11

22

33Source: IISI / WSD

44Source: IISI / Consensus Economics (October 2003)/WSD

55Source: IISI & RAMCO Expert Group

66

JAPANRUSSIAUKRAINE

BELGIUM/LUXEMBOURGGERMANY

TURKEY

31.925.525.2

10.99.46.94.3

VIETNAMITALY

HONG KONGTHAILAND

CHINA USA

4.65.25.48.222.624.6

Source: IISI

77

88

37%

17%46%

99

1010Gongo Soco’s Mine - CVRD - Brazil

1111Source: IISI / RAMCO Expert Group/Tex Report

1212

1313Source: GTIS

1414Source: Coal Fax, Mc Closkey Coal Report, Japan Echo Fax News

1515Nr 1 Cokemaking Plant - USIMINAS - Brazil

1616Source: IISI

1717Source: IISI

1818Source: CRU International

1919

2020Source: IISI, CRU International, Baltic Daily Index

2121

2222

2323USIMINAS Plant (Ipatinga/Brazil)

2424

2525

2626