Between falling steel prices, China's negative reading of manufacturing PMI, EU weakening economic performance, and US government shutdowns, in the first half of January it felt hopeless to maintain – as we do – a cautiously optimistic outlook on steel demand growth in 2019. Critical to this view is our belief that in China growth in government-supported infrastructure and auxiliary machinery will offset weakness across most other steel-consuming sectors in 2019. Similarly, in the US, 2019 looks like a strong year for non-residential construction. The Architectural Billing Index, the resumed government talk of a comprehensive infrastructure funding and even the infamous border wall with Mexico all point to growth in the sector. This construction strength is well timed, as the US automotive activity looks increasingly like slowing.