In a nutshell: . RIO TINTO (+): Potential strategic equity placement still on the table . GLOBAL TRADE: Chinese steelmakers lose lucrative Vietnam HRC market after new tariffs . THYSSENKRUPP (NC): Closure of HKM nears after potential buyer abandons talks . STEEL US: Cleveland-Cliffs hikes HRC offers to USD 900/st . STEEL CHINA: Domestic rebar prices rise amid positive policy signals . STRATEGY: German Election - A Two-Party Majority Daily Prices as of February 21st / PRICE MOVERS . MACRO/COMMODITY WRAP: Base metals were stronger this morning on the SHFE; zinc unch, copper +0.3%, aluminium +0.6%, nickel +0.7%. The freefall in copper concentrates continues as spot TCRCs declined another USD 3-4/t w/w to fresh historical lows. Iron ore futures snapping a four-day winning streak (-0.2% in Singapore) as Vietnam hits China with anti-dumping tariffs on its HRC exports. Gold (2,944/oz) is holding near record levels as the dollar eased and ETF holdings are surging. . Macro data this week: Eurozone CPI (cons +2.5% y/y) today, Eurozone Industrial Confidence (cons -12.0) and US 4Q24 GDP (cons +2.3%) on Thursday, US PCE Price Index for January (cons +2.5% y/y) From our strategy team: German Election - A Two-Party Majority A Market Friendly Outcome: A CDU/CSU and SPD coalition looks likely German elections have yielded a favourable outcome for markets. Firstly, eventual party outcomes were close to opinion polls, and the tail risk of AFD outperforming substantially did not materialise. Secondly, and more importantly, with smaller parties (FDP, BSW) not reaching the 5% threshold, a stronger two-party coalition between the CDU/CSU and the SPD now appears likely. Potentially Lower Taxes, Higher Defence + Energy investment, As detailed in our deep-dive, German election: Continuity with change, a two-party coalition should favour a quick formation of government, plus a quick enactment of policies that have agreement between both parties. In the table below, we...