...Positive Sector Outlook: Gradually slowing Chinese demand partially offset by synchronized growth in other major economies supports sound demand for metals. In addition, the supply rationalization effects of China's environmental policies and prior periods of miners' disciplined development results in healthier markets. Investors are focused on capital deployment as a credit differentiator given more sustainable FCF generation on the back of higher prices and after two years of cost-cutting, asset sales and deleveraging. China's Demand Dominates: China's urbanization trends and fixed asset investment drives demand for metals and mined bulk commodities. Fitch Ratings expects decelerating fixed-investment spending and limited growth in housing construction absent loosening of the government's curbs on property speculation. The world outside of China still accounts for 50%60% of metals demand and is expected to show healthy growth on average. China's Environmental Policies: Winter production...
