Steel: Watch duration and strength of production cuts。    Further strengthening mortgage lending and property sales restrictions will weigh on property salesand investment. It is worth noting that fiscal expenditure in 8M17already accounted for 68% of thefully-year budgeted amount, which was much higher than the historical level for the same period ofyear. Overall, property and infrastructure investment growth remains under downward pressure, andsteel demand is slightly weakening. On the supply side, so far ten cities in northern China haveexplicitly indicated that they will reduce steel production by 50% in the upcoming winter coal-burningpeak season. Expectations of steel supply decreasing have continued to rise.

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