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<br /> INSIGHT<br /> 2016 GLOBAL METALS TRENDS<br /> May 2016<br /> 55<br /> 45<br /> INSIDE IRAN'S IRON AND<br /> 35<br /> STEELMAKING<br /> Post-sanctions, Iran plans a major capacity<br /> boost. But is the timing right?<br /> US SCRAP DERIVATIVES: READY<br /> FOR TAKE OFF<br /> Another ferrous hedging tool emerges<br /> CHINA'S ONE BELT, ONE ROAD<br /> STRATEGY<br /> Its impact on steel overcapacity<br /> www.platts.com<br /> VISIONARIES SHOW DISCIPLINE<br /> TODAY, CONFIDENCE FOR<br /> TOMORROW<br /> The winners of the 2016 Platts<br /> Global Metals Awards<br /> <br /> INSIGHT<br /> May 2016<br /> CONTENTS<br /> HAS IRON ORE REACHED AN END GAME? 4<br /> An industry hunkers down.<br /> INSIDE IRAN'S IRON AND STEELMAKING 7<br /> Post-sanctions, Iran plans a major capacity boost.<br /> But is the timing right?<br /> RUSSIAN STEEL BUCKS INDUSTRY'S<br /> 2015 TREND 11<br<a title="2016_GMA_Insight_zmags page 1" href="http://viewer.zmags.com/publication/b45dbc2e?page=1"> INSIGHT 2016 GLOBAL METALS TRENDS May 2016 5</a> <a title="2016_GMA_Insight_zmags page 2" href="http://viewer.zmags.com/publication/b45dbc2e?page=2"> </a> <a title="2016_GMA_Insight_zmags page 3" href="http://viewer.zmags.com/publication/b45dbc2e?page=3"> INSIGHT May 2016 CONTENTS HAS IRON ORE REACHED</a> <a title="2016_GMA_Insight_zmags page 4" href="http://viewer.zmags.com/publication/b45dbc2e?page=4"> JOE INNACE Editor EDITOR'S NOTE METALS AND MINI</a> <a title="2016_GMA_Insight_zmags page 5" href="http://viewer.zmags.com/publication/b45dbc2e?page=5"> </a> <a title="2016_GMA_Insight_zmags page 6" href="http://viewer.zmags.com/publication/b45dbc2e?page=6"> PAUL BARTHOLOMEW SENIOR MANAGING EDITOR MELBOURNE</a> <a title="2016_GMA_Insight_zmags page 7" href="http://viewer.zmags.com/publication/b45dbc2e?page=7"> 2014 at 702 million mt and would decline to 552 m</a> <a title="2016_GMA_Insight_zmags page 8" href="http://viewer.zmags.com/publication/b45dbc2e?page=8"> IRON ORE making. Both are approaching the </a> <a title="2016_GMA_Insight_zmags page 9" href="http://viewer.zmags.com/publication/b45dbc2e?page=9"> DIANA KINCH IRAN STEEL SENIOR</a> <a title="2016_GMA_Insight_zmags page 10" href="http://viewer.zmags.com/publication/b45dbc2e?page=10"> IRAN STEEL the foreseeable future. Among p</a> <a title="2016_GMA_Insight_zmags page 11" href="http://viewer.zmags.com/publication/b45dbc2e?page=11"> equipment supplies, and to prepare for what some </a> <a title="2016_GMA_Insight_zmags page 12" href="http://viewer.zmags.com/publication/b45dbc2e?page=12"> IRAN STEEL projects Iran’s economy will gr</a> <a title="2016_GMA_Insight_zmags page 13" href="http://viewer.zmags.com/publication/b45dbc2e?page=13"> KATYA BOUCKLEY EDITOR LONDON RUSSIAN STEEL BUCK</a> <a title="2016_GMA_Insight_zmags page 14" href="http://viewer.zmags.com/publication/b45dbc2e?page=14"> RUSSIA STEEL them are aimed at reducing en</a> <a title="2016_GMA_Insight_zmags page 15" href="http://viewer.zmags.com/publication/b45dbc2e?page=15"> RUSSIA STEEL was almost twice as much as i</a> <a title="2016_GMA_Insight_zmags page 16" href="http://viewer.zmags.com/publication/b45dbc2e?page=16"> BRUNO MARTINS </a> <a title="2016_GMA_Insight_zmags page 17" href="http://viewer.zmags.com/publication/b45dbc2e?page=17"> products, according to data from Aço Brasil. Impo</a> <a title="2016_GMA_Insight_zmags page 18" href="http://viewer.zmags.com/publication/b45dbc2e?page=18"> BRAZIL STEEL Research done by Aço Brasil </a> <a title="2016_GMA_Insight_zmags page 19" href="http://viewer.zmags.com/publication/b45dbc2e?page=19"> BRAZIL STEEL Shipments from ArcelorMittal </a> <a title="2016_GMA_Insight_zmags page 20" href="http://viewer.zmags.com/publication/b45dbc2e?page=20"> SUZIE SKIPPER </a> <a title="2016_GMA_Insight_zmags page 21" href="http://viewer.zmags.com/publication/b45dbc2e?page=21"> because supply remained plentiful in Europe. An </a> <a title="2016_GMA_Insight_zmags page 22" href="http://viewer.zmags.com/publication/b45dbc2e?page=22"> full year is on the cautious side,” Poskitt said.</a> <a title="2016_GMA_Insight_zmags page 23" href="http://viewer.zmags.com/publication/b45dbc2e?page=23"> ALUMINUM Many market players do not expec</a> <a title="2016_GMA_Insight_zmags page 24" href="http://viewer.zmags.com/publication/b45dbc2e?page=24"> EMANUELE NORSA </a> <a title="2016_GMA_Insight_zmags page 25" href="http://viewer.zmags.com/publication/b45dbc2e?page=25"> while also mothballing its galvanizing line in Sh</a> <a title="2016_GMA_Insight_zmags page 26" href="http://viewer.zmags.com/publication/b45dbc2e?page=26"> EUROPE STEEL into ordering their last batc</a> <a title="2016_GMA_Insight_zmags page 27" href="http://viewer.zmags.com/publication/b45dbc2e?page=27"> GET A GLIMPSE INTO THE FUTURE The SNL Mine Econo</a> <a title="2016_GMA_Insight_zmags page 28" href="http://viewer.zmags.com/publication/b45dbc2e?page=28"> VASEEM KARBHARI </a> <a title="2016_GMA_Insight_zmags page 29" href="http://viewer.zmags.com/publication/b45dbc2e?page=29"> SCRAP DERIVATIVES obsolete shredded scrap </a> <a title="2016_GMA_Insight_zmags page 30" href="http://viewer.zmags.com/publication/b45dbc2e?page=30"> SCRAP DERIVATIVES been the extremely liqui</a> <a title="2016_GMA_Insight_zmags page 31" href="http://viewer.zmags.com/publication/b45dbc2e?page=31"> NICHOLAS TOLOMEO US SCRAP MANAGING EDIT</a> <a title="2016_GMA_Insight_zmags page 32" href="http://viewer.zmags.com/publication/b45dbc2e?page=32"> US SCRAP After scrap prices fell $100/lon</a> <a title="2016_GMA_Insight_zmags page 33" href="http://viewer.zmags.com/publication/b45dbc2e?page=33"> ANTHONY POOLE EDITOR IN CHIEF NEW YORK SILICON </a> <a title="2016_GMA_Insight_zmags page 34" href="http://viewer.zmags.com/publication/b45dbc2e?page=34"> SILICON METAL Photo: Anthony Poole </a> <a title="2016_GMA_Insight_zmags page 35" href="http://viewer.zmags.com/publication/b45dbc2e?page=35"> Tennessee-Tombigbee Waterway, a 237-mile (377 km)</a> <a title="2016_GMA_Insight_zmags page 36" href="http://viewer.zmags.com/publication/b45dbc2e?page=36"> ADRIANA CARVALHO MANAGING EDITOR SAO PAULO RECY</a> <a title="2016_GMA_Insight_zmags page 37" href="http://viewer.zmags.com/publication/b45dbc2e?page=37"> sustained in Brazil based on its own cost bene t</a> <a title="2016_GMA_Insight_zmags page 38" href="http://viewer.zmags.com/publication/b45dbc2e?page=38"> HONGMEI LI SENIOR EDITOR SINGAPORE CHINA'S IRON</a> <a title="2016_GMA_Insight_zmags page 39" href="http://viewer.zmags.com/publication/b45dbc2e?page=39"> During 2003-2016 it was roaring demand for iron o</a> <a title="2016_GMA_Insight_zmags page 40" href="http://viewer.zmags.com/publication/b45dbc2e?page=40"> according to China’s o cial statistics. This wa</a> <a title="2016_GMA_Insight_zmags page 41" href="http://viewer.zmags.com/publication/b45dbc2e?page=41"> PLATTS METALS D Try the market report that del</a> <a title="2016_GMA_Insight_zmags page 42" href="http://viewer.zmags.com/publication/b45dbc2e?page=42"> PAUL BARTHOLOMEW SENIOR MANAGING EDITOR MELBOURNE</a> <a title="2016_GMA_Insight_zmags page 43" href="http://viewer.zmags.com/publication/b45dbc2e?page=43"> CHINA MAPPING THE ROAD TO PROSPERITY? RUSS</a> <a title="2016_GMA_Insight_zmags page 44" href="http://viewer.zmags.com/publication/b45dbc2e?page=44"> CHINA targeting some 46 million mt/year of</a> <a title="2016_GMA_Insight_zmags page 45" href="http://viewer.zmags.com/publication/b45dbc2e?page=45"> </a> <a title="2016_GMA_Insight_zmags page 46" href="http://viewer.zmags.com/publication/b45dbc2e?page=46"> ESTELLE TRAN </a> <a title="2016_GMA_Insight_zmags page 47" href="http://viewer.zmags.com/publication/b45dbc2e?page=47"> industry needs to prove that it was seriously inj</a> <a title="2016_GMA_Insight_zmags page 48" href="http://viewer.zmags.com/publication/b45dbc2e?page=48"> CHINA STEEL CHINA SANGUINE ABOUT EXPORT LE</a> <a title="2016_GMA_Insight_zmags page 49" href="http://viewer.zmags.com/publication/b45dbc2e?page=49"> drastically after India introduced new building m</a> <a title="2016_GMA_Insight_zmags page 50" href="http://viewer.zmags.com/publication/b45dbc2e?page=50"> CHINA STEEL STEEL TRADE CASES 2015 2016 (c</a> <a title="2016_GMA_Insight_zmags page 51" href="http://viewer.zmags.com/publication/b45dbc2e?page=51"> CHINA STEEL STEEL TRADE CASES 2015 2016 (c</a> <a title="2016_GMA_Insight_zmags page 52" href="http://viewer.zmags.com/publication/b45dbc2e?page=52"> SPECIAL ADVERTISING SECTION INDUSTRY LEADER PROF</a> <a title="2016_GMA_Insight_zmags page 53" href="http://viewer.zmags.com/publication/b45dbc2e?page=53"> CLIFFS NATURAL RESOURCES INC With a corporate he</a> <a title="2016_GMA_Insight_zmags page 54" href="http://viewer.zmags.com/publication/b45dbc2e?page=54"> SPECIAL ADVERTISING SECTION INDUSTRY LEADER PROF</a> <a title="2016_GMA_Insight_zmags page 55" href="http://viewer.zmags.com/publication/b45dbc2e?page=55"> HINDUSTAN COPPER LIMITED Mr. Kailash Dhar Diwan </a> <a title="2016_GMA_Insight_zmags page 56" href="http://viewer.zmags.com/publication/b45dbc2e?page=56"> SPECIAL ADVERTISING SECTION INDUSTRY LEADER PROF</a> <a title="2016_GMA_Insight_zmags page 57" href="http://viewer.zmags.com/publication/b45dbc2e?page=57"> REAL INDUSTRY INC Real Industry, Inc. (NASDAQ:RE</a> <a title="2016_GMA_Insight_zmags page 58" href="http://viewer.zmags.com/publication/b45dbc2e?page=58"> SPECIAL ADVERTISING SECTION INDUSTRY LEADER PROF</a> <a title="2016_GMA_Insight_zmags page 59" href="http://viewer.zmags.com/publication/b45dbc2e?page=59"> SPECIAL ADVERTISING SECTION INDUSTRY LEADER PROF</a> <a title="2016_GMA_Insight_zmags page 60" href="http://viewer.zmags.com/publication/b45dbc2e?page=60"> SPECIAL ADVERTISING SECTION INDUSTRY LEADER PROF</a> <a title="2016_GMA_Insight_zmags page 61" href="http://viewer.zmags.com/publication/b45dbc2e?page=61"> </a> <a title="2016_GMA_Insight_zmags page 62" href="http://viewer.zmags.com/publication/b45dbc2e?page=62"> MURRAY FISHER Senior Manager Platts Global Metals</a> <a title="2016_GMA_Insight_zmags page 63" href="http://viewer.zmags.com/publication/b45dbc2e?page=63"> 2015 was challenging for SDI’s sector, with avera</a> <a title="2016_GMA_Insight_zmags page 64" href="http://viewer.zmags.com/publication/b45dbc2e?page=64"> GLOBAL METALS AWARDS Steel (AHSS) that is </a> <a title="2016_GMA_Insight_zmags page 65" href="http://viewer.zmags.com/publication/b45dbc2e?page=65"> value chain, from midstream processing to nishe</a> <a title="2016_GMA_Insight_zmags page 66" href="http://viewer.zmags.com/publication/b45dbc2e?page=66"> GLOBAL METALS AWARDS markets beyond copper</a> <a title="2016_GMA_Insight_zmags page 67" href="http://viewer.zmags.com/publication/b45dbc2e?page=67"> INDUSTRY LEADERSHIP AWARD STEEL NLMK Group Russia</a> <a title="2016_GMA_Insight_zmags page 68" href="http://viewer.zmags.com/publication/b45dbc2e?page=68"> GLOBAL METALS AWARDS Founded in 1992, Mave</a> <a title="2016_GMA_Insight_zmags page 69" href="http://viewer.zmags.com/publication/b45dbc2e?page=69"> Judges appreciated the family’s diligence in buil</a> <a title="2016_GMA_Insight_zmags page 70" href="http://viewer.zmags.com/publication/b45dbc2e?page=70"> </a> <a title="2016_GMA_Insight_zmags page 71" href="http://viewer.zmags.com/publication/b45dbc2e?page=71"> December 8, 2016 | Cipriani Wall Street | New Yor</a> <a title="2016_GMA_Insight_zmags page 72" href="http://viewer.zmags.com/publication/b45dbc2e?page=72"> AS ONE We are stronger </a>