CRU Group: Celebrating 50 years in commodity research

CRU Group Celebrating 50 years in commodity research

Founded in 1969 as a firm specialising in copper market research, CRU quickly built up a reputation for integrity, reliability, independence and authority with its customers across the sector.

With growing success, CRU expanded into other markets in the mid-1980s and now offers intelligent analysis, original insight and proprietary data driven by transparent methodologies on a comprehensive range of commodities.

MARKET ANALYSIS

PRICE ASSESSMENTS

CRU CONSULTING

CRU EVENTS

CRU founded

by Robert Perlman and John Horam

British Sulphur Corporation Ltd acquired

Resource Strategies Inc. acquired

CRU Australia: Sydney office established

CRU China: Beijing office established

CRU Americas: Pittsburgh and Santiago offices established KMI Research acquired Commodity Metals Management acquired

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20 09

20 06

20 04

20 02

19 96

19 86

19 69

CRU Group: 1969 to 2019

CRU India: Mumbai office established

CRU is a modern, innovative and dynamic organisation with experts located in major business hubs around the world. This commitment to having people on the ground allows us to gain a comprehensive understanding of difficult to reach markets such as China.

Our people support customers in their decision-making process and they are at the heart of what we do, delivering market analysis, price assessments, consulting and global industry events.

With commodity markets constantly evolving, we are committed to providing you with the best service and the closest contact through 50 more years of change.

Ryan’s Notes acquired Fertecon Research Centre Ltd acquired

CRU moves to its HQ in Chancery Lane, London

CRU Japan: Tokyo office established CRU Americas: New York office established

CRU China: Shanghai office established

CRU Singapore: Office established

20 19

20 18

20 16

20 15

20 13

20 12

Explore more at CRUGroup.com

Celebrating 50 years in commodity research

Steel Market Update acquired

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CRU remains an independent company that is focused on market analysis, price assessments, consulting and events in commodity markets.

This independence means our views cannot be influenced by other business interests and, as a result, our customers trust our comprehensive research and understanding of the markets.

CRU’s Commodity Coverage 1

2

H

He Regular CRU coverage

34

Li

4

Be

* Lanthanide series

Specialised CRU coverage

56

B

** Actinide series

C

7

89

N

O

10

F

Ne

11

12

13

14

15

16

17

18

Na

Mg

Al

Si

P

S

Cl

Ar

19

20

21

22

23

24

25

26

27

28

29

30

31

32

33

34

35

36

K

Ca

Sc

Ti

V

Cr

Mn

Fe

Co

Ni

Cu

Zn

Ga

Ge

As

Se

Br

Kr

37

38

39

40

41

42

43

44

45

46

47

48

49

50

51

52

53

54

Rb

Sr

Y

Zr

Nb

Mo

Tc

Ru

Rh

Pd

Ag

Cd

In

Sn

Sb

Te

I

Xe

55

56

57-70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85

86

Cs

Ba

*

Lu

Hf

Ta

W

Re

Os

Ir

Pt

Au

Hg

Tl

Pb

Bi

Po

At

Rn

87

88

89-102

103

104

105

106

107

108

109

110

111

112

113

114

115

116

117

118

Fr

Ra

**

Lr

Rf

Db

Sg

Bh

Hs

Mt

Ds

Rg

Cn

Uut

Uuq

Uup

Uuh

Uus

Uuo

57

58

59

60

61

62

63

64

65

66

67

68

69

70

La

Ce

Pr

Nd

Pm

Sm

Eu

Gd

Tb

Dy

Ho

Er

Tm

Yb

89

90

91

92

93

94

95

96

97

98

99

100

101

102

Ac

Th

Pa

U

Np

Pu

Am

Cm

Bk

Cf

Es

Fm

Md

No

We provide in-depth market analysis and forecasts for reliable and authoritative views on an extensive range of global commodities. CRU’s global teams ensure that you have up-to-date, objective analysis on the latest industry events and market trends.

CRU’s insights are built on a twin commitment to quality primary research and robust, transparent methodologies.

How do you rate the following aspects of your CRU service (1-10)? If you purchase from another provider, please rate the aspects of their service.

CRU rates above other providers in each category 9.0

8.5 8.15

Rating

8

8.11 7.82

7.79

7.67

7.63

7.59

7.5 7.24 7.09

7.00

7

6.5

6 Quality of data

Quality of analysis

Source: CRU Survey 2019 (750 respondents)

Contact with analysts

CRU

Transparent and robust technology

Coverage of China

Other provider

Visit our full coverage at CRUGroup.com/analysis

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Short-term analysis CRU’s Monitor products each provide a short-term market analysis and prices service across steel, aluminium, base metals and other commodity markets.

CRU Views & Insights

Personal contact

Up-to-date & historical data

Monitors

Prices

Desktop & mobile

Alongside global and regional price assessments and in-depth analysis of global demand, production, trade, stocks and premiums, subscribers also have access to: • CRU Prices service, providing frequent price assessments • Timely CRU views on the latest market developments • Up-to-date and historical data in a variety of formats • Personal contact with our global team of analysts

Visit our Monitor coverage at CRUGroup.com/analysis/monitors

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Medium and long-term market analysis CRU’s Market Outlook products provide medium to long-term market analysis across mining, metals and fertilizer commodity markets.

Executive summary

Personal contact

Comprehensive trade & price data

Market Outlooks

CRU Views & Insights

Desktop & mobile

Subscribers have access to: • A concise executive summary, including key narratives in graphical form and scenario analysis as part of the main report • Macroeconomic and exchange rate forecasts from CRU’s own in-house team of economists • Comprehensive global demand, supply, capacity, trade and price data available for download • Timely CRU Views on the latest market developments • Personal contact with our global team of analysts

Visit our Market Outlook coverage at CRUGroup.com/analysis/market-outlooks

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Cost services CRU’s Cost services help users gain an understanding of industry cost structures, to rank assets against each other, investigate investment opportunities and conduct accurate strategic planning.

Cost analysis report

Personal contact

Cost services

CRU Views & Insights

Asset cost profiles

Cost curves

Our cost models are built bottom up, using robust, proprietary, transparent methodologies combined with primary research data. CRU’s cost services are market leading because: • CRU’s cost modellers use site visits, primary data research and proprietary methodologies • We are not data aggregators. CRU includes assets in mining jurisdictions where there is little public data • Costs are forecast up to 10 years, and in some cases 15 years, based upon robust and transparent assumptions, not straight-line projections • Subscribers can flex key variables to match their in-house scenario requirements Visit our Cost services coverage at CRUGroup.com/analysis/cost-services

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Price assessments We publish regular price assessments for over 850 commodities, including finished steel, steel raw materials, bulk ferroalloys, chrome, base metals, aluminium, minor metals, battery metals, stainless steel and fertilizers.

We base assessments on a strong and transparent methodology, with trained price assessors and expert analysts working together to ensure prices are unbiased and accurate. We give detailed specifications of all our price assessments.

Our reputation for robustness and transparency, and high quality price assessment, means that our customers can rely on CRU. If you have prices embedded in contracts, you can trust CRU’s team and its methodology which follows IOSCO Principles.

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CRU has a strong position in many commodities, including CRU’s market-leading US Midwest hot-rolled coil price benchmark, which is used to settle the CME’s hot-rolled futures contract, and the Alumina Price Index, which is used to settle the LME’s alumina price index.

CRU has invested in a global team of price specialists and analysts who contribute to our price assessments, including staff in London, Beijing, Mumbai, Pittsburgh, Singapore, Shanghai and Santiago.

Data feed

CRU Views & Insights

Prices

Up-to-date price assessments

Desktop & mobile

Visit our Prices coverage at CRUGroup.com/prices

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Consulting CRU Consulting provides informed and practical advice to meet the needs of our customers and their stakeholders.

Our extensive network, deep understanding of commodity market issues and analytical discipline mean we can assist customers in their decision-making process.

We value relationships. CRU Consulting is committed to high levels of individual service and to developing long-term partnerships with our customers. Our solutions offer original insight, accurate data, intelligent analysis and timely delivery.

Our people are our strength. Strategically located offices guarantee local relationships with trusted experts who provide access to our global team.

Tailored business solutions

Steel and raw materials

Non-ferrous metals

Fertilizers and chemicals

Multi-commodity

Visit CRUGroup.com/consulting for more information

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CRU Events CRU Events creates industry leading commercial and technical conferences for the global commodity markets.

Our knowledge of the sectors we serve, combined with our trusted market relationships, enable us to deliver valuable programmes, driven by topical themes addressed by the thought leaders in our industries.

From networking forums, to strategic conferences, CRU events are timed, located and planned to maximise business opportunities for our customers, helping you make informed decisions and connect with the right people.

CRU’s network of overseas offices and analysts based in key commodity hubs across Asia, Europe and the Americas, offers deep insight into local markets and gives CRU the capability to forge connections across global supply chains.

The CRU Events team is trustworthy, professional and fun. We are in business to share our knowledge, spark debate and facilitate networking between CRU’s communities to build lifetime value for our customers.

Visit our global event schedule at CRUGroup.com/events

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Get in touch CRU’s unique services are based on our in-depth understanding of markets and on our close contact with customers all over the world. We look forward to hearing from you.

Visit CRUGroup.com/about-cru/locations for contact details

London New York

Beijing Tokyo

Pittsburgh Shanghai Mumbai

SĂŁo Paulo Santiago

Singapore Sydney