From your vantage point in the commodities world, how do you see the whole soft versus hard landing story in China
The trend that is in place is still a positive one in terms of China's demand and offtake. It is driven by need. Maybe the slope will change, and we won't see such a severe rise in demand - but the trend is still very positive. That's not to say we won't have interim volatility.
In late April-May we saw a slowdown of industrial raw materials into China, such as iron ore. But we are now back on track and freight rates are back up. So,...