Industrials (/lb): aluminum $0.95 (-0.2%), copper $3.06 (-0.5%), lead $1.09 (-1.3%), molybdenum $7.14 (+0.0%); nickel $5.15 (-2.9%); zinc $1.43 (-0.2%);Precious (/oz): gold $1,279 (+0.0%), silver $17.09 (+0.5%); Steel (/mt): ChinaHRC $627 (+0.0%), SHFE Rebar $557 (-1.3%), MB Scrap Index $305 (0.0%);Bulks: iron ore (/dmt) $62 (-0.4%), coking coal (/mt) $188 (+0.2%), freight (BCI).    3,084 (-0.8%); Energy: Brent (/bbl) $61.36 (-0.8%), WTI (/bbl) $55.14 (-0.3%),natural gas (/mmBtu) $3.05 (-0.9%), thermal coal (/t) $97 (-0.8%).    Jiawang District in Eastern China releases plan to shut down or cut upstreamproduction from Nov 15 to Dec 31. 3 steel mills (total capacity: 2.05mt/yr) havebeen ordered to shut down completely and 2 others (capacity: 1.5mt/yr) haveto reduce blast furnace utilization rates by more than 50%. Total pig ironcapacity expected to be idled between now and end-December would be atleast 370kt, per Platts. This is the second region to introduce production curbsdespite not being included in the original “2+26” cities plan drafted by Beijing(previously Shaanxi announced a cut of 3.5mt from Nov 1-Mar 1). (SBB).    US sets preliminary antidumping duties on cold-drawn mechanical steel tubeimports from Germany (75-209%), China (61-187%), Switzerland (34-69%),India (0-8%), Italy (31-37%) and Korea (5-48%). Commerce Department alsopreliminarily determined that critical circumstances exist for imports fromChina, Italy and Korea, which could result in retroactive duties, if affirmed inthe final determination by ITC. ArcelorMittal was one of the petitioners. (SBB).    AK Steel hikes base price for all carbon flat-rolled steel products by $30/t,effective immediately. Separately, SSAB Americas announced a $40/t priceincrease on plate, following Evraz North America, Nucor and ArcelorMittal. All4 US plate producers have now announced two rounds of $40/t price hikes inthe last 2 weeks. (SBB).    Teck announces supplemental dividend of 40c/sh, in addition to its quarterlybase dividend of 5c/sh. Supplemental dividend increases 2017E dividend yieldto 2.8% (vs. prior 0.9%). It has also approved a share re-purchase mandate of$230m (40c/sh), which will be completed by 3/31/18. Assuming an averagebuy-back price of $22/sh, $230m re-purchase would reduce the total sharesoutstanding by 10.5m shares (~1.8% of public float). 2018/19E EPS accretiondue to the buyback is +1%/1% to C$4.20/3.27. Teck would have now paid$578m ($1/sh) to shareholders in FY17, implying 3.7% yield. (Company, DB).    Alcoa amends $1.5bn revolving credit facility with improved terms andflexibility. Up to $100m (vs prior $37.5m) of cash can now be returned toshareholders in the form of dividends or share repurchases in any year.    Beginning with 2017, 50% of unused payment allowed to be carried over tothe following year, implying 2017E dividend yield of 1.2% vs 0% previously.    Payout may be raised up to $250m/yr if certain ratios are met. Restoration ofdividend policy should attract longer-term investors. (Company, DB).

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