Metals Weekly
12 March 2012
Metals Weekly
Valuations: Indian companies
Price
EV/EBITDA P/BV
(INR) FY12E FY13E FY12E
Steel
Tata Steel
454
SAIL
95
JSW Steel
747
JSPL
573
NMDC
184
Sesa Goa
201
Non-ferrous
Sterlite Inds. 114
HZL
132
Nalco
61
Hindalco
135
Mid-caps
Monnet Ispat 460
Godawari
101
Sarda Energy 124
Tata Sponge
282
Adhunik Metaliks52
Bhushan Steel 387
Jai Balaji
39
Rain Comm.
39
Prakash Inds.
49
7.1
8.9
7.9
9.8
6.2
5.6
3.9
5.8
11.2
6.0
11.8
2.8
8.0
1.9
5.7
9.8
20.2
3.3
3.7
6.1
8.1
6.5
9.2
6.8
9.4
3.1
4.1
7.4
5.8
9.2
3.2
5.6
0.9
3.8
9.1
6.5
3.1
2.6
1.7
1.0
1.0
3.0
2.9
1.1
0.8
2.1
1.4
1.4
1.3
0.5
0.5
0.8
0.7
1.2
0.3
0.6
0.3
Metal Prices
CMP
12-Mar
HRC Tube grade-Mumbai(INR/ton) 38,531
HRC (USD/ton) fob CIS
630
HRC (USD/ton) fob China
681
Sponge iron - Raipur (INR/ton)
24,700
Pig iron - Raipur (INR/ton)
25,385
Iron ore spot (USD/ton) cfr China
148
Coke (USD/ton) fob
385
Shred. scrap (USD/ton) fob Rotter.
423
LME inventories (‘000 ton)
LME Spot (USD/ton)
Indian prices (INR ‘000/ton)
LME inventories (‘000 ton)
LME Spot (USD/ton)
Indian prices (INR ‘000/ton)
LME inventories (‘000 ton)
LME Spot (USD/ton)
Indian prices (INR ‘000/ton)
5,091
2,170
109
867
2,027
101
276
8,390
425
%
0
0
0
1
2
0
0
1
0
-5
-4
0
-3
-2
-3
-2
0
0
0
-2
2
Week
5-Mar
38,531
630
680
24,400
24,932
148
385
418
5,101
2,295
113
867
2,088
103
Quarter
%
2-Jan
6 36,491
9
578
2
669
8 22,800
3 24,660
3
144
3
375
1
418
2
8
3
5
11
4
4,970
2,006
105
822
1,828
97
371
7,661
404
YTD FY12
% 1-Apr
8 35,811
-11
708
-6
722
22
11
-18
-4
-1
11
-16
-7
18
-13
-3
-37
-10
0
34
2
-23
-14
20,200
22,937
181
400
425
4,592
2,589
116
736
2,341
105
439
9,336
424
20,780
56,500
2,730
1.38
284 -26
8,575 10
425
5
27,825
57,858
2,134
1.17
Note: Detailed table on pg 21
Valuations: Global companies
Price
Steel
A. Mittal EUR 15.9
Posco
k KRW 424
US Steel USD 27.5
Nucor
USD 43.6
Gerdau
BRL 18.4
Bao Steel CNY 5.3
Non-ferrous
Alcoa
USD 10.2
Teck Res. USD 38.9
Xstrata GBp 112.0
BHP
AUD 35.7
Rio Tinto AUD 65.9
Detailed on pg 21
BSE Metals Index
Sensex
102
100
98
96
94
Source: MOSL
EV/EBITDA
CY11 CY12
5.8
5.7
5.1
6.7
7.4
6.6
7.6
5.0
5.5
5.7
4.8
4.9
5.1
4.2
5.5
6.1
6.2
5.8
4.5
4.8
5.2
4.3
P/BV
CY11
0.5
0.9
1.1
1.7
1.1
0.8
0.8
1.1
1.1
2.9
1.9
Gold (INR/10gms)
27,834
Sliver (INR/1kg)
57,827
Lead Spot LME (USD/ton)
2,090
FC 6-8% C basis 60% Cr (USD/lb Cr) 1.19
INR/USD
BDI
3 27,102
16 50,010
6 1,980
9
1.09
49.9
0
49.8 -6
53.3
12
44.6
824
5
782 -53 1,738
-45
1,498
Source: MMR/LME/Metal Bulletin/SteelPricesIndia/MOSL
Base metals decline 2-5% WoW; FeCr production cuts in South Africa
Indian long prices increased 1.3% WoW while flat steel prices were
Source: Bloomberg
BSE Metals Index v/s Sensex
Source: Bloomberg
Note: Indexed to 100 on 5 March 2012
Stock performance table on pg 22
unchanged WoW. Sponge iron prices increased 1.2% WoW to INR24,700/
ton. Scrap prices also increased 0.6% WoW to INR27,112/ton.
Steel prices increased in China (up 0.4% WoW), Russia (up 1.2% WoW),
the Middle East (up 1.9% WoW) and Turkey (up 2.8% WoW), but declined
in North America (down 0.7% WoW). Prices showed mixed trends in
Europe.
63.5% Fe iron ore prices were flat WoW at USD148/ton.
Base metals showed declining trends - spot LME prices of aluminum,
copper, lead and zinc decreased 5%, 2%, 2% and 3% WoW, respectively.
Samancor has taken eight charge chrome furnaces offline in South Africa
under an agreement with state power group, Eskom. Eskom struck similar
agreements with other ferrochrome (FeCr) producers such as Xstrata,
Samancor and Ruukki due to power shortage. Benchmark FeCr prices
have increased ~9% since December 2011.
According to media reports, Indonesia will cap foreign ownership of
mining projects at 49% by the tenth year of production, as it seeks to
bring the country's natural resources under state control.
Sanjay Jain
(SanjayJain@MotilalOswal.com); Tel:+91 22 3982 5412
Pavas Pethia
(Pavas.Pethia@MotilalOswal.com); Tel:+91 22 3982 5413
12 March 2012
1

Metals Weekly
Contents
Page No.
Ferrous
..................................................................................
3-10
India ............................................................................................................ 3
European Union .......................................................................................... 4
China ............................................................................................................ 5
Other regions ........................................................................................ 6 & 7
Steel raw material ................................................................................. 8 & 9
Ferro alloys ................................................................................................ 10
Non ferrous
..........................................................................
11-17
Aluminum ................................................................................................. 11
Copper ....................................................................................................... 13
Zinc ............................................................................................................ 14
Lead ........................................................................................................... 15
Commodity curve analysis ................. ...................................................16
China non-ferrous trade data ................ ...............................................17
Key indicators
...........................................................................
18
Industrial production growth across the globe
........................
19
BSE Exchange announcements
................................................
20
Metals valuation matrix
...........................................................
21
Metals stock performance
.......................................................
22
12 March 2012
2

Metals Weekly
Ferrous
Ferrous
INDIA
Indian flat steel prices (INR/ton)
HRC tube grade M umbai
CRC 0.63 DSK Delhi
GP 0.63 Delhi
50,000
45,000
HRC tube grade prices were
flat WoW at INR38,531/ton
40,000
35,000
30,000
25,000
Indian long steel prices (Mandi; INR/ton)
P encil Ingo t
Rebar 1
2mm
50,000
45,000
Pencil ingot prices increased
1.1% WoW to INR35,500/ton
40,000
35,000
30,000
25,000
20,000
Steel intermediates and raw material prices (INR/ton)
DRI Raipur
HM S 80:20 M andi
P ig Raipur
Iro n o re fo r DRI - RHS
30,000
8,600
7,200
5,800
4,400
3,000
Sponge iron prices increased 1.2%
WoW to INR24,700/ton. HMS scrap
prices increased 0.6% WoW
to INR27,112/ton
25,000
20,000
15,000
10,000
India: Monthly crude steel production
India
Yo Y (%)
6.8
6.2
5.6
5.0
4.4
30
20
10
0
-10
Source: SteelPricesIndia/WSA/MOSL
12 March 2012
3

Metals Weekly
European Union
European steel prices (EUR/ton)
No rth
So uth
Impo rts
700
North European HRC prices
increased 0.2% WoW to EUR548/ton
while South European HRC prices
declined 0.1% WoW to EUR525/ton
600
500
400
300
Rotterdam export shredded scrap prices
Ro tterdam (USD/t)
500
Rotterdam export shredded scrap
prices increased 1.2% WoW
to USD423/ton
400
300
200
100
European medium section prices (EUR/ton)
Reinfo rcing B ar
M edium Sectio ns
700
600
500
400
300
European Union: Monthly crude steel production
EU
Yo Y (%)
18
15
13
10
8
70
40
10
-20
-50
Source: Metal Bulletin/Bloomberg/SBBS/WSA/MOSL
12 March 2012
4

Metals Weekly
China
China domestic prices (USD/ton)
840
760
HRC
Rebar
China HRC prices increased
0.1% WoW to USD681/ton
680
600
520
440
Steel trade (m ton)
Expo rts
Impo rts
6
5
3
2
0
Steel inventories (m tons)
10
9
7
6
4
Monthly crude steel production
China
Yo Y (%)
64
55
46
37
28
60
40
20
0
-20
Source: Metal Bulletin/Bloomberg/SBBS/WSA/MOSL
12 March 2012
5

Metals Weekly
Other regions
CIS steel export prices (USD/ton)
Russia HRC
B illet
Slab
Black Sea export billet prices
increased 2.5% WoW to USD606/ton
while Russian HRC export prices
increased 1.2% WoW USD643/ton
850
700
550
400
250
Middle East import and Turkish export steel prices (USD/ton)
950
M iddle East HRC Impo rt
Turkish Exp B illets
Middle East import HRC prices
increased 1.9% WoW to USD673/ton
800
650
500
350
North America domestic HRC prices (USD/ton)
Do mestic HRC
Shredded scrap
900
North American local HRC prices
decreased 0.7% WoW to USD705/ton
700
500
300
100
CIS: Monthly crude steel production
CIS
Yo Y (%)
10
9
8
7
6
60
30
0
-30
Source: Metal Bulletin/SBBS/WSA/Bloomberg/MOSL
12 March 2012
6

Metals Weekly
Other regions
Middle East: Monthly crude steel production
M iddle East
Yo Y (%)
1.9
1.7
1.6
1.4
1.2
28
16
4
-8
-20
North America: Monthly crude steel production
No rth A merica
Yo Y (%)
11
9
8
6
4
80
40
0
-40
Global: Monthly crude steel production
Glo bal
Yo Y (%)
140
125
110
95
80
40
20
0
-20
Source: Bloomberg/WSA/MOSL
12 March 2012
7

Metals Weekly
Steel raw materials
Indian 63.5% grade iron-ore fines in China (USD/ton)
CIF
FOB
200
China spot CFR iron ore prices were
flat WoW at USD148/ton DMT
160
120
80
40
OTC iron-ore swaps (USD/ton)
2Q1
2
3Q1
2
201
3
201
4
170
Iron ore swaps traded
lower by ~2% WoW
155
140
125
110
China iron-ore production and imports (m tons)
Ore Impo rts
Ore P ro d
P ig iro n pro d (RHS)
150
120
90
60
55
50
45
60
30
40
35
China iron-ore inventories (m tons)
110
100
90
80
70
60
Source: Metal Bulletin/Bloomberg/MOSL
12 March 2012
8

Metals Weekly
Steel raw material
Freight rates to China (USD/ton)
B razil
A ustralia
India
56
42
28
14
0
Coal price index
Richards B ay Steam Co al
150
125
Richard Bay Steam Coal 6,000GCV
price decreased 1.7% WoW
to USD104/ton
100
75
50
Coke price index
China co ke expo rt spo t (LHS)
China 1 grade metallurgical co ke
st
450
400
350
300
250
2,340
2,280
2,220
2,160
2,100
Source: Metal Bulletin/Bloomberg/MOSL
12 March 2012
9

Metals Weekly
Ferro alloys
China’s imports of manganese ore and conc
Impo rts
P rices (RHS)
1,400
1,100
800
500
200
340
280
220
160
100
Manganese and chrome ore FOB spot prices
M n 48% Euro pe spo t
40% Chro me A frica (RHS)
9.5
8.3
7.0
5.8
4.5
300
250
200
150
100
Ferro and silico manganese prices (USD/t)
1,600
1,450
1,300
1,150
1,000
FeM n 75%M n-7.5%C
SiM n 65%M n-1
7%Si
Ferro chrome CIF prices (CNY/t)
Fe Chro me 50% Cr China
Fe Chro me 63% Cr P ittursburgh
16,000
13,000
10,000
7,000
4,000
Source: Metal Bulletin/Bloomberg/MOSL
12 March 2012
10

Metals Weekly
Non-ferrous
Non-ferrous
Aluminum
LME inventories and prices
Invento ries
Spo t
3,200
6
5
4
Aluminum spot prices decreased
5.5% WoW to USD2,170/ton. LME
inventory continues to be at
all-time high of 5.1m tons
2,700
2,200
1,700
1,200
4
3
2
Global primary aluminum monthly production and YoY growth
P ro ductio n
Yo Y
3,800
3,550
3,300
3,050
2,800
32
20
8
-4
-16
China primary aluminum monthly production and YoY growth
P ro ductio n
Yo Y
1.8
1.5
1.2
0.9
0.6
80
55
30
5
-20
India: Company-wise primary aluminum monthly production
Hindalco
B alco
Nalco
VA L
Source: Metal Bulletin/LME/Bloomberg/MOSL
12 March 2012
11

Metals Weekly
Non-ferrous
Aluminum
Aluminum raw material and power cost for marginal producer in US
CP C
A lumina
P o wer
LM E
4,000
3,000
2,000
1,000
0
CPC US
700
575
450
325
200
Alumina
480
400
320
240
160
Industrial power US (Lousiana)
10.0
8.5
7.0
5.5
4.0
Source: Metal Bulletin/LME/Bloomberg/Industry/MOSL
12 March 2012
12

Metals Weekly
Non-ferrous
Copper
LME inventories and prices
Invento ries
Spo t
12,500
0.6
0.5
0.4
0.3
0.2
Copper spot prices decreased
2.2% WoW to USD8,390/ton
10,000
7,500
5,000
2,500
Global refined copper monthly production and YoY growth
P ro ductio n
Yo Y - RHS
1.7
1.6
1.6
1.5
1.4
7.5
5.0
2.5
0.0
-2.5
China: Refined copper monthly production and YoY growth
P ro ductio n
Yo Y - RHS
0.54
0.48
0.42
0.36
0.30
36
25
14
3
-8
India: Company-wise refined copper monthly production
80
60
40
20
0
Hindalco
HCL
Sterlite
Source: Metal Bulletin/LME/Bloomberg/MOSL
12 March 2012
13

Metals Weekly
Non-ferrous
Zinc
LME inventories and prices
Invento ries
Spo t
3,000
2,500
1.0
0.8
0.6
0.4
0.2
Zinc spot prices increased
2.9% WoW to USD2,027/ton
2,000
1,500
1,000
Global refined zinc monthly production and YoY growth
P ro ductio n
Yo Y - RHS
1.2
1.1
1.1
1.0
0.9
22
14
6
-2
-10
China: Refined zinc monthly production and YoY growth
P ro ductio n
Yo Y - RHS
0.5
0.4
0.3
0.3
0.2
60
40
19
-2
-22
India: Company-wise refined zinc monthly production
HZL
B ZL
2
3
2
3
3 3
2 3
2
3 2
3
3
3
3
2
3 3 3
2
2 2
2
2
2
2
3
2
Source: Metal Bulletin/LME/Bloomberg/MOSL
12 March 2012
14

Metals Weekly
Non-ferrous
Lead
LME inventories and prices
Invento ries
Spo t
3,000
0.5
0.4
0.3
Lead spot prices decreased
2.1% WoW to USD2,090/ton
2,500
2,000
0.2
1,500
1,000
0.1
0.0
Global refined lead monthly production and YoY growth
P ro ductio n
Yo Y - RHS
1.0
0.9
0.8
0.7
0.6
25
15
5
-5
-15
China: Refined lead monthly production and YoY growth
P ro ductio n
Yo Y - RHS
0.5
0.4
0.3
0.3
0.2
60
40
19
-2
-22
India: Company-wise refined lead monthly production
10
HZL
8
6
4
2
0
Source: Metal Bulletin/LME/Bloomberg/MOSL
12 March 2012
15

Metals Weekly
Commodity forward curves
LME aluminum (USD/ton)
Current
1
-week ago
3-mo nth ago
2,900
2,700
2,500
2,300
2,100
LME copper (USD/ton)
Current
1
-week ago
3-mo nth ago
8,750
8,400
8,050
7,700
7,350
LME zinc futures (USD/ton)
Current
1
-week ago
3-mo nth ago
2,200
2,100
2,000
1,900
Base metals US spot premium (USD/ton)
A luminium
Zinc
Co pper
300
240
Aluminium spot premium increased
2.4% WoW to USD188.5/ton
180
120
60
Source: LME/Metal Bulletin/Bloomberg/MOSL
12 March 2012
16

Metals Weekly
China non-ferrous trade data
China’s aluminum trade ('000 tons)
Impo rts
Expo rts
450
350
250
150
50
China’s refined copper trade ('000 tons)
Impo rts
Expo rts
500
400
300
200
100
0
China’s refined zinc trade ('000 tons)
Expo rt
Impo rt
100
75
50
25
0
China’s alumina imports ('000 tons) and prices (USD/ton)
Impo rts
P rices (RHS)
800
600
400
200
0
600
450
300
150
0
Source: LME/Metal Bulletin/Bloomberg/MOSL
12 March 2012
17

Metals Weekly
Key indicators
China new loan growth
1,600
1,250
900
550
200
China PMI
60
55
50
45
40
China: Fixed asset investment
36
33
30
27
24
21
18
Currency movement with respect to the rupee
USD (LHS)
GB P
EURO
58
86
78
70
The rupee depreciated 0.2% WoW
against the US dollar and was
trading at INR49.92/USD
54
50
46
42
38
62
54
Source: Bloomberg/MOSL
12 March 2012
18

Metals Weekly
Industrial production growth
The UK and the US
UK
USA
16
8
0
-8
-16
Japan
40
20
0
-20
-40
European Union
France
Germany
Italy
20
8
-4
-16
-28
BRIC
Russia
B razil
India
China
18
12
6
0
-6
Source: Bloomberg/MOSL
12 March 2012
19

Metals Weekly
Stock Exchange announcements
JSW Steel
is planning to set up an electrical steel manufacturing facility
of 0.6mtpa capacity at its integrated steel works at Vijayanagar. Initially,
this facility will produce 0.4-0.5mtpa of cold rolled non-grain oriented
(CRNO) grade electrical steel. The first phase of the facility will produce
0.2mtpa of CRNO and is likely to get commissioned in 24 months from
the date of receiving requisite approvals.
Kalimati Investment Company, a promoter group company of
Tata Steel
sold its entire stake (671,455 shares) in the company to another promoter
group company, Tata Sons at an average price of INR467/share.
The Board of Directors of
National Aluminium (Nalco)
will meet on 20
March 2012 to consider declaration of interim dividend and has fixed 26
March 2012 as "record date" for payment of interim dividend for FY12.
The extraordinary general meeting (EGM) of shareholders of
Hindalco
Industries
held on 7 March 2012 has passed a resolution to issue up to
150m warrants to promoters / promoter group companies on
preferential allotment basis. The company has also allotted 4,000 equity
shares on exercise of ESOPS on 5 March 2012.
The promoter and promoter group of
Bhushan Steel
bought 4,387,702
shares of the company, last week.
12 March 2012
20

Metals Weekly
Metals
Valuation Matrix
Valuations: Indian companies
Rating
Steel
Tata Steel
SAIL
JSW Steel
JSPL
NMDC
Sesa Goa
Non-Ferrous
Sterlite Inds.
Hindustan Zinc
Nalco
Hindalco
Price Mkt Cap
(INR) (USD M)
454
95
747
573
184
201
8,913
7,972
3,401
10,619
14,929
3,554
EPS (INR)
FY11
FY12E
62.3
12.0
77.4
40.1
16.4
49.0
26.5
7.9
29.5
44.4
17.8
34.1
FY13E
44.4
9.7
57.0
49.9
15.8
33.9
P/E (X)
FY12E FY13E
17.1
12.1
25.3
12.9
10.3
5.9
10.2
9.8
13.1
11.5
11.6
5.9
EV/EBITDA (X)
FY12E FY13E
7.1
8.9
7.9
9.8
6.2
5.6
6.1
8.1
6.5
9.2
6.8
9.4
P/B (X)
FY12E FY13E
1.7
1.0
1.0
3.0
2.9
1.1
1.5
0.9
1.0
2.4
2.5
1.0
Neutral
Sell
Sell
Buy
Not Rated
Neutral
Buy
Buy
Neutral
Buy
114
132
61
135
7,851
10,915
3,197
5,357
15.2
11.6
4.2
17.6
17.4
13.5
2.8
17.8
16.2
15.5
4.1
19.5
6.6
9.8
21.9
7.6
7.1
8.5
15.0
6.9
3.9
5.8
11.2
6.0
3.1
4.1
7.4
5.8
0.8
2.1
1.4
1.4
0.8
1.7
1.3
1.2
Mid-caps
Monnet Ispat
Neutral
460
601
Godawari
Buy
101
64
Sarda Energy
Neutral
124
84
Tata Sponge
Buy
282
88
Adhunik Metaliks
Buy
52
130
Bhushan Steel
Neutral
387
1,656
Jai Balaji
Buy
39
50
Rain Commodities*
Buy
39
275
Prakash Industries
Buy
49
135
* Rain Commodities follows calendar year reporting. Read
43.7
47.7
56.7
9.7
8.1
27.0
26.0
42.7
3.9
2.4
19.1
19.4
25.4
6.4
4.9
65.8
49.9
67.3
5.7
4.2
14.9
8.1
15.2
6.4
3.4
47.3
45.8
53.1
8.5
7.3
12.2
-24.7
3.7
-1.6
10.4
9.3
19.0
17.1
2.0
2.3
19.9
19.4
21.6
2.5
2.3
FY11/FY12/FY13 as CY10/CY11/CY12
11.8
2.8
8.0
1.9
5.7
9.8
20.2
3.3
3.7
9.2
3.2
5.6
0.9
3.8
9.1
6.5
3.1
2.6
1.3
1.1
0.5
0.4
0.5
0.5
0.8
0.7
0.7
0.6
1.2
1.0
0.3
0.3
0.6
0.5
0.3
0.3
Source: MOSL
Valuations: Global companies
BBG
Code
Steel
Arcelor Mittal
Posco
US Steel
Nucor
Gerdau
Bao Steel
Non-Ferrous
Alcoa
Teck Resources
Xstrata
BHP-Billiton
Rio Tinto
MT NA
005490 KS
X US
NUE US
GGBR4 BZ
600019 CH
AA US
TCK US
XTA LN
BHP AU
RIO AU
Currency
Price
Mkt Cap
(USD M)
32,781
33,015
4,152
13,807
17,079
14,495
10,917
22,818
56,119
189,689
110,129
P/E (X)
CY11
10.0
9.5
10.7
13.8
13.1
11.1
19.8
9.7
9.8
10.3
9.0
CY12
6.8
8.4
7.5
10.6
9.5
9.0
11.5
8.7
8.2
9.2
8.0
EV/EBITDA(X)
CY11
CY12
5.8
5.7
5.1
6.7
7.4
6.6
7.6
5.0
5.5
5.7
4.8
4.9
5.1
4.2
5.5
6.1
6.2
P/BV
CY11
0.5
0.9
1.1
1.7
1.1
0.8
EUR
k KRW
USD
USD
BRL
CNY
USD
USD
GBp
AUD
AUD
15.9
424.0
27.5
43.6
18.4
5.3
10.2
38.9
12.0
35.7
65.9
5.8
0.8
4.5
1.1
4.8
1.1
5.2
2.9
4.3
1.9
Source: Bloomberg
12 March 2012
21

Metals Weekly
Metals Stock
Performance
JSW Steel has outperformed while
Hindalco has underperformed the
BSE Sensex over the last one month
Metals stock performance on absolute and relative basis (%)
Months
Steel
Tata Steel
SAIL
JSW Steel
JSPL
NMDC
Sesa Goa
Non-Ferrous
Sterlite Inds.
Hindustan Zinc
Nalco
Hindalco
Mid Caps
Monnet Ispat
Godawari
Sarda Energy
Tata Sponge
Adhunik Metaliks
Bhushan Steel
Jai Balaji
Rain Commodities
Prakash Industries
SENSEX
Best performer
Absolute Perf (%)
1
3
6
0.3
-10.5
0.7
0.1
-1.6
-9.2
-6.3
-5.5
0.2
-12.2
-6.2
-6.3
-7.3
2.3
-4.1
8.1
3.2
15.5
-9.1
-0.7
12.4
8.2
24.4
8.6
1.9
12.8
9.3
6.5
18.8
3.0
22.6
-5.8
31.7
-5.4
32.3
23.2
-17.1
31.2
34.8
6.2
-8.9
-21.8
1.8
1.9
-20.2
-13.7
-16.6
2.7
-7.7
-15.7
-8.1
-26.3
-17.6
-8.6
-6.6
10.5
-71.9
29.4
-1.5
2.6
12
-24.0
-39.7
-20.4
-13.1
-33.6
-26.8
-30.7
0.2
-47.4
-35.6
-13.4
-43.0
-35.9
-14.1
-46.7
-10.0
-78.4
25.9
-36.9
-4.5
Relative Perf to Sensex (%)
1
3
6
12
1.0
-9.8
1.3
0.8
-0.9
-8.5
-5.6
-4.8
0.9
-11.5
6.2
2.1
18.3
2.4
-4.2
6.7
3.1
0.3
12.6
-3.1
-11.5
-24.4
-0.8
-0.7
-22.7
-16.3
-19.1
0.2
-10.3
-18.3
-19.5
-35.2
-15.9
-8.6
-29.1
-22.3
-26.2
4.7
-42.9
-31.1
Among mid-cap companies, Rain
Commodities outperformed and
Prakash Industries underperformed
the BSE Sensex over the
last one month
Worst performer
-5.5
16.4 -10.6
-8.9
-5.6 -12.0 -28.9 -38.5
-6.6
25.6 -20.2 -31.4
3.0 -11.5 -11.2
-9.6
-3.4
26.2
-9.2 -42.2
8.8
17.0
7.9
-5.5
3.9 -23.3 -74.5 -73.9
16.2
25.0
26.9
30.4
-8.4
28.6
-4.1 -32.4
-
-
-
-
Source: MOSL/Bloomberg
Global metals stock performance on absolute basis (%)
1week
1month
-9.3
-8.4
-13.0
-4.3
-9.7
9.6
-15.4
-6.8
-9.9
3.0
-2.2
19.7
19.5
-13.4
-6.3
-6.5
-8.1
2.0
1.5
Absolute Perf (%)
3 months
6 months
9.1
-6.2
4.6
16.1
8.0
30.2
0.9
6.7
11.1
5.3
1.1
10.8
17.7
11.2
19.4
30.5
3.6
19.6
4.5
-5.1
-9.2
-17.7
11.4
4.7
2.2
-10.3
21.6
8.7
-1.7
-4.5
-3.2
3.6
-11.4
5.3
17.5
12 months
-10.7
-22.2
-26.1
-14.7
-16.7
-34.9
-49.1
-6.3
-39.1
-27.6
-12.5
-32.6
-18.2
-31.1
-18.9
-24.7
Among global mining companies,
Vedanta was the best performer
while Vale was the worst performing
stock over the last one month
Among global steel majors, JFE
Holdings was the best performer
while US Steel was the worst
performing stock over the
last one month
Mining
Rio Tinto
BHP Billiton
Vale
Xstrata
Anglo American
Vedanta
Steel
US Steel
Nucor
Arcelor Mittal
Bao Steel
Posco
JFE Holdings
Nippon
Thyssen Krupp
Voest Alpine
Gerdau
Aluminium
Alcoa
Rusal
Chalco
Best performer
-1.4
-2.7
-10.2
-4.0
-1.8
-2.3
-2.4
-3.0
-5.4
-2.1
-5.9
-1.2
1.3
-4.3
-3.8
-5.9
-4.2
-3.1
-7.1
Worst performer
-19.9
-37.9
-20.0
-47.2
-16.5
-47.2
Source: MOSL/Bloomberg
12 March 2012
22

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