South Africa's metals industry will continue to see subdued production activity due to prices remaining below multi-year highs, elevated energy costs, and labour unrest. Metals consumption growth will rise faster than production growth, due to solid demand growth from the auto, construction, and infrastructure sectors.

BMI Industry View 7

SWOT 9

Metals SWOT 9

Industry Forecast 11

Steel: Consumption Fundamentals Stronger Than Production 11

      Production To See Modest Growth 12

      Table: South Africa - Major Steel Plants 13

      Consumption Growth To Exceed Production Growth 14

      Table: Steel Production & Consumption (South Africa 2010-2018) 16

      Table: Steel Industry Historical Data (South Africa 2005-2012) 17

Aluminium: Production To Decline Despite Consumption Growth 18

      Autos And Construction Support Modest Consumption Growth 18

      Production Hampered By Power Woes 18

      Upstream Supplies May Pose Challenge 19

      Exports Likely To Decline 20

      Table: Aluminium Production & Consumption (South Africa 2010-2018) 21

Nickel: Fortunes Rise And Fall With Platinum Industry 21

      Automotive Sector To Drive Nickel Demand 22

      Production Fundamentals Remain Problematic 22

      Table: Refined Nickel Production & Consumption (South Africa 2010-2018) 23

Regulatory Development 24

Carbon Tax Delayed 24

Labour Market To Remain Volatile 24

Tax Regime 25

      Table: South Africa - Political Overview 26

Commodities Forecast 28

Commodity Strategy 28

      Ferrous Metals: 29

      Iron Ore: Bounce Won't Last, Weakness In 2015 29

      Steel: Long Road To Price Recovery 30

      Non-Ferrous Metals: 31

      Aluminium: Elevated Prices In Coming Weeks 31

      Copper: Strength To Turn To Weakness By Q414 32

      Lead: Price Bounce Underway 33

      Nickel: Prices To Cool In Coming Months 34

      Tin: Market Tightness To Drive Prices Higher 35

      Zinc: Prices To Moderate By Q414 36

      Table: Select Commodities - Performance & BMI Forecasts 38

Commodities Forecast 38

      Table: BMI Steel Price Forecast 38

      Short-Term Outlook 38

      Core View 39

      Surplus Set To Slim 40

      Production: Reining In Growth 40

      Consumption: Deceleration Ahead 42

      No Respite From Chinese Exports Over Coming Months 44

      Arbitrage Set To Grow Between East And West 44

      Risks To Price Outlook 45

      Table: Steel Data & Forecasts 46

      Table: Global Steel Prices By Region & Product, USD/tonne (average) 47

Competitive Landscape 48

      Table: South Africa - Major Steel Production Facilities 48

      Table: South Africa - Select Listed Metals Producers 49

Company Profile 50

ArcelorMittal 50

      Company Overview 52

      Company Strategy 52

      Latest Financial Results 54

      Company Details 54

      Financial Data 54

      Table: ArcelorMittal - Key Financial Data 54

Methodology 55

Cross Checks 55

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