The UAE will see rapid growth in metals consumption over the coming years after a slew of construction projects. Production growth will also be high given expansion plans by the major players and thus the UAE will remain a major metals exporter in the region.

BMI Industry View 7

SWOT 8

Metals SWOT 8

Industry Forecast 9

Aluminium: Rapid Growth In Consumption 9

      Consumption: Growth Bolstered By Expo 10

      Balance: Growth In Aluminium Exports & Bauxite Imports 10

      Table: Aluminium Production & Consumption (000 tonnes) (United Arab Emirates 2010-2018) 11

Steel: Increasing Reliance On Imports 11

      Table: Steel Production & Consumption (000 tonnes, Unless Stated Otherwise) (United Arab Emirates 2010-2018) 14

      Table: Steel Industry Historical Data (000 tonnes, Unless Stated Otherwise) (United Arab Emirates 2005-2012) 14

Regulatory Development 15

Highly Favourable Business Environment To Remain 15

      Table: UAE - Political Table 15

Commodities Forecast 17

Commodity Strategy 17

      Iron Ore: Not Much Respite In Sight 17

      Steel: Production Rationalisation Too Slow To Provide Price Upside 19

      Aluminium: Further Price Rally Unlikely 20

      Lead: Ripe For A H214 Boost 21

      Copper: Consensus Moving Our Way 22

      Nickel: Price Surge To Abate Further 23

      Tin: In A Sweet Spot 24

      Zinc: Bullish Short-Term Picture 25

      Table: Select Commodities - Performance & BMI Forecasts 27

Commodities Forecast 27

      Table: BMI Steel Price Forecast 27

      Short-Term Outlook 27

      Core View 28

      Surplus Set To Slim 29

      Production: Reining In Growth 29

      Consumption: Deceleration Ahead 31

      No Respite From Chinese Exports Over Coming Months 33

      Arbitrage Set To Grow Between East And West 33

      Risks To Price Outlook 34

      Table: Steel Data & Forecasts 35

      Table: Global Steel Prices By Region & Product, USD/tonne (average) 35

Competitive Landscape 37

      Table: Middle East - Largest Listed Metal Producers 37

Company Profile 39

Emirates Global Aluminium 39

Emirates Steel 42

Methodology 44

Cross Checks 44

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