Copper – Sentiment over fundamentals Since 2017, over 2.0Mt of projects have now been committed to. Approvals have been slow, when compared to previous cycles. “Cautious and disciplined” has been the industry mantra. Steel – Peak Chinese demand still to come China’s capacity rationalisation has largely run its course. By 2024 China will install 120 Mt of new hot metal capacity, 81% in the contestable market, largely offsetting closures. We expect a net capacity decline of only 3Mtpa compared to 2018. Met Coal – Stronger for longer Wood Mackenzie still expects prices to fall from their current highs in the medium term; but, we have slowed the decent and expect HCC prices will on average stay above US$150/t until 2023.