Remember that in 2005, the global market was in deficit by 1.2 million mt, so the almost 100% utilization for the global industry had a muted impact on price since inventories were a buffer. |
This scenario has the attraction of delivering universal tax relief. |
While we continue to allow for supply disruptions in our supply forecast, already it is looking likely that for some commodities, the normal allowance may yet prove to be insufficient. |