Our long-term steel demand view remains largely unchanged – but changes to our view of supply and trade mean that we are more bullish on prices. In 2018, we forecast hot-rolled coil at US$904/tonne in the US and US$624/tonne in China. We believe that from 2020 onwards, strong margins will incentivise a return of production and new capacity additions, and together with cost pressures will see prices ease over the medium term. For the longer term steel developments, there are two main themes that have come to the forefront as part of this update – infrastructure investment and global trade disputes. Our flat product pricing outlook has now been further enhanced by new models on flat-product supply-demand balances. You can find these for China, Europe, USA and Brazil in the downloads section of the report.