BMI View: The South African metals industry will be characterised by steady consumption growth outstripping production growth in the coming years. Investment in production facilities will be constrained by several factors including persistently low output prices, rising energy costs and further aggressive wage negotiations by unions. In terms of the domestic market, metals consumption will track the economic trend and economic growth in South Africa is expected to be slow but steady with a modest recovery expected over following years. We see autos production growth as a key driver of metals consumption. We forecast autos production to grow by an …
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