Since the publication of our Q2 2023 outlook, weak consumer and investment confidence in China has continued to undermine its post-reopening recovery. However, looking ahead, the Chinese economy is expected to benefit from a slew of government stimulus measures aimed at propping up its underperforming real estate and manufacturing sectors. Though the macroeconomic climate in western markets is set for a slow recovery, tempering inflation and interest rate cuts will lay a platform for improved downstream consumption of bulk steel alloys. A common theme for bulk steel alloys since our Q2 2023 outlook is a rise in production costs. While these factors will collectively provide some upward support to prices across most bulk steel alloy markets, there will be ongoing downside in those markets facing particularly weak demand.