United Kingdom Metals Report Q3 2014

Date: June 4, 2014
Pages: 48
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: After a strong year for the UK steel industry in 2013, we are forecasting a muted recovery going forward. In line with its European counterparts, the UK metals industry has been rocked by low profitability that has led to capacity reductions and disinvestment. However, the worst is probably over for the UK, as slightly stronger domestic demand and recent investment from international firms such as Sahaviriya Steel Industries and Tata Steel should arrest the decline in sector fortunes.

We expect the UK autos industry to provide a much needed boost to domestic steel demand, as both vehicle demand and production continue to recover. However, conditions for firms in the steel industry will remain challenging due to a combination of low output prices, high input costs, regulation and weak external demand for UK steel exports. Opportunities for local firms exist in servicing domestic manufacturing such as autos and demand for high end steel products in fast growing but lower technology emerging markets. The impact of the UK construction sector may be slightly more moderate, however. Despite robust growth in overall activity, especially house building, the results of a survey by Markit Economics showed that the Markit/Chartered Institute of Purchasing & Supply UK Construction Purchasing Managers' Index fell to 60.8 in April 2014 from 62.5 a month earlier - equating to the slowest growth for six months.
BMI Industry View
Metals SWOT
Industry Forecast
Steel: Recent Investment To Arrest Slowdown
  Table: Steel Production & Consumption (000 tonnes, Unless Stated Otherwise) (United Kingdom 2009-2018)
  Table: Steel Industry Historical Data (000 tonnes, Unless Stated Otherwise) (United Kingdom 2003-2012)
Commodities Forecast
Steel Price Forecast
  Table: BMI Steel Forecast
Short-Term Outlook
Core View
Global Steel Glut To Persist
Production: Rationalisation In The Long Term
Consumption: Growth Decelerating
Excessive Chinese Exports
Growing Arbitrage Between East & West
Risks To Price Outlook
  Table: Steel Data & Forecasts
  Table: Global Steel Prices By Region & Product, US$/tonne (ave)
Monthly Metals Update
Iron Ore: Chinese Stimulus Not A Game Changer
Steel: Gradual Rationalisation Insufficient To Boost Prices
Aluminium: Recent Rally Unlikely To Persist Into H214
Copper: Bearish Forecast Appears Well Placed
Lead: Picking Up Autos Sector Tailwinds
Nickel: Recent Rise To Fall Back In H214
Zinc: Potential Test Of Resistance In Coming Weeks
  Table: Select Commodities - Performance & BMI Forecasts
Competitive Landscape
  Table: Largest European Listed Metals Producers
Company Profile
Rio Tinto
Company Overview
Company Strategy
Latest Financial Results
  Table: Rio Tinto - Key Financial Data
Tata Steel Limited
  Table: Tata Steel - Key Financial Data
Cross Checks
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United Kingdom Metals Report Q2 2014 US$ 1,295.00 Mar, 2014 · 47 pages
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