Metals Weekly
22 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
305
62
724
339
124
151
88
112
34
94
6.1
6.1
7.2
7.9
3.2
10.6
3.0
2.9
4.0
5.9
6.2
5.9
6.4
6.3
2.7
5.2
2.5
2.2
3.0
5.4
1.2
0.6
0.9
1.4
1.5
0.9
0.6
1.3
0.7
0.8
TMT- Mumbai (INR/ton)
HRC- Mumbai (INR/ton)
HRC (USD/ton) fob CIS
Metal Prices
CMP
22-Apr
34,800
35,009
565
%
0
-4
0
-3
2
-3
-2
-1
0
2
2
-1
1
2
0
-7
-7
-2
-3
-2
0
Week
15-Apr
34,900
36,565
565
20,150
24,500
143
260
376
5,199
1,841
99
1,127
1,843
99
612
7,509
402
Quarter
% 1-Apr
0 34,900
-4 36,565
0
565
-1 19,800
3 24,200
1
138
-4
265
-3
385
-1
-1
-1
-5
-1
-1
8
-8
-8
5,228
1,881
102
1,171
1,870
102
571
7,582
408
%
-3
-2
5
YTD CY13
1-Jan
35,900
35,676
538
21,150
24,200
141
330
378
5,210
2,040
112
1,221
2,034
111
321
7,915
441
30,631
57,172
2,340
0.98
Sponge iron - Raipur (INR/ton)
19,600
Pig iron - Raipur (INR/ton)
25,000
Iron ore spot (USD/ton) cfr China
139
Coke (USD/ton) fob
255
Shred. scrap (USD/ton) Rotterdam
373
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)
5,186
1,871
101
1,111
1,857
100
614
6,975
375
-7
3
-2
-23
-1
0
-8
-10
-9
-9
-10
92
-12
-15
-15
-23
-14
4
Note: Detailed table on pg 23
Source: MOSL
Valuations: Global companies
Price
Mining
BHP
AUD 33.4
FMG
AUD 4.0
Rio Tinto AUD 56.9
Vale
USD 17.5
Teck Res. USD 27.8
Xstrata
GBp 1043
Steel
A. Mittal
EUR 9.3
Posco k KRW 320.5
US Steel USD 17.5
Nucor
USD 44.3
JFE
JPY 2030
Gerdau
BRL 14.5
Bao Steel CNY 4.9
Non-ferrous
Alcoa
USD 8.2
Norsk Hyd. NOK 25.7
Rusal
HKD 4.3
Detailed on pg 23
EV/EBITDA
CY13 CY14
6.9
7.2
5.6
5.3
6.3
7.0
6.0
5.1
5.3
8.6
11.4
7.3
5.9
5.9
5.1
5.2
5.3
5.3
6.2
5.0
4.7
4.2
6.2
7.3
6.0
5.6
P/BV
CY13
2.4
2.3
1.8
1.1
0.9
1.0
0.4
0.7
0.7
1.8
0.8
1.1
0.8
Gold (INR/10gms)
25,959
Sliver (INR/1kg)
43,943
Lead Spot LME (USD/ton)
2,008
FC 6-8% C basis 60% Cr (USD/lb Cr) 1.02
INR/USD
BDI
26,450 -12 29,526
45,117 -16 52,621
2,046 -4 2,094
1.02 -1
1.03
54.1 -1
54.6 -1
54.5
-1
54.7
888
1
876 -2
910
27
699
Source: Metal Bulletin, Bloomberg, Steel Mint, MOSL
Iron ore and coking coal decline 3% and 1% WoW: Copper slides
continues, down 7% WoW
Steel prices continue to remain weak and declined 1.5% , 0.5% and
2%WoW respectively in Europe, Turkey and China. Prices were flat WoW
in North America and CIS region. China Steel Corp, Taiwan's largest steel
maker, has decided to cut domestic wholesale prices of its products for
June, citing a supply glut as a reason.
BSE Metals Index v/s Sensex
BSE Metals Index
Indian steel prices were also weak as TMT, Mumbai prices decreased
Sensex
0.3% WoW while HRC (Import parity) declined 4.3% WoW. Sponge iron
104
prices decreased 2.7% WoW while Pellet prices improved 3% WoW.
102
Iron ore prices(63.5% Fe CFR China) decreased 3% WoW to USD139/t.
100
Coking coal prices (Premium Low vol, Fob Australia) declined by
98
USD2WoW to USD149/t. FMG, Australia's based iron ore exporter, said
96
low inventory levels will keep the price of iron ore at USD139-140/t in
the short-term which may decline to USD120-130/t in the longer term.
Base metals price were mixed with Aluminum and Zinc recovering by
Source: Bloomberg
2% and 1% WoW respectively while Copper and Lead declined by 7%
Note: Indexed to 100 on 15 April 2013
and 2% WoW respectively.
Stock performance table on pg 24
Glencore has agreed to supply China with 900,000dmt of copper
Investors are advised to refer through
concentrates per year as a part of the Chinese ministry of commerce's
disclosures made at the end of the
Research Report.
approval of Glencore's takeover of Xstrata.
Sanjay Jain
(SanjayJain@MotilalOswal.com); Tel:+91 22 3982 5412
22 April 2013
1
Pavas Pethia
(Pavas.Pethia@MotilalOswal.com); Tel:+91 22 3982 5413
7.0
6.0
0.7
7.5
5.6
0.7
15.2 13.5
0.7
Source: Bloomberg

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
22 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 (Import Parity Mumbai) prices
decreased 4.3% WoW to INR 35,009/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 decreased
0.3% WoW to INR 34,800/t
38,000
36,000
34,000
32,000
Steel intermediates prices (INR/T, exl. ED & VAT)
25,500
Spo nge (Raipur)
Sponge iron (Raipur) prices
decreased 2.7% WoW to INR 19,600/t
23,500
21,500
19,500
India: Monthly crude steel production
India
YoY (%
)
7.0
6.5
6.0
5.5
5.0
30
20
10
0
-10
Source: SteelMint, WSA, MOSL
22 April 2013
3

Metals Weekly
Ferrous
INDIA
Scrap Mandi (INR/t)
33,000
Scrap (Ma ndi )
Scrap (Mandi) prices increased
0.5% WoW to INR29,550/t
31,000
29,000
27,000
Iron ore lumps (INR/t)
NM DC 6-20mm (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
2,700
2,300
1,900
1,500
Pellet (Barbil) INR/t
P ellet (B arbil)
9,500
9,000
Pellet prices (Barbil) increased
3% WoW to INR7,700/t
8,500
8,000
7,500
7,000
Source: SteelMint, WSA, MOSL
22 April 2013
4

Metals Weekly
European Union
European HRC prices (EUR/ton)
Euro pe
650
600
European HRC prices continue to
decline and were down 1.5% WoW
to Euro478/t
550
500
450
400
Rotterdam: shredded scrap prices (USD/t)
480
450
Rotterdam export Shredded scrap
prices decreased 0.9% WoW
to USD373/t
420
390
360
330
European wire rods prices (USD/ton)
Wire Ro ds (Expo rts)
800
Wire rods exports prices increased
0.8% WoW to USD623/t
750
700
650
600
European Union: Monthly crude steel production
EU
Yo Y (%)
17
15
13
11
20
10
0
-10
Source: Metal Bulletin, Bloomberg, WSA, MOSL
22 April 2013
5

Metals Weekly
China
China domestic prices (USD/ton)
740
HRC
Rebar
China HRC decreased
1.8% WoW while Rebar prices
decreased 2.2% WoW
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
54
46
38
30
20
15
10
5
0
-5
-10
Source: Metal Bulletin, Bloomberg, WSA, MOSL
22 April 2013
6

Metals Weekly
Other regions
CIS HRC export prices (USD/ton)
CIS Expo rts (HRC)
660
620
CIS export HRC prices were
flat WoW at USD565/t
580
540
500
Turkish export billets (USD/ton)
650
600
Turkish Exp B illets
Turkish export billet prices declined
0.5% WoW to USD545/t
550
500
North America HRC prices (USD/ton)
700
North America domestic HRC prices
were flat WoW at USD590/t
650
600
550
CIS: Monthly crude steel production
CIS
Yo Y (%)
10
9
8
7
11
4
-3
-10
Source: Metal Bulletin, WSA, Bloomberg, MOSL
22 April 2013
7

Metals Weekly
Other regions
North America: Monthly crude steel production
No rth A merica
Yo Y (%)
11
10
9
8
20
10
0
-10
-20
Global: Monthly crude steel production
Glo bal
Yo Y (%)
140
130
20
0
120
110
-20
Global: Monthly crude steel capacity utilization
Capacity Utilizatio n
84
81
78
75
72
69
Source: Bloomberg, WSA, MOSL
22 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 decreased 3% WoW
to USD139/ton DMT
140
120
100
80
OTC iron-ore swaps (USD/ton)
3Q1
3
4Q1
3
201
4
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 close to
two year low levels
90
80
70
60
Source: Metal Bulletin, Bloomberg, MOSL
22 April 2013
9

Metals Weekly
Steel raw materials
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
Richards Bay Steam Coal prices
increased 2.4% WoW to USD83/ton
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 USD2WoW to USD149/t
210
180
150
120
Source: Metal Bulletin, Bloomberg, MOSL
22 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
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
22 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 increased
2% WoW to USD 1,871/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
22 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
22 April 2013
13

Metals Weekly
Non-ferrous
Copper
LME inventories and prices
Invento ries
Spo t
8,600
0.6
0.5
0.4
0.3
0.2
Copper spot prices decreased
7% WoW to USD 6,975/ton
8,100
7,600
7,100
6,600
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
22 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 increased
1% WoW to USD 1,857/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
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
4
3
2 2
2 2 2 2 2 2
2
0
2
2
2
2 2
3 3 2 2
2
3 3
2
Source: Metal Bulletin, Bloomberg, MOSL
22 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
2% WoW to USD 2,008/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
22 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
8,300
8,100
7,900
7,700
7,500
7,300
7,100
6,900
6,700
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
22 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
22 April 2013
18

Metals Weekly
Key indicators
China new loan growth
1,200
900
600
300
China PMI
54
52
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 appreciated 0.7% WoW
against the US dollar and was
trading at INR54.1/USD
56
52
48
44
40
66
58
Source: Bloomberg, MOSL
22 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
22 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
22 April 2013
21

Metals Weekly
Stock Exchange announcements
Abja Investment Co. Pte Ltd., Singapore, a wholly owned subsidiary of
Tata Steel
is contemplating an issuance of Singapore dollar bonds listed
on the Singapore Exchange. Preliminary offering circular has been
prepared and submitted to the exchange which contains financial
statement for 9mFY13.
Board of Directors of
Tata Sponge
has recommended a dividend of INR8/
share for FY13.
Sesa Goa
has informed the exchange that Honorable Supreme Court of
India has given clearance for resumption of mining operations for A and
B category mines in Karnataka subject to statutory clearances. Sesa Goa's
Karnataka mine falls under B category, and are in the process of securing
the necessary statutory clearances to resume mining shortly.
Board of Directors of the
Bhushan Steel
considered and approved the
following:- To make the first and final call of INR 167.50, balance amount
remaining to be paid on each of the Company's partly-paid equity shares
and to fix May 02, 2013 as the Call Record Date.
Forthcoming Results
JSW Steel
- April 23, 2013
Jindal Steel and Power
- April 25, 2013
Hindustan Zinc
- April 25, 2013
Sesa Goa
- April 27, 2013
Sterlite Industries
- April 29, 2013
22 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)
305
62
724
339
124
151
88
112
34
94
5,415
4,688
3,204
5,801
8,999
2,440
5,523
8,619
1,622
3,457
EPS (INR)
FY13E
FY14E
-5.6
7.6
37.7
37.6
17.2
29.3
17.4
15.7
2.0
16.5
31.8
7.5
25.5
38.2
17.8
24.5
17.0
15.7
3.2
21.0
FY15E
28.0
6.9
66.7
42.0
19.9
26.7
16.3
15.6
3.5
19.9
P/E (X)
FY14E FY15E
9.6
8.3
28.4
8.9
7.0
6.2
5.2
7.1
10.6
4.5
10.9
9.0
10.8
8.1
6.2
5.6
5.4
7.2
9.7
4.7
EV/EBITDA (X)
FY14E FY15E
6.1
6.1
7.2
7.9
3.2
10.6
3.0
2.9
4.0
5.9
6.2
5.9
6.4
6.3
2.7
5.2
2.5
2.2
3.0
5.4
P/B (X)
FY14E FY15E
1.2
0.6
0.9
1.4
1.5
0.9
1.1
0.6
0.9
1.2
1.3
0.9
Sell
Sell
Sell
Sell
Buy
Buy
Buy
Buy
Neutral
Buy
0.6
0.5
1.3
1.1
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)
167,904
12,072
91,116
91,982
16,107
47,965
20,314
25,059
2,518
14,080
12,220
12,260
13,365
8,790
9,275
8,025
P/E (X)
CY13
13.1
7.8
9.5
7.5
12.8
12.8
18.1
11.1
17.6
20.4
29.4
13.2
11.5
17.1
26.7
9.0
CY14
10.9
5.6
8.5
7.8
10.1
10.7
9.1
10.2
8.9
11.9
9.1
9.2
9.9
10.9
14.3
7.0
EV/EBITDA(X)
CY13
CY14
6.9
7.2
5.6
5.3
6.3
7.0
6.0
5.1
5.3
8.6
11.4
7.3
5.9
7.0
7.5
15.2
5.9
5.1
5.2
5.3
5.3
6.2
5.0
4.7
4.2
6.2
7.3
6.0
5.6
P/BV
CY13
2.4
2.3
1.8
1.1
0.9
1.0
0.4
0.7
0.7
1.8
0.8
1.1
0.8
AUD
AUD
AUD
USD
USD
GBp
EUR
k KRW
USD
USD
JPY
BRL
CNY
USD
NOK
HKD
33.4
4.0
56.9
17.5
27.8
1,043.0
9.3
320.5
17.5
44.3
2,030.0
14.5
4.9
8.2
25.7
4.3
6.0
0.7
5.6
0.7
13.5
0.7
Source: Bloomberg
22 April 2013
23

Metals Weekly
Metals Stock
Performance
Among large-cap companies, JSW
Steel has outperformed and Tata
Steel 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
-5.5
-2.2
17.1
-3.7
-5.0
-2.1
-4.5
-1.8
-5.4
4.5
-7.9
-4.4
6.4
1.2
0.3
0.7
-6.9
7.3
11.1
1.8
-26.6
-31.8
-16.7
-19.8
-23.0
-19.4
-22.3
-14.1
-29.8
-23.7
-23.2
-28.0
-21.3
-4.2
-27.3
5.8
-24.5
30.6
-23.8
-4.9
-25.2
-24.6
-1.3
-16.7
-33.2
-10.7
-12.0
-16.9
-30.8
-18.5
-29.8
-30.0
-19.3
-7.7
-10.4
-6.8
-30.3
5.3
-28.6
2.0
12
-35.3
-36.1
-3.5
-33.0
-27.1
-20.5
-19.0
-11.5
-39.3
-25.1
-55.8
-33.3
-27.1
-10.8
-33.7
11.6
-36.6
20.1
-30.5
9.7
Relative Perf to Sensex (%)
1
3
6
12
-7.2
-4.0
15.3
-5.4
-6.8
-3.8
-6.3
-3.6
-7.1
2.7
-21.7
-27.0
-11.8
-15.0
-18.2
-14.6
-17.4
-9.2
-24.9
-18.9
-27.2
-26.6
-3.4
-18.7
-35.2
-12.8
-14.1
-18.9
-32.8
-20.5
-45.0
-45.8
-13.3
-42.7
-36.8
-30.2
-28.8
-21.3
-49.1
-34.8
Among mid-cap companies, Prakash
Industries outperformed and
Monnet Ispat has underperformed
over the last one month
Worst performer
-9.6 -18.3 -31.8 -65.5
-6.1 -23.2 -32.1 -43.0
4.6 -16.4 -21.4 -36.9
-0.6
0.6
-9.7 -20.5
-1.4 -22.5 -12.4 -43.4
-1.1
10.7
-8.9
1.9
-8.6 -19.6 -32.4 -46.3
5.6
35.4
3.3
10.3
9.4 -19.0 -30.7 -40.3
-
-
-
-
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
-1.8
-2.4
-2.3
0.9
-1.0
1.4
4.1
-1.4
-1.0
-2.7
0.4
-0.8
1.3
-1.6
-1.0
-1.9
7.4
1month
-6.1
-5.7
-6.6
-0.4
-11.8
-7.7
5.5
-17.3
-8.2
-15.7
-0.2
0.0
7.6
2.1
-19.0
-9.4
1.7
Absolute Perf (%)
3 months
6 months
-16.6
-13.6
-20.0
-16.0
-15.9
-15.3
-1.5
-33.8
-10.8
-33.2
-3.6
-9.9
16.7
6.9
-26.0
-15.1
-15.1
-10.2
-19.6
-28.2
-8.8
-9.9
-11.5
-10.3
-3.4
-15.8
1.4
-26.0
4.6
-30.2
6.2
-9.9
80.4
40.9
-26.5
-8.4
-15.5
12 months
-17.7
-11.2
-30.3
-36.5
-18.0
-32.0
-7.0
-43.5
6.8
-32.2
-3.2
-15.1
27.0
22.8
-26.5
-7.6
-20.7
Among global mining companies,
FMG was the best performer while
Xstrata was the worst performing
stock over the last one month
Among global steel majors, JFE
Holdings was the best performer
while Thyssen Krupp was the worst
performing stock over the
last one month
0.5
-4.4
-2.0
-1.5
-2.1
-10.1
Worst performer
-10.3
-16.7
-8.9
-29.9
-21.1
-26.4
Source: MOSL, Bloomberg
22 April 2013
24

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