In 2016, Chinese steel demand growth was stronger and capacity closures more aggressive than we had anticipated, sending ripple effects across the world. The most dramatic of which was the surge in both iron ore and coal prices. At the same time we did highlight the weak prospects for demand growth in Brazil, Russia and India, and indeed these steel giants have continued to disappoint. We also foresaw a steady increase in trade cases globally which has come to fruition. As the global political landscape adjusts to the new realities, so 2017 promises to be yet another interesting year. In this note we focus on five major issues specific to the steel industry.