contents

Recovery on track but destocking sets in 3
End user trends – positive 9
Monthly review of apparent
consumption 13
Fixed Asset Investment 17
China demand drivers 20
Steel - Destocking begins 25
Iron ore – Vulnerable to steel
destocking 39
Coal - End of peak summer
demand season 41
Aluminium – Restarts gaining
momentum 45
Copper – Imports falling 51
Zinc – Rising stockpiles weigh
on market 57
Nickel – Supply lifts as
stainless rebound fades 61
Lead – August output jump
surprised 63
Tin – Output normalises 65
Disclosure appendix 68
Disclaimer 71