We hosted meetings in Asia (Singapore and Shanghai) with companies across the metals supply chain to discuss overall supply, demand and macro trends' outlook. We provide detailed feedback below, but few things stand out to us: 1) iron ore price at $100/t seen by most as affordable and a reasonable price for current market conditions; 2) the demand outlook is uncertain, but steel and base metals demand expectations differ within a narrow range, with supply discussions dominating the narratives. Longer term, ...