巴西 Vale 中国区总裁.pptVIP

ssss Chinese market is showing clear signs of market recovery 中国市场显露明显复苏迹象 China: exports growth rebounded significantly in March中国：出口在三月份出现明显反弹 Steel consuming sectors are showing signs of recovery in China…钢铁消费板块显露复苏迹象… China imported a record 52Mt of iron ore in March, taking total purchases in the first quarter to 131Mt, up 18% from a year earlier. The import surge reflects a recovery in production at Chinese steel mills, spurred by the government‘s economic stimulus package. 3月份中国进口铁矿石5200万吨，创有史以来最高记录。一季度总量更高达1亿3100万吨，比去年增长18％。进口量的猛增反映了政府刺激政策下中国钢厂产量的回升。 Active since 1969, the benchmark price negotiation involves extensive discussion over market conditions among the major players 自1969年以来，基准协议价谈判是主要矿石供应商与钢铁企业基于市场条件参与并广泛讨论 Seaborne supply constrains have resulted in Chinese traders searching for iron ore all over the world由于矿石海运供应量的限制，导致中国贸易商全球范围内搜寻矿石 COA’s Coverage COA覆盖率 New pricing developments have been observed 新的定价方式已经呈现 Vale‘s adjustments for new market situationVale公司对于市场现状的应对 The positioning of Vale and its initiatives Vale的定位和行动 Final comments 总结 Benchmark（基准） Miners committed with steelmakers future production plans, securing ore supply for their greenfield and brownfiels expansions 矿山公司给钢企以长期供货的承诺的同时也是其自身进行长期矿山开采以及矿山改造的保证。 Steelmakers are able to optimize iron ore inventory levels. Regular shipping schedule, aligned between suppliers and clients钢企可以保持铁矿石库存水平的最优化。供需双方所达成的一致意见确保了规律的装运计划。 Stability to fix prices for end-users 钢企可以为最终用户制定稳定的钢材价格。 Price stability 稳定的价格 Spot Market（现货） Miners have higher uncertainty on return on capital invested, tending to restrict expansions and future supply 矿山公司的投资回报率有很高的不确定性，无法保证未来的规模扩张以及矿石供应。 Steelmakers to face higher uncertainty of ore deliveries. Mills to operate either with higher stock levels or face the risk of running out of iron ore. 钢企面临铁矿石供应的不稳定性，造成库存过多或断料的危险。 Mills with increasing uncertainty to deal with end-users 增加了钢企给最终用户定价的不确定性 Price volatility