Further strong supply growth from Australia and Brazil will keep prices low this year. Approximately 40 Mt of uncompetitive production must be displaced to balance the market but, it seems, no one will go without a fight.

Executive Summary 1

Chapter 1

Sustaining capital in the iron ore industry 27

Chapter 2

Demand 35

Summary 35

China 39

Japan 40

India 41

Middle East 42

Europe 43

CIS 44

North America 45

Chapter 3 Supply and trade 47

1. Australia 50

Insight I what is the chance of a FMG default? 52

2 Brazil 55

3. South Africa 60

4. Other Africa 62

Insight II what is Tonkolili's destiny? 62

5. India 64

Insight III how India turned net importer of iron ore in 2014 68

6. Sweden 71

7. Norway 73

8. Russia 74

9. Ukraine 75

10. Canada 78

11. China 80

Insight IV cheap oil to compound iron ore slump 82

Chapter 4

Chinese iron ore supply 85

1. Iron ore reserves and prospective deposits 86

      1.1 Reserves 86

      1.2 Prospective reservces 87

2. Iron ore production 89

      2.1 Production structure 89

      2.2 Production distribution 89

      2.3 Mining type 91

      2.4 Product cut in 2014 91

      2.5 Production outlook for 2015 92

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