16 November 2015
Metals Weekly
Valuations: Indian companies
Company
Steel
Price EV/EBITDA (x) P/B (x)
(INR) FY16E FY17E FY15
222 12.1
912 9.2
79 13.0
45 NM
78
36
87
338
145
91
8.3
3.1
7.0
7.2
3.9
5.6
9.7
7.0
10.8
30.9
6.7
2.1
6.6
6.1
4.2
7.3
1.2
1.0
0.3
0.4
0.7
0.7
0.5
5.3
1.4
1.1
Metal Prices
CMP
13-Nov
%
6-Nov
change since
%
1-Oct
%
1-Apr
Ta ta Steel
JSW Steel
JSPL
SAIL
Non-Ferrous
Hi nda l co
Na l co
Veda nta
Mining
Coa l Indi a
HZL
NMDC
TMT- Mumba i (INR/ton)
HRC- Mumba i (INR/ton)
HRC (USD/ton) fob CIS
25,000
21,774
278
-1 25,200
-2 22,151
0
278
0 13,250
0 17,667
0
48
-2
76
1
185
-1
-1
-1
-3
-2
-1
-4
-3
-1
1,492
98
3,004
1,627
107
567
5,000
327
261
-7 26,800
-8 23,729
-8
300
-12 15,100
-10 19,600
-14
56
-7
79
4
180
-6
-7
-6
-6
-7
-6
-7
-6
-19
1,579
105
3,171
1,691
113
594
5,178
339
319
-22 31,900
-21 27,631
-29
390
-24 17,600
-12 20,000
-9
53
-23
97
-24
248
-16
-12
-24
-23
-19
9
-20
-16
-22
1,766
111
3,938
2,069
129
511
6,020
378
334
Sponge i ron - Ra i pur (INR/ton)
13,300
Pi g i ron - Ra i pur (INR/ton)
17,600
Iron ore s pot (USD/ton) cfr Chi na
48
Coki ng coa l (USD/ton) fob Aus .
74
Shred. s cra p (USD/ton) Rotterda m
188
LME Spot (USD/ton)
Indi a n pri ces (INR ‘000/ton)
LME i nventori es (‘000 ton)
LME Spot (USD/ton)
Indi a n pri ces (INR ‘000/ton)
LME i nventori es (‘000 ton)
LME Spot (USD/ton)
Indi a n pri ces (INR ‘000/ton)
LME i nventori es (‘000 ton)
1,476
98
2,979
1,586
105
558
4,825
318
259
Note: Detailed table on pg 23
Source: MOSL
Valuations: Global companies
Price
Mining
AUD 20.23
BHP
AUD 2.28
FMG
Ri o Ti nto
AUD 48.65
USD 12.76
Va l e
USD 4.61
Teck Res .
Steel
EUR 4.53
A. Mi tta l
k KRW 171
Pos co
USD 9.75
US Steel
USD 40.63
Nucor
JPY 1818.5
JFE
BRL 5.23
Gerda u
CNY 5.79
Ba o Steel
Non Ferrous
USD 7.99
Al coa
NOK 30.76
Hydro
HKD 2.85
Rus a l
Note: Detailed on pg 23
EV/EBITDA (x) P/B (x)
CY15 CY16 CY15
6.8
4.8
6.5
6.5
5.5
5.0
6.4
18.1
8.7
7.3
6.5
9.2
6.2
4.7
6.6
6.0
5.1
7.0
6.1
5.9
4.6
6.2
6.1
6.9
6.3
6.0
7.7
6.5
5.7
9.1
NM
NM
NM
0.3
0.2
0.2
0.3
0.4
1.7
NM
1.1
0.8
0.8
0.9
NM
Gol d (INR/10gms )
25,743
Sl i ver (INR/1kg)
34,533
Lea d Spot LME (USD/ton)
1,594
FC 6-8% C ba s i s 60% Cr (USD/l b Cr)
1.11
INR/USD
BDI
0 25,800
-2 35,070
-3 1,639
-1
1.12
0 25,754
1 34,126
-4 1,663
-1
1.12
-2 26,169
-6 36,916
-12 1,808
-1
1.12
66.1
0
66.1
1
65.6
6
62.3
560
-11
628
-37
888
-6
596
Source: Meta l Bul l eti n, Bl oomberg, Steel Mi nt, MOSL
Zinc falls 3% WoW; prices below pre-Glencore production cut
announcement
India long product (TMT Mumbai) prices were down 0.8% WoW. Sponge
iron prices were flat, while domestic scrap prices were down 2.8% WoW.
Pellet prices fell further this week.
India import HRC price offers fell this week, with import parity prices down
~2% WoW.
A few domestic Odisha based miners cut iron ore prices by ~INR100-200/t.
NMDC prices were unchanged. Coking coal prices continue to slide lower,
down ~2% WoW. Thermal coal prices are finding support from the miners’
strike, up 2% WoW.
EU HRC prices were unchanged WoW. Chinese domestic HRC prices were
down 2% WoW, while rebar prices fell ~5% WoW. However, export prices
were unchanged. Rotterdam scrap prices rose 1.4% WoW.
Aluminum (cash LME) fell 1% WoW. Spot premiums were slightly healthy.
Alumina prices were down 3% WoW.
Copper (cash LME) was down 4% WoW, after the 4% decline the previous
week. Zinc and lead prices were down by ~3% WoW, following a similar
fall the previous week. Prices of Zinc and lead are even below the levels
when Glencore announced ~500kt production cut.
Source: Bloomberg
BSE Metals Index v/s Sensex
BSE Metal
101
99
97
Sensex
Source: Bloomberg
Note: Indexed to 100 on 9 November 2015
Stock performance table on pg 25
Investors are advised to refer through disclosures
made at the end of the Research Report.
Sanjay Jain
(SanjayJain@MotilalOswal.com); +91 22 3982 5412 /
Dhruv Muchhal
(Dhruv.Muchhal@MotilalOswal.com)

Metals Weekly
Contents
Page No.
Ferrous
India
European Union
China
Other regions
Steel raw material
Ferro alloys
3-10
3,4 & 5
6
7
8&9
10 & 11
12
Non-ferrous
Aluminum
Copper
Zinc
Lead
Commodity curve analysis
China non-ferrous trade data
13-19
13
15
16
17
18
19
Key indicators
Industrial production growth across the globe
BSE announcements
Metals valuation matrix
Metals stock performance
20-21
22
23
24
25
16 November 2015
2

Metals Weekly
Ferrous
India import HRC price
offers were down USD5/t
WoW to USD285/t (API
Grade).
Ferrous
INDIA
Indian flat steel prices import parity (INR/T, excl. ED & VAT)
36,000
33,000
30,000
27,000
24,000
21,000
HRC Mumbai (INR/t)
Long products (TMT
Mumbai) prices were
down 0.8% WoW to
INR25,000/t.
Indian long steel price (INR/T, exl. ED & VAT)
36,500
34,000
31,500
29,000
26,500
24,000
TMT Mumbai (INR/t)
Steel intermediates prices (INR/T, excl. ED & VAT)
Sponge iron prices were up
0.4% WoW to INR13,300/t.
Coal based Sponge (Raipur)
22,000
20,000
18,000
16,000
14,000
12,000
India: Integrated steel mills spreads (Import parity HRC – 1xcoking coal)
Indian integrated steel mills spreads (INR/t)
35,000
Indian integrated steel
producers (IISP) spreads
were lower.
31,000
27,000
23,000
19,000
15,000
Source: SteelMint, WSA, MOSL
16 November 2015
3

Metals Weekly
Ferrous
Ferrous
INDIA
Scrap Mandi (INR/t)
Domestic scrap prices fell
2.8% WoW to INR17,600/t.
27,000
24,500
22,000
19,500
17,000
Scrap (Mandi)
Iron ore lumps (INR/t)
A few Odisha based miners
cut iron ore lump prices by
~INR100-200/t. NMDC
prices were unchanged.
NMDC 6-40mm (CG)
7,300
6,300
5,300
4,300
3,300
2,300
Lumps 5-18 (Odisha)
Iron ore fines (INR/t) ex mine
A few Odisha based miners
cut iron ore fines prices by
~INR100-200/t. NMDC
prices were unchanged.
Rungta Fines 63% (Odisha, incl. royalty)
3,400
2,700
2,000
1,300
NMDC Fines, ex-royalty
Pellet (Barbil) INR/t
Pellet prices were down
~INR300/t WoW to
INR3,400/t.
7,000
6,000
5,000
4,000
3,000
Pellet (Barbil)
Source: SteelMint, WSA, MOSL
16 November 2015
4

Metals Weekly
India Monthly steel trends
Steel consumption (mt) and growth (trailing 12-month) YoY %
India steel demand in
September was up 5.1%
YoY. Preliminary data for
October suggests demand
increased 6.6% YoY to
7.06mt.
Cons. (mt)
8.0
6.0
4.0
2.0
0.0
-2.0
Trailing 12m Growth (%)
Steel imports and exports - kt
Steel product imports in
September stood at 929kt,
higher compared to 836kt
last year. Preliminary data
for October suggests
imports rose by 34% YoY
to 1,180kt.
Imports
Exports
Scrap imports - kt
Import of ferrous scrap in
September was down 13%
YoY to 420kt.
Scrap imports - kt
470
443
484
368
404
448
464
517
397
406
522
481
506
352
420
Crude steel production - kt
Crude steel production - mt
Crude steel production
declined for the second
consecutive month, down
1.4% YoY to 7.3mt in
September.
Source: JPC
16 November 2015
5

Metals Weekly
European Union
European HRC prices (EUR/ton)
North Europe HRC
South Europe HRC
480
440
400
360
320
280
EU HRC prices were
unchanged WoW at
EUR287/t.
Rotterdam: shredded scrap prices (USD/t)
Rotterdam scrap prices
rose further this week, up
1.4% WoW to USD188/t.
395
355
315
275
235
195
155
European wire rods southern region (Euro/t)
500
460
South Europe wire rod
prices rose WoW.
420
380
340
300
Spreads ( HRC-1.6xiron ore-0.7xcoking coal) – (USD/t)
EU
China
EU steel mills spreads
were flat WoW.
370
315
260
205
150
Source: Metal Bulletin, Bloomberg, WSA, MOSL
16 November 2015
6

Metals Weekly
China
China domestic prices (USD/ton)
Chinese domestic HRC fell
2.0% WoW to USD287/t.
Rebar price fell 4.8% WoW
to USD296/t.
880
730
580
430
280
HRC
Rebar
Steel spreads (Steel price – 1.6x iron ore – 0.55x coke) for Chinese producers
HRC
Rebar
Chinese HRC steel product
spreads fell on lower steel
prices.
300
255
210
165
120
Steel trade (m ton)
12
Exports
Imports
Chinese steel exports grew
33% YoY to 10.6mt in
September 2015. Exports in
Oct are up +5% YoY at 9mt
10
8
6
4
2
0
Steel inventories in main China cities (m tons)
9
8
Steel inventories in China
were down WoW.
7
6
5
4
3
16 November 2015
7

Metals Weekly
Other regions
CIS HRC export prices (USD/ton) fob basis
CIS Exports (HRC)
CIS HRC export prices
were unchanged WoW at
USD278/t.
540
470
400
330
260
Turkish export billets (USD/ton)
Turkish Exp Billets
520
470
420
370
320
North America HRC prices (USD/ton)
700
US HRC prices were
lower WoW.
630
560
490
420
350
CIS: Monthly crude steel production
CIS countries crude steel
production grew 0.3% YoY
to 8.1mt in Sep 2015,
coming off a weaker base.
10.0
9.5
9.0
8.5
8.0
7.5
CIS
YoY (%)
10
5
0
-5
-10
-15
Source: Metal Bulletin, WSA, Bloomberg, MOSL
16 November 2015
8

Metals Weekly
Other regions
North America: Monthly crude steel production
North America
YoY (%)
15.0
7.5
0.0
-7.5
-15.0
US steel production
declined 6.0% YoY to
9.4mt in Sep 2015.
11.0
10.5
10.0
9.5
9.0
8.5
Global: Monthly crude steel production
Global crude steel
production contracted
2.8% YoY to 130mt in
Sep 2015.
145
140
135
130
125
120
Global
YoY (%)
7
5
3
1
-2
-4
Global: Monthly crude steel capacity utilization
81
Capacity Utilization
Global crude steel capacity
utilization fell 680bps YoY to
69%, trending at multi-year
low run-rate.
77
73
69
65
Source: Bloomberg, WSA, MOSL
16 November 2015
9

Metals Weekly
Steel raw materials
Import price of 62% grade iron-ore fines in China (USD/ton)
CIF
FOB
Iron ore (China cfr) prices
were flat WoW at
USD48/t.
78
68
58
48
38
OTC iron-ore swaps (USD/ton)
2016
1Q16
4Q15
65
60
55
50
45
40
China iron-ore production and imports (m tons)
China iron ore imports
rose 1.7% YoY to 86mt
in Sep 2015 and declined
5% YoY to 75.5mt.
155
130
105
80
55
30
Ore Imports
Ore Prod
Pig iron prod (RHS)
76
68
60
52
44
China iron-ore inventories (mt)
110
100
China iron ore inventories
rose WoW.
90
80
70
60
Source: Metal Bulletin, Bloomberg, MOSL
16 November 2015
10

Metals Weekly
Steel raw materials
Freight rates to China (USD/ton)
Brazil
Australia
India
Freight rates were
higher WoW.
32
24
16
8
0
Coal price index
Richards Bay thermal coal
prices rose 2% WoW to
USD54.7/t due to miner’s
strike.
Ri chards Bay Steam Coal
88
78
68
58
48
Coke price index (fob China)
China coke export spot (LHS)
255
230
205
180
155
130
Coking coal (USD/t)
Spot coking coal (fob Australia)
130.0
Coking coal prices were
down 2% WoW to
USD74/t.
110.0
90.0
70.0
16 November 2015
11

Metals Weekly
Ferro alloys
China’s imports of manganese ore and concentrate
2,000
1,700
1,400
1,100
800
500
Imports
Prices (RHS)
280
250
220
190
160
130
100
Chrome ore FOB spot prices
40% Chrome Africa
190
170
150
130
110
Ferro chrome CIF prices (CNY/t)
11,500
10,000
8,500
7,000
5,500
Fe Chrome 50% Cr China
Fe Chrome 63% Cr Pittursburgh
Silico Manganese prices
0.7
0.6
0.5
0.4
0.3
Silico Manganese in warehouses in Pittsburg USA
Source: Metal Bulletin, Bloomberg, MOSL
16 November 2015
12

Metals Weekly
Non-ferrous
Non-ferrous
Aluminum
2,200
2,000
1,800
1,600
1,400
LME inventories and spot prices
Inventories (RHS)
Spot
4.9
4.3
3.7
3.1
2.5
Aluminum (cash LME) fell
1% WoW to USD1,476/t.
Global primary aluminum monthly production and YoY growth
Global aluminum
production grew 9.1% YoY
in August, similar to 8.8%
growth reported in July..
Production
5,400
4,800
4,200
3,600
3,000
YoY
23.0
18.0
13.0
8.0
3.0
-2.0
Aluminum: SHFE Vs LME arbitrage (USD/T)
LME and SHFE arbitrage
was balanced.
290
190
90
-10
-110
-210
India: Company-wise primary aluminum monthly production
Hindalco
Balco
Nalco
VED - JSG
16 November 2015
13

Metals Weekly
Non-ferrous
Aluminum
3,200
Aluminum raw material and power cost for marginal producer in USA (USD/t)
CPC
Alumina
Power
LME+Spot
All-in-aluminum prices
were down 1% WoW to
USD1,651/t.
2,400
1,600
800
0
CPC US (USD/t)
600
500
400
300
200
Alumina (USD/t)
440
Alumina prices fell further
in the week to USD239/t.
400
360
320
280
240
Spreads: Aluminum Cans (UBC) – LME all-in-aluminum (USD/t) – 12-m moving average
750
625
500
375
250
Source: Metal Bulletin, Bloomberg, Industry, MOSL
16 November 2015
14

Metals Weekly
Non-ferrous
Copper
LME inventories and prices
Inventories (RHS)
Spot
7,200
6,700
6,200
5,700
5,200
4,700
0.1
0.4
0.3
0.2
Copper (cash LME) prices
were down 3.5% WoW to
USD4,825/t.
Global refined copper monthly production and YoY growth
2.2
Production
YoY - RHS
16.0
11.0
6.0
1.0
-4.0
Global copper production
fell 3.3% YoY
to 1.94mt in August 2015.
2.0
1.8
1.6
1.4
China: Refined copper monthly production and YoY growth
0.90
0.80
0.70
0.60
0.50
0.40
0.30
Production
YoY - RHS
36
25
14
3
-8
Copper: Spot TCRC (USc/lb)
35.0
32.0
29.0
26.0
23.0
20.0
16 November 2015
15

Metals Weekly
Non-ferrous
Zinc
Zinc (cash LME) prices fell
4% WoW, now even below
the USD1,600/t mark, to
USD1,586/t.
LME inventories and prices
Inventories (RHS)
2,550
2,350
2,150
1,950
1,750
1,550
Spot
0.9
0.8
0.7
0.6
0.5
0.4
Global refined zinc monthly production and YoY growth
Production
YoY growth (RHS)
14.0
8.0
2.0
-4.0
-10.0
Zinc production grew 3.0%
YoY in Aug 2015 (1.17mt).
1.3
1.2
1.1
1.1
1.0
0.9
China: Refined zinc monthly production and YoY growth
Production
0.6
0.5
0.4
0.4
0.3
-2
-22
YoY growth (RHS)
40
19
Zinc: Global metal surplus (deficit) – kt (July 2015)
150
100
50
0
-50
-100
16 November 2015
16

Metals Weekly
Non-ferrous
Lead
Lead (cash LME) prices fell
3% WoW to USD1,593/t.
LME inventories and prices
Inventories (RHS)
2,150
1,950
1,750
1,550
Spot
0.23
0.21
0.18
0.16
0.13
Global refined lead monthly production and YoY growth
1.0
Production
YoY - RHS
25
15
5
-5
-15
Refined lead production in
Aug 2015 fell 15.1% YoY
to 808kt
0.9
0.8
0.7
0.6
China: Refined lead monthly production and YoY growth
0.5
0.4
0.3
0.2
Production
YoY - RHS
20
0
-20
-40
India: Company-wise refined lead monthly production
HZL
:
9
6
7
12 11 11
14
10 10 11 11 10 9 10 11 9
9
9
12
13 13 13 14
9
9
Source: Metal Bulletin, Bloomberg, MOSL
16 November 2015
17

Metals Weekly
Commodity forward curves
LME aluminum (USD/ton)
2,000
1,850
1,700
1,550
1,400
Current
1-week ago
3-month ago
LME copper (USD/ton)
5,400
Current
1-week ago
3-month ago
5,100
4,800
LME zinc futures (USD/ton)
1,900
Current
1-week ago
3-month ago
1,750
1,600
Base metals US spot premium (USD/ton)
565
490
415
340
265
190
115
40
Aluminium
Zinc
Copper
Source: Metal Bulletin, Bloomberg, MOSL
16 November 2015
18

Metals Weekly
China non-ferrous trade data
China’s aluminum trade ('000 tons)
Aluminum exports fell 12%
YoY to 353kt in September
2015, second consecutive
month of YoY decline.
600
500
400
300
200
100
0
Imports
Exports
China’s refined copper trade ('000 tons)
500
400
300
200
100
0
Imports
Exports
China’s refined zinc trade ('000 tons)
100
Export
Import
China refined zinc exports
were down 82% YoY in
September. Imports on the
other hand rose by 44%
YoY to 41kt.
75
50
25
0
China’s alumina imports ('000 tons)
800
Chinese alumina imports
grew YoY.
600
400
200
0
Source: Metal Bulletin, Bloomberg, MOSL
16 November 2015
19

Metals Weekly
Key indicators
China new loan growth (Yuan b)
1,500
1,200
900
600
300
China: PMI
54
52
50
48
46
Mfg PMI
Steel PMI
62
56
50
44
38
China: Fixed asset investment growth (%)
Fixed asset investment
growth moderated further
to 10.3% in September
2015.
22
20
18
16
14
12
10
Currency movement with respect to the rupee
71
67
63
59
55
51
USD (LHS)
GBP
EURO
110
101
92
83
74
65
Source: Bloomberg, MOSL
16 November 2015
20

Metals Weekly
Key indicators (Contd...)
China Energy Production Electricity (b kwh)
550
480
410
340
270
200
Electricity
YoY (%, RHS)
47
32
17
2
-13
-28
China electricity
production declined 8.3%
YoY in September 2015.
China Monthly Trade YoY (%)
50
30
10
-10
-30
Import
Export
China Price Index YoY (%)
PPI
5
2
-1
-4
-7
CPI
China GDP YoY (%)
8.3
China’s GDP growth was
6.9% in 3QCY15.
7.9
7.5
7.1
6.7
Source: Bloomberg, MOSL
16 November 2015
21

Metals Weekly
Industrial production growth
The UK and the USA (%)
6
3
0
-3
-6
UK
USA
Japan (%)
20
10
0
-10
-20
European Union (%)
8
2
-4
-10
France
Germany
Italy
BRIC (%)
Russia
16
9
2
-5
-12
Brazil
India
China
Source: Bloomberg, MOSL
16 November 2015
22

Metals Weekly
Stock exchange announcements
JSW Steel:
JSW Steel reported production data for the month of October 2015.
Crude steel production was down 2.3% YoY to 1,022kt. Flat products volumes were
down 11.4% YoY to 734kt. Long product volumes grew 34% YoY to 206kt.
16 November 2015
23

Metals Weekly
Metals
Valuation Matrix
Valuations: Indian Companies
Rating
Steel
Ta ta Steel
JSW Steel
JSPL
SAIL
Non-Ferrous
Hi nda l co
Na l co
Veda nta
Mining
Coa l Indi a
Hi ndus ta n Zi nc
NMDC
CMP=current ma rket pri ce
Sel l
Netura l
Netura l
Sel l
Buy
Buy
Neutra l
Buy
Buy
Sel l
Price
(INR)
222
912
79
45
78
36
87
338
145
91
MCAP
(USD M)
3,266
3,336
1,097
2,797
2,425
1,396
3,915
32,274
9,294
5,457
FY15
2.9
74.5
6.9
5.2
11.4
4.8
20.3
21.7
19.4
16.6
EPS
FY16E
7.6
14.4
-27.0
-7.6
0.3
2.9
11.1
23.4
17.3
8.3
FY17E
-22.7
56.0
-18.7
-5.5
9.6
3.5
9.4
27.4
13.8
7.3
P/E (x)
FY16E FY17E
29.1
63.4
NM
NM
273.2
12.4
7.9
14.4
8.4
11.0
NM
16.3
NM
NM
8.1
10.4
9.3
12.3
10.5
12.4
EV/EBITDA (x)
FY16E FY17E
12.1
9.2
13.0
NM
8.3
3.1
7.0
7.2
3.9
5.6
9.7
7.0
10.8
30.9
6.7
2.1
6.6
6.1
4.2
7.3
P/B(x)
FY15 FY16E
1.2
1.0
0.3
0.4
0.7
0.7
0.5
1.1
1.1
0.4
0.5
0.8
0.7
0.5
5.3
5.1
1.4
1.3
1.1
1.1
Source: MOSL
Valuations: Global Companies
Company
Mining
BHP-Bi l l i ton
FMG
Ri o Ti nto
Va l e
Teck Res ources
STEEL
Arcel or Mi tta l
Pos co
US Steel
Nucor
JFE
Gerda u
Ba o Steel
NON FERROUS
Al coa
Nors k Hydro
Rus a l
BBG
CODE
BHP AU
FMG AU
RIO AU
Va l e US
TCK US
MT NA
005490 KS
X US
NUE US
5411 JT
GGBR4 BZ
600019 CH
AA US
NHY NO
486 HK
Currency
AUD
AUD
AUD
USD
USD
EUR
k KRW
USD
USD
JPY
BRL
CNY
USD
NOK
HKD
PRICE
20
2
49
13
5
5
171
10
41
1,819
5
6
8
31
3
MCAP
(US$ M)
74,422
4,961
61,477
19,585
2,671
8,087
12,378
1,426
12,986
9,083
2,157
14,845
10,468
7,305
5,293
PE (x)
CUR YR
NXT YR
25.7
12.2
13.0
NM
14.4
NM
76.6
NM
23.3
10.6
17.0
23.5
13.3
11.4
4.1
16.6
15.6
15.1
15.2
16.4
22.6
10.1
NM
15.3
7.7
9.7
15.0
13.4
15.2
4.8
EV/EBITDA(x)
CUR YR
NXT YR
6.8
4.8
6.5
6.5
5.5
5.0
6.4
18.1
8.7
7.3
6.5
9.2
6.2
4.7
6.6
6.0
5.1
7.0
6.1
5.9
4.6
6.2
6.1
6.9
6.3
6.0
7.7
P/BV (x)
CY15E
NM
NM
NM
0.3
0.2
0.2
0.3
0.4
1.7
NM
1.1
0.8
6.5
0.8
5.7
0.9
9.1
NM
Source: Bl oomberg
16 November 2015
24

Metals Weekly
Metals Stock
Performance
Among large-cap companies, JSPL
was the best relative performer
while SAIL was the weakest
performer over
one month.
Metals stock performance on absolute and relative basis (%)
Months
Steel
Ta ta Steel
SAIL
JSW Steel
JSPL
NMDC
Non-Ferrous
Veda nta
Hi ndus ta n Zi nc
Na l co
Hi nda l co
Mid Caps
Monnet Is pa t
Goda wa ri
Sa rda Energy
Ta ta Sponge
Adhuni k Meta l i ks
Bhus ha n Steel
Ja i Ba l a ji
Ra i n Indus tri es
Pra ka s h Indus tri es
SENSEX
1
-9.4
-20.4
-0.7
6.3
-8.2
-19.0
-4.9
-12.0
-9.8
-15.7
-9.1
-13.9
-12.5
-9.8
-14.7
-29.7
1.7
-4.6
-4.6
Absolute Perf (%)
3
6
-4.9
-20.2
6.5
15.7
-6.4
-15.6
0.6
8.2
-14.6
-4.2
-6.9
-6.1
-13.5
-13.4
-28.2
-28.7
-18.3
0.4
-7.0
-38.2
-33.2
2.7
-41.2
-31.1
-60.0
-16.4
-27.7
-41.9
-16.5
-30.6
-26.1
-26.3
-20.4
-31.5
-48.3
-5.3
-29.2
-6.0
12
-52.8
-44.3
-24.3
-47.9
-40.0
-63.0
-10.1
-40.8
-48.9
-61.1
-56.2
-56.3
-34.8
-58.3
-61.5
-57.9
-23.2
-51.4
-8.3
Relative Perf to Sensex (%)
1
3
6
12
-4.8
-15.8
3.9
10.9
-3.6
-14.4
-0.3
-7.4
-5.2
-11.1
-4.5
-9.3
-7.9
-5.2
-10.1
-25.1
6.3
0.0
-
2.1
-13.2
13.5
22.7
0.7
-8.5
7.6
15.2
-7.6
2.9
0.2
0.9
-6.4
-6.3
-21.2
-21.6
-11.3
7.4
-
-32.2
-27.1
8.7
-35.2
-25.1
-53.9
-10.4
-21.7
-35.9
-10.5
-24.5
-20.1
-20.2
-14.4
-25.5
-42.3
0.7
-23.1
-
-44.4
-35.9
-15.9
-39.6
-31.7
-54.7
-1.8
-32.4
-40.6
-52.7
-47.9
-48.0
-26.4
-49.9
-53.2
-49.6
-14.9
-43.1
-
Among mid-cap companies,
Rain Industries outperformed
and Jai Balaji has underperformed
over one month.
Global Metals stock performance on absolute basis (%)
1week
1month
-11.0
-18.5
-16.4
4.1
-32.8
-30.1
-17.9
-2.2
-20.2
-2.5
-7.3
-4.6
-4.5
2.6
-10.1
-15.3
-20.3
-13.6
-14.9
Absolute Perf (%)
3 months
6 months
-8.7
-20.7
-24.7
25.3
-40.4
-15.3
-49.0
-10.6
-43.1
-25.1
-9.5
-17.6
-15.1
-17.6
-20.6
-14.3
-14.2
-20.4
-18.3
-24.7
-33.4
-44.2
-9.2
-59.7
-38.4
-63.0
-16.7
-53.4
-33.9
-34.0
-35.2
-25.0
-28.6
-25.8
-57.8
-41.4
-40.5
-47.7
7 months
-26.3
-34.9
-54.5
-24.8
-66.5
-48.3
-72.3
-23.9
-53.2
18.9
-42.6
-23.5
-21.1
-4.6
-9.9
-67.4
-52.3
-36.0
-31.1
12 months
-26.3
-34.9
-54.5
-24.8
-66.5
-48.3
-72.3
-23.9
-53.2
18.9
-42.6
-23.5
-21.1
-4.6
-9.9
-67.4
-52.3
-36.0
-31.1
Among global mining companies,
FMG was the best relative
performer over one week.
Among global steel majors, Nippon
was the best relative performer,
while Voest Alphine was the worst
performing stock over the last one
week.
Among the global aluminum,
Chalco was the best relative
performer
Mining
Ri o Ti nto
BHP Bi l l i ton
Va l e
FMG
Angl o Ameri ca n
Veda nta
Steel
US Steel
Nucor
Arcel or Mi tta l
Ba o Steel
Pos co
JFE Hol di ngs
Ni ppon
Thys s en Krupp
Voes t Al pi ne
Gerda u
Aluminium
Al coa
Rus a l
Cha l co
-1.7
-10.9
-4.1
2.2
-13.2
-14.9
-10.6
-3.5
-9.4
-2.9
-6.0
-3.0
-1.8
-2.1
-11.6
-6.1
-12.1
-3.1
-2.4
16 November 2015
25

Metals Weekly
NOTES
16 November 2015
26

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