Thursday, June 29, 2006
[IWS] USITC: Effects of Increasing CHINESE DEMAND on GLOBAL COMMODITY MARKETS [29 June 2006]
IWS Documented News Service
_______________________________
Institute for Workplace Studies----------------- Professor Samuel B. Bacharach
School of Industrial & Labor Relations-------- Director, Institute for Workplace Studies
Cornell University
16 East 34th Street, 4th floor---------------------- Stuart Basefsky
New York, NY 10016 -------------------------------Director, IWS News Bureau
________________________________________________________________________
OFFICE OF INDUSTRIES
U.S. INTERNATIONAL TRADE COMMISSION (USITC)
STAFF RESEARCH STUDY 28
June 2006
Publication 3864
The Effects of Increasing Chinese Demand on Global Commodity Markets [29 June 2006]
http://hotdocs.usitc.gov/docs/pubs/research_working_papers/pub3864-200606.pdf
[full-text, 108 pages]
Press Release
http://www.usitc.gov/ext_relations/news_release/2006/er0629dd3.htm
Abstract
China�s stunning economic growth in recent years has increased the country�s demand for
energy and other commodities used by a wide range of industries. This study examines the
effects of China�s rising demand for commodities on global markets, focusing on crude
petroleum, aluminum, forest products, and ferrous scrap. The study explores the factors
behind the shifts in trade and prices for each of the four commodities, and finds that the
�China impact� on global markets is complex and varies across products. We find that
increasing Chinese demand is one factor contributing to the price increases for crude
petroleum in recent years, but that global production over the 1995-2004 period more than
kept pace with the increased demand from China, mitigating the impact of Chinese demand
on global prices. China�s expansion of its aluminum and forest products industries has led
to increased imports of input products such as wood pulp and alumina. This shift in trade
patterns has led to increased global prices for aluminum, while paper prices have remained
generally stable. Global market prices for ferrous scrap have increased sharply, reflecting
increased demand from China and other countries.
TABLE OF CONTENTS
Abstract . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . i
Executive Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . vii
Chapter 1 Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1-1
Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1-1
Organization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1-6
Chapter 2 Crude Petroleum . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2-1
Summary of Conclusions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2-1
Demand . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2-2
Factors broadly affecting demand . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2-2
Demand for crude petroleum in China . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2-2
China�s demand in global context . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2-3
Supply . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2-4
Factors broadly affecting supply . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2-4
Supply of crude petroleum in China . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2-4
China�s supply in global context . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2-10
Price trends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2-12
Trade trends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2-14
Chapter 3 Unwrought Aluminum . . . . . . . . . . . . . . . . . . . . . . . . . . . 3-1
Summary of conclusions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3-1
Demand issues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3-1
Factors broadly affecting demand . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3-1
Demand for aluminum in China . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3-2
China�s supply in global context . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3-4
Supply issues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3-4
Factors broadly affecting supply . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3-4
Supply of aluminum in China . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3-6
China�s supply in global context . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3-10
Price trends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3-11
Trade trends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3-12
Chapter 4 Forest Products . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4-1
Summary of conclusions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4-1
Pulp and paper . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4-2
Demand . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4-2
Factors broadly affecting demand . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4-2
Demand for pulp and paper in China . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4-4
Supply . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4-7
Factors broadly affecting supply . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4-7
Supply of pulp and paper in China . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4-7
China�s supply in global context . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4-10
Price trends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4-11
Trade trends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4-13
Wood Products . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4-16
Demand . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4-16
Factors broadly affecting demand . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4-16
Demand for wood products in China . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4-16
China�s demand in global context . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4-17
Supply . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4-18
Supply of wood products in China . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4-18
China�s supply in global context . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4-19
Price trends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4-20
Trade trends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4-22
Chapter 5 Ferrous Scrap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-1
Summary of conclusions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-1
Demand . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-1
Factors broadly affecting demand . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-1
Demand for ferrous scrap in China . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-1
Supply . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-3
Factors broadly affecting supply . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-3
Supply of ferrous scrap in China . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-4
Price trends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-5
Trade trends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-5
Chapter 6 Next steps and suggestions for future research . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1
Appendix . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A-1
Economic Analysis of the Effects of China�s Increase in Demand on Global Commodity Prices . . . . .. . . . . A-1
Overview of commodity market research . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A-3
Petroleum . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A-5
Aluminum . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A-8
Forest products . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A-10
Ferrous scrap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A-11
Bibliography . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . B-1
______________________________
This information is provided to subscribers, friends, faculty, students and alumni of the School of Industrial & Labor Relations (ILR). It is a service of the Institute for Workplace Studies (IWS) in New York City. Stuart Basefsky is responsible for the selection of the contents which is intended to keep researchers, companies, workers, and governments aware of the latest information related to ILR disciplines as it becomes available for the purposes of research, understanding and debate. The content does not reflect the opinions or positions of Cornell University, the School of Industrial & Labor Relations, or that of Mr. Basefsky and should not be construed as such. The service is unique in that it provides the original source documentation, via links, behind the news and research of the day. Use of the information provided is unrestricted. However, it is requested that users acknowledge that the information was found via the IWS Documented News Service.
Stuart Basefsky
Director, IWS News Bureau
Institute for Workplace Studies
Cornell/ILR School
16 E. 34th Street, 4th Floor
New York, NY 10016
Telephone: (607) 255-2703
Fax: (607) 255-9641
E-mail: smb6@cornell.edu
****************************************
_______________________________
Institute for Workplace Studies----------------- Professor Samuel B. Bacharach
School of Industrial & Labor Relations-------- Director, Institute for Workplace Studies
Cornell University
16 East 34th Street, 4th floor---------------------- Stuart Basefsky
New York, NY 10016 -------------------------------Director, IWS News Bureau
________________________________________________________________________
OFFICE OF INDUSTRIES
U.S. INTERNATIONAL TRADE COMMISSION (USITC)
STAFF RESEARCH STUDY 28
June 2006
Publication 3864
The Effects of Increasing Chinese Demand on Global Commodity Markets [29 June 2006]
http://hotdocs.usitc.gov/docs/pubs/research_working_papers/pub3864-200606.pdf
[full-text, 108 pages]
Press Release
http://www.usitc.gov/ext_relations/news_release/2006/er0629dd3.htm
Abstract
China�s stunning economic growth in recent years has increased the country�s demand for
energy and other commodities used by a wide range of industries. This study examines the
effects of China�s rising demand for commodities on global markets, focusing on crude
petroleum, aluminum, forest products, and ferrous scrap. The study explores the factors
behind the shifts in trade and prices for each of the four commodities, and finds that the
�China impact� on global markets is complex and varies across products. We find that
increasing Chinese demand is one factor contributing to the price increases for crude
petroleum in recent years, but that global production over the 1995-2004 period more than
kept pace with the increased demand from China, mitigating the impact of Chinese demand
on global prices. China�s expansion of its aluminum and forest products industries has led
to increased imports of input products such as wood pulp and alumina. This shift in trade
patterns has led to increased global prices for aluminum, while paper prices have remained
generally stable. Global market prices for ferrous scrap have increased sharply, reflecting
increased demand from China and other countries.
TABLE OF CONTENTS
Abstract . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . i
Executive Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . vii
Chapter 1 Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1-1
Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1-1
Organization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1-6
Chapter 2 Crude Petroleum . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2-1
Summary of Conclusions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2-1
Demand . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2-2
Factors broadly affecting demand . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2-2
Demand for crude petroleum in China . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2-2
China�s demand in global context . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2-3
Supply . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2-4
Factors broadly affecting supply . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2-4
Supply of crude petroleum in China . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2-4
China�s supply in global context . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2-10
Price trends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2-12
Trade trends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2-14
Chapter 3 Unwrought Aluminum . . . . . . . . . . . . . . . . . . . . . . . . . . . 3-1
Summary of conclusions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3-1
Demand issues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3-1
Factors broadly affecting demand . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3-1
Demand for aluminum in China . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3-2
China�s supply in global context . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3-4
Supply issues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3-4
Factors broadly affecting supply . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3-4
Supply of aluminum in China . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3-6
China�s supply in global context . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3-10
Price trends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3-11
Trade trends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3-12
Chapter 4 Forest Products . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4-1
Summary of conclusions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4-1
Pulp and paper . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4-2
Demand . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4-2
Factors broadly affecting demand . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4-2
Demand for pulp and paper in China . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4-4
Supply . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4-7
Factors broadly affecting supply . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4-7
Supply of pulp and paper in China . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4-7
China�s supply in global context . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4-10
Price trends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4-11
Trade trends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4-13
Wood Products . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4-16
Demand . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4-16
Factors broadly affecting demand . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4-16
Demand for wood products in China . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4-16
China�s demand in global context . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4-17
Supply . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4-18
Supply of wood products in China . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4-18
China�s supply in global context . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4-19
Price trends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4-20
Trade trends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4-22
Chapter 5 Ferrous Scrap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-1
Summary of conclusions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-1
Demand . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-1
Factors broadly affecting demand . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-1
Demand for ferrous scrap in China . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-1
Supply . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-3
Factors broadly affecting supply . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-3
Supply of ferrous scrap in China . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-4
Price trends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-5
Trade trends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-5
Chapter 6 Next steps and suggestions for future research . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1
Appendix . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A-1
Economic Analysis of the Effects of China�s Increase in Demand on Global Commodity Prices . . . . .. . . . . A-1
Overview of commodity market research . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A-3
Petroleum . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A-5
Aluminum . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A-8
Forest products . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A-10
Ferrous scrap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A-11
Bibliography . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . B-1
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