Recent Study: Taiwan Metals Report Q3 2014

In Q314 we continue to monitor the effects of overcapacity on the Taiwan steel sector as domestic producers find themselves increasingly challenged from an influx of cheap products from China and other local producers. Despite growing competition, Taiwan's steelmakers are adopting new strategies to compete in an increasingly challenging environment.

The Taiwanese steel industry remains constrained by the ongoing impact of Chinese oversupply on the global steel sector. We expect global prices for the commodity to remain weak over the foreseeable future, which will continue to limit Taiwan's steel production levels.

Continued uncertainty surrounding China's economic outlook coupled with global overcapacity will continue to have a detrimental impact on Taiwan's steel production over the next few years. Our Country Risk team have a downbeat forecast for 2014 Chinese GDP growth, at 6.7%. Despite these headwinds, total Taiwan crude steel output is expected increase by an annual average of 2.2% during the five-year period to 2018, bringing to an end the volatile swings in production seen since 2007.

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Nevertheless, 2014 has so far brought about an improvement in operating conditions for local steel producers with the country's largest producer China Steel Corporation (CSC) among the firms reporting a steady improvement in sales volumes and revenues during Q1 2014. One of the main strategies being pursued by both CSC and its rivals is to expand its sales reach to include new export markets, thereby counteracting relatively soft local demand. The industry's relatively positive outlook is reflected in CSC's recent increase in its production capacity from 12.5mn tonnes per annum (mntpa) to 15mntpa over the course of 2013 as the company completed the expansion of its wholly owned subsidiary, Dragon Steel.

While there are signs that the uncertainty surrounding the Taiwanese steel sector is beginning to...

The Taiwan Metals Report has been researched at source, and features latest-available data for steel, aluminium and other major globally-traded commodities. Our analysis covers all primary indicators, including production, exports and price, with our forecasts underpinned by Business Monitor International (BMI)'s macroeconomists global economic outlook. The report analyses trends and prospects and critically evaluates latest industry news, trends and regulatory developments in Taiwan.

BMI's Taiwan Metals Report provides industry professionals and strategists, sector analysts, business investors, trade associations and regulatory bodies with independent forecasts and competitive intelligence on the metals industry in Taiwan.

Key Benefits

* Benchmark BMI's independent metals industry forecasts for Taiwan to test other views - a key input for successful budgeting and strategic business planning in the Taiwan metals market.

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