Industrials (/lb): aluminum $0.95(-0.4%), copper $3.07(-0.3%), lead $1.08(-0.3%), molybdenum $7.14(+0.0%); nickel $5.25(-1.1%); zinc $1.40(-0.5%);    Precious (/oz): gold $1,309(0.0%), silver $17.44(+0.3%); Steel (/mt): ChinaHRC $622(-0.6%), SHFE Rebar $585(-1.1%), MB Scrap Index $347(+0.0%);    Bulks: iron ore (/dmt) $76(-0.4%), coking coal (/mt) $208(+0.0%), freight (BCI)2,282(-4.2%); Energy: Brent (/bbl) $50.86(-2.2%), WTI (/bbl) $45.96(-1.0%),natural gas (/mmBtu) $2.94(-0.7%), thermal coal (/t) $97(+0.4%).    Demand for high-grade iron ore increases as Chinese steel mills aim tomaximize productivity, increase efficiency and reduce emissions, amid anationwide environmental crackdown. Spread between high-grade and lowgradeore widened, with 65% content costing $100/t, twice as much as lowgrade58% content ($50/t). Prices of 58% content ore are 27% lower thanbenchmark 62% ore now (vs. 14% in 2012), indicating a market shift in China.This is favorable for Vale as it has recently revised 2017guidance to includemore high-grade ore and limit silica content to 5%. (Bloomberg Finance LP, DB)China’s manufacturing PMI rises to 51.7in August (vs. 51.4in July, vsconsensus of 51.3). Non-manufacturing PMI slipped to 53.4(vs. 54.5in July).Domestic orders increased to 53.1from 52.8in July as business activityexpectations rose to 59.5from 59.1. Export orders slid to 50.4from 50.9, likelyon the strength of the domestic market. Steel PMI increased to 16-month highof 57.2(54.9) as output increased to 61.7(58.1), driven mainly by domesticorders which rose to 66.6(63.1). Export orders fell the most to 45.0(49.8).(Bloomberg Finance LP)    US ADP jobs data reveals addition of 237k jobs in August (vs. consensus of185k). July total was revised upward to 201k from 178k. 2Q17GDP growthbeat expectations to reach 3.0% (vs. 1.2% in 1Q), fastest growth in 2-years.Gold price marginally declined as strong economic data made a stronger casefor an interest rate hike. Focus now turns to non-farm payrolls data. (Kitco)US International Trade Commission finalizes duties set by CommerceDepartment on rebar imports from Taiwan. Final anti-dumping margins in therange of 3.50-32.01% was set on Taiwanese rebar producers and exporters.Commercial Metals, Nucor and Steel Dynamics had petitioned for theinvestigation last year. (SBB)    US steel import permits for August through 8/29total 3.4m st. If adjusted to afull month, permits would be 3.6m st (+18% YoY) vs. July imports of 3.5m st.Semis (+361kt, +60%) appear to increase the most MoM, followed bystructural pipe/tubes (+18kt, +43%), whereas, HRC (-60kt, -25%) and wire rod(-44kt, -28%) permits are decreasing. (US Import Administration)    US Hot-Rolled Coil (HRC) spot price decreased $6/st WoW to $624/st. HR andCold-Rolled coil (CRC) spread widened $12/st WoW to $196/st. NYMEX Dec2017forward HRC price slid $4/st WoW to $631/st on 8/30. (CRU, CME)

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