​We at DMER believe the long-awaited normalisation process has already begun; even as we highlight that recovery will be slow, the time to be permanently bearish on the sector has passed. On the demand side, Chinese hard landing and steel capacity rationalisation have been pushed further out. The Chinese stimulus in 1Q16 was unexpected, but the key near-term takeaway is that the policy makers seem to have abandoned the transition in the medium term and are back to supporting the economy by tri...
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