“Neutral on the Metals and Mining sector, noting that while recent foreign investor outflows are tactical, the real risk is that positive growth no longer produces upgrades. He expects the downgrade cycle for FY27 earnings estimates to continue due to persistent cost pressures from coking coal, energy, freight, and currency. He advises a barbell strategy for exposure, favoring integrated domestic steel (45-50%) for near-term earnings floor, and primary non-ferrous producers (25-30%) for structural upside.”