heavy metal 93
— How did it get there and how do you get it out? ..................................................94
— Mine development and mining methods ...........................................................104
— Minerals processing (beneficiation) ..................................................................108
— Steel – a major subset of the metals industry ...................................................113
— Stainless steel..................................................................................................117
— Environmental impact of mining and steel ........................................................119
Section 5: Major metal, gold and diversified mining companies 121
Section 6: Major coal mining companies 189
— Companies not covered by UBS ......................................................................209
Section 7: Metal trading companies 211
Section 8: Major steel companies 215
— Other important steel producers .......................................................................248
Appendices 249
— Definitions of common terms............................................................................250
— Common abbreviations ....................................................................................258
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