Metals Weekly
8 July 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
Rain Comm.
260
48
605
220
102
142
83
101
29
99
36
5.9
8.0
6.5
7.1
2.9
31.6
3.1
2.6
2.8
6.6
5.5
5.9
6.9
6.2
5.9
2.8
6.2
2.5
1.8
1.8
5.7
4.5
1.0
0.5
0.9
1.0
1.3
0.9
0.5
1.1
0.6
0.8
0.5
TMT- Mumbai (INR/ton)
HRC- Mumbai (INR/ton)
HRC (USD/ton) fob CIS
Metal Prices
CMP
8-Jul
32,100
37,098
520
%
-1
7
2
-1
-1
7
2
1
0
1
1
-1
-1
2
0
1
2
1
-1
-1
0
Week
1-Jul
32,500
34,673
510
Quarter
% 1-Apr
-8 34,900
1 36,565
-8
565
YTD CY13
% 1-Jan
-11 35,900
4 35,676
-3
538
-11
1
-11
-32
-8
4
-15
-6
-15
-11
0
106
-14
-8
-15
-30
-13
1
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)
18,850
Pig iron - Raipur (INR/ton)
24,500
Iron ore spot (USD/ton) cfr China
125
Coke (USD/ton) fob
225
Shred. scrap (USD/ton) Rotterdam
350
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)
5,419
1,743
106
1,035
1,805
111
660
6,821
408
19,050 -5 19,800
24,800
1 24,200
117 -9
138
220 -15
265
347 -9
385
5,445
1,731
104
4
-7
3
5,228
1,881
102
1,171
1,870
102
571
7,582
408
Note: Detailed table on pg 23
Source: MOSL
Valuations: Global companies
Price
Mining
BHP
AUD 31.4
FMG
AUD 3.0
Rio Tinto AUD 52.4
Vale
USD 13.2
Teck Res. USD 21.4
Steel
A. Mittal
EUR 8.6
Posco k KRW 298.5
US Steel USD 17.5
Nucor
USD 43.3
JFE
JPY 2177
Gerdau
BRL 12.6
Bao Steel CNY 3.9
Non-ferrous
Alcoa
USD 7.8
Norsk Hyd. NOK 24.2
Rusal
HKD 3
Detailed on pg 23
BSE Metals Index
Sensex
102
100
98
96
94
EV/EBITDA
CY13 CY14
6.2
5.9
5.4
4.6
5.2
5.8
5.2
7.4
10.0
7.3
7.7
6.5
5.6
3.9
4.8
4.4
4.6
4.8
4.7
4.9
6.5
6.8
6.2
5.7
P/BV
CY13
2.1
1.6
1.6
0.9
0.7
0.4
0.6
0.8
1.8
0.8
1.1
0.8
1,050 -12
1,823 -3
109
9
659 16
6,750 -10
402
0
Gold (INR/10gms)
26,098
Sliver (INR/1kg)
39,845
Lead Spot LME (USD/ton)
2,035
FC 6-8% C basis 60% Cr (USD/lb Cr) 0.99
INR/USD
BDI
25,816 -12 29,526
40,286 -24 52,621
2,058 -3 2,094
0.99 -3
1.03
61.1
3
59.4 12
54.5
12
54.7
1,099 -7
1,179 21
910
57
699
Source: Metal Bulletin, Bloomberg, Steel Mint, MOSL
7.4
6.2
0.6
7.8
6.0
0.7
15.7 13.7
0.5
Source: Bloomberg
Base metals spot premiums at multiyear high - some relief against
weak LME
Steel prices showed some signs of improvement increasing 1.5%, 2%,
BSE Metals Index v/s Sensex
Source: Bloomberg
Note: Indexed to 100 on 1 July 2013
Stock performance table on pg 24
Investors are advised to refer through
disclosures made at the end of the
Research Report.
1.4% WoW in China, CIS and Turkey respectively. Prices were flat in Europe
and N. America.
Indian long steel prices TMT (Mumbai) decreased 1.2% WoW, while flat
product prices (offers only) HRC (Import parity, Mumbai) increased
sharply by 7% WoW to INR 37,098/t (these offers are not supported by
transactions). Import parity prices were higher due to 3% WoW rupee
depreciation and 4% WoW improvement in USD denominated prices.
Sponge iron prices decreased 1% WoW to INR18,850, while pellet prices
were flat WoW at INR6,400/t.
Iron ore prices (63.5% Fe CFR China) increased 7% WoW to USD125/t, but
the sustainability is uncertain. Coking coal prices (Premium Low vol,
Fob Australia improved USD0.5 WoW to USD130.5/t.
Base metals price were mixed with Aluminium and Copper prices
increasing 1% WoW each, while lead and zinc prices declined 1% WoW
each. Aluminium and zinc premiums shot up by 1% and 5% WoW to
multiyear high levels.
1
Sanjay Jain
(SanjayJain@MotilalOswal.com); Tel:+91 22 3982 5412
8 July
Tel:+91 22 3982 5413
Pavas Pethia
(Pavas.Pethia@MotilalOswal.com);
2013

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
8 July 2013
2

Metals Weekly
Ferrous
Ferrous
INDIA
Indian flat steel prices import parity (INR/T, exl. ED & VAT)
HRC M umbai
HRC (Import Parity Mumbai) prices
increased sharply by 7% WoW to
INR37,098/t. This is due to 3% WoW
rupee depreciation and 4% WoW
improvement in USD
denominated prices
39,000
37,000
35,000
33,000
31,000
Indian long steel price (INR/T, exl. ED & VAT)
TM T (Mumbai)
39,000
TMT (Mumbai) prices decreased
1.2% WoW to INR32,200/t
37,000
35,000
33,000
31,000
Steel intermediates prices (INR/T, exl. ED & VAT)
25,000
23,000
Spo nge (Raipur)
Sponge iron (Raipur) prices
decreased 1% WoW to INR18,850/t
21,000
19,000
17,000
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
8 July 2013
3

Metals Weekly
Ferrous
INDIA
Scrap Mandi (INR/t)
Scrap (M andi)
32,000
Scrap (Mandi) prices decreased
2.4% WoW to INR26,850/t
30,000
28,000
26,000
Iron ore lumps (INR/t)
NM DC 6-40mm (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)
9,000
8,500
Pellet prices (Barbil) were
flat WoW at INR6,400/t
8,000
7,500
7,000
6,500
6,000
Source: SteelMint, WSA, MOSL
8 July 2013
4

Metals Weekly
European Union
European HRC prices (EUR/ton)
Euro pe
650
600
European HRC prices were
flat WoW at Euro440/t
550
500
450
400
Rotterdam: shredded scrap prices (USD/t)
470
440
Rotterdam shredded scrap
export prices increased
0.7% WoW to USD350/t
410
380
350
320
European wire rods prices (USD/ton)
Wire Ro ds (Expo rts)
750
Wire rods exports prices declined
2.6% WoW to USD573/t
700
650
600
550
European Union: Monthly crude steel production
EU
Yo Y (%)
17
15
13
11
20
10
0
-10
Source: Metal Bulletin, Bloomberg, WSA, MOSL
8 July 2013
5

Metals Weekly
China
China domestic prices (USD/ton)
740
HRC
Rebar
China HRC prices increased
1.7% WoW while Rebar prices
increased 1.2% WoW
680
620
560
500
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
0
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
8 July 2013
6

Metals Weekly
Other regions
CIS HRC export prices (USD/ton)
CIS Expo rts (HRC)
620
580
CIS export HR prices increased
2% WoW to USD520/t
540
500
Turkish export billets (USD/ton)
600
550
Turkish Exp B illets
Turkish export billet prices increased
1.4% WoW to USD535/t
500
450
North America HRC prices (USD/ton)
700
North America domestic HRC prices
were flat WoW at USD630/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
8 July 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
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
8 July 2013
8

Metals Weekly
Steel raw materials
Indian 63.5% grade iron-ore fines in China (USD/ton)
CIF
FOB
160
140
China spot CFR iron ore prices
increased 7% WoW to
USD125/ton DMT
120
100
80
OTC iron-ore swaps (USD/ton)
4Q1
3
201
4
1
QFY1
4
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
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
8 July 2013
9

Metals Weekly
Steel raw materials
Freight rates to China (USD/ton)
B razil
A ustralia
India
32
24
16
8
0
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)
240
Spot coking coal FOB Australia
increased 0.5/t WoW to USD130.5/t
210
180
150
120
Source: Metal Bulletin, Bloomberg, MOSL
8 July 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
Manganese and chrome ore FOB spot prices
290.0
255.0
220.0
185.0
150.0
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
8 July 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
1% WoW to USD1,743/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
2.0
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
8 July 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+Spo t
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
8 July 2013
13

Metals Weekly
Non-ferrous
Copper
LME inventories and prices
Invento ries
Spo t
9,100
8,600
0.7
0.6
0.5
0.4
0.3
0.2
Copper spot prices increased
1% WoW to USD6,821/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
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
0.60
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
8 July 2013
14

Metals Weekly
Non-ferrous
Zinc
LME inventories and prices
Invento ries
Spo t
2,300
1.3
1.2
Zinc spot prices decreased
1% WoW to USD1,805/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 2
2
2 2 3 2 2 2
2
0
2
2
2 2
3 3 2 2
2
3 3
2
2
2
Source: Metal Bulletin, Bloomberg, MOSL
8 July 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 decreased
1% WoW to USD2,035/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
0
-20
-40
India: Company-wise refined lead monthly production
HZL
Source: Metal Bulletin, Bloomberg, MOSL
8 July 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
8,200
7,900
7,600
7,300
7,000
6,700
6,400
LME zinc futures (USD/ton)
Current
1
-week ago
3-mo nth ago
2,100
2,000
1,900
1,800
1,700
Base metals US spot premium (USD/ton)
A luminium
Zinc
Co pper
300
Aluminium and Zinc premiums
shot up by 1% and 5% WoW
to multiyear high levels
235
170
105
40
Source: Metal Bulletin, Bloomberg, MOSL
8 July 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
8 July 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
62
57
92
84
76
68
60
The rupee depreciated 3% WoW
against the US dollar and was
trading at INR61.1/USD
52
47
42
Source: Bloomberg, MOSL
8 July 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
8 July 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
8 July 2013
21

Metals Weekly
Stock Exchange announcements
NMDC
submitted Production & Sales of Iron Ore (Provisional) for the
quarter ended June 30, 2013 vis-à-vis corresponding period of previous
year. Production increased 0.3% QoQ while Sales increased 5.8% QoQ in
1QFY14.
Rain Commodities Ltd
has informed BSE that the members of the
Company have passed the resolution to change the name to Rain
Industries Ltd, by way of Postal Ballot.
Board of Directors of the
Jai Balaji
at its meeting held on July 04, 2013,
inter alia, have given their consent to allot 10,000,000 Convertible
Warrants, at a price of INR 50/- per warrant, on preferential basis, to two
promoter group companies pursuant to Chapter VII of SEBI (ICDR)
Regulations, 2009
Godawari Power and Ispat's
1.20 Million Tonnes Iron Ore Pelletisation
Plant has started trial production. The commissioning of the commercial
operations are expected shortly. Its 50 MW Solar Thermal Power Plant
set up by the Company's wholly owned Subsidiary viz., Godawari Green
Energy Limited at Village Nokh, Dist: Jaisalmer, in the State of Rajasthan
has started commercial operations with effect from June 19, 2013.
Forthcoming Results
JSW Steel
- 31st July, 2013
8 July 2013
22

Metals Weekly
Metals
Valuation Matrix
Valuations: Indian companies
Rating
Price Mkt Cap
(INR) (USD M)
4,244
3,327
2,464
3,469
6,801
2,083
EPS (INR)
FY13
FY14E
2.8
5.7
52.8
37.2
16.7
27.1
32.3
2.9
50.9
37.4
14.6
21.2
FY15E
32.0
4.1
56.0
40.9
15.3
26.2
P/E (X)
FY14E FY15E
8.0
16.3
11.9
5.9
7.0
6.7
4.8
6.3
8.5
4.9
4.1
of FY14
8.1
11.6
10.8
5.4
6.7
5.4
EV/EBITDA (X)
FY14E FY15E
5.9
8.0
6.5
7.1
2.9
31.6
5.9
6.9
6.2
5.9
2.8
6.2
P/B (X)
FY14E FY15E
1.0
0.5
0.9
1.0
1.3
0.9
0.9
0.5
0.8
0.8
1.2
0.9
Steel
Tata Steel
Sell
260
SAIL
Sell
48
JSW Steel
Sell
605
JSPL
Neutral
220
NMDC
Buy
102
Sesa Goa
Buy
142
Non-Ferrous
Sterlite Inds.
Buy
83
Hindustan Zinc
Buy
101
Nalco
Neutral
29
Hindalco
Buy
99
Rain Commodities*
Buy
36
* Rain Comm. follows calendar year reporting,
4,719
18.3
17.5
16.1
7,206
16.4
16.0
16.1
1,258
2.3
3.4
4.0
3,322
18.4
20.2
20.4
264
16.7
10.2
15.2
CY13 and CY14 fig. are quoted in place
5.2
3.1
2.5
6.3
2.6
1.8
7.3
2.8
1.8
4.9
6.6
5.7
2.8
5.5
4.5
and FY15 respectively
0.5
0.5
1.1
1.0
0.6
0.6
0.8
0.7
0.5
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)
145,339
8,563
78,333
68,466
12,410
18,593
22,661
2,529
13,766
13,473
9,340
10,507
8,363
8,269
5,877
P/E (X)
CY13
11.4
5.5
8.8
6.2
11.0
35.7
11.2
-
25.6
9.4
16.1
9.7
19.6
31.1
11.7
CY14
10.1
3.6
7.7
6.1
8.8
9.7
10.0
14.7
12.3
8.0
9.7
7.9
12.1
15.2
6.9
EV/EBITDA(X)
CY13
CY14
6.2
5.9
5.4
4.6
5.2
5.8
5.2
7.4
10.0
7.3
7.7
6.5
7.4
7.8
15.7
5.6
3.9
4.8
4.4
4.6
4.8
4.7
4.9
6.5
6.8
6.2
5.7
P/BV
CY13
2.1
1.6
1.6
0.9
0.7
0.4
0.6
0.8
1.8
0.8
1.1
0.8
AUD
AUD
AUD
USD
USD
EUR
k KRW
USD
USD
JPY
BRL
CNY
USD
NOK
HKD
31.4
3.0
52.4
13.2
21.4
8.6
298.5
17.5
43.3
2,177.0
12.6
3.9
7.8
24.2
3.0
6.2
0.6
6.0
0.7
13.7
0.5
Source: Bloomberg
8 July 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 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
-11.1
-14.2
-16.1
-21.1
-12.0
-7.8
-6.4
-11.1
-9.3
-2.7
-13.8
-7.7
-11.4
-5.7
-3.5
-0.3
6.6
-8.3
-9.2
-0.8
-15.9
-22.3
-10.4
-34.1
-18.3
-5.0
-6.6
-13.0
-12.5
10.4
-41.5
-11.8
-6.0
-7.5
-23.9
2.3
-6.4
-26.6
-19.5
4.5
-40.1
-49.7
-26.8
-51.9
-37.7
-29.3
-30.5
-27.5
-41.5
-25.2
-56.0
-36.8
-33.9
-13.5
-47.4
-2.5
-27.7
-7.1
-40.6
-2.6
12
-42.0
-49.2
-15.3
-51.6
-48.2
-28.1
-22.5
-18.7
-52.5
-20.1
-68.4
-38.7
-29.4
-20.1
-35.6
-1.0
-22.2
3.1
-50.5
10.0
Relative Perf to Sensex (%)
1
3
6
12
-10.3
-13.4
-15.3
-20.3
-11.2
-7.0
-5.6
-10.3
-8.5
-1.9
-20.3
-26.7
-14.8
-38.6
-22.8
-9.4
-11.0
-17.5
-17.0
5.9
-37.5
-47.2
-24.2
-49.3
-35.1
-26.8
-27.9
-24.9
-38.9
-22.6
-52.0
-59.2
-25.3
-61.6
-58.2
-38.1
-32.5
-28.7
-62.5
-30.1
Among large-cap companies,
Hindalco has outperformed and
JSPL has underperformed over
the last one month
Among mid-cap companies, Bhushan
Steel outperformed and Monnet
Ispat has underperformed over
the last one month
Worst performer
-13.0 -46.0 -53.4 -78.4
-6.9 -16.3 -34.2 -48.7
-10.6 -10.4 -31.3 -39.4
-4.9 -12.0 -10.9 -30.1
-2.7 -28.3 -44.9 -45.6
0.5
-2.2
0.1 -11.0
7.4 -10.8 -25.1 -32.2
-7.5 -31.1
-4.5
-6.9
-8.4 -24.0 -38.0 -60.5
-
-
-
-
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
-3.6
0.0
-4.5
11.9
-5.8
-7.0
3.3
0.0
-0.6
-1.3
1.4
2.4
4.8
-4.7
2.3
-2.4
-0.6
4.0
-5.6
Worst performer
1month
-6.1
-6.5
-13.0
-1.8
-16.8
-20.1
5.8
-1.4
-8.9
-17.2
-6.0
20.0
18.5
-5.5
-0.2
-5.1
-6.2
-8.0
-18.6
Absolute Perf (%)
3 months
6 months
-10.7
-4.0
-27.1
-7.6
-25.8
-5.3
6.3
0.2
-6.4
-20.4
-4.0
30.6
27.0
2.5
24.7
-24.1
-5.2
-22.6
-15.4
-27.0
-18.4
-40.1
-32.1
-39.2
-18.4
-28.6
-3.2
-35.9
-22.0
-18.3
38.8
29.4
-19.8
1.0
-39.7
12 months
-14.1
-3.6
-36.6
-32.4
-42.2
8.5
-12.5
14.3
-28.8
-9.8
-20.0
87.6
61.1
11.1
34.3
-34.0
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, JFE was
the best performer while Bao Steel
was the worst performing stock
over the last one month
-15.7
-10.5
-37.5
-28.4
-38.2
-30.4
Source: MOSL, Bloomberg
8 July 2013
24

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