As the market rebalances to account for the large quantities of new low-cost supply, there will be a period of imbalance and the price is likely to hold below the 90th percentile on the cost curve, although gradually moving up to equilibrium state by 2018. This is the rationale for modest strength in prices towards the end of our 5-year outlook.

Executive Summary 1

Chapter 1

Fortune favours the brave: opportunities in iron ore 19

Chapter 2

Demand 23

      Summary 21

      China 25

      Japan 26

      India 27

      Middle East 28

      Europe 29

      CIS 30

      North America 31

Chapter 3

Supply and trade 35

      1. Australia 38

      2 Brazil 42

      3. South Africa 48

      4. Other Africa 50

      Insight I London Mining on the brick of collapse 51

      5. India 54

      6. Sweden 58

      7. Norway 60

      8. Russia 61

      9. Ukraine 62

      10. Canada 65

      11. China 67

Chapter 4

Chinese iron ore supply 71

      1. Iron ore reserves and prospective deposits 72

      1.1 Reserves 72

      1.2 Existing and prospective reserves 72

      2. Iron ore production and prospective output 76

      2.1 Production overview 76

      2.2 Prospective output 79

      2.3 Future production 80

      3. Iron ore investment abroad 81

Appendix A

Industrial and Economic Outlook, 2014-2019 85

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