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Follow on Google News | New Market Research Report: Netherlands Metals Report Q3 2010Fast Market Research recommends "Netherlands Metals Report Q3 2010" from Business Monitor International, now available
In Q110, the Netherlands' crude steel output grew 63.3% year-on-year (y-o-y) to 1.55mn tonnes, but on a quarter-on-quarter (q-o-q) basis production was down 3.7%, with monthly output steadily declining to 478,000 tonnes in March, the lowest level in nine months. The industry was still performing at just 80% of pre-recession levels. The poor performance was mainly the result of production losses caused by planned repair works at blast furnace No. 7 at Corus's operations in IJmuiden. The industry is facing a likely slowdown in H210, caused by EU-wide fiscal austerity measures and the expected slump in carmaking following the withdrawal of purchase incentives and the slow revival in construction. Nevertheless, we retain our crude output forecast of 6.11mn tonnes in 2010 (up 17.6% y-o-y) and hotrolled output of just over 4.79mn tonnes (up 6.1%). Having grown marginally in Q110, the Dutch economy is expected to grow 0.6% overall in 2010, which given the scale of the recession in 2009 is unlikely to help Dutch metals producers claw back their position on the domestic market. The external sector has largely led the rebound in Dutch growth. External demand has been particularly strong from non-EU states and weaker prospects for the euro will likely see this trend persist, due in large part to the eurozone debt crisis coupled with an expectation that the ECB will maintain a loose monetary policy for an extended period. However, a reliance on external demand, particularly from other eurozone members, will likely constrain the recovery in the metals sector. Indeed, we see the eurozone as the weak link in the global demand story going forward. With around 98% of Dutch crude steel production through oxygen blown conversion - the highest rate in Europe - and just 2% in electric arc furnaces, the country's steel industry will be heavily determined by the price of iron ore feedstock as opposed to scrap. With the EU average of around 57% of steelmaking based on oxygen blast furnaces, the Dutch steel industry stands to become highly competitive in the European market provided scrap prices rise at a faster rate than iron ore. The disadvantage is that, during the recession, the industry was locked into contracts that undermined the cost of production from iron ore compared with steel produced from scrap in EAFs. Economic recovery means that scrap values should increase, thereby improving the prospects of producers using iron feedstock. However, volatile Asian markets and a fragile recovery means that iron and scrap prices are unpredictable and it is too early to say whether Dutch steelmakers will see any advantage in 2010. As such, crude producers are likely to hold back from pushing for full operating rates until they can be certain of a eurozone market recovery, which may not happen until 2011. For more information or to purchase this report, go to: - http://www.fastmr.com/ Report Table of Contents: Executive Summary SWOT Analysis - Netherlands Political SWOT - Netherlands Economic SWOT Global Market Overview - Quarterly Metals Views, July 2010 - Table: BMI's Core Views For The Metals Industry - Metals Market Overview - Table: World's Top 10 Steel Producing Countries (mn tonnes) - Table: Recently Added And Planned Smelter Capacity - Commodities Forecast - Nickel To Average US$22,000/tonne In 2010 - Table: BMI Nickel Forecast - Table: Nickel - Market Strategy - Aluminium Update: Downside Risks To Average Price of US$2,100/tonne In 2010 - Table: BMI Aluminium Forecast - Table: Aluminium - Commodities Forecast - Gold To Average US$1,150/oz In 2010 - Table: BMI Gold Forecast - Table: Gold - Commodities Forecast - Copper - Table: BMI Copper Forecast - Table: Copper Regional Overview Industry Forecast Scenario - Table: Netherlands Metals Industry, Historical Data and Forecasts ('000 tonnes unless stated) - Macroeconomic Outlook - Table: Netherlands - Economic Activity Competitive Landscape Company Profiles - Tata Steel Europe (Corus Group) Global Assumptions - Table: Global & Regional Real Gdp Growth (%) - Table: Real Gdp Growth (%) - Consensus Forecasts - Table: Global Assumptions - Table: Developed States, Real Gdp Growth Forecasts - Table: Emerging Markets Aggregate Growth BMI Methodology - How We Generate Our Industry Forecasts - Cross Checks Country Snapshot: Netherlands Demographic Data - Section 1: Population - Table: Demographic Indicators, 2005-2030 - Table: Rural/Urban Breakdown, 2005-2030 - Section 2: Education And Healthcare - Table: Education, 2002-2005 - Table: Vital Statistics, 2005-2030 - Section 3: Labour Market And Spending Power - Table: Employment Indicators, 2000-2005 - Table: Consumer Expenditure, 2000-2012 (US$) - Table: Average Annual Wages, 2000-2012 About Business Monitor International Business Monitor International (BMI) offers a comprehensive range of products and services designed to help senior executives, analysts and researchers assess and better manage operating risks, and exploit business opportunities, across 175 markets. BMI offers three main areas of expertise: Country Risk BMI's country risk and macroeconomic forecast portfolio includes weekly financial market reports, monthly regional Monitors, and in-depth quarterly Business Forecast Reports. Industry Analysis BMI covers a total of 17 industry verticals through a portfolio of services, including in-depth quarterly Country Forecast Reports. View more research from Business Monitor International at http://www.fastmr.com/ About Fast Market Research Fast Market Research is an online aggregator and distributor of market research and business information. We represent the world's top research publishers and analysts and provide quick and easy access to the best competitive intelligence available. For more information about these or related research reports, please visit our website at http://www.fastmr.com or call us at 1.800.844.8156. # # # Fast Market Research is an online aggregator and distributor of market research and business information. We represent the world's top research publishers and analysts and provide quick and easy access to the best competitive intelligence available. End
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