Industrials (/lb): aluminum $0.97(+0.2%), copper $3.19(-1.5%), lead $1.13(-1.9%), molybdenum $7.14(+0.0%); nickel $5.34(-0.8%); zinc $1.40(-3.4%);Precious (/oz): gold $1,285(-0.8%), silver $16.97(-1.5%); Steel (/mt): ChinaHRC $637(-1.2%), SHFE Rebar $570(-1.6%), MB Scrap Index $296(+0.3%);Bulks: iron ore (/dmt) $63(-0.3%), coking coal (/mt) $182(+0.0%), freight (BCI)3,079(+3.3%); Energy: Brent (/bbl) $57.88(+0.1%), WTI (/bbl) $51.88(+0.0%),natural gas (/mmBtu) $2.96(+0.5%), thermal coal (/t) $93(+0.2%).。    China’s President Xi plans to continue battle on smog for a long time. Chinahas recently ordered factories to cut output and avoid record levels of smogduring winter. In the long term, government is promoting the use of renewablepower and curbing use of coal. Separately, Tangshan, the largest steelmakingcity in Hebei province, is reportedly close to issuing detailed output cut plans.Ranked by environmental performance, the worst mills will be required to cutoutput by 75% whereas the best by 20-25%. (Reuters, SBB)。    Western Australian (WA) government commits to reducing red tape andregulatory duplications to promote nickel industry. WA accounts for ~7% ofglobal output and during 2016-17, nickel sales volumes declined by 11% YoYto 157kt. WA also accounted for the largest exploration spend in Australia fornickel and cobalt in 2016/17(A$67m, +43% YoY). (Mining Weekly)。    US steel import permits for October through 10/17total 1.8m st. If adjusted toa full month, permits would be 3.3m st (+21% YoY) vs. September permits of3.1m st and August imports of 3.4m st. Line pipe (-71kt, -31%) appear to havedecreased the most MoM, followed by light-shaped bars (-37kt, -81%) andcoated sheets (-33kt, -9%), whereas, semi-finished (+199kt, +34%) and rebar(+102kt, +171%) permits are increasing. (US Import Administration)。    US steel output rises 0.2% WoW to 1.74m st (+5.4% YoY), with utilization at74.8% (+10bps WoW, +400bps YoY) for week ending 10/14. Higherproduction at Southern Mills (+16%) offset reduced output at other regions.YTD output totaled ~71.3m st (+3.8%), with utilization at 74.6% (+240bpsYoY). (AISI)。    Vale seeks a partner to invest in its New Caledonia (VNC) nickel operation.Company has reportedly held discussions with a number of Chinese groups.VNC has been loss making and Vale has decided to not invest in furtherdevelopment at current nickel prices. Comprised of a mine, processing plant anda port, VNC produced 34kt nickel in 2016. (Financial Times, DB)。    Coeur completes acquisition of Silvertip mine, British Columbia from JDSSilver Holdings. Coeur acquired all outstanding shares of JDS Silver Holdingsfor $147.5m cash and $37.5m equity, and assumed $15m debt. Cash paymentwas funded with $100m of borrowings. Additional consideration of $50mcontingent on specific permitting and exploration milestones. (Company)。

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