Russia Metals Report Q3 2014

Date: July 23, 2014
Pages: 64
US$ 1,295.00
Report type: Strategic Report
Delivery: E-mail Delivery (PDF), Download

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Includes 3 FREE quarterly updates

BMI View: The Russian metals sector will face headwinds over coming quarters as European and US demand remains weak and global oversupply weighs on metal prices. We expect production of key metals to remain modest, with company investment plans focusing on improving plant efficiency and reducing costs rather than building new plants or expanding production capacity. Despite weak growth, Russia will remain one of the world's largest producers of base and industrial metals including nickel, steel and aluminium.

Steel, Aluminium & Nickel Supply Glut To Hinder Growth

We expect sluggish steel production growth in Russia as the country's largest steel-makers experience squeezed margins resulting in production cuts. The global steel market will remain mired in significant overcapacity, sluggish demand and weak margins for the foreseeable future due to Asian steel surpluses flooding the global market.
BMI Industry View
Metals SWOT
Industry Forecast
Steel: Global Oversupply To Weigh On Growth
High Relative Capacity Utilisation Rates
  Table: Steel Production & Consumption (Russia 2010-2018)
  Table: Steel Industry Historical Data (Russia 2005-2012)
Aluminium: Weak Growth Outlook
  Table: Aluminium Production & Consumption (Russia 2010-2018)
Nickel: Limited Growth Ahead
  Table: Refined Nickel Production & Consumption (Russia 2010-2018)
Regulatory Development
Key Details
Political Risk Update
  Table: Political Overview
Commodities Forecast
Commodity Strategy
Iron Ore: Not Much Respite In Sight
Steel: Production Rationalisation Too Slow To Provide Price Upside
Aluminium: Further Price Rally Unlikely
Lead: Ripe For A H214 Boost
Copper: Consensus Moving Our Way
Nickel: Price Surge To Abate Further
Tin: In A Sweet Spot
Zinc: Bullish Short-Term Picture
  Table: Select Commodities - Performance & BMI Forecasts
Commodities Forecast
  Table: BMI Steel Price Forecast
Short-Term Outlook
Core View
Surplus Set To Slim
Production: Reining In Growth
Consumption: Deceleration Ahead
No Respite From Chinese Exports Over Coming Months
Arbitrage Set To Grow Between East And West
Risks To Price Outlook
  Table: Steel Data & Forecasts
  Table: Global Steel Prices By Region & Product, USD/tonne (average)
Competitive Landscape
  Table: Russia - Largest Listed Metals Producers - Financial Data
Company Profile
  Table: Severstal - Key Financial Data
Norilsk Nickel
Company Overview
Company Strategy
  Table: Norilsk Nickel - Key Financial Data
Latest Results
  Table: Rusal - Supply Chain Analysis
  Table: RUSAL - Key Financial Data
Cross Checks
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