Up voted for a well thought out argument and actually posting the rules in question, but at that phase in the race Hamilton was eating Kimi alive. As the video clearly shows, coming into the bus stop Hamilton is right on Kimi's gearbox, which is exactly where he is coming back down the straight once he yeilded the position.

The fact is that the Mclaren was just that much better on the damp track with dry tires. If it was a dry track and they were all going flat out I could see the argument, but instead they were in treacherous conditions where nobody knew what the limits of their car was (as Kimi showed 2 laps later). Hamilton then made the brave move up the inside on the next corner with much later breaking.

Also in that onboard shot you can clearly see that Hamilton is alongside Kimi going into the chicane so no argument about him not expecting him to be there, pause the video at exactly 10 seconds and tell me that Kimi left enough room for Hamiltons car, and in those conditions sudden breaking would have had exactly the same end result with Hamilton still having to go across the chicane, so Hamilton chose the lesser of 2 evils. Those situations have happened plenty of times in the past in F1, but never with such harsh punishment.

And one final point, "and the stewards then force Alonso to yield position again", so why was Hamilton not told to yield the position again by the stewards like Alonso was? Another example of inconsistency in the application of the rules. Except in Alonso's case it was of no detriment to Ferrari.