6 June 2017
Metals Weekly
Domestic flat steel prices decline; Zinc falls below USD2,500/t
Indian steel:
Long product (TMT Mumbai) prices were down ~1% WoW.
Sponge iron and domestic scrap prices were unchanged. Domestic iron ore
prices were unchanged. Pellet prices were lower. Domestic HRC prices
were down ~3% WoW. Domestic prices are now at a discount to import
parity prices.
Raw materials:
Iron ore prices (China cfr) were unchanged WoW. Thermal
coal prices were up 1% WoW. Coking coal prices were unchanged, trading
at ~USD150/t. China pellet import prices were up ~4% WoW.
Europe:
HRC prices were unchanged. EU steel spreads remain high on
strength in steel prices. CIS export HRC prices were unchanged. Rotterdam
scrap prices were down ~3% WoW.
China:
Local HRC prices were down ~1% WoW, while rebar prices fell ~5%
WoW. Chinese steel product spreads on rebars are at multi-year highs.
Export HRC/rebar prices were unchanged.
Base metals:
Aluminum (cash LME) was down ~2% WoW. Alumina prices
were up ~USD20/t WoW. Zinc (cash LME) was down ~4% WoW, closing
below USD2,500/t mark. Lead was down ~1% WoW. Copper was down
~2% WoW. Crude oil (Brent) prices were down ~5% WoW.
BSE Metals Index v/s Sensex
Source: Bloomberg
Note: Indexed to 100 on 20 March 2017
Stock performance table on pg 26
Investors are advised to refer through
important disclosures made at the last
page 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
Crude Oil
Commodity curve analysis
China non-ferrous trade data
13-20
13
15
16
17
18
19
20
Key indicators
Industrial production growth across the globe
BSE announcements
Metals valuation matrix
Metals stock performance
21-22
23
24
25
26
6 June 2017
2

Metals Weekly
Ferrous
Domestic HRC prices were
down 2.6% WoW to
INR33,778/t.
Ferrous
INDIA
Indian flat domestic steel prices (INR/T, excl. ED & VAT)
42,000
39,000
36,000
33,000
30,000
27,000
24,000
Spot
Quaterly average
Avg. is down INR2267 QoQ
Long products (TMT
Mumbai) prices were
down 0.6% WoW to
INR30,600/t.
Indian long steel price (INR/T, exl. ED & VAT)
36,000
33,500
31,000
28,500
26,000
23,500
Spot
Quaterly average
Avg. is up INR1120 QoQ
Sponge iron (made from lumps) prices (INR/T, excl. ED & VAT)
Sponge iron prices were
unchanged at INR16,100/t.
19,000
17,000
15,000
13,000
11,000
Coal based Sponge (Raipur)
India: Integrated steel mills spreads (Import parity HRC – 1xcoking coal)
Indian integrated steel mills spreads (INR/t)
35,000
31,000
27,000
23,000
19,000
15,000
Source: SteelMint, WSA, MOSL
6 June 2017
3

Metals Weekly
Ferrous
Ferrous
INDIA
Scrap Mandi (INR/t)
23,500
21,000
18,500
16,000
Domestic scrap prices
were unchanged at
INR21,100/t.
Scrap (Mandi)
Iron ore lumps (INR/t)
Iron ore lump prices for
private miners were
unchanged last week.
However, Rungta and Essel
have cut prices by
INR250/t on Monday.
4,500
4,000
3,500
3,000
2,500
2,000
1,500
Lumps 5-18 (Odisha)
NMDC 6-40mm (CG)
Iron ore fines (INR/t) ex mine
Iron ore fines prices for
private miners were
unchanged last week.
However, Rungta and Essel
have cut prices by INR75/t
on Monday
Rungta Fines 63% (Odisha, incl. royalty)
2,900
2,500
2,100
1,700
1,300
NMDC Fines, ex-royalty
Pellet (Barbil) INR/t
Pellet prices were at
INR3,800/t.
5,300
4,800
4,300
3,800
3,300
2,800
Pellet (Barbil)
Source: SteelMint, WSA, MOSL
6 June 2017
4

Metals Weekly
India Monthly steel trends
Steel consumption (mt) and growth (trailing 12-month) YoY %
India steel demand grew
3.4% YoY to 6mt in April
2017.
Cons. (mt)
10.0
8.0
6.0
4.0
2.0
0.0
-2.0
Trailing 12m Growth (%)
2.6
Steel imports and exports - kt
India remained a net
exporter of steel at 243kt
in April 2017.
1,000
500
0
-500
-1,000
355
Net steel imports (kt)
475
825
-821
Scrap imports - kt
Import of ferrous scrap
was down 43% YoY to
303kt in November 2016.
Scrap imports - kt
Crude steel production - kt
Crude steel production - mt
Crude steel production
was up 5.4% YoY
to 8.1mt in April.
Source: JPC
6 June 2017
5

Metals Weekly
European Union
European HRC prices (EUR/ton)
EU HRC steel prices were
unchanged at EUR479/t.
North Europe HRC
570
510
450
390
330
270
South Europe HRC
Shredded scrap prices (USD/t) fob Rotterdam
Rotterdam scrap prices
were down 2.9% WoW to
USD249/t.
355
315
275
235
195
155
European wire rods southern region (Euro/t)
500
460
South Europe wire rod
prices were unchanged.
420
380
340
300
Spreads ( HRC-1.6xiron ore-0.7xcoking coal) – (USD/t)
395
EU
China
EU steel product spreads
were marginally higher
WoW.
340
285
230
175
120
Source: Metal Bulletin, Bloomberg, WSA, MOSL
6 June 2017
6

Metals Weekly
China
China domestic prices (USD/ton)
Chinese local HRC steel
prices were down 0.9%
WoW to USD473/t, rebar
prices were down 4.7%
WoW to USD543/t.
580
510
440
370
300
230
HRC
Rebar
Steel spreads (Steel price – 1.6x iron ore – 0.55x coke) for Chinese producers
Chinese steel rebar
spreads are at multi-year
high.
360
315
270
225
180
135
90
HRC
Rebar
Steel trade (m ton)
Chinese steel exports were
down 30% YoY to 5.9mt in
April 2017.
12
10
8
6
4
2
0
Exports
Imports
Steel inventories in main China cities (m tons)
7
Steel inventories in China
declined WoW.
6
5
4
3
6 June 2017
7

Metals Weekly
Other regions
CIS HRC export prices (USD/ton) fob basis
CIS export HRC prices were
unchanged at USD435/t.
CIS Exports (HRC)
500
450
400
350
300
250
Turkish export billets (USD/ton)
Turkish Exp Billets
440
390
340
290
North America HRC prices (USD/ton)
670
US HRC prices
were down 2.5% WoW.
620
570
520
470
420
CIS: Monthly crude steel production
CIS countries crude steel
production declined 3.2%
YoY to 8.4mt in April 2017.
10.0
9.5
9.0
8.5
8.0
7.5
CIS
YoY (%)
15
10
5
0
-5
-10
-15
Source: Metal Bulletin, WSA, Bloomberg, MOSL
6 June 2017
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
increased 2.9% YoY to
9.5mt in April 2017.
11.0
10.5
10.0
9.5
9.0
8.5
8.0
Global: Monthly crude steel production
Global crude steel
production increased 5.0%
YoY to 142.1mt in April
2017.
150
145
140
135
130
125
120
Global
YoY (%)
8
6
4
2
0
-2
-4
-6
-8
Global: Monthly crude steel capacity utilization
78
Capacity Utilization
Capacity utilization increased
250bps YoY to 73.6% in April
2017.
74
70
66
62
Source: Bloomberg, WSA, MOSL
6 June 2017
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 unchanged at
USD58/t.
105
90
75
60
45
30
OTC iron-ore swaps (USD/ton)
2017
3Q17
2Q17
90
80
70
60
50
40
30
China iron-ore production and imports (m tons)
China iron ore imports
declined ~2% YoY
to 82mt in April 2017.
155
130
105
80
55
30
Ore Imports
Ore Prod
Pig iron prod (RHS)
76
68
60
52
44
China’s iron-ore inventories (mt)
140
130
120
110
100
90
80
70
60
China iron ore inventories
were unchanged WoW.
Source: Metal Bulletin, Bloomberg, MOSL
6 June 2017
10

Metals Weekly
Steel raw materials
Freight rates to China (USD/ton)
Brazil
Australia
India
24
16
8
0
Freight rates were
unchanged WoW.
Coal price index
Richards Bay thermal coal
prices were up 1% WoW to
USD75/t.
105
90
75
60
45
Ri chards Bay Steam Coal
Coke price index (fob China)
China coke export spot (LHS)
280
255
230
205
180
155
130
Coking coal (USD/t)
320
270
Spot coking coal (fob Australia)
Coking coal prices were
unchanged at USD
149.5/t.
220
170
120
70
6 June 2017
11

Metals Weekly
Ferro alloys
China’s imports of manganese ore and concentrate
Imports
2,600
2,300
2,000
1,700
1,400
1,100
800
500
Prices (RHS)
250
210
170
130
90
50
Chrome ore FOB spot prices
40% Chrome Africa
420
370
320
270
220
170
120
70
Ferro chrome CIF prices (CNY/t)
12,000
10,500
9,000
7,500
6,000
4,500
Fe Chrome 50% Cr China
Fe Chrome 63% Cr Pittursburgh
Silico Manganese prices
0.8
0.7
0.6
0.5
0.4
0.3
Silico Manganese in warehouses in Pittsburg USA
Source: Metal Bulletin, Bloomberg, MOSL
6 June 2017
12

Metals Weekly
Non-ferrous
Non-ferrous
Aluminum
LME inventories and spot prices
2,000
1,850
1,700
1,550
1,400
1.9
1.3
Inventories (RHS)
Spot
2.5
Aluminum (cash LME) was
down 2% WoW to
USD1,918/t.
Global primary aluminum monthly production and YoY growth
Global aluminum
production declined by
0.3% YoY to 4.9mt in
March 2017.
Production
5,400
4,800
4,200
3,600
3,000
YoY
22.0
17.0
12.0
7.0
2.0
-3.0
-8.0
-13.0
Aluminum: SHFE Vs LME arbitrage (USD/T)
LME and SHFE arbitrage is
unfavorable.
230
130
30
-70
-170
-270
-370
-470
India: Company-wise primary aluminum monthly production
Hindalco
Balco
Nalco
VED - JSG
6 June 2017
13

Metals Weekly
Non-ferrous
Aluminum
Aluminum raw material and power cost for marginal producer in USA (USD/t)
All-in-aluminum was
at USD2,110/t.
3,200
2,400
1,600
800
0
CPC
Alumina
Power
LME+Spot
CPC US (USD/t)
600
500
400
300
200
Alumina (USD/t)
390
Alumina was at USD293/t.
340
290
240
190
Industrial Power US (Lousiana) per mwh
8.0
7.0
6.0
5.0
4.0
Source: Metal Bulletin, Bloomberg, Industry, MOSL
6 June 2017
14

Metals Weekly
Non-ferrous
Copper
LME inventories and prices
Inventories (RHS)
Spot
0.4
0.3
0.2
0.1
Copper (cash LME) prices
were down 2% WoW to
USD5,587/t
6,050
5,450
4,850
4,250
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
declined by 1.7% YoY to
1.95mt in March 2017.
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
34
23
12
1
-10
Copper: Spot TCRC (USc/lb)
33.0
30.0
27.0
24.0
21.0
18.0
6 June 2017
15

Metals Weekly
Non-ferrous
Zinc
LME inventories and prices
Inventories (RHS)
2,950
2,650
2,350
2,050
1,750
1,450
Spot
Zinc (cash LME) was down
4% WoW to USD2,474/t
0.7
0.6
0.5
0.4
0.3
0.2
Global refined zinc monthly production and YoY growth
Production
YoY growth (RHS)
14.0
8.0
2.0
-4.0
-10.0
Global zinc production was
up 1.6% YoY to 1.146mt in
March 2017.
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
150
100
50
0
-50
-100
-150
6 June 2017
16

Metals Weekly
Non-ferrous
Lead
LME inventories and prices
Lead (cash LME) was down
1% WoW to USD2,068/t.
Inventories (RHS)
2,350
2,150
1,950
1,750
1,550
Spot
0.25
0.23
0.20
0.18
0.15
0.13
0.10
Global refined lead monthly production and YoY growth
1.3
1.2
1.1
1.0
0.9
0.8
0.7
0.6
Production
YoY - RHS
22
12
2
-8
-18
Refined lead production
increased 13% YoY to
975kt in March 2017.
China: Refined lead monthly production and YoY growth
0.5
0.4
0
0.3
0.2
-20
Production
YoY - RHS
20
India: Company-wise refined lead monthly production
HZL
:
9
12
13 13 13 14 13 14
9
9
11
14
12 13
9
6
10
6
10 9
12
14 13 15 14
Source: Metal Bulletin, Bloomberg, MOSL
6 June 2017
17

Metals Weekly
Crude Oil
Brent crude oil price (USD/bbl)
Brent (crude oil) was
down 5.4% WoW to
USD49.2/bbl.
Brent Crude
75.0
65.0
55.0
45.0
35.0
25.0
Global crude oil quarterly supply (mbpd)
Non-OPEC supply
OPEC Supply
97.2 97.4 96.7 96.0 96.9 98.2 96.6
38.6 38.6 38.7 39.0 39.5 40.0 38.6
90.6 90.5 90.5 91.1 90.4 91.3 91.8 91.9 92.2 93.2 94.3 95.6 95.3 96.4
38.6 39.1 38.9 38.2 37.7 38.2 37.9 37.1 37.3 37.5 38.0 38.0 37.1 38.2
52.0 51.4 51.6 52.9 52.7 53.1 53.9 54.8 54.9 55.7 56.3 57.6 58.2 58.2 58.6 58.8 58.0 57.0 57.4 58.2 58.0
Global crude oil surplus/(deficit) - mbpd
surplus/(deficit)
1.4 1.5
2.0
1.8
1.3
0.8
0.7 0.8
(0.4) (0.2)
1.3
1.2
0.1
(0.3)
0.5
(0.6)
(0.9)
(0.9)
(0.3)
(1.2)
Crude oil futures (USD/bbl)
60
Current
1-week ago
3-month ago
:
55
50
Source: Metal Bulletin, Bloomberg, MOSL
6 June 2017
18

Metals Weekly
Commodity forward curves
LME aluminum (USD/ton)
2,100
1,950
1,800
1,650
Current
1-week ago
3-month ago
LME copper (USD/ton)
6,000
5,900
5,800
5,700
5,600
5,500
5,400
Current
1-week ago
3-month ago
LME zinc futures (USD/ton)
2,800
2,600
2,400
2,200
2,000
Current
1-week ago
3-month ago
Base metals US spot premium (USD/ton)
565
490
415
340
265
190
115
40
Aluminium
Zinc
Copper
Source: Metal Bulletin, Bloomberg, MOSL
6 June 2017
19

Metals Weekly
China non-ferrous trade data
China’s aluminum trade ('000 tons)
Aluminum exports were up
8% YoY
to 430kt in April 2017.
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
75
50
25
0
Export
Import
China’s alumina imports ('000 tons)
800
Chinese alumina imports
increased 39% YoY to
250kt in April 2017.
600
400
200
0
Source: Metal Bulletin, Bloomberg, MOSL
6 June 2017
20

Metals Weekly
Key indicators
China new loan growth (Yuan b)
2,400
2,100
1,800
1,500
1,200
900
600
300
China: PMI
54
52
50
48
46
Mfg PMI
Steel PMI
59
53
47
41
35
China: Fixed asset investment growth (%)
Fixed asset investment
growth was at 9.2% YoY
in April.
21
19
17
15
13
11
9
7
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
6 June 2017
21

Metals Weekly
Key indicators (Contd...)
China Energy Production: Electricity (b kwh)
Electricity
YoY (%, RHS)
32
17
2
-13
China electricity
generation increased 8%
YoY in March 2017.
550
480
410
340
270
200
China Monthly Trade YoY (%)
50
30
10
-10
-30
Import
Export
China Price Index YoY (%)
8
5
2
-1
-4
-7
PPI
CPI
China GDP YoY (%)
8.0
7.7
China’s GDP growth was
6.9% in 4QCY16.
7.4
7.1
6.8
6.5
Source: Bloomberg, MOSL
6 June 2017
22

Metals Weekly
Industrial production growth
The UK and the USA (%)
6
3
0
-3
-6
UK
USA
Japan (%)
10
5
0
-5
-10
European Union (%)
8
2
-4
-10
France
Germany
Italy
BRIC (%)
Russia
13
6
-1
-8
-15
Brazil
India
China
Source: Bloomberg, MOSL
6 June 2017
23

Metals Weekly
Stock exchange announcements
None:
6 June 2017
24

Metals Weekly
Metals
Valuation Matrix
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
Buy
Buy
Sel l
Buy
Neutra l
Neutra l
Buy
Sel l
Buy
Price
(INR)
491
191
122
57
197
65
229
264
234
113
MCAP
(USD M) FY17E
7,398
7,139
1,726
3,660
6,307
2,613
10,547
25,882
15,345
6,921
37.0
14.8
-20.9
-6.2
16.2
3.7
15.1
15.9
19.7
10.0
EPS
FY18E
39.5
20.1
-16.0
-12.6
22.6
3.6
24.5
18.7
21.5
12.0
P/E (x)
FY18E FY19E
12.4
9.5
-7.6
-4.6
8.7
18.3
9.4
14.1
10.9
9.3
10.8
8.4
-48.2
155.6
7.6
16.2
8.4
12.6
9.9
8.8
EV/EBITDA (x)
FY18E FY19E
7.2
7.8
9.5
57.1
5.9
7.2
5.6
6.5
6.5
5.7
6.8
7.3
6.6
10.1
5.3
6.4
5.6
5.9
5.5
5.3
P/B(x)
FY18E FY19E
1.4
1.7
0.4
0.7
1.2
1.2
1.2
1.2
1.5
0.4
0.7
1.1
1.2
1.1
FY19E
45.7
22.6
-2.5
0.4
25.9
4.0
27.4
20.9
23.7
12.7
6.5
6.5
2.7
2.3
1.5
1.4
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
Anga ng
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
000898 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
24
5
62
25
17
19
275
21
59
1,878
9
5
33
45
4
MCAP
(US$ M)
87,939
11,075
74,743
41,231
10,088
21,631
21,460
3,670
18,814
10,419
4,905
5,387
6,139
10,979
7,369
PE (x)
CUR YR
NXT YR
12.2
4.7
9.9
6.0
5.0
7.7
9.2
29.8
13.4
10.8
23.0
14.8
12.0
12.5
6.3
14.1
7.3
13.2
7.7
7.5
8.0
8.7
10.9
12.8
9.4
11.5
12.5
13.4
11.6
5.8
EV/EBITDA(x)
CUR YR
NXT YR
5.3
2.9
5.0
4.3
3.5
4.5
5.3
5.8
7.0
7.1
6.7
7.3
4.4
5.5
8.3
5.7
4.1
6.0
5.2
4.4
4.6
5.2
4.5
6.7
6.6
5.4
6.7
P/BV (x)
CY17
nm
nm
1.9
1.0
0.7
0.6
0.6
1.7
2.2
nm
1.1
0.8
4.7
1.0
5.3
1.1
8.4
nm
Source: Bl oomberg
6 June 2017
25

Metals Weekly
Metals Stock
Performance
Among large-cap companies, Tata
Steel was the best relative
performer.
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
10.4
-3.3
-0.5
7.2
-11.3
-5.4
-11.4
-3.8
-1.7
-4.9
-6.3
0.9
1.9
-15.6
12.0
1.7
-14.2
4.6
4.5
Absolute Perf (%)
3
6
-0.7
-7.4
6.3
-2.4
-22.1
-15.4
-23.3
-12.9
3.8
1.4
-13.3
-0.8
21.5
-24.0
40.2
33.6
10.8
18.7
8.4
18.5
11.9
12.9
72.6
-7.3
-0.4
-15.8
15.2
11.8
60.0
46.5
1.1
50.7
-17.6
98.4
73.3
103.6
85.7
17.3
12
44.3
35.8
41.3
93.9
30.8
114.7
41.5
56.1
85.8
67.4
53.0
132.6
35.1
-19.4
129.0
146.9
224.0
166.6
16.5
Relative Perf to Sensex (%)
1
3
6
12
5.9
-7.8
-5.0
2.7
-15.8
-9.9
-16.0
-8.3
-6.2
-9.4
-10.8
-3.7
-2.6
-20.1
7.5
-2.8
-18.7
0.1
-
-9.1
-15.8
-2.2
-10.8
-30.5
-23.9
-31.7
-21.3
-4.6
-7.0
-21.8
-9.2
13.0
-32.4
31.7
25.1
2.4
10.2
-
1.1
-5.4
-4.5
55.3
-24.6
-17.7
-33.1
-2.1
-5.5
42.6
29.2
-16.2
33.4
-35.0
81.1
55.9
86.2
68.4
-
27.8
19.3
24.8
77.4
14.3
98.2
25.0
39.6
69.3
50.9
36.5
116.1
18.6
-36.0
112.5
130.4
207.5
150.1
-
Among mid-cap companies,
Bhushan Steel was the best
relative performer over one
month.
Global Metals stock performance on absolute basis (%)
1week
1month
3.6
1.3
-6.9
-9.9
-4.6
-6.5
-7.8
-4.9
-13.1
1.3
-0.7
2.0
-0.8
6.0
3.7
-8.6
-1.4
-5.8
-6.6
Absolute Perf (%)
3 months
6 months
-5.9
-6.3
-17.6
-28.2
-19.4
-31.9
-45.8
-6.3
-26.7
-9.1
-6.3
-11.1
-12.1
-0.4
-2.1
-29.9
-8.3
-8.9
-15.2
5.6
-1.4
-3.3
-19.1
-13.1
-28.0
-37.4
-5.6
-12.0
-0.6
9.4
15.7
2.1
9.9
10.0
-28.7
13.4
16.7
2.9
7 months
69.2
32.0
97.8
58.3
75.2
62.8
36.2
19.4
39.0
21.1
32.8
37.3
18.9
18.7
27.9
82.3
57.3
64.6
49.6
12 months
69.2
32.0
97.8
58.3
75.2
62.8
36.2
19.4
39.0
21.1
32.8
37.3
18.9
18.7
27.9
82.3
57.3
64.6
49.6
Among global mining companies,
BHP was the best relative
performer over one week.
Among global steel majors,
US Steel was the best
relative performer.
Among the global aluminum,
Alcoa 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
Anga ng
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
-1.1
0.2
-3.8
-2.1
-2.2
-6.0
2.6
0.9
-5.6
-1.7
-3.9
2.6
1.5
-2.1
-3.9
-0.3
-1.2
-1.6
-3.3
6 June 2017
26

Metals Weekly
NOTES
6 June 2017
27

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Metals Weekly
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