Impressive cost cutting is a positive for the micro environment but a negative for the macro. All eyes are on China for both the health of demand and the supply-side response, as the majors power ahead, potentially exceeding stated targets.

Executive Summary 1

Chapter 1 Is DRI a game-changing technology? 27

Chapter 2 Demand 39

Summary 39

China 43

Japan 44

India 45

Middle East 46

Europe 47

North America 48

Chapter 3 Supply and trade 49

1. Australia 51

      Case study I BHP Billiton 52

      Case study II FMG 53

2 Brazil 58

3. South Africa 62

4. Other Africa 63

5. India 66

6. Europe 72

7. CIS 74

8. Canada 78

9. China 80

Chapter 4 Chinese iron ore supply 83

1. Iron ore reserves and prospective deposits 84

      1.1 Reserves 84

2. Iron ore production 85

      2.1 Production structure 85

      2.2 Production distribution 86

      2.3 Production cuts in 2014 87

      2.5 Production outlook for 2015 89

Appendix A Industrial and Economic Outlook, 2014-2019 91

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