27 November 2017
Metals Weekly
BSE Metals Index v/s Sensex
Source: Bloomberg
Note: Indexed to 100 on 20 Nov 2017
Stock performance table on pg 26
Indian steel:
Long product (TMT Mumbai) prices were up ~1% WoW.
Sponge iron prices were up ~3% WoW, while domestic scrap prices were
marginally higher. Pellet prices were marginally higher. Domestic iron ore
prices were unchanged. Domestic HRC prices were down ~1% WoW, but
import price offers were unchanged.
Raw materials:
Iron ore prices (China cfr) were up ~8% WoW. Thermal
coal prices were marginally lower. Coking coal prices were up ~6% WoW
on reports of supply disruption in Australia. China’s pellet import prices
were marginally lower.
Europe:
HRC prices were unchanged. Product spreads were lower. CIS HRC
export prices were unchanged. Rotterdam scrap prices were also
unchanged.
China:
Local HRC prices were marginally lower, but rebar prices were
higher. Export HRC and rebar prices were up ~1% WoW.
Base metals:
Aluminum (cash LME) was up ~1% WoW, while alumina was
marginally lower. Copper (cash LME) was up ~4% WoW. Zinc and lead
were up ~2% and 3%, respectively. Brent crude was up 2% WoW.
Iron ore and coking coal prices increase ~8% WoW
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
27 November 2017
2

Metals Weekly
Ferrous
Domestic HRC prices were
down 1.3% WoW to
INR38,500/t.
Ferrous
INDIAN DOMESTIC MARKET
HRC prices (INR/T, excl. GST)
42,000
37,500
33,000
28,500
24,000
Spot
Quaterly average
Avg. is up INR1038 QoQ
Long products (TMT
Mumbai) prices were up
0.9% WoW to INR32,100/t.
Rebar prices (INR/T, exl. GST)
35,500
32,500
29,500
26,500
23,500
Spot
Quaterly average
Avg. is down INR613 QoQ
Sponge iron (made from lumps) prices (INR/T, excl. GST)
Sponge iron prices were up
3.2% WoW to INR19,300/t.
21,000
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)
39,000
35,000
31,000
27,000
23,000
19,000
15,000
Source: SteelMint, WSA, MOSL
27 November 2017
3

Metals Weekly
Ferrous
Ferrous
INDIA
Scrap Mandi (INR/t)
23,500
21,000
18,500
16,000
Domestic scrap prices
were up 0.5% WoW to
INR21,200/t.
Scrap (Mandi)
Iron ore lumps (INR/t)
Iron ore lump prices were
unchanged.
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 were
unchanged.
2,500
2,100
1,700
1,300
Rungta Fines 63% (Odisha, incl. royalty)
NMDC Fines, ex-royalty
Pellet (Barbil) INR/t
Pellet prices were at
INR5,000/t.
5,300
4,800
4,300
3,800
3,300
2,800
Pellet (Barbil)
Source: SteelMint, WSA, MOSL
27 November 2017
4

Metals Weekly
India Monthly steel trends
Steel consumption (mt) and growth (trailing 12-month) YoY %
India steel demand grew
3.9% YoY to 7.6mt in
September 2017.
Cons. (mt)
10.0
8.0
6.0
4.0
2.0
0.0
-2.0
Trailing 12m Growth (%)
3.5
Steel imports and exports - kt
India turned a net exporter
of steel in September
2017. Exports rose 71%
YoY to 1.1mt, while
imports rose 40% YoY to
860kt.
1,000
500
0
-500
-1,000
355
Net steel imports (kt)
475
825
-821
Scrap imports - kt
Import of ferrous scrap
was down 36% YoY to
324kt in January 2017.
Scrap imports - kt
Crude steel production - kt
Crude steel production - mt
Crude steel production
was up 6.8% YoY
to 8.4mt in September.
Source: JPC
27 November 2017
5

Metals Weekly
European Union
European HRC prices (EUR/ton)
EU HRC steel prices were
unchanged at EUR500/t.
North Europe HRC
570
510
450
390
330
270
South Europe HRC
Shredded scrap prices (USD/t) fob Rotterdam
Rotterdam scrap prices
were unchanged at
USD290/t.
355
315
275
235
195
155
European wire rods southern region (Euro/t)
500
460
South Europe wire rod
prices were marginally
lower.
420
380
340
300
Spreads ( HRC-1.6xiron ore-0.7xcoking coal) – (USD/t)
450
395
340
285
230
175
120
EU
China
EU steel product spreads
were marginally lower on
higher RM prices.
Source: Metal Bulletin, Bloomberg, WSA, MOSL
27 November 2017
6

Metals Weekly
China
China domestic prices (USD/ton)
Chinese local steel prices–
HRC was down 0.5% WoW
to USD629/t and rebar was
up 0.5% WoW to
USD651/t.
700
600
500
400
300
200
Rebar
HRC
Steel spreads (Steel price – 1.6x iron ore – 0.55x coke) for Chinese producers
Chinese steel product
spreads were marginally
lower.
490
410
330
250
170
90
HRC
Rebar
Steel trade (m ton)
Chinese steel exports were
down 37% YoY to 4.5mt in
October 2017.
12
10
8
6
4
2
0
Exports
Imports
Steel inventories in main China cities (m tons)
7
Steel inventories in China
were lower WoW.
6
5
4
3
27 November 2017
7

Metals Weekly
Other regions
CIS HRC export prices (USD/ton) fob basis
CIS export HRC prices were
unchanged WoW to
USD530/t.
CIS Exports (HRC)
650
600
550
500
450
400
350
Turkish export billets (USD/ton)
590
540
490
440
390
340
290
Turkish Exp Billets
North America HRC prices (USD/ton)
670
US HRC prices
were higher.
620
570
520
470
420
CIS: Monthly crude steel production
CIS countries crude steel
production grew 3.6% YoY
to 8.9mt in October 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
27 November 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 grew
9.3% YoY to 9.76mt in
October 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 5.6%
YoY to 145.2mt in October
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 improved
300bps YoY to 73% in
October 2017.
74
70
66
62
Source: Bloomberg, WSA, MOSL
27 November 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 up 8% WoW to
USD68/t.
105
90
75
60
45
30
OTC iron-ore swaps (USD/ton)
2017
4Q17
3Q17
90
80
70
60
50
40
30
China iron-ore production and imports (m tons)
China iron ore imports
increased ~1% YoY
to 88mt in August 2017.
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 lower WoW.
Source: Metal Bulletin, Bloomberg, MOSL
27 November 2017
10

Metals Weekly
Steel raw materials
Freight rates to China (USD/ton)
Brazil
Australia
India
Freight rates were
unchanged WoW.
24
16
8
0
Coal price index
Richards Bay thermal coal
prices were down 1%
WoW to USD89/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
Coking coal (USD/t)
320
270
Spot coking coal (fob Australia)
Coking coal prices were up
6% WoW to USD200/t.
220
170
120
70
27 November 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
27 November 2017
12

Metals Weekly
Non-ferrous
Non-ferrous
Aluminum
2,300
2,150
2,000
1,850
1,700
1,550
1,400
1.0
1.6
LME inventories and spot prices
Inventories (RHS)
Spot
2.2
Aluminum (cash LME) was
up 1% WoW to
USD2,104/t.
Global primary aluminum monthly production and YoY growth
Global aluminum
production declined 5.5%
YoY to 4.7mt in
September 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
27 November 2017
13

Metals Weekly
Non-ferrous
Aluminum
All-in-aluminum was
at USD2,311/t.
3,200
2,400
1,600
800
0
Aluminum raw material and power cost for marginal producer in USA (USD/t)
CPC
Alumina
Power
LME+Spot
CPC US (USD/t)
600
500
400
300
200
Alumina (USD/t)
Alumina was at USD457/t.
540
490
440
390
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
27 November 2017
14

Metals Weekly
Non-ferrous
Copper
LME inventories and prices
Inventories (RHS)
7,250
Spot
0.4
0.3
0.2
0.1
Copper (cash LME) prices
were up 3.6% WoW to
USD6,968/t
6,650
6,050
5,450
4,850
4,250
Global refined copper monthly production and YoY growth
2.2
Production
YoY - RHS
20.0
13.5
7.0
0.5
-6.0
-12.5
Global copper production
grew 1.7% YoY to 2.011mt
in Sep 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
27 November 2017
15

Metals Weekly
Non-ferrous
Zinc
Zinc (cash LME) was up 2%
WoW to USD3,271/t
LME inventories and prices
3,500
3,200
2,900
2,600
2,300
2,000
Inventories (RHS)
Spot
0.7
0.6
0.5
0.4
0.3
0.2
Global refined zinc monthly production and YoY growth
Production
YoY growth (RHS)
8.0
2.0
-4.0
-10.0
Global zinc production was
down 1.8% YoY to 1.17mt
in September 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
27 November 2017
16

Metals Weekly
Non-ferrous
Lead
Lead (cash LME) was up
3% WoW to USD2,481/t.
LME inventories and prices
2,550
2,350
2,150
1,950
1,750
1,550
Inventories (RHS)
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
46
30
14
-2
-18
Refined lead production
increased 11.9% YoY to
987kt in Sep 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
:
13 14 13 14
11
14
12 13
9
6
10
6
10 9
12
14 13 15 14
16
14
10
13 14 13
Source: Metal Bulletin, Bloomberg, MOSL
27 November 2017
17

Metals Weekly
Crude Oil
Brent crude oil price (USD/bbl)
Brent (crude oil) was
up 1.8% WoW to
USD63.8/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
Global crude oil surplus/(deficit) - mbpd
surplus/(deficit)
2.3
0.8
0.7 0.8
(0.3)
(0.4)(0.2)
(0.6)
(0.9)
(0.9)
(1.2)
1.4 1.5
1.4
1.9
1.4
0.5 0.3
0.0
(0.8)
1.3
Crude oil futures (USD/bbl)
66
63
60
57
54
51
48
45
Current
1-week ago
3-month ago
:
Source: Metal Bulletin, Bloomberg, MOSL
27 November 2017
18

Metals Weekly
Commodity forward curves
LME aluminum (USD/ton)
2,500
2,400
2,300
2,200
2,100
2,000
Current
1-week ago
3-month ago
LME copper (USD/ton)
7,200
7,000
6,800
6,600
6,400
6,200
Current
1-week ago
3-month ago
LME zinc futures (USD/ton)
3,400
3,200
3,000
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
27 November 2017
19

Metals Weekly
China non-ferrous trade data
China’s aluminum trade ('000 tons)
Aluminum exports were
flat YoY at 350kt in
October 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)
600
Chinese alumina imports
increased 22% YoY to
280kt in October 2017.
400
200
0
Source: Metal Bulletin, Bloomberg, MOSL
27 November 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 7.5% YoY
in September.
13
12
11
10
9
8
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
27 November 2017
21

Metals Weekly
Key indicators (Contd...)
China Energy Production: Electricity (b kwh)
Electricity
YoY (%, RHS)
32
17
2
-13
620
550
480
410
340
270
200
China electricity
generation increased 3.3%
YoY in October 2017.
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 (%)
7.7
China’s GDP growth was
6.8% in 3QCY17.
7.4
7.1
6.8
6.5
Source: Bloomberg, MOSL
27 November 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
27 November 2017
23

Metals Weekly
Stock exchange announcements
None.
27 November 2017
24

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
Ra i n Ind.*
Mining
Coa l Indi a
Hi ndus ta n Zi nc
NMDC
*CY reporti ng
Neutra l
Buy
Buy
Sel l
Buy
Neutra l
Buy
Buy
Buy
Neutra l
Buy
Price
(INR)
712
268
173
82
258
82
309
319
272
313
126
MCAP
(USD M)
10,708
10,042
2,457
5,224
8,263
3,270
14,208
1,661
26,642
20,499
7,723
FY17E
37.9
14.8
-20.9
-6.4
8.6
3.7
15.1
9.6
14.9
19.7
10.0
EPS
FY18E
59.4
20.3
-15.8
-4.3
18.8
4.7
25.5
25.5
17.5
22.7
13.3
FY19E
65.2
24.9
2.0
3.1
26.4
5.8
44.4
38.9
20.7
33.5
12.7
P/E (x)
FY18E FY19E
12.0
13.2
-11.0
-19.1
13.7
17.5
12.1
12.5
15.6
13.8
9.4
10.9
10.8
86.2
26.0
9.8
14.2
7.0
8.2
13.2
9.3
9.9
EV/EBITDA (x)
FY18E FY19E
7.0
8.4
10.3
28.9
6.9
8.2
7.5
7.2
8.1
8.7
6.0
6.9
7.5
7.1
11.6
5.9
6.4
4.6
5.5
6.9
5.5
6.0
P/B(x)
FY18E FY19E
2.0
2.4
0.6
1.0
1.8
1.5
1.8
2.8
1.7
2.0
0.6
0.9
1.5
1.4
1.6
2.1
6.6
6.3
4.6
3.5
1.6
1.5
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
28
5
72
33
23
25
320
29
56
2,448
11
7
42
62
5
MCAP
(US$ M)
107,964
11,117
88,192
58,493
13,483
30,181
25,471
5,112
17,781
13,605
5,636
7,286
7,810
15,681
9,696
PE (x)
CUR YR
NXT YR
15.1
8.2
11.7
8.2
7.1
7.5
9.4
16.6
15.0
9.1
21.1
10.5
13.1
16.8
7.2
17.3
10.1
13.7
9.6
9.3
8.9
9.0
12.0
12.9
9.3
14.7
10.3
11.9
13.5
5.7
EV/EBITDA(x)
CUR YR
NXT YR
6.0
4.0
5.6
5.5
4.0
5.4
5.5
5.8
7.6
7.1
7.7
7.5
4.4
7.3
8.5
6.5
4.4
6.3
6.1
4.8
5.3
5.4
4.9
6.9
6.7
6.3
7.1
P/BV (x)
CY17
nm
nm
nm
1.2
0.9
0.9
0.6
1.9
2.2
nm
1.1
0.8
4.4
1.3
5.7
1.4
7.6
nm
Source: Bl oomberg
27 November 2017
25

Metals Weekly
Metals Stock
Performance
Among large-cap companies, SAIL
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
-1.6
33.9
2.3
6.8
4.8
-8.5
-2.0
-3.9
-6.4
0.5
20.4
3.9
4.1
-6.0
0.3
-1.0
33.4
3.1
3.3
Absolute Perf (%)
3
6
10.8
35.4
7.8
27.8
3.8
2.5
8.8
17.7
8.3
5.9
56.0
27.6
17.9
15.5
2.7
7.7
125.0
13.7
6.6
46.5
44.4
40.1
55.5
9.7
36.6
33.2
25.5
34.7
-6.3
82.9
100.6
18.9
-26.3
-10.7
-21.7
247.3
69.2
11.1
12
77.7
68.5
64.1
166.7
5.9
37.9
13.0
54.8
39.5
55.6
173.2
118.8
82.6
-37.1
83.4
28.4
586.0
194.6
30.2
Relative Perf to Sensex (%)
1
3
6
12
-4.9
30.6
-1.0
3.5
1.5
-11.8
-5.3
-7.2
-9.7
-2.8
17.1
0.7
0.8
-9.3
-3.0
-4.3
30.2
-0.2
-
4.2
28.8
1.2
21.2
-2.8
-4.1
2.2
11.2
1.7
-0.7
49.4
21.0
11.3
8.9
-3.9
1.1
118.4
7.1
-
35.4
33.3
28.9
44.4
-1.5
25.4
22.1
14.4
23.6
-17.4
71.7
89.5
7.8
-37.4
-21.8
-32.8
236.2
58.0
-
47.5
38.3
33.9
136.4
-24.3
7.6
-17.2
24.5
9.3
25.3
143.0
88.6
52.4
-67.4
53.2
-1.9
555.7
164.4
-
Among mid-cap companies,
Rain Industries was the best
relative performer over one
month.
Global Metals stock performance on absolute basis (%)
1week
1month
1.8
5.3
5.8
-7.2
1.0
-11.6
1.8
-6.4
-4.1
16.3
-2.9
2.4
-8.9
-2.8
3.6
-10.1
-15.7
-1.3
-19.0
Absolute Perf (%)
3 months
6 months
0.3
5.2
2.4
-22.0
10.0
-2.5
17.7
2.5
11.5
10.7
-3.0
18.9
-1.0
-8.5
12.8
-9.9
2.1
-3.2
2.1
15.1
15.6
29.8
-7.4
34.7
27.8
42.1
-4.6
23.7
43.1
14.3
29.7
1.4
-2.3
19.2
13.1
26.0
35.6
49.4
7 months
17.8
8.0
30.9
-25.4
16.5
-9.0
-11.6
-10.5
15.0
44.0
21.0
39.5
-1.1
4.8
32.7
-23.0
34.0
46.7
48.6
12 months
17.8
8.0
30.9
-25.4
16.5
-9.0
-11.6
-10.5
15.0
44.0
21.0
39.5
-1.1
4.8
32.7
-23.0
34.0
46.7
48.6
Among global mining companies,
Vale was the best relative
performer over one week.
Among global steel majors,
US Steel was the best
relative performer.
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
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
3.1
3.1
8.6
-1.5
1.8
2.7
7.1
2.1
4.6
0.7
2.2
1.7
-0.3
3.7
1.3
2.2
-2.7
-6.0
-0.6
27 November 2017
26

Metals Weekly
NOTES
27 November 2017
27

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