Metals Weekly
1 April 2013
Metals Weekly
Valuations: Indian companies
Price
EV/EBITDA P/BV
(INR) FY14E FY15E FY14E
Steel
Tata Steel
SAIL
JSW Steel
JSPL
NMDC
Sesa Goa
Non-ferrous
Sterlite Inds.
HZL
Nalco
Hindalco
312
62
671
348
138
156
94
121
33
92
6.1
6.1
7.0
8.0
3.5
11.3
3.2
3.6
4.0
5.9
6.3
5.9
6.2
6.4
2.6
5.6
2.7
2.8
3.0
5.3
1.2
0.6
0.9
1.4
1.6
0.9
0.6
1.4
0.7
0.8
TMT- Mumbai (INR/ton)
HRC- Mumbai (INR/ton)
HRC (USD/ton) fob CIS
Metal Prices
CMP
1-Apr
34,900
36,565
565
%
-1
0
-2
-1
0
0
0
-1
0
-1
-1
-1
-2
-2
1
0
-2
-1
-2
-3
0
Week
25-Mar
35,200
36,565
578
Quarter
%
1-Jan
-2 35,600
2 35,676
5
538
YTD FY13
% 2-Apr
-13 39,900
9 33,651
-11
635
-18
-5
-9
-28
-8
3
-10
-5
31
-7
-2
121
-11
-5
5
-6
4
-14
24,200
25,385
150
370
420
5,077
2,098
108
896
2,003
103
258
8,480
431
28,075
55,950
2,020
1.2
Sponge iron - Raipur (INR/ton)
19,800
Pig iron - Raipur (INR/ton)
24,200
Iron ore spot (USD/ton) cfr China
136
Coke (USD/ton) fob
265
Shred. scrap (USD/ton) Rotterdam
385
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)
5,237
1,881
102
1,176
1,870
102
570
7,582
408
19,900 -5 20,950
24,200
0 24,200
136 -12
154
265
2
260
389
1
383
5,239
1
1,906 -8
104 -10
1,185
1,913
104
566
7,617
415
-3
-8
-9
74
-6
-6
5,207
2,056
113
1,210
2,023
112
327
8,026
434
Note: Detailed table on pg 23
Source: MOSL
Valuations: Global companies
Price
Mining
BHP
AUD 35.6
FMG
AUD 4.1
Rio Tinto AUD 61.3
Vale
USD 17.6
Teck Res. USD 30.0
Xstrata GBp 1164.5
Steel
A. Mittal EUR 11.4
Posco
k KRW 329
US Steel USD 20.2
Nucor
USD 46.6
JFE
JPY 1952
Gerdau
BRL 15.2
Bao Steel CNY 4.9
Non-ferrous
Alcoa
USD 8.6
Norsk Hyd. NOK 25.6
Rusal
HKD 4.1
Detailed on pg 23
BSE Metals Index
Sensex
104
102
100
98
EV/EBITDA
CY13 CY14
7.4
7.5
5.8
5.4
6.4
7.2
6.4
5.1
5.6
9.0
11.1
7.3
5.6
6.2
5.1
5.3
5.4
5.4
6.4
5.3
4.7
4.4
6.5
7.1
6.1
5.3
P/BV
CY13
2.6
2.4
2.0
1.1
1.0
1.0
0.4
0.7
0.9
2.0
0.9
1.1
0.8
Gold (INR/10gms)
29,426
Sliver (INR/1kg)
52,620
Lead Spot LME (USD/ton)
2,094
FC 6-8% C basis 60% Cr (USD/lb Cr) 1.03
INR/USD
BDI
29,709 -4 30,595
53,675 -8 56,969
2,163 -11 2,343
1.03
5
0.98
54.5
0
54.3 -1
55.1
7
50.9
910 -3
935 28
712
-3
934
Source: Metal Bulletin, Bloomberg, Steel Mint, MOSL
Steel prices weak; Base metals decline 0-3% WoW
Indian long steel price (TMT Mumbai) declined by 0.9% WoW and while
6.4
5.6
0.7
7.3
5.8
0.8
14.3 11.9
0.7
Source: Bloomberg
flat steel prices (Import parity) were flat WoW. Sponge iron prices
decreased 0.5% WoW while pellet prices increased 1.4% WoW.
Steel prices were weak in most geographies. Prices declined by 1%, 2%
BSE Metals Index v/s Sensex
and 2% WoW in China, CIS and North America respectively. Bao Steel,
China expect 5.5% YoY decline in steel sales tonnage in 2013 owing to
slower growth in downstream demand while steel production capacity
continues to expand.
Iron ore prices were flat WoW at USD136/t. Coking coal prices declined
by USD1WoW to USD154.5/t.
Base metals price were in downtrend with Aluminium, Zinc and Lead
decreasing 1%, 2% and 3% respectively. Copper prices were flat WoW.
Source: Bloomberg
Note: Indexed to 100 on 25 March 2013
Stock performance table on pg 24
Investors are advised to refer through
disclosures made at the end of the
Research Report.
The second-quarter European benchmark price for charge and high-
carbon ferro-chrome has been settled at USD1.27 per lb, a rise of 14.5
cents over the previous quarter due to tighter supply from South Africa
after producers implemented widespread shutdowns under power
buyback deals.
1
Sanjay Jain
(SanjayJain@MotilalOswal.com); Tel:+91 22 3982 5412
1 April 2013
Pavas Pethia
(Pavas.Pethia@MotilalOswal.com); Tel:+91 22 3982 5413

Metals Weekly
Contents
Page No.
Ferrous
..................................................................................
3-10
India ...................................................................................................... 3 & 4
European Union .......................................................................................... 5
China ............................................................................................................ 6
Other regions ........................................................................................ 7 & 8
Steel raw material ............................................................................... 9 & 10
Ferro alloys ................................................................................................ 11
Non ferrous
..........................................................................
12-18
Aluminum ................................................................................................. 12
Copper ....................................................................................................... 14
Zinc ............................................................................................................ 15
Lead ........................................................................................................... 16
Commodity curve analysis ................. ...................................................17
China non-ferrous trade data ................ ...............................................18
Key indicators
......................................................................
19-20
Industrial production growth across the globe
........................
21
BSE Exchange announcements
................................................
22
Metals valuation matrix
...........................................................
23
Metals stock performance
.......................................................
24
1 April 2013
2

Metals Weekly
Ferrous
Ferrous
INDIA
Indian flat steel prices import parity (INR/T, exl. ED & VAT)
HRC M umbai
39,000
HRC Mumbai (import parity) prices
were flat WoW at INR 36,565/t
37,000
35,000
33,000
31,000
Indian long steel price (INR/T, exl. ED & VAT)
42,000
40,000
TM T (Mumbai)
TMT Mumbai prices declined
0.9% WoW to INR 34,900/t
38,000
36,000
34,000
32,000
Steel intermediates prices (INR/T, exl. ED & VAT)
25,500
Spo nge (Raipur)
Sponge iron prices decreased
0.5% WoW to INR 19,800/t
23,500
21,500
19,500
India: Monthly crude steel production
India
YoY (%
)
7.0
30
20
10
0
-10
India monthly crude steel
production increased 2.7% YoY
to 6.2mt in February
6.5
6.0
5.5
5.0
Source: SteelMint, WSA, MOSL
1 April 2013
3

Metals Weekly
Ferrous
INDIA
Scrap Mandi (INR/t)
Scrap (M andi)
33,000
Scrap (Mandi) prices decreased
1.3% WoW to INR29,500/t
31,000
29,000
27,000
Iron ore lumps (INR/t)
NM DC 6-40mm (CG)
Lumps 5-1 (Odisha)
8
9,000
8,000
7,000
6,000
5,000
4,000
Iron ore fines (INR/t)
Fines 63% (Odisha)
NM DC Fines
3,500
3,100
Iron ore fines prices in Odisha have
increased by INR200/ton after
panic selling earlier
2,700
2,300
1,900
1,500
Pellet (Barbil) INR/t
P ellet (B arbil)
10,000
9,500
Pellet prices increased
1.4% WoW to INR7,500/t
9,000
8,500
8,000
7,500
7,000
Source: SteelMint, WSA, MOSL
1 April 2013
4

Metals Weekly
European Union
European HRC prices (EUR/ton)
Euro pe
650
600
European HRC prices were
flat WoW at Euro500/t
550
500
450
400
Rotterdam: shredded scrap prices (USD/t)
450
420
Rotterdam export Shredded
scrap prices decreased
0.9% WoW to USD385/t
390
360
330
European wire rods prices (USD/ton)
Wire Ro ds (Expo rts)
750
Wire rods exports prices decreased
0.8% WoW to USD613/t
700
650
600
European Union: Monthly crude steel production
EU
Yo Y (%)
17
20
10
0
-10
Europe monthly crude steel
production decreased 5.6% YoY
to 13.4mt in February
15
13
11
Source: Metal Bulletin, Bloomberg, WSA, MOSL
1 April 2013
5

Metals Weekly
China
China domestic prices (USD/ton)
740
HRC
Rebar
China HRC corrected 2.4% WoW while
Rebar prices increased 0.5% WoW.
Spread between HRC (Flat) and
Rebar (Long) prices has narrowed
from record levels of ~USD70/t in
February to ~USD20/t currently
680
620
560
500
Steel trade (m ton)
Expo rts
Impo rts
6
4
2
0
Steel inventories (m tons)
9
8
7
6
5
Monthly crude steel production
China
Yo Y (%)
70
62
20
15
10
5
0
-5
-10
China monthly crude steel
production increased 10.6% YoY
to 61.8mt in February
54
46
38
30
Source: Metal Bulletin, Bloomberg, WSA, MOSL
1 April 2013
6

Metals Weekly
Other regions
CIS HRC export prices (USD/ton)
CIS Expo rts (HRC)
700
660
CIS export HRC prices decreased
2.2% WoW to USD565/t
620
580
540
500
Turkish export billets (USD/ton)
650
600
Turkish Exp B illets
Turkish export billet prices
were flat WoW at USD555/t
550
500
North America HRC prices (USD/ton)
700
North America domestic HRC prices
decreased 1.6% WoW to USD610/t
650
600
550
CIS: Monthly crude steel production
CIS
Yo Y (%)
10
11
4
-3
-10
CIS monthly crude steel production
decreased 9.7% YoY to 8.1mt
in February
9
8
7
Source: Metal Bulletin, WSA, Bloomberg, MOSL
1 April 2013
7

Metals Weekly
Other regions
North America: Monthly crude steel production
No rth A merica
Yo Y (%)
11
20
10
0
North America monthly crude steel
production decreased 9.3% YoY
to 9.2mt in February
10
9
8
-10
-20
Global: Monthly crude steel production
Glo bal
Yo Y (%)
140
20
Global monthly crude steel
production increased 1.8% YoY
to 123.3mt in February
130
0
120
110
-20
Global: Monthly crude steel capacity utilization
Capacity Utilizatio n
84
Global monthly crude steel capacity
utilization increased 100bp YoY to
to 80.5mt in February
81
78
75
72
69
Source: Bloomberg, WSA, MOSL
1 April 2013
8

Metals Weekly
Steel raw materials
Indian 63.5% grade iron-ore fines in China (USD/ton)
CIF
FOB
160
China spot CFR iron ore prices were
flat WoW at USD136/ton DMT
140
120
100
80
OTC iron-ore swaps (USD/ton)
2Q1
3
3Q1
3
201
4
4Q1
3
150
130
110
90
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
Iron ore stock piles in China continue
to remain at two year low levels
90
80
70
60
Source: Metal Bulletin, Bloomberg, MOSL
1 April 2013
9

Metals Weekly
Steel raw material
Freight rates to China (USD/ton)
B razil
A ustralia
India
42
28
14
0
Coal price index
Richards B ay Steam Co al
135
115
95
75
Coke price index
China co ke expo rt spo t (LHS)
China 1 grade metallurgical co ke
st
450
400
350
300
250
2,200
2,175
2,150
2,125
2,100
Coking coal (USD/t)
Spo t co king co al (fo b A ustralia)
270
240
Spot coking coal FOB Australia
declined by USD1WoW to USD154.5/t
210
180
150
120
Source: Metal Bulletin, Bloomberg, MOSL
1 April 2013
10

Metals Weekly
Ferro alloys
China’s imports of manganese ore and conc
Impo rts
P rices (RHS)
1,400
1,100
800
500
200
280
220
160
100
Manganese and chrome ore FOB spot prices
M n 48% Euro pe spo t
40% Chro me A frica (RHS)
8.3
7.0
5.8
4.5
300
250
200
150
100
Ferro chrome CIF prices (CNY/t)
Fe Chro me 50% Cr China
Fe Chro me 63% Cr P ittursburgh
13,000
11,500
10,000
8,500
7,000
5,500
Source: Metal Bulletin, Bloomberg, MOSL
1 April 2013
11

Metals Weekly
Non-ferrous
Non-ferrous
Aluminum
LME inventories and prices
Invento ries
Spo t
2,300
5.6
5.2
4.8
Aluminum spot prices decreased
1% WoW to USD1,881/ton
2,100
1,900
1,700
4.4
4.0
Global primary aluminum monthly production and YoY growth
P ro ductio n
Yo Y
4,250
4,000
3,750
3,500
3,250
20
8
-4
-16
China primary aluminum monthly production and YoY growth
P ro ductio n
Yo Y
1.8
1.6
1.4
1.2
1.0
40
20
0
-20
India: Company-wise primary aluminum monthly production
Hindalco
B alco
Nalco
VA L
Source: Metal Bulletin, Bloomberg, MOSL
1 April 2013
12

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, Bloomberg, Industry, MOSL
1 April 2013
13

Metals Weekly
Non-ferrous
Copper
LME inventories and prices
Invento ries
Spo t
9,000
0.6
0.5
0.4
0.3
0.2
Copper spot prices were
flat WoW at USD7,582/ton
8,500
8,000
7,500
7,000
Global refined copper monthly production and YoY growth
P ro ductio n
Yo Y - RHS
1.9
1.8
1.7
1.6
1.6
1.5
1.4
7.5
5.0
2.5
0.0
-2.5
-5.0
China: Refined copper monthly production and YoY growth
P ro ductio n
Yo Y - RHS
0.60
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, Bloomberg, MOSL
1 April 2013
14

Metals Weekly
Non-ferrous
Zinc
LME inventories and prices
Invento ries
Spo t
2,300
1.3
1.2
Zinc spot prices decreased
2% WoW to USD1,870/ton
2,100
1.1
1.0
1,900
0.9
0.8
1,700
0.7
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
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
4 3
2
3
2 2
2 2 2 2 2 2
2
0
2
2
2
2 2
3 3 2 2
3 3
Source: Metal Bulletin, Bloomberg, MOSL
1 April 2013
15

Metals Weekly
Non-ferrous
Lead
LME inventories and prices
Invento ries
Spo t
2,600
2,400
0.40
0.37
0.34
0.31
Lead spot prices decreased
3% WoW to USD2,094/ton
2,200
2,000
1,800
1,600
0.28
0.25
0.22
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
0.2
40
20
0
-20
-40
India: Company-wise refined lead monthly production
HZL
Source: Metal Bulletin, Bloomberg, MOSL
1 April 2013
16

Metals Weekly
Commodity forward curves
LME aluminum (USD/ton)
Current
1
-week ago
3-mo nth ago
2,600
2,400
2,200
2,000
1,800
LME copper (USD/ton)
Current
1
-week ago
3-mo nth ago
8,100
7,900
7,700
7,500
LME zinc futures (USD/ton)
Current
1
-week ago
3-mo nth ago
2,300
2,200
2,100
2,000
1,900
1,800
Base metals US spot premium (USD/ton)
A luminium
Zinc
Co pper
300
235
170
105
40
Source: Metal Bulletin, Bloomberg, MOSL
1 April 2013
17

Metals Weekly
China non-ferrous trade data
China’s aluminum trade ('000 tons)
Impo rts
Expo rts
400
300
200
100
0
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
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: Metal Bulletin, Bloomberg, MOSL
1 April 2013
18

Metals Weekly
Key indicators
China new loan growth
1,200
900
600
300
China PMI
54
52
China PMI increased
80bp MoM to 50.9 in March
50
48
China: Fixed asset investment
27
24
21
18
Currency movement with respect to the rupee
USD (LHS)
GB P
EURO
60
90
82
74
The rupee depreciated 0.3% WoW
against the US dollar and was
trading at INR54.5/USD
56
52
48
44
40
66
58
Source: Bloomberg, MOSL
1 April 2013
19

Metals Weekly
Key indicators
(Contd..)
China Energy Production Electricity (b kwh)
450
400
350
300
250
200
Electricity
Yo Y (%, RHS)
50
40
30
20
10
0
-10
China Monthly Trade YoY (%)
60
Impo rt
Expo rt
40
20
0
-20
China Price Index YoY (%)
PPI
CP I
9
6
3
0
-3
-6
China GDP YoY (%)
10
9
8
7
GDP
Source: Bloomberg, MOSL
1 April 2013
20

Metals Weekly
Industrial production growth
The UK and the US
UK
USA
6
3
0
-3
-6
Japan
20
10
0
-10
-20
European Union
France
Germany
Italy
20
8
-4
-16
BRIC
Russia
B razil
India
China
18
12
6
0
-6
Source: Bloomberg, MOSL
1 April 2013
21

Metals Weekly
Stock Exchange announcements
LIC has bought 169.6m shares of
SAIL,
representing 4.1% of total shares
of the company. Total stake of LIC in SAIL has increased from 5% to 9.1%.
Shri K. Rajagopal has joined
Jindal Steel & Power
as Group CFO & Director.
Also Shri Sushil Maroo, Director has been appointed as Deputy Managing
Director of the Company.
Tamil Nadu Pollution Control Board (TNPCB) has ordered closure of
Sterlite's
Tuticorin smelter. Sterlite reported that during preliminary
inspection all parameters were found within the permissible levels and
there were no cases of illness. Sterlite will engage with TNPCB to explain
the factual position and are committed to cooperate fully with the
authorities in this regard, in order to be able to restart operations.
Rain commodities
has announced the closure of the buyback offer. It
has bought 7.83m shares during the buyback at an average price of
INR38.02/share.
Mr. Suresh Thawani, Managing Director of the
Tata Sponge,
will retire
w.e.f. April 01, 2013. Mr. D. P. Deshpande as Additional Director as well
as Managing Director of the Company for a period of 3 years w.e.f. April
01, 2013, in place of Mr. Suresh Thawani.
Bhushan Steel
has passed following resolutions 1)redeeming unlisted
45,000 4% non-convertible, cumulative redeemable preference Shares
of INR 100/share and pay the dividend at the contracted rate till the
date of redemption 2)To pay the Interim dividend for the FY13 on
Unlisted Redeemable cumulative preference.
Godawari Power and Ispat
has allotted 10,00,000 equity shares of INR10/
share fully paid up at a premium INR120/share to M/s. Hira Infra-Tek
Limited at its meeting held on March 21, 2013.
1 April 2013
22

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)
312
62
671
348
138
156
94
121
33
92
5,642
4,777
3,008
6,047
10,142
2,520
5,867
9,357
1,600
3,378
EPS (INR)
FY13E
FY14E
-6.8
7.6
37.7
37.6
17.1
29.3
17.1
15.3
2.0
16.5
31.8
7.5
25.5
38.2
19.1
24.5
17.0
15.7
3.2
21.0
FY15E
28.0
6.9
66.7
42.0
22.9
26.7
16.3
15.6
3.5
19.9
P/E (X)
FY14E FY15E
9.8
8.3
26.3
9.1
7.2
6.4
5.5
7.7
10.4
4.4
11.2
9.0
10.0
8.3
6.0
5.8
5.7
7.8
9.5
4.6
EV/EBITDA (X)
FY14E FY15E
6.1
6.1
7.0
8.0
3.5
11.3
3.2
3.6
4.0
5.9
6.3
5.9
6.2
6.4
2.6
5.6
2.7
2.8
3.0
5.3
P/B (X)
FY14E FY15E
1.2
0.6
0.9
1.4
1.6
0.9
1.2
0.6
0.8
1.2
1.4
0.9
Sell
Sell
Sell
Sell
Buy
Buy
Buy
Buy
Neutral
Buy
0.6
0.6
1.4
1.2
0.7
0.7
0.8
0.7
Source: MOSL
Valuations: Global companies
BBG
Code
Mining
BHP-Billiton
FMG
Rio Tinto
Vale
Teck Resources
Xstrata
Steel
Arcelor Mittal
Posco
US Steel
Nucor
JFE
Gerdau
Bao Steel
Non-Ferrous
Alcoa
Norsk Hydro
Rusal
BHP AU
FMG AU
RIO AU
Vale US
TCK US
XTA LN
MT NA
005490 KS
X US
NUE US
5411 JT
GGBR4 BZ
600019 CH
AA US
NHY NO
486 HK
Currency
Price
Mkt Cap
(USD M)
181,917
12,838
97,761
92,580
17,376
52,839
24,543
25,477
2,916
14,804
12,182
12,655
13,270
9,228
9,115
7,890
P/E (X)
CY13
14.1
8.7
10.2
7.4
12.9
14.0
20.9
10.3
19.3
21.2
28.1
13.7
11.1
14.9
24.8
9.1
CY14
11.9
5.7
9.1
7.6
10.4
11.2
10.3
10.2
9.7
12.6
8.7
9.8
9.7
10.1
14.9
6.9
EV/EBITDA(X)
CY13
CY14
7.4
7.5
5.8
5.4
6.4
7.2
6.4
5.1
5.6
9.0
11.1
7.3
5.6
6.4
7.3
14.3
6.2
5.1
5.3
5.4
5.4
6.4
5.3
4.7
4.4
6.5
7.1
6.1
5.3
P/BV
CY13
2.6
2.4
2.0
1.1
1.0
1.0
0.4
0.7
0.9
2.0
0.9
1.1
0.8
AUD
AUD
AUD
USD
USD
GBp
EUR
k KRW
USD
USD
JPY
BRL
CNY
USD
NOK
HKD
35.6
4.1
61.3
17.6
30.0
1,164.5
11.4
329.0
20.2
46.6
1,952.0
15.2
4.9
8.6
25.6
4.1
5.6
0.7
5.8
0.8
11.9
0.7
Source: Bloomberg
1 April 2013
23

Metals Weekly
Metals Stock
Performance
Among large-cap companies,
Hindustan Zinc has outperformed
and Nalco has underperformed
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
-8.6
-12.9
-10.3
-3.0
-0.5
1.2
0.7
2.6
-24.5
-7.6
-4.3
-5.8
-7.6
-3.3
-15.6
-0.6
10.5
35.5
7.9
-0.4
-27.1
-31.1
-17.4
-21.8
-16.3
-19.9
-19.7
-11.1
-33.2
-29.3
-19.2
-28.7
-28.9
-3.6
-35.4
-1.9
-18.5
21.5
-27.4
-3.1
-22.1
-27.0
-11.4
-18.6
-29.0
-9.2
-5.6
-10.6
-35.2
-24.1
-25.3
-31.9
-30.1
-5.3
-2.2
-6.4
-17.6
16.1
-36.0
0.4
12
-33.6
-33.7
-7.1
-36.1
-14.6
-19.9
-15.6
-8.4
-39.4
-29.3
-50.9
-20.7
-28.6
-1.2
-36.7
11.9
-26.5
25.5
-21.7
8.2
Relative Perf to Sensex (%)
1
3
6
12
-8.1
-12.4
-9.9
-2.5
-0.1
1.6
1.1
3.0
-24.1
-7.1
-24.0
-28.0
-14.3
-18.7
-13.1
-16.8
-16.6
-8.0
-30.0
-26.2
-22.5
-27.4
-11.8
-19.0
-29.4
-9.6
-6.0
-10.9
-35.6
-24.5
-41.8
-41.9
-15.3
-44.3
-22.8
-28.1
-23.8
-16.6
-47.6
-37.5
Among mid-cap companies, Rain
Commodities outperformed and
Adhunik Metaliks has
underperformed over the
last one month
Worst performer
-3.9 -16.1 -25.7 -59.2
-5.4 -25.5 -32.3 -28.9
-7.1 -25.7 -30.5 -36.8
-2.8
-0.5
-5.7
-9.5
-15.1 -32.3
-2.6 -44.9
-0.2
1.3
-6.8
3.6
10.9 -15.3 -18.0 -34.7
35.9
24.7
15.7
17.3
8.4 -24.2 -36.4 -29.9
-
-
-
-
Source: MOSL, Bloomberg
Global metals stock performance on absolute basis (%)
1week
Mining
Rio Tinto
BHP Billiton
Vale
FMG
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
0.5
-1.9
1.5
1.5
-1.1
-1.5
-3.3
-1.2
0.6
-2.5
-2.7
0.2
-3.5
-4.5
-1.2
1.1
3.8
1month
-10.4
-11.1
-6.8
-13.0
-5.2
-10.9
-14.0
-4.0
4.0
-10.6
-5.2
-8.5
-11.9
-7.5
-5.5
-5.3
-4.3
Absolute Perf (%)
3 months
6 months
-12.7
-12.4
-15.7
-15.1
0.3
-11.1
-13.4
-15.3
8.7
-21.9
-2.5
-7.3
10.7
11.0
-10.5
-13.4
-12.8
0.2
-21.7
-16.0
6.9
-0.8
-3.4
12.9
11.5
-6.9
-2.3
2.3
20.6
-9.9
3.5
-11.5
72.1
45.6
-4.6
2.9
-18.9
12 months
-10.5
-5.3
-25.9
-32.2
0.0
-27.6
-18.2
-33.6
7.5
-29.9
-0.6
-14.9
-0.3
2.6
-14.9
-5.0
-19.9
Among global mining companies,
Xstrata was the best performer
while FMG was the worst performing
stock over the last one month
Among global steel majors, Nucor
was the best performer while JFE
was the worst performing stock
over the last one month
1.2
0.9
-4.7
-11.0
-5.7
-6.3
Worst performer
-3.8
-15.0
-13.2
-34.6
-6.9
-20.1
Source: MOSL, Bloomberg
1 April 2013
24

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