commiss decis octob declar concentr compat common market function eea agreement case comp mitsui cvrd caemi notifi document number english text authent text eea relev ec commiss european commun regard treati establish european commun regard agreement european econom area articl thereof regard council regul eec decemb control concentr undertak amend regul ec articl thereof regard commiss decis initi proceed case regard opinion advisori committe concentr regard final report hear offic case mitsui companhia vale rio doce cvrd notifi commiss concentr pursuant articl regul eec mitsui cvrd acquir joint control caemi mineração metalurgia sa caemi purchas share examin notif commiss conclud juli notifi oper fell scope regul eec rais doubt compat common market eea agreement august commiss issu statement object oral hear parti septemb parti mitsui japanes compani conduct worldwid trade commod product includ iron or minor control stake number australian indian iron or mine compani includ signific minor stake world largest iron or mine robe river mitsui arrang financ project support trade activ compani cvrd base brazil diversifi mine compani world largest iron or produc jointli sole control brazil iron or product princip except mineração brasileira reunida sa mbr subsidiari caemi cvrd recent acquir ferteco mineração sa ferteco brazil largest iron or produc activ commerci transport railwai port oper ship iron or cvrd manufactur number product includ fertilis kaolin metallurg bauxit pulp paper caemi publicli held compani organis brazilian law hold equiti invest compani activ product sale iron or brazil canada kaolin refractori calcifi bauxit brazil relat logist busi railwai port oper brazil iron or sector activ control particip mbr brazil joint control interest quebec cartier mine compani qcm canada control sharehold dofasco canada largest integr steelmak mbr brazil largest iron or produc cvrd fourth iron or produc worldwid cvrd rio tinto bhp ii oper mitsui own vote share caemi remain vote share caemi own quot frere quot brother frere famili purpos acquisit mitsui creat wholli own subsidiari quot mitsui hold compani quot mhc entiti ultim jointli control mitsui cvrd acquisit joint control caemi mitsui cvrd effect stage stage concentr involv mitsui exercis pre exist refus respect frere hold stage involv cvrd purchas caemi vote share mitsui ii legal instant caemi vote share jointli control cvrd mitsui parti mhc frere purchas agreement strateg allianc agreement condit manner stage concentr happen stage take place end result set transact notifi acquisit joint control notifi parti caemi stage oper constitut singl concentr mean articl regul eec iii commun dimens undertak concern combin aggreg worldwid turnov eur billion mitsui eur billion financi year end march cvrd eur billion financi year end decemb caemi eur million financi year end decemb commun wide turnov excess eur million mitsui cvrd eur caemi eur achiev third aggreg commun wide turnov member state notifi oper commun dimens undertak concern oper activ product distribut iron or territori cover ecsc treati engag activ countri aspect present concentr fall scope articl ecsc treati iv gener descript iron or industri affect market iron or sector iron or raw materi sold exclus steel industri sold steel produc iron or mine compani princip form sinter fine lump pellet detail explan commiss consid form or constitut distinct relev product market section suppli iron or iron or mine iron commonli occur metal aluminium make earth crust larg varieti mineralog form iron natur occur commerci import princip ferrou oxid magnetit hematit limonit ilmenit iron make process step produc steel oxygen remov process quot reduct quot form iron or mine includ carbon siderit sulphid silic iron or deposit vari consider chemic composit part world largest resourc iron or found band iron format bif taconit itabirit bif hundr metr thick thousand kilometr wide commerci import found brazil western australia lake superior area canada krivoi rog ukrain kursk russia world reserv iron or estim mt largest reserv or measur iron content found ukrain china australia russia unit state brazil kazakhstan iron content iron or vari consider countri chines or low iron content approxim brazilian or high iron content approxim excess iron or mine open pit method economi scale low unit iron compar metal iron or mine compani produc signific amount or underground mine sweden lkab open pit mine initi process involv strip quot overburden quot layer or blast requir reduc or size easili load shovel front end loader truck railcar conveyor belt transport crusher primari crush size iron or quot benefici quot involv crush grind separ screen size or process remov impur silica alumina or reduc form size desir mine compani degre benefici depend natur iron or deposit level impur present or custom specif lump fine or produc crude or crush ground benefici produc iron or concentr pelletis turn iron or pellet pelletis plant locat close mine mine produc lump or fine or inevit result mine process ratio fine lump product mine determin natur iron or deposit hard mine produc lump ow tendenc ferrou materi break small particl extract handl case brazilian or result lump or import commun australia south africa india brazilian venezuelan mine produc lump or repres compar lower percentag or product mine or low ferrou content order unit state canada china sell lump or crush or fine order produc iron or concentr commerci viabl iron content similarli appear or adequ econom product pellet pellet tradition produc america europ pellet plant intend serv export market built sweden canada venezuela brazil reason pellet feed produc grind concentr natur fine or suit concentr parti pelletis past western australia success import consequ geologi mine qualiti or qualiti princip measur term ferrou content maximis level impur minimis attent loss ignit quot loi quot crystal water presenc silica phosphoru alumina advers effect blast furnac oper data provid parti signific variat qualiti or produc region gener speak brazilian or high grade product ii australian or tradition consid high qualiti product mine progress deplet replac newer mine yandi robe river higher silica loi content iii south african or high level alkali limit blast furnac iv swedish or good qualiti sinter feed high ferrou content produc pure pellet excel perform iron or found canada unit state china low ferrou content order compar brazil australia note iron or pellet plant gener locat adjac mine site export port pellet disintegr transport highest qualiti pellet produc brazilian canadian swedish or mine locat australia theori make invest engag product iron or pellet gener pellet product achiev construct pellet plant cost approxim usd usd annual tonn capac provid fine or product qualiti form iron or approxim iron or steel product steel mill produc iron blast furnac method blast furnac convert iron or pig iron fed basic oxygen furnac bof convert steel type iron or percentag usag defin modifi time time steel maker function technolog metallurg consider market condit avail price iron or demand steel product extract mine iron or form lump mm diamet fine mm diamet technic reason lump or directli load blast furnac fine small tend block reduct process undertaken blast furnac earlier time type iron or market lump or fine mine consid wast materi order advantag fine agglomer process subsequ develop sinter pelletis sinter agglomer fine sinter feed diamet mm pelletis agglomer super fine pellet feed diamet mm pellet steel mill sinter plant sinter disintegr transport contrast pellet disintegr transport pelletis plant locat mine european steel mill shift portion import or pellet make invest improv perform sinter plant environment perspect sinter environment costli trend occur japan steel mill elect invest improv sinter plant result develop sinter pelletis blast furnac oper gain abil select fine sinter blast furnac oper lump pellet complex reason relat fine tune blast furnac oper maximis effici minimis cost blast furnac oper mix ow consider percentag sinter fine blast furnac vari mill mill subject except steel mill region tend face condit suppli procur compar proport form iron or result parti estim sinter fine repres approxim quot burden quot feed typic blast furnac europ asia sinter fine repres burden typic unit state blast furnac blast furnac oper differ prefer rel weight lump or feed europ lump usag approxim total burden unit state closer asia usag due princip proxim australian mine produc higher percentag lump or rel pellet vari consider region europ pellet tend repres feed unit state asia final iron or produc convers direct reduct iron dri dr furnac dr furnac main form dr iron or lump pellet or high grade high iron content low level impur silica phosphor sulphur dri fed electr arc furnac convers steel world product iron or total world product iron or year amount million tonn mt mt mt product iron or close output steel cyclic natur demand steel turn larg function econom cycl busi cycl automot construct sector iron or product grown averag rate year reach peak mt worldwid product gt tabl gt parti estim data unctad largest iron or produc countri world product figur brazil mt australia mt china mt russia mt india mt unit state mt ukrain mt canada mt south africa mt proport iron or product export countri vari consider tonnag export brazil mt australia mt china export russia mt india mt unit state mt ukrain mt canada mt south africa mt seaborn trade iron or world war steelwork tend locat close iron or mine account high cost transport or develop larg high qualiti reserv bif brazil australia chang structur iron or industri preponder small scale produc locat close main steelmak develop increas number larg scale mine locat consum occur larg result economi scale larg mine kind develop mine caus sharp increas transport iron or seaborn larg bulk carrier todai half world product turn requir invest port facil handl larger ship offer reduct unit transport cost world product iron or nonetheless transport custom sea notabl exampl unit state eastern europ china signific domest iron or product product consum domest domest product captiv unit state steel compani domest product capac product reach open market iron or product western europ main except sweden contrast disappear princip result abovement declin iron or product western europ result growth asian steel industri demand seaborn iron or grow significantli recent year western europ east asia japan south korea taiwan larg depend import seaborn iron or domest iron or product consumpt import iron or china grow rapidli meet increas demand seaborn trade fearnlei estim statist base figur publish norwegian ship compani fearnlei gt tabl gt iron or export domin shipment south america brazil oceania australia domin grow iron or export worldwid oceania south america combin share grown trend expect continu freight rate vari consider depend ship rout year year rate sensit oil price movement avail suitabl ship partli result deliber polici diversif part japanes steel compani avoid depend australian supplier brazilian iron or export wide distribut australia reason wider distribut brazilian or includ wider product rang brazilian produc pellet offer australian supplier fact japanes steelmak stake brazilian pellet plant japanes custom polici freight share detail barrier enter iron or market number factor make entri iron or market difficult cost entri high signific entri market recent year entri form acquisit exist oper locat commerci iron or reserv suffici qualiti economi scale compet world market involv signific explor feasibl studi cost obtain miner right mine site requir permit develop oper site adjac rail port facil requir extens negoti government author number year countri liberia guinea develop high qualiti or deposit prevent polit instabl world high qualiti reserv hand biggest iron produc cvrd rio tinto bhp occasion mine advantag exist rail port infra structur adjac mine mine rail link port develop cost substanti rang hundr million billion euro reason mine larg economi scale order compet worldwid trade capac form expans exist mine open pit adjac exist mine quot brownfield quot expans major quot greenfield quot iron or mine develop cvrd caraja mine northern brazil open initi capac mt cost usd billion mid expand capac mt addit cost usd million construct oper pelletis plant subject fewer obstacl cost construct pelletis plant usd usd tonn annual capac pelletis plant capac rang mt mt total cost rang usd million usd million respons parti submit barrier greenfield entri signific insurmount parti equip iron or industri common mine sector technic barrier commiss consid affect conclus main barrier entri area mine equip high rate capac utilis kei market particip capac utilis seaborn iron or industri oper close pattern past year iron or tend stock signific quantiti iron or mine compani steelmak iron or stock expens hold produc consum tend hold stock order short term fluctuat product consumpt forecast increas world demand steel led largest iron or produc invest product capac capac replac exhaust mine addit expans exist mine number mine plan brazil australia cvrd bhp rio tinto expans capac plan india canada signific increas capac brazil australia quot brownfield quot quot greenfield quot site reason cost develop iron or mine mean econom expand exist oper case increas opposit open pit mine part world develop countri context expect current situat tight suppli continu number year data provid parti capac utilis rate reach expect rang respons parti submit excess capac exist parti year correspond year unforeseen time high demand come year show pictur parti capac figur commiss provid parti underestim actual level capac industri parti reli studi commiss carri econom consult studi econom consult consid quot capabl quot capac measur firm maximum capac suppli iron or export market specif econom consult consid nomin capac improv de bottleneck quot capabl quot calcul basi highest observ product level provid indic capac suppli instanc econom consult calcul capabl cvrd northern system observ reach peak shipment rate mt march extrapol figur annual basi reach annual capabl mt commiss accept parti argument capac commiss consid capabl figur calcul econom consult significantli overestim actual capac industri commiss consid deriv annual capac extrapol basi highest monthli product methodolog suppos iron or supplier month reproduc ideal condit enjoi quot quot month scenario view complex logist chain product storag rail transport ship load bottleneck level short econom consult methodolog assum optim product level iron or train capac ship present port addit methodolog ignor season factor season charact demand weather condit signific industri commiss consid capac figur initi provid parti consist provid parti assess present transact addit commiss note basi capabl figur calcul econom consult capac utilis rate expect remain close period high figur frequent disrupt caus factor weather condit delai ship train affect extract process actual capac utilis rate basi real capac exce estim commiss maintain industri continu situat tight suppli parti argument lower demand confirm result commiss investig quarter result cvrd show increas fine pellet sale compar present result made cvrd long term perspect annual growth iron or product annual growth pellet short term demand remain firm risk slowdown current market growth contract demand rio tinto half year result show pattern demand iron or quot remain strong quot lower demand steel lower demand iron or forecast materi affect conclus lead iron or supplier postpon capac expans scheme parti explain respons uneconom add capac ahead demand reduc industri capac utilis rate bank financ project basi gener note argument made parti respons signific excess capac presenc readili expand capabl homogen product low margin cost point conclus iron or market close situat perfect competit scenario expect iron or produc experienc low profit margin result investig show realiti present made cvrd merril lynch major iron or supplier achiev consider profit margin ebitda margin bhp cvrd high return capit reach case cvrd similarli present made bhp present iron or sector sort aberr commod market commod consid iron or highest return capit paradox lowest risk volatil featur demonstr presenc substanti rigid iron or sector enabl major produc enjoi comfort profit main supplier seaborn iron or main supplier seaborn iron or western europ worldwid cvrd mention cvrd base brazil world largest iron or produc jointli sole control brazil iron or product princip except mineração brasileira reunida sa mbr subsidiari caemi cvrd iron or mine oper essenti locat geograph region brazil quot northern system quot mine locat caraja region state pará capac mt quot southern system quot mine locat state mina gerai capac mt mine system link dedic freight railwai deep water port facil own cvrd cvrd recent acquir control interest sa mineração da trindad samitri locat quot southern system quot high grade reserv estim annual product capac mt socoimex mine compani estim annual product capac mt mine locat brazil produc fine lump or cvrd hold interest various pelletis plant wholli own plant construct brazil own pelletis plant bahrain gulf industri invest compani brazil nippon steel interest pelletis plant riva itali aceralia spain interest plant posco korea interest plant pelletis plant brazil held samarco iron or pellet export subsidiari samitri bhp hold interest pellet produc joint ventur compani sold joint ventur pellet custom cvrd long term sale agreement profit joint ventur compani distribut cvrd joint ventur pellet custom dividend cvrd acquir ferteco mineração sa ferteco brazil largest iron or produc base state rio de janeiro product capac mt year iron or mineabl reserv approxim mt or ferteco oper open pit iron or mine locat quot southern system quot mt year pellet plant state mina gerai ferteco hold stake mr logistica sa freight railwai network serv quot southern system quot link deep water port sepetiba rio de janeiro cvrd own freight railwai link quot southern system quot deep water port tubarão cvrd pelletis plant locat ferteco oper marin termin wholli own subsidiari companhia portuária baía de sepetiba sa cpb port sepetiba rio tinto rio tinto base australia world largest iron or produc sold mt includ sale north limit mt sold seaborn market rio tinto own marandoo mount tom price paraburdo yandicoogina mine channar mine western australia quot hammerslei quot mine total list capac mt year expect increas mt mt public sourc product market iron or hammerslei iron or mine amount mt total sale mt substanti export sale includ mt japan mt china mt korea taiwan asia mt europ autumn rio tinto acquir north limit held indirect sharehold robe river iron associ mine rio tinto directli control market sale agent robe river product amount mt export robe river annual capac expect increas addit mt commenc mt develop west angela deposit western australia rio tinto own share iron or compani canada ioc ioc open pit mine newfoundland produc mt fine iron or concentr mt sold form pellet produc mine site or export port quebec rio tinto announc renov sept île quebec pelletis plant reopen capac mt increas mt year ioc annual sale amount mt portion sold canadian steelmak mt export rio tinto own mine brazil corumbá current annual capac mt bhp bhp base australia world largest iron or mine compani account world product parti estim sale iron or control bhp includ samarco output repres mt bhp own interest mount newman yandi goldsworthi joint ventur western australia interest middleback rang southern australia jimblebar mine western australia mine total list capac mt expect increas mt bhp own taharoa waikato mine zealand capac approxim mt current project develop parti expand capac control bhp addit mt mt year bhp acquir addit interest samarco mine pelletis plant brazil bring total equiti interest remain interest samarco held cvrd samarco mine rate capac mt year includ mt pelletis capac total sale amount mt includ mt pellet caemi mention caemi brazilian hold compani stake iron or mine compani brazil canada relat logist busi caemi control brazilian mine compani mineração brasileira reunida sa mbr hold vote share mbr brazil largest iron or produc cvrd seaborn export capac mt year oper open pit mine produc fine lumpi or caemi jointli control quebec cartier mine compani qcm canada hold vote share remain held canadian steel compani dofasco qcm produc fine or pellet seaborn export capac mt year worldwid caemi number iron or produc cvrd rio tinto bhp logist railwai port oper brazil caemi hold inter alia stake mr logistica sa brazil import gener cargo railwai network serv quot southern system quot iron or mine link deep water port sepetiba snim société national industriel minièr snim produc iron or mauritania total capac mt year product export export western europ predominantli franc itali belgium lkab swedish iron or produc luossavaara kirunavaara ab lkab produc sell fine iron or pellet total capac mt mt pellet mt fine total sale amount mt million tonn pellet approxim million tonn export lkab account amp lt worldwid product amp lt global import trade ow advantag ship cost europ lkab account higher percent iron or consumpt european union iscor iscor main south african produc iron or product capac mt year half product consum intern steelwork rest mt export asia iscor intend increas export capac futur affect difficulti expand rail port capac south africa mitsui mention mitsui japanes compani minor control stake number australian indian iron or mine compani mitsui control indian mine compani sesa goa produc mt iron or mt export europ mitsui minor hold includ signific minor stake world largest iron or mine robe river australia stakehold includ rio tinto japanes steel compani mitsui interest yandi goldworthi mount newman mine control sharehold bhp final detail mitsui hold vote share caemi sesa goa compani control mitsui compani neglig product sale account competit assess made includ calcul market share demand iron or trend demand iron or demand iron or origin steel manufactur iron or raw materi subsequ product steel product iron or consum divid type basic oxygen furnac bof steel mill produc pig iron sinter fine lump pellet lesser extent scrap direct reduct segment pellet lump produc direct reduct iron dri electr arc furnac eaf steel product high cost energi european union mean iron or sold steel product blast furnac method dr iron or account total world consumpt iron or western european eaf product facil dri mt capac plant oper ispat germani reason consid eaf facil dri construct eu decad world product consumpt crude steel close trend asian european economi mt world crude steel product fell low mt result european recess deepen econom crisi ci countri gradual increas high mt result asian crisi end product fell mt rebound late intern iron steel institut estim total crude steel product million tonn view region product crude steel western europ unit state grown modestli decad product crude steel ci countri fell half mt mt increas result aggress export polici offset fall domest consumpt chines korean product crude steel import iron or grew substanti decad competit cheap steel import consider pressur lesser extent european steel produc competit indirectli affect brazilian australian swedish iron or produc seaborn trade furnish iron or requir western european steel maker small amount eastern european steel produc period demand steel mirror iron or market notwithstand asian crisi demand iron or grown approxim year recess global iron or product fall high mt slightli mt seaborn iron or trade fell mt mt increas steel product reflect increas global iron or product million tonn seaborn trade mt mt price iron or fell sharpli result asian crisi increas match record level world steel product upward trend faster expect recoveri steel industri asian crisi evid product figur compar record level mt crude steel product reach cvrd expect posit trend steel product continu futur crude steel product reach mt annual averag increas analys steel growth region biggest absolut increas occur asia mt latin america mt european demand forecast remain constant world iron or product expect follow trend steel product lower growth rate steel product scrap iron or expect increas rapidli steel produc blast furnac rout hand intern trade iron or expect grow faster world iron or product larg part growth steel product countri import iron or consumpt iron or european union steelmak european union todai total reliant seaborn iron or western european steelmak import larg quantiti iron or varieti sourc eu brazil largest export iron or europ australia canada mauritania tabl includ small amount consumpt import princip mt swedish product consum domest gt tabl gt parti estim data unctad limit chang iron or mix iron or regard typic commod parti state procedur product made region highli differenti intrins metallurg properti client conserv purchas behaviour demand iron or eman custom determin burden custom composit burden defin rel proport sinter fine lump pellet requir qualiti geograph origin type or custom blend varieti fine order obtain feedstock paramet ferrou content loi content level impur burden determin proport qualiti origin fine data provid parti result commiss investig custom highli reluct chang composit burden rare parti state europ blast furnac run high product level utilis high level pulveris coal inject low volum coke condit achiev maintain feedstock paramet stabl stabl oper condit limit raw materi buyer abil switch input materi short term basi explain iron or tradition contract multi year period phenomenon oper level limit custom abil switch sinter lump pellet effect form iron or lump pellet sinter fine restrict custom abil switch product origin qualiti result commiss investig confirm phenomenon appear blast furnac steel mill chang proport sinter lump pellet significantli averag custom switch qualiti sinter fine australian fine brazilian fine appear competit take place or qualiti similar geograph origin parti emphasis respect fine buyer flexibl improv sinter fine blend site steel mill prior produc agglomer situat compon blend exchang remov ad provid chemic composit metallurg behaviour agglomer remain stabl admit trend iron or custom reduc number blend compon order save cost transport handl stock consequ trend reduct buyer abil switch supplier short term product steel electr arc furnac direct reduct iron dri pig iron scrap iron input dri produc dr iron or dr furnac or main form dr pellet dr lump depend type dr furnac concern technic limit intersubstitut dr lump dr pellet lump substitut pellet pellet fulli substitut lump lump exce total burden concentr joint ventur concentr iron or steel industri ownership structur iron or market rapidli transform past year concentr compani capac concentr notabl rio tinto purchas australian mine compani north cvrd string recent acquisit brazilian mine compani concern product cost import factor drive current wave consolid bulk world internation trade iron or concentr hand compani cvrd rio tinto bhp industri analyst roskil inform servic note consolid make harder iron or consum negoti price discount ownership steel industri consider consolid iron or industri european steel produc pursu rapid consolid recent time thyssen krupp merg form thyssen krupp stahl mt steel product british steel hoogoven netherland merg form coru mt arb acquir aceralia usinor acquir cockeril sambr year arb aceralia usinor world fourth largest steelmak announc merger produc world largest steel compani mt product capac notifi parti estim usinor arb aceralia cockeril sambr european subsidiari consum mt iron or roughli global seaborn import coru includ hoogoven consum mt iron or roughli global seaborn import thyssen krupp riva itali consum mt iron or roughli global seaborn import respons parti submit consolid steel industri signific commiss japanes steel mill bui bloc merger usinor arb aceralia seaborn iron or purchas largest custom commiss share view product joint ventur horizont vertic number quot horizont quot mine joint ventur notabl cvrd bhp hold stake samarco brazilian pellet produc mitsui signific minor stake equiti term import australian mine robe river rio tinto sharehold mitsui interest yandi goldworthi mount newman mine control sharehold bhp exist number quot vertic quot product joint ventur iron or produc steelmak robe river mount newman goldsworthi yandi ventur steelmak quot captiv quot iron mine make minor equiti invest iron mine long term sale agreement portion product recent time trend revers wit thyssen krupp sale ferteco respons parti phenomenon lack concern quot exploit quot iron or produc commiss consid argument highli specul plenti reason steel mill sell iron or interest levi capit invest core busi fact iron or produc concern longer repres signific part suppli steel mill concern counterbal risk quot exploit quot purchas iron or interest divest obtain higher purchas price reflect futur price expect reach long term contractu arrang acquir increasingli steelmak invest major minor sharehold pelletis plant nippon steel posco pohang iron amp steel riva itali aceralia spain hold substanti minor interest cvrd pelletis plant iron or price contract price negoti suppli contract iron or produc consum shorter past year case contract year length compar year contract produc japanes steelmak tend longer term produc european steelmak benchmark price contract year price revis annual basi result price negoti take place western europ east asia specif japan begin year object price negoti set refer price quot benchmark price quot lump sinter fine pellet custom area negoti place seri meet larg iron or steel produc start end previou year continu month negoti base princip perceiv state demand suppli iron or financi situat or produc steel mill long term industri point line price negoti season steel mill reach agreement iron or produc percentag chang previou year free board fob price fine produc percentag chang made public iron or supplier custom defin benchmark price fine tabl agre price chang east asia western europ price setter japan europ gt tabl gt sourc tex report parti data note benchmark price agre fine princip lower price higher volum concern annual price adjust fine agre annual price lump or pellet negoti parti benchmark price lump tradition agre japanes steel mill australian supplier pellet negoti western europ phenomenon reflect rate utilis pellet lump region recent year contract gener australian iron or compani japanes steel produc tend benchmark price europ note negoti process transpar supplier custom expect state demand suppli quot fair quot price movement wide advertis press industri journal report regularli progress talk describ met specul content discuss final price determin benchmark quot refer quot price individu negoti produc custom commenc final price agre product market definit iron or raw materi sold exclus integr steel industri offer basic oxygen furnac bof steel produc iron or mine compani form sinter fine lump pellet steel produc feed individu compos burden sinter lump pellet blast furnac produc pig iron convert steel parti western europ burden consist approxim fine lump pellet vari steel mill steel mill lump or directli feedstock blast furnac sinter fine small directli blast furnac process sinter process take place sinter plant oper steel mill pellet product process smaller quot super fine quot pelletis plant oper mine directli feedstock notifi parti submit singl relev product market includ suppli iron or distinct type or fine pellet lump argu form iron or high degre substitut iron or user signific extent switch form or price gener move absolut level differ significantli result differ process basi outcom unanim view express iron or custom commiss market investig conclud type iron or constitut distinct product market limit substitut product demand side substitut technic barrier switch iron or type type or significantli substitut demand side perspect blast furnac run high product level feedstock paramet stabl stabl oper condit limit raw materi buyer abil switch input materi short term basi explain iron or contract multi year period parti major occur dictat oper requir line blast furnac closur sinter plant iron or supplier provid product substitut exist longer contempl extens test period plan start lab pilot test full scale trial number week practic constraint inevit limit scope signific short term iron or suppli result commiss investig confirm limit substitut form iron or vast major steel produc highli reluct chang signific extent composit burden fed blast furnac custom signific chang proport sinter lump pellet year case cost million euro invest econom barrier switch iron or type result commiss investig signific econom barrier switch sinter fine lump pellet price differ significantli product type sinter fine typic price cent fe dmt cif lump cent fe dmt pellet cent fe dmt result differenti sinter fine lump fine pellet fine remain cheapest option steel mill oper pellet plant case constrain effect fine iron or type vast major custom abil steel mill alter sinter expens profit form iron or limit steel mill tend maximis sinter fine fine cheapest iron or product sinter plant oper steel mill high fix cost low margin cost steel mill run sinter plant capac signific barrier expans sinter capac lump pellet significantli constrain effect sinter feed price demand sinter feed price turn constrain effect price lump pellet contrari parti view vast major custom state steel mill increas sinter capac short medium term substanti invest requir result environment constraint specif expans capac sinter plant viabl option sinter plant built europ year impli maximum proport blend reach start plant oper full capac uneconom expans capac exist plant theoret limit extent addit output insuffici influenc price iron or type cost expand capac great worthwhil extrem high cost brought shut blast furnac consequ disrupt steel product europ steel mill face regulatori difficulti releas toxic gase gener sinter product capac expans load process product feed sinter plant turn incur addit cost dilut econom advantag fine event addit proport obtain suffici exercis price constrain effect note unlik sinter fine grade lump pellet product dri present made jp morgan cvrd novemb demand pellet deriv signific extent expect growth dri product dissoci competit condit pellet sinter fine blast furnac process constrain effect lump pellet result commiss investig show scope interchang lump pellet limit vast major custom steel mill procur lump pellet satisfi rest seek maximis lump cheaper pellet constrain capac lump lump quot natur quot product variabl qualiti repres high proport total iron or mix primari requir good steel product consist input blast furnac part lump decompos fine block airflow pose risk blast furnac product flexibl increas proport pellet rel lump ow high price pellet expens product option main incent pellet increas output blast furnac time high demand higher steel product cost pass custom gener speak pellet consid swing product area north america product account geologi domest iron or mine conclus light conclud demand side perspect sinter fine lump pellet constitut separ product market vast major custom chang proport sinter feed lump pellet price iron or form increas rel form custom reluct chang burden ii custom significantli increas demand sinter fine oper sinter plant close full capac increas capac short medium term iii custom significantli increas proport lump maximis lump short suppli iv pellet substanti expens iron or form custom swing product increas demand pellet produc desir quantiti steel sinter lump custom chang burden appear custom reduc increas quantiti pellet result commiss investig show limit proport distinct iron or product individu burden vari limit extent short medium term appear seldom result competit iron supplier result exogen consider evolut demand steel instanc period high demand steel steel mill sinter capac insuffici cover product requir case steel mill concern procur higher cost pellet order meet demand parti skill iron or buyer determin abil shift order supplier accord price consider skil buyer extract maximum exist supplier term time suppli product qualiti consist price suppli side substitut fine pellet lump gener substitut suppli side perspect iron or mine produc lump fine sold steel mill sinter feed convert mine pellet ratio fine lump or product mine determin geologi iron or deposit mine locat australia india south africa produc lump mine locat brazil venezuela mine produc or low ferrou content locat unit state canada china produc saleabl lump fine or convert lump theoret convert lump fine make econom sens ow higher lump or possibl convert lump feedstock pelletis plant pellet feed theoret crush lump order yield feed commiss market investig econom viabl possibl convert fine pellet possibl constrain fact requir construct pelletis plant major invest justifi mine produc signific proport fine or suitabl pellet feed natur australian or econom make pellet or price differ price differ significantli product type sinter fine typic price cent fe dmt cif lump cent fe dmt pellet cent fe dmt result differenti sinter fine lump fine pellet parti argu differ presenc product market reflect form iron or confirm trend price quantiti benchmark price fine lump pellet follow movement tabl suggest condit demand suppli specif form iron or fine lump pellet constitut distinct product market benchmark price lump sinter fine europ gt tabl gt fact high degre correl evolut price affect conclus normal find correl price product produc mine area equip share high proport cost thirdli note distribut quantiti sold follow expect form iron or substitut instanc sinter fine pellet lump basic price movement minor addit decreas pellet year seaborn quantiti follow pattern demand fine lump increas pellet decreas form iron or part product market expect demand sinter fine lump pellet follow evolut possibl slighter higher demand pellet form iron or case vast major custom respond questionnair commiss market investig price or type increas result substitut or type parti respons respons parti disput commiss find contest product market definit ground custom switch signific extent form iron or parti reli studi produc econom consult consid steel mill switch form iron or econom consult consid iron or homogen product steel mill achiev equival product level burden composit econom consult demonstr fact steel mill substanti burden commiss share opinion fact iron or normal commod reflect result commiss investig physic chemic characterist iron or produc mine area significantli differ term ferrou content term impur level product origin belong product market limit substitut product mine area appear commiss investig australian brazilian supplier easili gain market share due characterist product addit commiss agre parti econom consult differ burden condit steel mill demonstr steel mill abil switch product burden process condit steel mill optimis specif characterist product requir steel mill process condit observ econom consult simpli reflect wide vari configur blast furnac individu steel mill theoret oper burden prove commiss investig dismiss possibl steel mill practic substanti alter burden drastic option blast furnac manag risk involv high invest time period requir test parti client conserv purchas behaviour steel compani difficulti fulli understand blast furnac technolog risk reduc contempl chang simpli concern switch sinter fine pellet nonetheless remain strong econom barrier higher price pellet presenc sinter plant confirm fact plant oper individu steel manufactur blast furnac frequent burden parti econom consult observ quot signific fluctuat proport mix fine lump pellet or year quot quot fluctuat sourc suppli categori iron or year quot level individu steel mill econom consult opinion data combin custom tendenc reduc durat suppli contract confirm custom abil switch form iron or commiss disput individu blast furnac modifi burden condit detail blast furnac manag run sinter plant capac maximis lump subject technic limit fulfil rest pellet product requir lead burden instanc time high demand steel mill increas proport pellet higher price product increas absolut volum sinter capac constraint increas level lump technic limit steel mill quot demand pellet directli depend capac level blast furnac sinter plant work maximum capac iron or product decreas pellet demand decreas higher price quot custom chang burden qualiti iron or introduc exist mine deplet case custom progress examin extent introduc qualiti substitut qualiti type or substitut essenti confin singl form or effect burden instanc affect product sinter plant commiss maintain affect conclus custom effect alter burden rel price form iron or chang investig alter burden process condit maintain similar product requir subject substanti barrier due technic risk econom reason maximum sinter plant sinter fine cheaper lump cheaper pellet context appear rel price movement order suffici affect econom plant make blast furnac manag signific risk parti disput fact commiss investig prove exist signific barrier switch form iron or parti provid quotat custom demonstr opinion abil custom switch iron or type commiss agre parti interpret quotat commiss consid quotat inconclus statement custom switch qualiti form iron or statement custom make switch subject oper feasibl support conclus drawn commiss instanc parti cite repli custom quot chang blend ratio sinter pellet lump chang blend ratio repair sinter machin requir case reduc sinter ration slightli increas pellet ration balanc repair occur year quot similarli parti cite steel mill quot proport lump limit due oper reason proport sinter pellet sinter regard econom pellet sinter pellet buffer or quot gener appear real technic opportun switch pellet sinter fine substanti econom oper barrier switch high price differ utilis sinter plant capac addit note quotat made parti concern statement theoret technic limit switch statement account sinter capac constraint oper constraint blast furnac oper stabl hamper frequent logist consider contractu arrang econom barrier switch address part repli instanc parti quot european custom state theoret chang blend repli custom oper sinter plant capac event rel price movement sinter fine lump pellet chang proport burden context commiss maintain take broader view combin relev factor result enquiri form iron or constitut relev product market recal quasi unanim custom confirm relev element integr chang proport sinter feed lump pellet price iron or form increas rel form commiss note parti implicitli admit form iron or constitut distinct market acknowledg respons pellet premium extent lump premium year expand rel prior year markedli higher level demand pellet lump year lead price rise form form iron or part market higher price form lead lower demand form higher demand form addit parti statement switch econom option hypothet domin supplier form iron or sinter fine attempt increas price form assum custom switch form iron or pellet extent suffici make attempt price rise unprofit markedli increas demand form statement made parti increas demand result higher price form provid pellet seaborn iron or excess capac limit custom incent switch give rise signific econom technic logist difficulti custom lead higher price direct reduct iron or iron or sold form suitabl convers direct reduct iron dri turn fed electr arc furnac product steel dr iron or form dri lump dri pellet dri fine includ dri pellet feed demand western europ dri fine pellet feed product discuss decis focu dr lump pellet substitut dr lump pellet hand bof lump pellet substitut process replac vice versa princip account higher iron content lower level impur dr or view higher price dr iron or substitut dr or bof or theoret natur parti suggest dr lump form separ product market replac pellet sake clariti note parti admit contrast dr lump substitut dr pellet parti dr lump tradition past mandatori pellet tend stick high temperatur dr oper increas product lump prevent stick coat technolog pellet prevent stick longer make lump or indispens input altogeth parti suggest dr iron or separ bf iron or market consid market dr pellet hand market combin dr lump dr pellet commiss agre technic point view dr pellet fulli replac lump or addit result investig suggest econom barrier switch dr sector lower bf sector western european custom dr lump dr pellet lump price increas pellet price remain constant signific substitut pellet lump appear substitut dr lump dr pellet dr lump replac dr pellet proport burden technic reason dr pellet fulli replac dr lump competit impact transact dr iron or measur basi product market dr pellet ii dr iron or combin lump pellet respons parti suggest dr or form relev market ground dri result direct reduct dr or replac scrap pig iron stand scrutini parti contest dr or suitabl product dri argument dri product offer dr iron or custom dr iron produc replac product word parti claim dr or form separ product market downstream market dri result process dr iron or fed electr arc furnac replac product commiss consid presenc competit altern downstream market prevent exist market power upstream market fact dri produc compet supplier scrap pig iron necessarili prevent hypothet monopolist supplier dr iron or impos monopoli price iron or suppli dri produc turn sell dri eaf steel mill consequ presenc altern dri dri produc incur high suppli cost high iron or price low sale price ow presenc substitut dri product event result investig confirm substitut scrap dri pig iron parti acknowledg scrap high qualiti materi low ad product rebar made scrap high ad long product flat roll product produc eaf rout requir signific proport cleaner raw materi pig iron dri note scrap cheaper dri eaf steel mill maximis proport scrap true time peak demand scrap dri theoret compet solid pig iron indic substitut limit pig iron carbon requir addit oxygen process begin melt process subsequ charg made scrap dri iron or suitabl dri product belong distinct product market left open competit assess transact remain unchang altern consid conclus view conclud sinter fine lump pellet constitut separ product market strong indic iron or suitabl dri product belong distinct product market competit impact oper hypothet product market dr pellet hypothet product market combin dr pellet dr lump examin vi relev geograph market parti submit relev geograph market iron or view total world product parti emphasis largest steel mill world procur iron or suppli mine countri mine countri parti view global charact iron or market deriv global dimens downstream steel market global natur steel market iron or produc sell product price custom steel mill manufactur steel competit mine oper seek obtain higher price or nearbi steel mill practic price product steel mill market turn sever harm interest mine oper due outright loss nearbi custom commiss share analysi base result detail investig consid distinct made custom base countri domest iron or product case choic indigen seaborn suppli hand custom indigen iron or product western european japanes steel produc analysi appli type iron or transport iron or order deliv custom iron or transport rail case region larg domest product china russia unit state dedic ship iron or deliv ship design quot seaborn sale quot order econom transport iron or requir dedic high capac infrastructur land transport appear convent railwai suit specif requir iron or transport iron or transport larg quantiti train length km track specif design carri long heavi train iron or transport dedic railwai similarli seaborn transport iron or econom achiev contain ship similar larger oil tanker requir dedic ship capac equival larger oil tanker ship iron or handl deep water port specif infrastructur equip handl iron or vessel consider iron or produc suppli custom worldwid practic capac iron or supplier deliv product custom determin exist absenc suffici transport infrastructur exist transport link condit supplier approach custom vice versa distinct quot domest quot quot seaborn quot custom area world custom purchas iron or requir quot domest quot supplier connect rail inland waterwai instanc case unit state demand met north american mine rest essenti procur brazilian supplier eastern europ suppli domest iron or produc condit competit area primarili determin local market characterist rel competit domest supplier structur demand area demand area frequent adjust type qualiti product offer quot domest quot mine concern specif product mix custom brazil australia exclus iron or qualiti produc local similarli north american steel mill exclus pellet correspond local characterist iron or deposit region markedli differ tradit purchas pattern western europ east asia demand sinter fine lump contrast specif situat exist western europ east asia japan taiwan south korea lesser extent china domest suppli wide insuffici competit custom area oblig purchas product distant supplier access relev transport infrastructur practic transport primarili undertaken ship land transport compet seaborn deliveri custom japan taiwan physic reach ship suitabl land link place connect western european custom continent suppli area china ussr india addit chines russian iron or reserv characteris low iron content approxim compar brazilian australian mine increas transport cost quot gangu quot ferrou content ship unit iron domest suppli exist margin custom western europ east asia depend total seaborn suppli brazil australia canada india africa custom purchas product type qualiti supplier procur iron or supplier set exist region context clear hypothet monopolist seaborn supplier rais price region custom defeat price rise find altern sourc suppli confirm fact western european benchmark price lump increas supplier start sell lump western europ year fact price seaborn area follow pattern region instanc data provid parti price rose unit state decreas western europ light conclud condit competit seaborn area region depend partli depend seaborn suppli specif region suppli type iron or region constitut geograph market distinct suppli or seaborn area broadli confirm result commiss investig singl seaborn market determin distinct made seaborn area western europ hand east asia note argument includ western europ wider quot atlant quot seaborn market account similar condit suppli demand wider region notabl transport cost decid exist geograph market competit assess ident hypothesi western european market signific quot atlant quot consum seaborn iron or western europ gulf mexico region unit state eastern canada small quantiti seaborn iron or consum delin scope seaborn market dr iron or product western european custom dr iron or ii custom part larger group dri product plant contin iii oper creat domin posit geograph market definit retain dr iron or discuss section statement object commiss preliminari view western european market iron or ground custom western europ demand custom area proport sinter fine lump pellet east asia ii transport cost affect competit competit incent supplier sell western europ make condit suppli western europ seaborn area iii respons parti longer maintain origin posit relev geograph market view total product admit wide worldwid market seaborn sale contest exist western european atlant market basi econom studi perform econom consult parti econom consult submit commiss fail appli properli standard principl applic defin relev geograph market set commiss notic econom consult definit geograph market base identif region product custom effect sourc suppli methodolog point set paragraph commiss notic definit relev market purpos commun competit law quot basic exercis market definit consist identifi effect altern sourc suppli consum undertak involv term product servic geograph locat supplier quot parti provid indic brazilian canadian australian south african mauritanian iron or produc effect competitor seek win sale western european steel mill parti refer fact produc suppli signific volum western european steel mill sell profit western europ switch supplier parti state basi statement object defin narrow market definit relev assess competit constraint oper brazilian brazilian iron or produc compet sale steel mill differ present statement object basi price agre differ demand affect iron or produc equal locat altogeth parti argument seaborn supplier domest produc western europ effect compet sale western europ parti submit show western europ part global market approach commiss consist verifi price contractu condit suppli western europ determin demand suppli featur specif region fix basi condit competit wider level care examin parti respons commiss note demand suppli condit western europ differ suffici justifi exist narrow geograph market parti submit seaborn supplier sell seaborn area seaborn custom bui larger iron or produc australian brazilian canadian compani narrow geograph market exist iron or supplier abil incent discrimin custom area result commiss detail investig show suppli demand condit western europ insuffici evid discrimin justifi exist narrow geograph market area depend seaborn suppli decis element price level contractu condit effect base result market condit seaborn market significantli determin local factor benchmark price establish basi negoti held major seaborn area western europ east asia negoti account competit situat global seaborn level benchmark price reflect balanc suppli demand seaborn sector addit main sourc competit iron or sector find suffici outlet capac expans project strongli milit narrow geograph market commiss investig show main challeng face iron or supplier consist obtain suffici custom support consider invest requir capac expans scheme project necessarili concern qualiti iron or offer iron or compani convinc custom overcom reluct chang blend context iron or supplier strong incent compet custom high capit cost capac expans scheme profit accept lose volum major custom area exchang moder price increas region altogeth commiss conclud indic suppli demand condit western europ east asia indic amount differ suffici enabl western european market characteris distinct purpos defin geograph scope relev market categoris seaborn custom area conclus conclud relev geograph market purpos present case market sale type iron or seaborn custom area purpos market share calcul commiss total seaborn sale includ limit seaborn sale domest custom area provid accept proxi sale seaborn custom area vii competit assess accord articl regul eec concentr creat strengthen domin posit result effect competit significantli imped common market substanti part declar incompat common market court justic defin concept domin posit econom strength enjoi undertak enabl prevent effect competit maintain relev market afford power behav appreci extent independ competitor custom ultim consum exist domin posit deriv factor separ necessarili determin factor highli import exist larg market share addit relationship market share undertak involv concentr competitor largest relev evid exist domin posit factor account conclud preliminari basi notifi concentr creat strengthen domin posit market sale iron or pellet fine eea set commiss object effect oper lump product discuss decis market share base total seaborn iron or sale market share parti main competitor calcul gt tabl gt sourc share worldwid seaborn capac tabl describ share total seaborn iron or mine capac main supplier gt tabl gt sourc domin pellet oper creat overlap pellet cvrd directli control stake compani ferteco samarco giic caemi joint control interest qcm pellet produc canada activ market sell seaborn custom worldwid market share market share pellet bf dr qualiti gt tabl gt sourc respons parti contest market share calcul commiss statement object examin parti submiss show differ parti commiss calcul due fact parti fail remov total market intern sale made brazilian joint ventur jointli control cvrd parent compani intern sale subject market condit competit commiss consid sale exclud market volum consist exclud sale cvrd sale volum includ total market volum result figur tabl basi market share strong indic oper give rise competit concern relat seaborn suppli iron or pellet cvrd market share ad caemi share account pellet sale canadian subsidiari quebec cartier mine yield market share cvrd mitsui caemi control brazilian pellet product pellet export brazil seaborn destin merg entiti closest competitor consider smaller share pellet market rio tinto lkab appar domin reflect capac level newli merg entiti control current worldwid seaborn pellet product capac control worldwid seaborn pellet product capac forecast entiti capac share excess closest competitor remain forese futur current worldwid pellet product capac rio tinto estim forecast rise current worldwid pellet product capac lkab estim forecast fall bhp current futur capac todai larg account stake samarco joint ventur cvrd basi oper creat domin posit market sale iron or pellet seaborn custom area strengthen exist domin cvrd market limit competit constraint exist seaborn supplier result commiss investig demonstr exist competitor posit suffici constrain competit behaviour merg entiti competit advantag merg entiti merg entiti benefit number competit advantag enabl tame competitor largest reserv base lowest product cost industri am report cash cost structur main pellet produc summaris tabl cost tabl exclud depreci asset provid proxi margin cost averag pellet cost gt tabl gt sourc am report tabl cvrd lowest cost base industri fob cif basi largest reserv base brazil cvrd abil significantli jeopardis viabil pellet supplier threaten cvrd interest acquisit qcm add rang retali tool enabl cvrd acquir signific share canadian qualiti pellet capac qualiti pellet suppli ioc cvrd main competitor lkab enabl cvrd engag select competit action ioc merg entiti exploit benefit fact ioc rio tinto lkab deliv pellet custom locat atlant region respons parti econom consult analysi flaw reli assumpt cvrd tame competitor increas capac notion econom sustain capac depress effect price long period short period quot tame quot action requir ii retaliatori action design jeopardis viabil supplier requir firm driven market happen sunk cost natur iron or product commiss share view indic quot retaliatori action quot disciplinari action effect situat competitor driven market instanc competitor exert signific price competit merg entiti effect retaliatori measur cvrd consist exercis downward pressur annual benchmark price forc competitor suffer loss cvrd remain profit low cost structur cvrd expand capac drive competitor market order competitor disciplin event note parti estim total seaborn pellet demand expect increas substanti futur context capac expans cvrd econom irrat increas demand quickli reduc excess capac downward effect price gener expans prior oper cvrd competit leadership reflect fact price setter benchmark price pellet data provid parti cvrd samarco set benchmark price occas year set ioc high capac utilis cvrd attempt rais pellet price higher benchmark price lower discount custom defeat price rise obtain larger quantiti produc result commiss investig larg extent princip pellet plant open worldwid averag pellet product capac utilis rate increas major european steel compani contact commiss market investig report experienc occasion difficulti obtain suppli pellet order meet short term emerg requir respons parti year year unexpect exception high demand demand pellet expect significantli lower parti view demand pellet suppli constrain come year assert confirm result investig present made cvrd jp morgan novemb seaborn demand pellet expect increas continu due structur factor increas share eaf global steel capac ii grow dri product iii closur sinter plant construct blast furnac sinter capac iv increas pulveris coal inject similarli cvrd quarter result show increas pellet sale compar final present merril lynch cvrd explain quot trend iron steelmak boost demand pellet quot expect situat tight suppli continu deterior forese futur capac expect increas futur meet expect growth demand instanc data provid parti expect increas demand pellet total seaborn demand exce total seaborn capac context highli custom switch supplier cvrd attempt rais price reduc discount question compet supplier incent challeng cvrd supplier oper close full capac subject retaliatori action part cvrd result commiss investig cvrd increas capac access high qualiti low cost reserv true exist competitor cvrd enjoi lower oper capac expans cost competitor suppli pellet western europ give distinct competit advantag supplier acquisit cvrd mitsui caemi control qualiti reserv suitabl product pellet feed atlant region brazilian reserv canada relev reserv cvrd intend expand pellet product capac construct pelletis plant deep water port são lui brazil serv cvrd caraja mine quot northern system quot plant schedul oper increas entiti pellet capac mt year ferteco part cvrd plan build pelletis plant plant effect doubl ferteco pellet product capac mt year plant due complet plan addit capac enabl newli merg entiti meet expect increas demand pellet seaborn area lower cost compani competitor cvrd benefit economi scale scope synergi lower mine cost match competitor pellet suppli seaborn area contrast independ seaborn pellet supplier size ioc rio tinto lkab mine locat canada sweden deliv custom atlant region current pelletis capac level compani limit abil respond greater demand pellet ioc lkab rate capac utilis rate approach take account disrupt due instanc thunderstorm bottleneck suppli chain suggest effect oper capac seek expand capac respons hypothet price increas newli merg entiti commiss market test year year construct time year feasibl studi decis invest capac made competitor convinc sustain hypothet price increas delai main iron or supplier contact commiss market investig lkab quot struggl justifi quot expand capac due high cost lkab locat sweden place disadvantag term labour cost cost complianc environment protect requir lkab prepar invest capac medium long term quot recognis increas long term demand accept return invest quot lkab confirm suffici spare capac challeng hypothet price increas cvrd mitsui caemi commiss market investig reveal ioc rio tinto schedul mt addit capac result renov exist pelletis plant come stream mt meet expect increas demand exist custom suffici defeat hypothet price increas newli merg entiti respons parti excess capac held cvrd qcm lkab ioc context parti submit fact individu pellet produc lkab suffici spare capac replac cvrd individu competitor capac signific volum cvrd constrain competit behaviour merg entiti commiss share view main independ sourc capac cite parti qcm lkab ioc remain oper qcm jointli control caemi excess capac held ioc lkab expect decreas futur demand increas parti argument account competit advantag enjoi merg entiti abil disciplin market fact cvrd benefit higher capac utilis rate competitor demonstr competit advantag held cvrd cvrd posit strengthen propos acquisit qcm situat exist competitor abil challeng cvrd behaviour deterior basi conclud exist seaborn pellet supplier exert suffici competit constraint market behaviour merg entiti high barrier entri addit result commiss investig demonstr entri seaborn pellet market occur suffici signific extent suffici time manner deter exercis entiti market power market independ iron or produc pellet product commiss invest pellet product capac long term meantim compani view merg entiti free rais price current supplier capac constrain move reason market entri suppli pellet seaborn area iron or produc highli improb barrier enter seaborn iron or market exception high cost construct mine accompani transport infrastructur render entri acquisit imposs expans exist iron or product capac notabl context construct pelletis plant feasibl cost construct plant consider run hundr million usd plant oper cvrd contempl construct pelletis plant suitabl suppli seaborn custom area cost higher conclud potenti competitor reluct undertak invest short medium term natur australian iron or render unsuit pelletis commiss market investig reveal increas pellet price rel fine suffici justifi invest pellet plant capac australia invest cost expens due geograph remot australian mine australian or requir high level energi crush account hard actual potenti competit australian mine suppli pellet seaborn custom area fact notabl exclud bhp potenti competitor newli merg entiti forese futur bhp pellet product capac australia substitut brazilian or short medium term custom make substanti adjust furnac order alter burden reason context defin relev geograph market market entri sale pellet seaborn custom area pellet supplier unit state russia ukrain china highli improb occur short medium term limit countervail bui power strong custom concern note steel industri markedli concentr iron or industri europ consum iron or examin rel perform steel produc loss low margin seaborn iron or produc high profit increas price round negoti show reduct number tier iron or produc steel produc unabl exert influenc respons receiv custom commiss market investig confirm limit buyer power steel mill locat seaborn custom area relat purchas pellet steel compani contact commiss unabl resist hypothet pellet price increas newli merg entiti short medium term respond confirm tight market pellet spare capac suppli side render hypothet exert buyer power imposs quot bui altern quot custom put custom confirm capac slow stream respons parti contest commiss conclus limit buyer power steel manufactur econom consult retain parti identifi threat opinion confer custom signific power pellet supplier abil steel mill switch pellet supplier ii abil steel mill sponsor develop product capac rival pellet produc commiss element give materi buyer power custom custom chang supplier industri buyer power deriv behaviour depend individu import custom vi vi merg entiti custom repres substanti proport merg entiti sale merg entiti easili find altern outlet threat switch regard signific result investig demonstr case steel industri concentr iron or industri exist low excess capac mean pellet produc easili find outlet product true custom decid sponsor develop pellet capac rival supplier appear occur signific extent signific number custom financ suffici capac constrain competit behaviour merg entiti ii cvrd plan add capac reduc incent custom financ addit pellet plant iii creation brazilian joint ventur cvrd seaborn custom custom add capac prefer area lowest product cost brazil maximis return invest iv pellet capac expand easili parti submit suffici volum pellet feed final commiss reiter custom express signific concern effect transact high profit margin enjoi iron or produc compar low profit margin achiev custom balanc power supplier custom li custom hear custom steel price tend decreas iron or product cost significantli reduc year iron or price fall effect transact elimin qcm independ supplier acquir caemi cvrd remov quebec cartier mine competit forc suppli pellet eea qcm market share relev market remov reduc number actual competitor top recent remov cvrd ferteco competit forc cvrd acquisit ferteco reduc number independ seaborn pellet supplier capac engag select competit action ioc cvrd product canadian qualiti pellet notifi transact cvrd control qcm ioc rio tinto main supplier canadian qualiti pellet entiti posit engag select competit action ioc aim restrain incent expand pellet capac action form cross subsidis cvrd qcm pellet activ significantli affect ioc competit pellet suppli eea commiss market investig reveal evid switch custom ioc qcm pellet suppli account receiv competit offer supplier cvrd act price leader cvrd price leader sale pellet seaborn custom area recent year benchmark price fix basi price agre cvrd leadership role strengthen acquisit cvrd qcm close recent acquisit ferteco view larger share pellet sale seaborn custom area entiti account reduct number independ pellet supplier matter month competit advantag sourc market power held merg entiti commiss enquiri confirm likelihood evolut competitor custom pellet supplier seaborn custom area follow cvrd mitsui caemi lead increas price supplier account higher cost level inabl expand capac short term greater incent rais price quot market level quot seek compet price level lower offer cvrd mitsui caemi higher price result posit increas market power entiti increas real price conclus commiss reach conclus reason outlin transact give rise creation domin posit strengthen exist domin suppli iron or pellet seaborn custom area domin hypothet market direct reduct or strong indic dr iron or belong distinct product market dr iron or impact transact measur market market dr pellet ii market combin dr pellet dr lump exist substitut dr lump dr pellet domin dr pellet market share dr pellet tabl ow limit amount public inform sale market share calcul made basi total merchant sale worldwid figur includ product compani access seaborn market underestim actual market posit merg entiti data provid parti parti combin market share exce basi seaborn capac market share dr pellet gt tabl gt sourc midrex report commiss reach conclus reason outlin relat pellet transact give rise creation domin posit strengthen exist domin suppli direct reduct pellet seaborn custom area market share compar higher total pellet sale respons parti demand dr iron or eea direct reduct plant region own ispat locat hamburg close true ispat plant close month ow exception high natur ga price affect profit plant oper year interrupt expect resum oper final parti state respons dr pellet produc highest qualiti fine pellet plant easili enter dr market affect competit assess transact shown merg entiti domin seaborn pellet market domin dr lump pellet section shown oper creat strengthen domin posit merg entiti dr pellet point similar conclus market dr lump pellet dr pellet account merchant dr iron or sale strong indic situat dr lump similar dr pellet dr sector distinct tradition made quot captiv quot sale mean intern sale vertic integr compani quot merchant quot sale parti dri produc distinct relev calcul market share quot merchant quot sale appropri reflect actual market power supplier activ merchant market quot captiv quot sale correspond quantiti put market integr dri produc real competit take place gt tabl gt sourc midrex report tabl supplier activ merchant market worldwid cvrd mbr nmdc iscor combin cvrd mbr oper reduc number supplier supplier consid similar posit cvrd mbr export signific proport dr lump appear nmdc sell india iscor sell capac nmdc inabl sell export market fact signific capac excess mt sell mt commiss investig show demand dri dr iron or expect increas dramat futur mt mt line averag annual growth rate observ context competit larg determin lump supplier capac meet extra demand merg entiti signific excess capac enabl meet higher demand strong indic nmdc competit sell india iscor constrain capac plan capac expans match expect increas demand dr iron or commiss market investig reveal capac figur iscor quot midrex exagger supplier suffici constrain competit behaviour merg entiti parti submit industri signific excess capac supplier enter merchant market merg entiti rais price reduc discount result commiss investig suggest appear mcr access infrastructur seaborn shipment mcr connect port product transport barg paraguai paraná river sold neighbour mercosur countri primarili argentina cvg access seaborn infrastructur limit dr capac mt signific local demand venezuelan pig iron product carri direct reduct method cover total capac mt context view cvg interest venezuelan dri produc highli cvg add suffici volum seaborn market significantli constrain competit behaviour merg entiti addit indic produc lump enter market ow specif qualiti lump or suitabl direct reduct applic practic condit competit merchant market dr lump essenti depend rivalri supplier suffici excess capac access seaborn infrastructur mbr ferteco confirm lead dr iron or custom custom western europ essenti depend suppli compani combin compani propos transact elimin rivalri lead creation domin posit market parti submiss mbr sell dr lump western europ accept mbr easili sell dr lump western europ past deliveri demonstr mbr credibl altern cvrd western european custom light commiss reach conclus transact give rise creation domin posit strengthen exist domin hypothet market suppli direct reduct lump pellet seaborn custom area domin sinter fine cvrd directli control stake ferteco samitri samarco caemi control interest mbr qcm activ sector sell product seaborn custom area decis adopt juli pursuant articl regul eec commiss rais doubt compat oper common market ground creat strengthen collect domin posit market reason doubt allevi detail investig market share gt tabl gt sourc singl domin indic high market share merg entiti oper creat strengthen singl domin posit merg entiti market sinter fine sold seaborn custom area merg entiti remain subject competit pressur larg supplier rio tinto sale bhp sale competit supplier appear cost structur substanti cvrd lower mbr confirm high capac utilis rate enjoi bhp rio tinto exce cvrd caemi occurr signific switch custom product origin emphasis parti respons collect domin decis juli commiss rais doubt compat oper common market ground result collect domin main seaborn supplier cvrd bhp rio tinto decis commiss refer high increas combin market share market player total seaborn demand propos transact ii low compar cost structur compar seaborn supplier iii high market transpar term benchmark price volum iv stabil demand context commiss identifi risk major iron or supplier similar incent lead parallel anti competit behaviour practic commiss investig mechan possibl lead situat collect domin parallel negoti behaviour benchmark price negoti cvrd rio tinto bhp price setter western europ japan ii concentr compani quot natur quot market region enjoi transport cost advantag east asia australian supplier western europ merg entiti iii restrict capac expans investig reveal number structur reason make collect domin difficult sustain custom competitor consist substanti competit australian supplier sell type product effect compet larger volum capac expans project sinter fine differenti product brazilian or substanti product characterist australian or differ creat asymmetr competit incent brazilian australian supplier reduc risk deviat coordin outcom make retaliatori action effect thirdli asymmetr competit incent brazilian supplier australian produc intensifi signific differ respect cost structur appear tabl brazilian supplier signific advantag western europ australian supplier competit east asia differ brazilian supplier australian produc pursu distinct profit maximis strategi turn make difficult major produc arriv similar price capac object averag fine cost gt tabl gt sourc am report altogeth presenc substanti competit australian produc asymmetr competit incent australian mine compani brazilian produc collect contribut effect prevent creation collect domin gener cvrd bhp rio tinto materi market share rang cvrd bhp respect present transact add asymmetri strengthen current market leader hinder parallel behaviour exist signific differ capac utilis ratio indic collect domin reinforc conclus incent exist firm industri addit specif reason mechan discuss effect oper paragraph present reason detail parallel price result detail investig negat risk parallel price behaviour major reason shown signific competit australian supplier produc qualiti iron or compet volum parallel behaviour annual benchmark price negoti difficult realis custom defeat behaviour settl quot fring quot supplier western european custom reach agreement snim ii supplier incent settler demand negoti quot custom friendli quot attitud reward steel mill form higher volum geograph split quot chacun chez soi quot result detail investig negat risk quot geograph split quot market western europ essenti suppli brazilian supplier east asia essenti suppli australian supplier firstli seaborn demand growth expect equal share seaborn area appear western european demand stagnat year east asian sale significantli grow period essenti due soar seaborn purchas custom china asymmetri elimin incent supplier concentr region western europ contrast incent supplier vigor compet east asian sale confirm cvrd presenc east asia achiev seaborn sale sale signific quantiti australian or western europ addit appear main challeng face iron or supplier consist obtain suffici custom support consider invest requir capac expans scheme instanc figur provid parti compar issu rais bhp rio tinto project context project financ suffici outlet guarante iron or supplier approach custom seaborn region vigor compet steel mill make quot geograph split quot restrict capac final result commiss detail investig highlight risk big supplier engag parallel restrict capac true market show featur facilit sort behaviour rio tinto bhp merg entiti effect control capac expans access signific relev reserv ii excess capac demand increas futur call capac expans iii collect interest major supplier suppli tight achiev higher price order effect scheme overcom major obstacl sort common object discern produc independ achiev individu interest supplier reneg object add extra seaborn capac benefit larg volum high price mechan effect oper iron or supplier incent deviat counterbalanc factor threat retali threat summaris view high transpar capac expans scheme individu capac supplier major supplier easili quickli detect addit extra capac ii major supplier harm supplier extra capac ad capac creat situat excess capac lower price profit reduc discount profit achiev period excess capac suffici offset higher discount profit made quot maverick quot period benefit larger volum higher price iron or supplier effect incent deviat suggest capac restrict parallel behaviour main reason argument quot punish quot period excess capac credibl harm supplier short threat credibl ii capac stai long term specif context retaliatori action effect maverick behaviour maverick quot commit quot capac instal retali useless pain supplier addit excess capac result retali long time turn consider harm supplier word retali mechan futil disproportion harm supplier credibl commiss consid present case necessarili true expect market growth capac remain long term expect growth demand quickli absorb ad capac period excess capac long result investig show parallel strategi involv capac restrict work effect market consider investig reveal independ identifi pursu collect object capac restrict extrem difficult appear capac fine tune capac expans scheme consist larg project lead develop entir mine area deposit concern lumpi quantiti context easi supplier independ concur capac expans strategi note iron or differenti product factor combin fact brazilian sinter fine substanti extract australia complic stabil coordin outcom rio tinto cvrd bhp custom repeatedli bhp rio tinto significantli compet capac expans project concern context difficult imagin supplier engag parallel behaviour capac expans addit remain fact seaborn market growth expect homogen share region essenti east asia princip china context supplier strong incent compet larger volum china futur seaborn market posit easili deriv matur market western europ japan climat extrem difficult produc form similar view optim capac share supplier incent pursu independ capac restrict strategi limit sale china final consist state project undertaken suffici number custom willing purchas product concern possibl produc pursu capac restrict strategi strongli depend custom accept iron or concern assum custom endang stabil parallel strategi reason vast major parti state major iron or supplier engag independ common capac restrict strategi conclud oper creat strengthen domin posit sinter fine sold seaborn custom area result effect competit common market function eea agreement significantli imped domin lump oper creat overlap lump cvrd caemi mbr activ sell seaborn custom area parti competitor share sale capac tabl gt tabl gt sourc indic oper creat singl domin posit merg entiti largest seaborn supplier transact nonetheless rais collect domin issu lump relat sinter fine result commiss detail investig show risk dismiss basi analysi detail sinter fine conclud oper creat strengthen domin posit lump sold seaborn custom area result effect competit common market function eea agreement significantli imped conclus basi analysi propos concentr risk bring creation strengthen domin posit market suppli iron or pellet seaborn custom area hypothet market suppli direct reduct pellet seaborn custom area hypothet market combin direct reduct pellet direct reduct lump seaborn custom area result effect competit common market function eea agreement significantli imped viii remedi octob parti offer commit remov competit concern commiss identifi statement object relev part final commit set annex decis summari undertak commit consist undertak dispos caemi interest qcm canadian produc sinter fine pellet establish quot caemi quot incorpor mbr caemi brazilian iron or mine oper ferteco iron or mine compani cvrd recent acquir thyssen krupp assess undertak undertak complet elimin overlap cvrd caemi iron or pellet addit result commiss market investig qcm stand busi oper independ rest caemi divest suitabl purchas abil act competit independ forc market undertak resolv competit concern identifi commiss pellet dr pellet dr pellet account approxim total hypothet market dr iron or appear undertak suffici resolv competit concern rel hypothet market qcm produc dr lump mbr sale mt repres small proport combin market dr lump dr pellet view trend dr pellet prefer dr lump view fact cvrd expect current reserv dr grade lump or exhaust year sale insignific note european custom dr iron or singl dr plant oper account eea steel product light factor absenc proportion remedi small increment dr iron or share sale conclud minor overlap materi alter condit competit market concern context undertak consid purpos clearanc notifi transact commiss consider purpos present decis ix conclus light subject complianc undertak rel divestitur caemi stake qcm set annex propos oper creat strengthen domin posit result effect competit significantli imped eea substanti part oper declar compat common market function eea agreement pursuant articl regul eec adopt decis articl notifi oper mitsui cvrd acquir joint control caemi declar compat common market function eea agreement condit commit rel divestitur caemi interest qcm set annex fulli compli articl decis address mitsui amp ohtemachi chome chiyoda ku tokyo japan companhia vale rio doce cvrd graça aranha floor rio de janeiro brazil brussel octob commiss mario monti member commiss oj correct version oj oj oj oj part text edit ensur confidenti inform disclos part enclos squar bracket mark asterisk econom iron or fourth edit roskil or sold directli mine benefici quot run mine quot direct ship or forecast increas demand result construct mt year capac futur econom iron or fourth edit roskil point parti question capac figur provid week issuanc statement object earn interest tax depreci amortis figur provid parti figur provid parti figur provid parti figur provid parti figur provid parti figur provid parti figur provid parti figur provid parti figur provid parti data contain section base inform provid parti eaf facil eu quot scrap quot iron dri input eaf product dri consum larg quantiti energi ga plant temporarili shut princip account high ga price expect reopen octob ispat express confid plant viabl long term expect lower ga price liberalis energi market europ econom iron or fourth edit roskil addit notifi oper cvrd ad substanti product capac past year acquir brazilian oper ferteco socoimex samitri stake samarco econom iron or fourth edit trend upset price agre mauritanian produc snim european steel compani usinor princip tex report metal bulletin averag price seaborn sale western europ parti answer questionnair june question cif price meaning context demand side substitut reflect horizon custom latin american equiti confer parti disput conclus basi commiss suffici quot perman quot charact price rise concern price establish annual basi obviou price rise mention commiss year nera quot gener competit assess merger consid time period year instanc year scope switch time period assess competit iron or industri competit industri take place annual basi quot final parti claim switch occur limit time period easi explain custom react price increas long term parti claim switch iron or type month averag price seaborn sale western europ parti answer questionnair june question cif price meaning context demand side substitut reflect horizon custom oj method correspond definit quot relev geograph market quot paragraph notic quot relev geograph market compris area undertak concern involv suppli demand product servic condit competit suffici homogen distinguish neighbour area condit competit appreci area quot instanc mine open australian mine compani pisolit iron or characterist tradit australian or case hoffmann la roch ecr paragraph cfi case gencor ecr ii paragraph ecj case hoffmann la roch ecr paragraph cfi case gencor ecr ii paragraph rio tinto sale pellet europ account exclus sale canadian subsidiari ioc am consult mine cost world iron or industri instanc common present made novemb cvrd jp morgan seaborn demand pellet expect increas mt mt iron or manual tex report sourc iron or market unctad sourc iron or market unctad iron or produc current pelletis capac prepar invest pellet capac event pellet price increas cvrd mitsui caemi appli rio tinto australian oper mine potenti competitor suppli pellet seaborn custom area cvrd net margin approach return capit emploi exce strong indic natur ga price remain exception high level year cvrd sourc dr lump feija mine own ferteco produc mt dr lump or sourc midrex report annex full origin text condit oblig refer articl consult commiss websit http europa eu int comm competit index en html