Industrials (/lb): aluminum $0.97 (-0.5%), copper $2.93 (-0.1%), lead $1.12 (-0.4%), molybdenum $7.14 (+0.0%); nickel $4.80 (+1.5%); zinc $1.40 (+2.2%);Precious (/oz): gold $1,311 (+1.0%), silver $17.19 (+1.1%); Steel (/mt): ChinaHRC $607 (-1.7%), SHFE Rebar $541 (-0.9%), MB Scrap Index $311 (-1.6%);Bulks: iron ore (/dmt) $63 (-0.8%), coking coal (/mt) $201 (+0.0%), freight (BCI)3,173 (+0.8%); Energy: Brent (/bbl) $59.02 (+3.8%), WTI (/bbl) $52.22 (+3.1%),natural gas (/mmBtu) $2.92 (-1.4%), thermal coal (/t) $97 (-0.3%).    Volkswagen (VW) plans to secure LT supply of cobalt, a vital component forrechargeable batteries in Electric Vehicles (EV). VW intends to invest $24bn inzero-emission vehicles by 2030 and has asked producers to submit proposalsby YE17 for supplying cobalt up to 10-years. Company plans to make 3mEV’s/pa and roll out 80 new models (vs. prior goal of 30) by 2025, for which itwill require 150GWh of battery capacity yearly. Battery chemistry will initiallybe 6:2:2 (Ni:Co:Mn), but may switch to 8:1:1 later. Industry sources said tenderwording suggested it may have been circulated to lithium and chemicalproducers too. Assuming 8-12 kg of cobalt in a battery, 3m EV’s equates to$1.6-2.4bn of cobalt at spot price ($27/lb). (Mining Weekly)Hangang steel mill in China’s Handan city, Hebei to reduce output from 10/1,45 days prior to government directive of 50% utilization cut from Nov 15-March 15. Although exact time-frame of the cut or amount of output lost wasnot revealed, a local trader said company may idle 3 furnaces from Oct 1 toearly-2018, translating to 20kt/day (vs. total capacity of 37kt/d or 13mt/pa).    This is the second city to announce winter output cut plans, after Xingtai.    Tangshan, the largest steelmaking city in Hebei is yet to release details. (SBB)US steel output falls 1.4% WoW to 1.72m st (+8.1% YoY), with utilization at73.8% (-110bps WoW, +580 bps YoY) for week ending 9/23. YTD outputtotaled 66m st (+3.6% YoY), with utilization at 74.6% (+250 bps YoY). (AISI)Goldcorp reports progress towards 5-year target of increasing production andreserves by 20% and decreasing AISC by 20%. Operational improvements(3,000t/day output), sustainable cost savings ($25m in 2017) and explorationsuccess achieved at Cerro Negro. Pyrite Leach project in Penasquito ($420mcapex) is 3-months ahead of schedule and under budget, with 40% completedand 4Q18 expected commissioning. PFS of Century Base Case and NuevaUnion JV nearing completion (4Q17 & 1Q18), respectively. Cerro Casale JVcommences exploration program. Musselwhite expansion 48% complete andon time (1Q19 completion) and on budget ($90m). (Company)US Steel and Kobe Steel to construct new Continuous Galvanizing Line (CGL)at their JV, PRO-TEC Coating, in Ohio, in response to increased demand foradvanced high-strength steels. The new CGL (capacity: 500kt/pa, $400mcapex) will produce hot-dip zinc coated Gen3 steels for automobiles.    Construction is to begin in 4Q17 and startup in 2019. (Company)

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