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Chinese Economy Shines Again

?Price correction in China continued for second consecutive week as flat steel prices dropped by 1-3% w-o-

w. Domestic price of HRC slipped to $551/t, a decline of $12/t since mid-Jan 2010. Prices are likely to remain in

correction mode till the Spring festival when demand is likely to be weak. CIS export offers increased by $10/t

w-o-w on better end-user demand. Though domestic prices elsewhere, especially in USA and Europe

remained stable, in US Dollar terms European flat steel prices declined on sharp depreciation of Euro against

US Dollar.

?

Raw material prices showing some signs of softness, especially spot price of iron ore (63.5% Fe) whichslipped to $132/t cif as buyers stayed out of the market. But continued supply tightness from India will prevent a

substantial correction and there should be some firm support at $125/t. There was also a pause in the scrap

price surge as offers from both USA (East Coast) & Europe (Rotterdam) remained stable at $318/t.

?Global steel output plunged to 1.2 billion MT in 2009, a decline of over 8% y-o-y, with huge declines in

almost all the major steel producing countries and regions, except India and China. China's crude steel

production in 2009 was 567.8 million MT, up 13.1%, while India's steel output was 2.8% higher. Middle East also

showed a positive growth of 3.5% y-o-y in 2009, though overall Middle East & North Africa (MENA) region

showed a decline of 2.2%. Biggest declines in steel output were witnessed in USA & EU-27 by 36% & 30%

respectively (Exhibit-1).

?China's GDP Growth Back on High Pedestal, growing by 10.7% y-o-y in Q4 2009 (Exhibit-2), mainly on

account of govt. fiscal stimulus aiding a big improvement in domestic demand. Growth for whole of 2009 was

8.7% with the growth momentum in fixed asset investment and industrial production continued, growing by

30.1% and 18.5% y-o-y in Dec-2009.

?Mixed signals from US Housing as new housing starts fell by 4% m-o-m to an annualized rate of 557,000 in

Dec-09 (but higher by 0.2% y-o-y). New building permits however, which indicate future home construction,

rose by 10.9% m-o-m to 653,000 in Dec-09, the highest since Oct 2008 and also 15.8% higher y-o-y.

Economic & Strategic

Analysis Unit

Prepared by: Dr. Sanjoy Kumar Saha, Economist

Weekly Steel Market & EconTrackerWeekly Steel Market & EconTracker Vo l. 83 / 27 Ja n, 201 0

SteelometerSteelometer

1

Source: National Bureau of StatisticsSource: World Steel Association

11.7

12.612.2

11.4

10.610.1

9.0

6.8

6.1

7.9

8.9

10.7

3.5

7.0

10.5

14.0

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

2007 2008 2009

Exhibit-2: China's GDP Growth Back on High Pedestal

-29.9

-14.6

-36.4

-20.5

-2.2

13.1

2.8

-8.3

-40.0 -30.0 -20.0 -10.0 0.0 10.0 20.0

EU-27

CIS

USA

S.America

MENA

China

India

World

Exhibit-1: Steel Output Fell To Record Lows in 2009

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Weekly Steel Market & EconTracker Vo l. 83 / 27 Ja n, 201 0

2Prepared by: Dr. Sanjoy Kumar Saha, Economist

* No HMS 1&2 (80:20 mix) US export fob East Coast, ^ HMS 1 & 2 (80:20 mix) Rotterdam Export, # Shredded fob Rotterdam

m-o-m q-o-q y-o-y

US Import 496 496 0.0 496 463 472 502 7 5 -1CIS Export 410 410 0.0 410 410 457 369 0 -10 11

Far East Import 490 490 0.0 490 465 458 390 5 7 26Latin America Export 395 395 0.0 395 395 418 370 0 -5 7

US Import 601 601 0.0 601 539 579 524 11 4 15USA Midwest Domestic 673 673 0.0 673 597 615 573 13 9 17EU Domestic 531 536 -1.0 534 541 615 563 -1 -13 -5

CIS Export 533 523 1.9 528 508 518 380 4 2 39East Asia Import 575 575 0.0 575 532 500 482 8 15 19

China Export 550 555 -0.9 553 518 474 566 7 17 -2

China Domestic 551 562 -1.8 557 540 495 553 3 13 1Iran Domestic 620 607 2.3 614 611 659 533 0 -7 15

World Export 549 549 0.0 549 527 520 492 4 6 12US Import 656 656 0.0 656 612 616 1113 7 6 -41

USA Midwest Domestic 805 805 0.0 805 716 719 970 12 12 -17

CIS Export 525 525 0.0 525 515 535 635 2 -2 -17East Asia Import 585 585 0.0 585 545 540 555 7 8 5

China Export (Heavy) 575 575 0.0 575 536 496 565 7 16 2China Domestic 581 588 -1.1 585 546 506 557 7 16 5

Iran Domestic (Heavy) 640 621 3.0 631 588 599 782 7 5 -19US Import 711 711 0.0 711 660 711 639 8 0 11

USA Midwest Domestic 783 783 0.0 783 708 736 683 11 6 15

EU Domestic 653 660 -1.0 656 665 794 697 -1 -17 -6Japanese Export - - - 700 690 700 1170 1 0 -40

China Domestic 755 774 -2.4 765 739 672 653 3 14 17Iran Domestic 779 768 1.5 774 734 753 841 5 3 -8

US Import 766 766 0.0 766 766 715 739 0 7 4

USA Midwest Domestic 937 937 0.0 937 787 862 772 19 9 21EU Domestic 717 841 -14.7 779 848 860 702 -8 -9 11

Japanese Export - - - 750 720 760 1200 4 -1 -38China Export 713 720 -1.0 716 690 640 673 4 12 7

China Domestic 758 763 -0.6 761 732 674 664 4 13 15Iran Domestic 963 969 -0.7 966 959 952 995 1 1 -3

CIS Export 445 445 0.0 445 415 403 390 7 10 14

Turkish Export 475 475 0.0 475 427 435 405 11 9 17LME Cash (Meditn) 417 417 0.0 417 374 350 319 12 19 31

LME Futures (Meditn-3 mts) 446 446 0.0 446 403 374 346 11 19 29

CIS Export 465 465 0.0 465 440 451 470 6 3 -1

Turkish Export 525 525 0.0 525 477 471 503 10 11 4

China Export 568 573 -0.9 570 538 487 684 6 17 -17China Iron Ore Fines cfr 132 135 -2.6 133 109 92 80 22 45 67

Coking Coal-Australia Spot 170 170 0.0 170 170 170 140 0 0 21Coke-Chinese Export 405 405 0.0 405 405 402 402 0 1 1

No.1&2 HMS Scrap Export - US East Coast* 318 318 0.0 318 277 249 263 15 28 21

EU Rotterdam HMS No1&2 Export^ 318 318 0.0 318 281 248 264 13 28 20Rotterdam Shredded# 323 323 0.0 323 286 254 272 13 27 18

Baltic Supramax Index 2535 2535 0.0 2535 2360 1849 427 7 37 494Freight (Brazil-China) 32 32 0.2 32 35 26 18 -8 24 78

Ferro-Mang. China Exp 1505 1505 0.0 1505 1442 1315 2875 4 14 -48

Silico-Mang. China Exp 1385 1385 0.0 1385 1385 1381 2010 0 0 -31Zinc LME - 3 months 2474 2474 0.0 2474 2411 2094 1211 3 18 104

Zinc LME Cash 2440 2440 0.0 2440 2375 2071 1187 3 18 106Crude Oil WTI ($/barrel) 74.7 78.0 -4.2 76 74 76 42 3 1 82

Natural Gas Henry Hub ($/mmbtu) 5.4 5.7 -4.6 6 5.4 5.0 5.1 3 12 10LNG - Japan ($/mmbtu) - - - - 9.5 9.1 12.7 - - -

ArcelorMittal (Paris, EUR) 40.9 46.1 -11.4 43 29.5 25.3 18.5 47 72 135

Nucor Corp. (NYSE, USD) 43.6 48.1 -9.5 46 44.3 44.3 42.2 3 4 9

AK Steel (NYSE, USD) 21.2 23.9 -11.1 23 20.9 19.0 9.9 8 18 128CSN (Sao Paolo, BRL) 29.1 33.4 -12.8 31 58.4 58.9 35.2 -46 -47 -11

Severstal (RTS, USD) 11.6 10.0 15.5 11 8.7 8.3 2.8 24 30 287Baosteel (Shanghai, CNY) 7.5 8.7 -13.8 8 9.0 7.0 5.1 -10 16 57

POSCO (KSE,1000 KRW) 572.0 604.0 -5.3 627 592.8 515.0 375.4 6 22 67

Tata Steel (NSE, INR) 613.7 639.4 -4.0 608 574.5 529.3 203.6 6 15 198SAIL (NSE, INR) 223.2 234.0 -4.6 229 217.3 176.9 79.5 5 29 187

Dow Jones US Steel Index 240.4 279.2 -13.9 260 245.3 223.1 176.6 6 16 47

m-o-m q-o-q y-o-y

World 106.4 107.1 113.6 109.8 107.9 104.0 81.7 -1 -3 30China 47.7 47.3 51.7 50.7 52.3 50.7 37.7 1 -6 27

EU 12.2 14.0 14.7 13.7 10.6 11.4 9.1 -13 -11 35Japan 9.0 8.9 8.8 8.3 8.3 7.7 7.5 1 8 20

CIS 8.9 8.7 8.9 8.8 9.3 8.3 5.8 2 0 53USA 5.8 5.7 6.0 5.8 5.5 5.0 3.9 2 1 48

India 5.0 4.8 4.9 4.8 4.9 4.8 4.6 3 4 7

MENA 2.1 1.9 2.0 2.0 2.0 1.9 1.7 9 4 20

SteelCo.StockPrices

CrudeSteel

Production(mmt)

% ChangeNov-09 Oct-09 Sep-09 Aug-09 Dec-08Jul-09Dec-09

HRC

R

ebar

RawMaterials

HDG

Billet

Plates

CRC

Market Pulse

Products

($/t)Markets

Weekly Trend Past TrendThis

Week

Last

Week

%

ChangeJan-10 Dec-09 Oct-09 Jan-09

% Change

Slab

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3Prepared by: Dr. Sanjoy Kumar Saha, Economist

Source: Metal Bulletin, CRU, SBB, Capital Link Shipping, The TEX Report, EIA, IISI, IBIS, JPC, MSCI, World Bank

Market Pulse Continued

Nov-09 Oct-09 Sep-09 Aug-09 Jul-09 Jun-09 Nov-08USA Service Centers: m-o-m q-o-q y-o-y

Shipments 1.33 1.49 1.43 1.44 1.37 1.33 1.42 -11 -7 -6Month End Inventory 2.98 2.95 2.71 2.50 2.54 2.75 4.52 1 19 -34

No. of Months' Supply 2.2 2.0 1.9 1.7 1.8 2.1 3.2 13 28 -30Canadian Service Centers:

Shipments 0.21 0.22 0.23 0.21 0.20 0.19 0.21 -4 2 2

Month End Inventory 0.47 0.46 0.46 0.45 0.47 0.52 0.58 2 3 -20No. of Months' Supply 2.2 2.1 2.0 2.2 2.4 2.7 2.8 6 1 -22

Nov-09 Oct-09 Sep-09 Aug-09 Jul-09 Jun-09 Nov-08

China 44.2 48.8 48.5 50.1 49.2 48.1 31.2 -10 -12 42

USA 5.5 5.8 5.3 5.1 4.7 4.0 5.5 -7 7 -1

Russia 4.8 Oct 4.8 2.8 3.2 2.4 2.1 2.2 Oct 72 98 125

Germany 3.3 2.6 2.8 2.5 2.3 2.0 3.0 26 35 10

Nov-09 Oct-09 Sep-09 Aug-09 Jul-09 Jun-09 Nov-08Brazil 0.19 0.32 0.41 0.25 0.18 0.22 0.11 -42 -25 63

China 1.69 1.48 1.27 1.04 0.73 0.50 1.24 14 63 36

Ukraine 0.58 Oct 0.58 0.55 0.49 0.59 0.40 0.55 Oct 6 -1 5Japan 2.18 2.34 2.30 2.26 2.08 1.71 1.60 -7 -3 36

South Korea 1.33 1.33 1.33 1.33 1.34 1.30 0.85 0 0 55USA 0.51 0.57 0.60 0.43 0.38 0.37 0.45 -11 19 13

Nov-09 Oct-09 Sep-09 Aug-09 Jul-09 Jun-09 Nov-08United Kingdom 0.27 Oct 0.27 0.24 0.18 0.18 0.16 0.38 Oct 11 49 -28

Thailand 0.51 0.48 0.42 0.35 0.35 0.20 0.45 6 44 14USA 0.49 0.54 0.49 0.40 0.35 0.31 0.72 -9 22 -32

Dec-09 Nov-09 Oct-09 Sep-09 Aug-09 Jul-09 Dec-08Plate 12 32 59 33 51 111 29 -63 -65 -60

HRC 391 356 238 177 361 312 154 10 120 154

CRC 54 80 62 87 100 69 24 -32 -38 123

GP/GC/Coated 32 31 59 47 55 43 33 2 -32 -4

CRGO 28 33 35 26 48 29 26 -15 10 7

Total 516 531 453 370 617 565 266 -3 39 94

Dec-09 Nov-09 Oct-09 Sep-09 Aug-09 Jul-09 Dec-08Plate 1300 832 801 834 676 631 1658 56 56 -22

HRC 592 575 536 569 546 468 1176 3 4 -50CRC 834 667 616 563 565 576 1292 25 48 -35

GP/GC/Coated 735 756 866 749 696 716 1347 -3 -2 -45CRGO 1813 2017 2067 2089 1823 1998 - -10 -13 -

% Change

Fla

t

Products

Imports

(mm

t)

IndianFlat

Imports('000t)

IndianFlat

Imports($/t)

Consumption

(mmt)

FlatProducts

Exports(mmt)

Ca

rbon-FlatRolled

In

ventories(mmt)

Q3/09 Q2/09 Q1/09 Q4/08 Q3/08 Q2/08 Q1/08 Q4/07 Q3/07 Q2/07USA -2.6 -3.8 -3.3 -1.9 0.0 1.6 2.0 2.5 2.7 1.9Canada -3.2 -3.2 -2.3 -1.0 0.3 0.7 1.7 2.8 3.1 2.8

Euro Area -4.1 -4.8 -5.0 -1.8 0.4 1.4 2.2 2.2 2.7 2.7

Japan -5.1 -5.8 -8.9 -4.1 -1.4 -0.3 1.3 1.9 1.7 2.3

India 7.9 6.1 5.8 5.8 7.7 7.8 8.6 9.3 9.0 9.2China 10.7 Q4 7.9 6.1 6.8 9.0 10.1 10.6 11.4 12.2 12.6Russia -8.9 -10.9 -9.5 1.2 6.4 8.5 8.5 9.5 7.3 8.0

Thailand -2.8 -4.9 -7.1 -4.3 4.0 5.3 6.0 5.7 4.9 4.6Indonesia 4.2 4.0 4.4 5.2 6.1 6.4 6.3 6.3 6.5 6.4

Q3/09 Q2/09 Q1/09 Q4/08 Q3/08 Q2/08 Q1/08 Q4/07 Q3/07 Q2/07

Euro Area -11.9 -12.2 -10.6 -3.8 1.9 3.8 5.1 5.6 6.8 7.5

China 32.9 39.0 28.6 23.3 28.8 27.2 25.9 24.0 26.1 27.4

India 7.3 4.2 6.4 5.1 12.5 9.2 11.2 16.3 18.0 14.9

Nov-09 Oct-09 Sep-09 Aug-09 Jul-09 Jun-09 May-09 Apr-09 Mar-09 Nov-08

US Manufacturing Index (ISM PMI) 55.9 Dec 55.7 52.6 52.9 48.9 44.8 42.8 40.1 36.3 32.9 Dec

USA IIP (-) 2.0 Dec -6.7 -5.7 -10.0 -12.2 -13.3 -13.1 -12.4 -12.5 (-) 8.9 Dec

Euro Area -7.6 -10.0 -14.2 -14.7 -16.0 -16.5 -17.9 -20.1 -19.6 -8.5India 11.7 10.3 9.6 10.6 7.2 8.3 2.1 1.1 0.3 2.5

China 18.5 Dec 16.1 13.9 12.3 10.8 10.7 7.3 7.3 8.3 5.7 DecRussia 1.5 -11.2 -9.5 -12.6 -10.8 -12.1 -17.1 -16.9 -13.7 -8.7Thailand 8.9 1.3 0.4 -10.3 -7.3 -7.8 -10.0 -9.7 -15.4 -6.6

Indonesia 1.8 2.8 -0.3 0.1 -0.7 0.2 1.8 1.5 1.6 1.9

m-o-m q-o-q y-o-y

USA 94.6 Nov 94.6 90.3 86.8 86.8 84.1 97.5 Nov 1.2 9.0 -3.0Euro Area 165.5 Nov 165.5 158.6 147.4 151.6 144.3 153.0 Nov -4.4 12.3 8.2

China 130.8 113.7 115.9 103.7 105.3 95.5 111.1 15.0 12.8 17.7

India 14.6 13.2 13.6 14.3 13.6 12.8 12.7 10.6 7.4 15.0

Oct-09 Aug-09Sep-09

EconTracker

GrowthinEconomicIndicators

y-o-y(%)

GDP

Fixed

Asset

Invst

Industrial

Production

Exportof

Good

s

($billion) Dec-08 % ChangeDec-09 Jun-09Jul-09

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Prepared by: Dr. Sanjoy Kumar Saha, Economist

Source: Federal Reserve, US Census Bureau, NBS, CSO, RBI, OECD, Eurostat, Central Bank of Russia, The Economist, SIAM, oanda.com

EconTracker (Contd.)

m-o-m q-o-q y-o-yPassenger Cars (USA) 518 378 432 402 727 555 424 37.0 28.8 22.2Total Light Vehicles (USA) 1030 747 838 746 1262 998 895 37.9 38.1 15.1Passenger Vehicles (China) 1107 1010 923 1017 849 833 587 9.6 8.8 88.7

All Vehicles (China) 1367 1350 1230 1330 1170 1086 742 1.3 2.8 84.2Passenger Cars (India) 115.3 133.7 132.0 129.7 120.7 115.1 82.2 -13.8 -11.1 40.3Commercial Vehicles (India) 48.6 40.8 42.6 45.5 40.6 37.6 17.9 19.0 7.0 171.6

Dec-09 Nov-09 Oct-09 Sep-09 Aug-09 Jul-09 Dec-08 m-o-m q-o-q y-o-yNew Permits - US ('000) 653 589 551 575 580 564 564 10.9 13.6 15.8Starts - US ('000) 557 580 524 586 581 593 556 -4.0 -4.9 0.2Chinese Realty Climate Index 102.78 Nov 102.03 101.08 100.08 98.01 96.55 98.46 Nov 0.75 2.70 4.32

Dec-09 Nov-09 Oct-09 Sep-09 Aug-09 Jul-09 Dec-08 m-o-m q-o-q y-o-yFabricated metal product 88.66 87.94 87.99 88.18 87.63 87.19 102.36 0.8 0.5 -13.4Machinery 85.44 83.48 85.00 83.08 84.23 82.60 99.75 2.3 2.8 -14.3Electrical equipment & component 89.45 92.11 91.40 91.08 91.02 89.72 99.11 -2.9 -1.8 -9.8Other transportation equipment 116.10 115.55 116.37 117.82 116.51 115.78 123.18 0.5 -1.5 -5.7Durable consumer goods 82.90 83.67 82.15 82.94 80.30 78.79 82.59 -0.9 0.0 0.4Household appliances 80.99 92.22 87.08 83.48 83.20 80.76 80.94 -12.2 -3.0 0.1

Nov-09 Oct-09 Sep-09 Aug-09 Jul-09 Jun-09 Nov-08 m-o-m q-o-q y-o-yMetal Products 3.71 3.74 4.44 3.67 3.68 5.60 3.38 -0.7 1.3 9.9

General Purpose Machinery 5.96 5.51 6.68 5.43 5.98 8.68 4.56 8.2 9.7 30.7Special Purpose Machinery 4.12 4.26 4.35 3.66 3.57 6.42 3.38 -3.4 12.4 21.9Transportation Equipment 7.10 5.62 7.88 5.63 7.06 9.93 5.63 26.5 26.1 26.1Electric Machinery & Equipment 5.38 4.48 5.42 3.94 4.80 6.14 3.49 20.0 36.4 54.3Electricity, Gas and Water 18.17 18.45 21.48 15.77 17.50 24.73 15.15 -1.5 15.3 19.9Construction 2.49 3.45 2.88 2.49 3.12 4.42 1.61 -27.7 0.2 55.3Transportation, Storage and Post 30.68 30.50 32.93 33.01 31.27 36.41 22.20 0.6 -7.1 38.2Real Estate 52.05 58.67 67.79 58.96 56.43 76.37 46.34 -11.3 -11.7 12.3

Nov-09 Oct-09 Sep-09 Aug-09 Jul-09 Jun-09 Nov-08 m-o-m q-o-q y-o-yMachinery and Equipment 482.9 475.4 554.4 474.0 455.1 482.1 427.8 1.6 1.9 12.9Transport Equipment and Parts 490.5 460.2 485.8 464.8 455.0 426.9 354.6 6.6 5.5 38.3Consumer durables 507.5 510.5 545.0 491.8 489.1 435.0 369.5 -0.6 3.2 37.3

Nov-09 Oct-09 Sep-09 Aug-09 Jul-09 Jun-09 Nov-08 m-o-m q-o-q y-o-yCoal (mmt) 44.4 42.6 36.8 37.7 35.9 39.2 43.0 4.2 17.8 3.3Electricity Generation (Gwh) 57297 65268 63565 66080 62933 63191 58348 -12.2 -13.3 -1.8Crude Petroleum ('000 tons) 2792 2852 2770 2774 2790 2752 2837 -2.1 0.6 -1.6Petroleum products ('000 tons) 12510 13263 12597 12860 11396 12207 11926 -5.7 -2.7 4.9

Cement ('000 tons) 16055 16069 15330 17805 16230 17360 14729 -0.1 -9.8 9.0Overall Growth (%) 5.3 3.8 4.1 7.1 2.5 6.8 0.8

This week Last Week % Change Dec-09 Nov-09 Sep-09 Dec-08 m-o-m q-o-q y-o-yCanadian Dollar 1.0609 1.0286 -3.14 1.0562 1.0630 1.0829 1.2360 -0.64 -2.47 -14.55Euro 0.7090 0.6970 -1.72 0.6850 0.6714 0.6875 0.7440 2.03 -0.36 -7.93Indian Rupee 46.52 45.62 -1.98 46.63 46.74 48.44 49.67 -0.24 -3.73 -6.12Chinese RMB 6.8368 6.8368 0.00 6.8362 6.8356 6.8390 6.8676 0.01 -0.04 -0.46Russian Rouble 30.33 29.62 -2.41 29.99 29.00 30.85 28.20 3.41 -2.77 6.35Iranian Rial 10089.00 10073.00 -0.16 10053.10 10065.51 10060.44 10174.35 -0.12 -0.07 -1.19Saudi Riyal 3.7507 3.7510 0.01 3.7537 3.7531 3.7541 3.7559 0.02 -0.01 -0.06Thai Baht 33.07 32.91 -0.48 33.42 33.49 34.08 35.51 -0.22 -1.94 -5.89Indonesian Rupiah 9310.00 9230.00 -0.87 9531.60 9462.12 9867.21 11435.63 0.73 -3.40 -16.65

This week Last Week bps Change Dec-09 Nov-09 Sep-09 Dec-08 m-o-m q-o-q y-o-yLIBOR - 3 month 0.25 0.25 0.00 0.25 0.27 0.35 1.85 -0.02 -0.10 -1.60MIBOR - 3 month 4.57 4.56 0.01 4.44 4.49 4.64 9.47 -0.05 -0.20 -5.03US 90-day T-Bill 0.14 0.18 -0.04 0.16 0.14 0.19 0.90 0.02 -0.03 -0.74US Bank Business Loan 3.25 3.25 0.00 3.25 3.25 3.25 3.81 0.00 0.00 -0.56Euro Area 0.67 0.68 -0.01 0.72 0.72 0.78 3.60 0.00 -0.06 -2.88India 3.80 3.67 0.13 3.43 3.26 3.39 6.66 0.17 0.04 -3.23China 1.88 1.85 0.03 1.82 1.80 1.75 2.74 0.02 0.07 -0.92Russia 8.75 8.75 0.00 8.94 9.38 10.63 12.75 -0.44 -1.69 -3.81Saudi Arabia 0.77 0.77 0.00 0.77 0.77 0.65 3.32 0.00 0.12 -2.56Thailand 1.35 1.35 0.00 1.35 1.35 1.35 3.85 0.00 0.00 -2.50Indonesia 7.01 7.02 -0.01 7.12 7.13 6.99 12.24 -0.01 0.14 -5.12

Dec-09 Nov-09 Oct-09 Sep-09 Aug-09 Jul-09 Jun-09 May-09 Apr-09 Dec-08US 2.7 1.8 -0.2 -1.3 -1.5 -2.1 -1.4 -1.3 -0.7 0.1Euro 0.9 0.5 -0.1 -0.3 -0.2 -0.7 -0.1 0.0 0.6 1.6India (WPI) 7.3 4.8 1.3 0.5 -0.9 -1.4 -1.4 0.5 0.7 6.2China 1.9 0.6 -0.5 -0.8 -1.2 -1.8 -1.7 -1.4 -1.5 1.2Russia 8.8 9.1 9.7 10.7 11.6 12.0 12.0 12.3 13.2 13.3Saudi Arabia 4.0 Nov 4.0 3.5 4.4 4.1 4.2 5.2 5.5 5.2 9.5 NovThailand 3.5 1.9 0.4 -1.0 -1.0 -4.4 -4.0 -3.3 -0.9 0.4

Indonesia 2.8 2.4 2.6 2.8 2.8 2.7 3.7 3.8 7.3 11.1

Oct-09% Change

Jul-09 Dec-08

% Change

Exchangerate

(perUS$)

Inflation

Interestrat

es

(ShortTerm

)

Dec-09 Nov-09 Sep-09 Aug-09

Housin

g

Weekly Trend Past Trend

FixedAssetInvstin

China($billion)

USA

In

diaInfra

India

Aut

omobile

Sale

s('000)

Documents

Vol 83.pdf