@Bunn-Wackett, you probably need to be more specific re the...

@Bunn-Wackett, you probably need to be more specific re the demand destruction narrative. After Ukraine was invaded, there was a whole lot of talk by all sorts of macro talking heads spruiking demand destruction - oil, gas, potash, rare earths. To date, in the main, that chatter has not come to pass.

The pirce of iorn ore is up, copper has appeared to have stabilised, other metals are still soft but seem to be stabilising.

I agree that there are headwinds globally, but there have been so many out of the ordinary, exogenous events that have affected both macro settings and government policy that much of what we are seeing re outcomes are yet to be fully understood. Economic historians will write about this period 10 years from now, i suspect.