Metals Weekly
28 October 2013
Metals Weekly
Valuations: Indian companies
Price
EV/EBITDA P/BV
(INR) FY14E FY15E FY14E
Steel
Tata Steel
SAIL
JSW Steel
JSPL
NMDC
Non-ferrous
Hindalco
Sesa-Sterlite
HZL
Nalco
Rain Inds.
322
60
851
238
131
109
202
132
35
36
6.2
8.1
6.9
8.4
4.2
7.6
6.4
4.1
3.9
4.8
6.5
8.7
6.6
6.1
4.1
6.1
5.0
3.3
3.5
4.0
1.4
0.6
1.3
1.0
1.7
1.0
0.8
1.5
0.7
0.4
TMT- Mumbai (INR/ton)
HRC- Mumbai (INR/ton)
HRC (USD/ton) fob CIS
Metal Prices
CMP
28-Oct
33,100
37,033
528
%
-1
-1
0
-4
0
-1
-2
4
0
2
0
-1
-1
-1
-2
-1
-2
2
1
0
0
Week
21-Oct
33,500
37,372
530
20,700
25,000
135
235
353
1,808
111
5,402
1,908
119
1,051
Quarter
% 1-Oct
-6 35,300
-6 39,457
-4
550
-2 20,300
0 25,000
1
133
-4
240
5
351
1
1
0
2
0
2
1,786
112
5,372
1,852
118
1,019
7,219
460
532
YTD FY14
% 1-Apr
-5 34,900
1 36,565
-7
565
1
3
-3
-13
-5
-4
10
3
1
16
-11
-6
8
-16
8
-7
3
-1
19,800
24,200
138
265
385
1,881
102
5,228
1,870
102
1,171
7,582
408
571
29,526
52,621
2,094
1.03
Sponge iron - Raipur (INR/ton)
19,900
Pig iron - Raipur (INR/ton)
25,000
Iron ore spot (USD/ton) cfr China
134
Coke (USD/ton) fob
230
Shred. scrap (USD/ton) Rotterdam
368
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)
LME inventories (‘000 ton)
1,807
113
5,397
1,894
118
1,040
7,126
441
481
Note: Detailed table on pg 23
Source: MOSL
Valuations: Global companies
Price
Mining
BHP
AUD 35.8
FMG
AUD 5.3
Rio Tinto AUD 63.5
Vale
USD 31.7
Teck Res. USD 27.5
Steel
A. Mittal EUR 11.7
Posco k KRW 314.5
US Steel USD 24.0
Nucor
USD 51.1
JFE
JPY 2474
Gerdau
BRL 16.7
Bao Steel CNY 4.2
Non-ferrous
Alcoa
USD 8.6
Norsk Hyd. NOK 25.3
Rusal
HKD 2.3
Detailed on pg 23
BSE Metals Index
Sensex
104
EV/EBITDA
CY13 CY14
6.7
4.7
6.8
5.0
6.8
7.0
5.6
9.0
12.5
7.6
9.1
6.7
6.3
4.6
6.1
5.1
6.3
5.8
5.0
5.9
7.9
6.8
7.2
6.0
P/BV
CY13
2.4
2.1
2.2
1.0
0.9
0.5
0.6
0.9
2.1
0.8
1.1
0.8
7,241 -1
446 -4
492 -10
31,181
48,489
2,158
1.01
Gold (INR/10gms)
31,879
Sliver (INR/1kg)
48,952
Lead Spot LME (USD/ton)
2,149
FC 6-8% C basis 60% Cr (USD/lb Cr) 1.01
INR/USD
BDI
7 29,929
1 48,574
5 2,052
0
1.01
61.5
0
61.6 -2
62.6
13
54.5
1,671 -11
1,878 -16 1,994
84
910
Source: Metal Bulletin, Bloomberg, Steel Mint, MOSL
Global crude steel production up 6%; Indian steel prices dip
Indian steel prices continue to remain weak. Long steel product prices
7.7
7.5
0.7
9.4
7.6
0.7
17.0 16.9
0.5
Source: Bloomberg
BSE Metals Index v/s Sensex
e.g. TMT (Mumbai) declined 1.2% WoW to INR33,100/t. Sponge iron
prices (Raipur) decreased 3.9% WoW to INR19,900, while Pellet (Barbil)
prices declined by INR50/t WoW to INR7,050/t.
Steel prices declined by 1% WoW in China and CIS. Prices were flat in
N. America, while it increased 2% WoW in Turkey.
Iron ore prices (63.5% Fe CFR China) decreased USD1/t WoW to
100
96
USD134/t, while Coking coal prices (Premium Low volatile, Fob Australia)
were flat WoW at USD146/t.
Base metals prices were weak with Copper and Zinc decreasing 2% and
1% QoQ respectively. Prices were flat WoW for Aluminium and Lead.
Source: Bloomberg
Note: Indexed to 100 on 21 October 2013
Stock performance table on pg 24
Investors are advised to refer through
disclosures made at the end of the
Research Report.
Global crude steel production increased 6% YoY in September to 132.5mt
on strong Chinese production growth. Chinese production increased
11% YoY to 65.4mt. Indian crude steel production increased 3.8% YoY to
6.5mt.
Sanjay Jain
(SanjayJain@MotilalOswal.com); Tel:+91 22 3982 5412
28 October 2013
Pavas Pethia
(Pavas.Pethia@MotilalOswal.com); Tel:+91 22 3982 5413
1

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
28 October 2013
2

Metals Weekly
Ferrous
Ferrous
INDIA
Indian flat steel prices import parity (INR/T, exl. ED & VAT)
HRC M umbai
43,000
HRC (Import Parity) prices decreased
0.9% WoW to INR37,033/t
41,000
39,000
37,000
35,000
33,000
31,000
Indian long steel price (INR/T, exl. ED & VAT)
37,000
35,000
33,000
31,000
TM T (Mumbai)
TMT (Mumbai) prices declined
1.2% WoW to INR33,100/t
Steel intermediates prices (INR/T, exl. ED & VAT)
23,000
21,000
19,000
17,000
Spo nge (Raipur)
Sponge iron (Raipur) prices
decreased 3.9% WoW to INR19,900/t
India: Monthly crude steel production
India
YoY (%
)
7.0
30
20
10
-
(10)
Indian crude steel production
increased 3.8% YoY to 6.5mt
in September
6.5
6.0
5.5
5.0
Source: SteelMint, WSA, MOSL
28 October 2013
3

Metals Weekly
Ferrous
INDIA
Scrap Mandi (INR/t)
Scrap (M andi)
27,000
26,000
25,000
24,000
23,000
22,000
Iron ore lumps (INR/t)
NM DC 6-40mm (CG)
Lumps 5-1 (Odisha)
8
Iron ore lumps (Odisha) were
flat WoW at INR6,600/t
9,000
8,000
7,000
6,000
5,000
4,000
Iron ore fines (INR/t)
Fines 63% (Odisha)
NM DC Fines
Iron ore fines (Odisha) were
flat WoW at INR1,500/t
3,500
3,200
2,900
2,600
2,300
2,000
1,700
1,400
Pellet (Barbil) INR/t
P ellet (B arbil)
8,000
Pellet prices (Barbil) declined
INR50 WoW to INR7,050/t
7,500
7,000
6,500
6,000
Source: SteelMint, WSA, MOSL
28 October 2013
4

Metals Weekly
European Union
European HRC prices (EUR/ton)
Euro pe
600
550
500
450
400
Rotterdam: shredded scrap prices (USD/t)
470
440
Rotterdam export Shredded scrap
prices increased 4.3% WoW
to USD368/t
410
380
350
320
European wire rods sourthern region (Euro/ton)
Wire Ro ds
570
South Europe wire rod prices were
flat WoW at Euro478/t
550
530
510
490
470
450
European Union: Monthly crude steel production
EU
Yo Y (%)
17
20
10
0
-10
EU crude steel production was flat
YoY at 14.3mt in September
15
13
11
Source: Metal Bulletin, Bloomberg, WSA, MOSL
28 October 2013
5

Metals Weekly
China
China domestic prices (USD/ton)
740
680
620
560
500
HRC
Rebar
China Steel prices were lower with
HRC and Rebar prices decreasing
1.6% and 0.2% WoW respectively
Steel spreads for Chinese producers
Spread [(HRC -1
.6*Iro n o re - 0.55*Co ke)]
HRC (LHS)
800
720
640
560
480
400
300
270
240
210
180
150
Steel trade (m ton)
Expo rts
Impo rts
6
4
2
-
Monthly crude steel production
China
Yo Y (%)
70
62
20
15
10
5
0
-5
-10
China crude steel production
increased 11% YoY to 65.4mt
in September
54
46
38
30
Source: Metal Bulletin, Bloomberg, WSA, MOSL
28 October 2013
6

Metals Weekly
Other regions
CIS HRC export prices (USD/ton)
CIS Expo rts (HRC)
620
580
540
500
CIS export HR prices declined
0.5% WoW to USD528/t
Turkish export billets (USD/ton)
580
560
Turkish Exp B illets
Turkish export billet prices increased
1.9% WoW to USD528/t
540
520
500
North America HRC prices (USD/ton)
700
North America domestic HRC prices
were flat WoW at USD660/t
650
600
550
CIS: Monthly crude steel production
CIS
Yo Y (%)
10
11
4
-3
-10
CIS crude steel production
decreased 5.4% YoY to 8.8mt
in September
9
8
7
Source: Metal Bulletin, WSA, Bloomberg, MOSL
28 October 2013
7

Metals Weekly
Other regions
North America: Monthly crude steel production
No rth A merica
Yo Y (%)
11
20
10
0
North America crude steel
production increased 3.2% YoY
to 9.9mt in September
10
9
8
-10
-20
Global: Monthly crude steel production
Glo bal
Yo Y (%)
140
8
4
0
-4
Global crude steel production
increased 6% YoY to 132.5mt
in September
130
120
110
Global: Monthly crude steel capacity utilization
Capacity Utilizatio n
84
Global crude steel capacity
utilization increased 340bp MoM
to 79.3% in September
81
78
75
72
69
Source: Bloomberg, WSA, MOSL
28 October 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 USD1/t WoW to
USD134/ton DMT
140
120
100
OTC iron-ore swaps (USD/ton)
201
4
2Q1
4
1
QFY1
4
140
130
120
110
100
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
70
65
60
55
60
30
50
45
China iron-ore inventories (m tons)
110
100
90
80
70
60
Source: Metal Bulletin, Bloomberg, MOSL
28 October 2013
9

Metals Weekly
Steel raw materials
Freight rates to China (USD/ton)
B razil
A ustralia
India
32
24
16
8
-
Coal price index
Richards B ay Steam Co al
120
105
90
75
60
Coke price index
China co ke expo rt spo t (LHS)
China 1 grade metallurgical co ke
st
450
400
350
300
250
200
2,200
2,175
2,150
2,125
2,100
2,075
Coking coal (USD/t)
Spo t co king co al (fo b A ustralia)
180
Spot coking coal FOB Australia
were flat WoW at USD146/ton
160
140
120
Source: Metal Bulletin, Bloomberg, MOSL
28 October 2013
10

Metals Weekly
Ferro alloys
China’s imports of manganese ore and conc
Impo rts
P rices (RHS)
1,700
1,400
1,100
800
500
250
220
190
160
130
Chrome ore FOB spot prices
255
220
185
150
115
40% Chro me A frica (RHS)
Ferro chrome CIF prices (CNY/t)
Fe Chro me 50% Cr China
Fe Chro me 63% Cr P ittursburgh
11,500
10,000
8,500
7,000
5,500
Source: Metal Bulletin, Bloomberg, MOSL
28 October 2013
11

Metals Weekly
Non-ferrous
Non-ferrous
Aluminum
LME inventories and prices
Invento ries
Spo t
2,300
5.6
5.4
5.2
5.0
Aluminum spot prices were
flat WoW at USD1,807/ton
2,100
1,900
1,700
Global primary aluminum monthly production and YoY growth
P ro ductio n
Yo Y
4,250
4,000
3,750
3,500
20
8
(4)
(16)
China primary aluminum monthly production and YoY growth
P ro ductio n
Yo Y
2.0
30
1.8
1.6
20
10
1.4
-
India: Company-wise primary aluminum monthly production
Hindalco
B alco
Nalco
VA L
Source: Metal Bulletin, Bloomberg, MOSL
28 October 2013
12

Metals Weekly
Non-ferrous
Aluminum
Aluminum raw material and power cost for marginal producer in US
CP C
Alumina
Po wer
LM E+Spot
3,500
3,000
2,500
2,000
1,500
1,000
500
-
CPC US
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
28 October 2013
13

Metals Weekly
Non-ferrous
Copper
LME inventories and prices
Invento ries
Spo t
8,600
8,200
0.7
0.6
0.5
0.4
0.3
0.2
Copper spot prices decreased
2% WoW to USD7,126/ton
7,800
7,400
7,000
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
10.0
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
0.66
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
-
HCL
Sterlite
Hindalco
Source: Metal Bulletin, Bloomberg, MOSL
28 October 2013
14

Metals Weekly
Non-ferrous
Zinc
LME inventories and prices
Invento ries
Spo t
2,300
1.3
Zinc spot prices decreased
1% WoW to USD1,894/ton
2,100
1.1
1,900
0.9
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
8
2
(4)
(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 2 3 2 2 2
2
0
2
2
2 2
3 3 2 2
2
3 3
2
2
2
2
2 2
Source: Metal Bulletin, Bloomberg, MOSL
28 October 2013
15

Metals Weekly
Non-ferrous
Lead
LME inventories and prices
Invento ries
Spo t
2,600
2,400
0.40
0.35
0.30
0.25
0.20
0.15
Lead spot prices were
flat WoW at USD2,149/ton
2,200
2,000
1,800
1,600
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
-
(20)
(40)
India: Company-wise refined lead monthly production
HZL
Source: Metal Bulletin, Bloomberg, MOSL
28 October 2013
16

Metals Weekly
Commodity forward curves
LME aluminum (USD/ton)
Current
1
-week ago
3-mo nth ago
2,400
2,200
2,000
1,800
1,600
LME copper (USD/ton)
Current
1
-week ago
3-mo nth ago
7,600
7,400
7,200
7,000
6,800
6,600
LME zinc futures (USD/ton)
Current
1
-week ago
3-mo nth ago
2,200
2,100
2,000
1,900
1,800
Base metals US spot premium (USD/ton)
A luminium
Zinc
Co pper
300
235
Copper spot premium declined
3.7% WoW to USD143/ton
170
105
40
Source: Metal Bulletin, Bloomberg, MOSL
28 October 2013
17

Metals Weekly
China non-ferrous trade data
China’s aluminum trade ('000 tons)
Impo rts
Expo rts
400
300
200
100
-
China’s refined copper trade ('000 tons)
Impo rts
Expo rts
500
400
300
200
100
-
China’s refined zinc trade ('000 tons)
Expo rt
Impo rt
75
50
25
-
China’s alumina imports ('000 tons) and prices (USD/ton)
Impo rts
P rices (RHS)
800
600
400
200
-
Source: Metal Bulletin, Bloomberg, MOSL
28 October 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
71
67
110
101
92
83
74
65
The rupee appreciated 0.2% WoW
against the US dollar and was
trading at INR61.5/USD
63
59
55
51
Source: Bloomberg, MOSL
28 October 2013
19

Metals Weekly
Key indicators
(Contd..)
China Energy Production Electricity (b kwh)
500
450
400
350
300
250
200
Electricity
Yo Y (%, RHS)
50
40
30
20
10
-
(10)
China Monthly Trade YoY (%)
60
Impo rt
Expo rt
40
20
-
(20)
China Price Index YoY (%)
PPI
CP I
9
6
3
-
(3)
(6)
China GDP YoY (%)
9
GDP
8
7
Source: Bloomberg, MOSL
28 October 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
28 October 2013
21

Metals Weekly
Stock Exchange announcements
ICICI Bank Limited has withdrawn the nomination of Mrs. Zarin Daruwala
from the Board of the
JSW Steel
w.e.f. October 23, 2013.
Board of Directors of the
NMDC
has declared Interim Dividend INR3/
share for FY14.
Sesa Sterlite
has informed the exchange that November 07, 2013 has
been fixed as the Record Date for the purpose of Payment of Interim
Dividend.
Board of Directors of the
Hindustan Zinc
at its meeting held on October
23, 2013, inter alia, has declared interim dividend @80% i.e. INR 1.60 per
equity share of INR 2 each.
Forthcoming Results
JSW Steel
- 29 October 2013
Jindal Steel and Power
- 30 October 2013
Sesa Sterlite
- 31 October 2013
Hindalco
- 12 November 2013
28 October 2013
22

Metals Weekly
Metals
Valuation Matrix
Valuations: Indian companies
Rating
Price Mkt Cap
(INR) (USD M)
EPS (INR)
FY13
FY14E
FY15E
32.8
5.5
71.4
32.3
16.0
P/E (X)
FY14E FY15E
9.5
7.3
13.0
8.7
8.3
9.8
10.8
11.9
7.4
8.2
EV/EBITDA (X)
FY14E FY15E
6.2
8.1
6.9
8.4
4.2
6.5
8.7
6.6
6.1
4.1
P/B (X)
FY14E FY15E
1.4
0.6
1.3
1.0
1.7
1.3
0.5
1.2
0.9
1.5
Steel
Tata Steel
Sell
322
5,014
1.6
33.8
SAIL
Sell
60
3,981
5.7
8.2
JSW Steel
Sell
851
3,300
49.7
65.5
JSPL
Neutral
238
3,574
37.2
27.3
NMDC
Buy
131
8,327
16.7
15.8
Non-Ferrous
Hindalco
Buy
109
3,467
17.0
14.0
Sesa-Sterlite
Buy
202
9,223
32.9
31.9
Hindustan Zinc
Buy
132
8,603
16.4
17.1
Nalco
Buy
35
1,368
2.3
3.4
Rain Industries*
Buy
36
225
16.7
13.3
* Rain Inds. follows calendar year reporting, CY13 and CY14 fig. are quoted
15.0
7.8
7.3
38.1
6.3
5.3
17.6
7.7
7.5
3.3
10.3
10.6
16.7
2.7
2.1
in place of FY14 and FY15
7.6
6.1
6.4
5.0
4.1
3.3
3.9
3.5
4.8
4.0
respectively
1.0
0.9
0.8
0.7
1.5
1.3
0.7
0.7
0.4
0.4
Source: MOSL
Valuations: Global companies
BBG
Code
Mining
BHP-Billiton
FMG
Rio Tinto
Vale
Teck Resources
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
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)
176,102
16,391
100,479
83,277
15,837
26,651
26,026
3,469
16,256
15,440
12,617
11,410
9,231
8,861
4,487
P/E (X)
CY13
13.5
5.7
12.4
6.7
17.2
-
14.0
-
36.1
10.7
20.3
10.0
24.8
42.9
73.8
CY14
12.3
5.8
11.0
6.7
14.1
17.7
10.7
32.1
16.2
8.6
12.7
8.8
20.7
22.2
9.5
EV/EBITDA(X)
CY13
CY14
6.7
4.7
6.8
5.0
6.8
7.0
5.6
9.0
12.5
7.6
9.1
6.7
7.7
9.4
17.0
6.3
4.6
6.1
5.1
6.3
5.8
5.0
5.9
7.9
6.8
7.2
6.0
P/BV
CY13
2.4
2.1
2.2
1.0
0.9
0.5
0.6
0.9
2.1
0.8
1.1
0.8
AUD
AUD
AUD
USD
USD
EUR
k KRW
USD
USD
JPY
BRL
CNY
USD
NOK
HKD
35.8
5.3
63.5
31.7
27.5
11.7
314.5
24.0
51.1
2,474.0
16.7
4.2
8.6
25.3
2.3
7.5
0.7
7.6
0.7
16.9
0.5
Source: Bloomberg
28 October 2013
23

Metals Weekly
Metals Stock
Performance
Metals stock performance on absolute and relative basis (%)
Months
Steel
Tata Steel
SAIL
JSW Steel
JSPL
NMDC
Sesa Sterlite
Non-ferrous
Hindustan Zinc
Nalco
Hindalco
Mid Caps
Monnet Ispat
Godawari
Sarda Energy
Tata Sponge
Adhunik Metaliks
Bhushan Steel
Jai Balaji
Rain Industries
Prakash Industries
SENSEX
Best performer
Absolute Perf (%)
1
3
6
7.5
14.8
14.3
1.1
6.0
8.2
0.0
8.7
-6.7
15.3
3.4
15.1
13.3
-10.3
-0.2
-8.6
-3.5
11.4
4.0
47.0
37.7
54.3
25.4
29.7
54.1
29.0
20.0
15.6
22.6
19.6
16.8
22.5
18.5
4.2
-41.5
8.3
17.4
4.7
5.6
-3.6
20.9
-24.2
6.7
32.9
11.6
-2.0
10.3
-31.2
-3.4
-3.2
3.5
-9.5
5.2
-36.4
-19.5
-2.5
7.2
12
-19.4
-25.2
16.1
-38.2
-26.2
19.3
0.2
-26.7
-3.3
-53.4
-27.9
-18.6
-9.5
-11.9
-1.2
-54.9
-5.9
-30.6
11.1
Relative Perf to Sensex (%)
1
3
6
12
3.5
10.8
10.3
-2.9
2.1
4.2
-4.0
4.7
-10.7
42.3
32.9
49.6
20.7
24.9
49.4
24.3
15.3
10.9
-1.7
-10.9
13.6
-31.5
-0.5
25.7
4.4
-9.2
3.0
-30.5
-36.3
5.0
-49.2
-37.2
8.3
-10.8
-37.7
-14.3
Among large-cap companies, SAIL
has outperformed and Hindalco
has underperformed over
the last one month
Among mid-cap companies,
Monnet Ispat outperformed and
Adhunik Metaliks has
underperformed over the
last one month
Worst performer
11.4
17.8 -38.4 -64.4
-0.6
14.9 -10.6 -38.9
11.2
12.1 -10.5 -29.7
9.3
17.8
-3.7 -20.5
-14.3
13.8 -16.8 -23.0
-4.2
-0.6
-2.1 -12.2
-12.6 -46.2 -43.6 -65.9
-7.5
3.6 -26.7 -17.0
7.5
12.7
-9.7 -41.7
-
-
-
-
Source: MOSL, Bloomberg
Global metals stock performance on absolute basis (%)
1week
Mining
Rio Tinto
BHP Billiton
Vale
FMG
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
0.1
4.6
-0.2
-1.7
-1.6
2.8
-2.0
0.6
-0.2
-4.5
1.7
-5.0
-1.2
0.7
-1.4
-0.3
7.1
3.5
3.9
Worst performer
1month
2.6
2.9
-0.2
6.1
-3.9
-3.2
11.3
4.2
11.8
-3.6
-1.1
-12.8
-4.0
6.0
0.4
-0.6
11.7
3.5
4.6
Absolute Perf (%)
3 months
6 months
10.4
8.1
11.7
44.3
8.4
-9.5
24.0
9.6
18.0
0.0
-2.1
-0.6
15.6
12.9
20.9
19.1
14.5
-14.7
12.6
8.9
14.8
-3.7
45.9
-6.1
-12.5
35.3
20.1
25.7
-15.8
1.3
13.1
28.6
36.9
47.6
2.0
12 months
3.6
10.5
-12.0
28.6
-22.0
-5.2
11.1
27.8
-2.9
-12.0
-6.4
108.3
93.6
6.6
46.4
-12.2
Among global mining companies,
FMG was the best performer while
Anglo American was the worst
performing stock over the
last one month
Among global steel majors,
Arcelor Mittal was the best
performer while JFE holdings
was the worst performing stock
over the last one month
11.7
6.8
-39.1
-45.9
2.4
-13.0
Source: MOSL, Bloomberg
28 October 2013
24

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