Q3 2003 has been generally positive in most markets. Global volumes were significantly higher than in Q2 2003, and wee also up compared to Q3 2002. The most positive signs of an improvement in consumption have been in the US market. Any growth in European demand during Q3 has been much more hesitant. But we believe that it is positive news that the market has not gone through the softening that might be expected for the summer months. The trend in the Asian market is a special case, mainly as a result of the phasing of demand in Japan which pushed an unusual level of volume into Q1 2003. Another positive sign is that demand in the Chinese market has held up in Q3, countering fears that there might be a slowdown in this market.
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