Global output projections for this year have been revised downto 3¾% from 4½% previously. Forecasts for both the developedworld and emerging markets have been revised lower.EU15 and Japanese output forecasts have been revised downheavily. US production forecasts were revised up on strongerdemand trends although imports are still likely to weigh onproduction growth. In emerging markets, Chinese output isforecast to grow at a slow pace this year as the authoritiesefforts to curb excess capacity takes hold. Brazilian andRussia output is set to decline while Indian output will becapped by raw material constraints.
