Metals Weekly
16 September 2013
Metals Weekly
Valuations: Indian companies
Price
EV/EBITDA P/BV
(INR) FY14E FY15E FY14E
Steel
Tata Steel
298
SAIL
49
JSW Steel
632
JSPL
241
NMDC
125
Non-ferrous
Hindalco
112
Sesa-Sterlite 187
HZL
126
Nalco
33
Rain Industries 37
6.2
7.5
6.3
8.4
4.1
7.9
6.1
4.1
4.1
4.8
6.4
10.0
5.9
6.1
4.1
6.5
5.3
3.5
4.1
4.0
1.3
0.5
0.9
1.1
1.6
1.0
0.7
1.4
0.7
0.4
TMT- Mumbai (INR/ton)
HRC- Mumbai (INR/ton)
HRC (USD/ton) fob CIS
Metal Prices
CMP
16-Sep
35,300
40,128
545
%
1
-2
0
2
0
0
0
-3
-2
-4
0
-2
-4
0
-2
-5
-2
-4
-7
-4
0
Week
9-Sep
34,900
41,072
548
20,300
25,000
136
240
365
1,780
117
5,364
1,868
122
986
Quarter
%
1-Jul
8 32,600
16 34,673
7
510
9 19,000
1 24,800
15
117
9
220
2
347
1
7
-2
1
7
-7
1,731
104
5,436
1,823
109
1,061
6,750
402
666
YTD FY13
% 1-Apr
1 34,900
10 36,565
-4
565
5
3
-2
-9
-8
-7
9
2
-2
15
-16
-7
10
1
2
-6
-1
-3
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)
20,700
Pig iron - Raipur (INR/ton)
25,000
Iron ore spot (USD/ton) cfr China
135
Coke (USD/ton) fob
240
Shred. scrap (USD/ton) Rotterdam
355
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)
1,747
111
5,348
1,833
117
983
7,028
451
578
Note: Detailed table on pg 23
Source: MOSL
Valuations: Global companies
Price
Mining
BHP
AUD 36.2
FMG
AUD 4.6
Rio Tinto AUD 63.1
Vale
USD 33.1
Teck Res. USD 27.1
Steel
A. Mittal EUR 10.5
Posco
k KRW 327
US Steel USD 19.9
Nucor
USD 48.3
JFE
JPY 2595
Gerdau
BRL 17
Bao Steel CNY 4.5
Non-ferrous
Alcoa
USD 8.1
Norsk Hyd. NOK 25.0
Rusal
HKD 2.3
Detailed on pg 23
BSE Metals Index
Sensex
108
104
100
96
EV/EBITDA
CY13 CY14
6.7
4.4
6.6
5.2
6.8
6.5
5.6
7.9
12.1
7.7
9.5
7.2
6.2
4.2
5.9
5.2
6.2
5.4
5.1
5.3
7.4
6.9
7.4
6.4
P/BV
CY13
2.3
1.7
2.1
1.0
0.9
0.5
0.7
0.9
2.0
0.9
1.1
0.8
7,170
4
474 12
588 -13
31,326
53,587
2,151
1.00
Gold (INR/10gms)
30,020
Sliver (INR/1kg)
49,572
Lead Spot LME (USD/ton)
2,063
FC 6-8% C basis 60% Cr (USD/lb Cr) 1.00
INR/USD
BDI
16 25,778
23 40,408
0 2,058
1
0.99
62.8 -2
64.1
5
59.6
15
54.5
1,636 11
1,478 40 1,171
80
910
Source: Metal Bulletin, Bloomberg, Steel Mint, MOSL
Indian steel prices improve but global steel and LME were down
Indian long steel product prices e.g. TMT (Mumbai) increased 1.1% WoW.
7.6
6.7
0.7
9.1
7.3
0.7
16.5 15.4
0.4
Source: Bloomberg
BSE Metals Index v/s Sensex
Source: Bloomberg
Note: Indexed to 100 on 9 September 2013
Stock performance table on pg 24
Investors are advised to refer through
disclosures made at the end of the
Research Report.
Sponge iron increased 2% WoW to INR20,700, while Pellet prices
increased INR200/t WoW to INR7,300/t. India flat product prices i.e. HRC
(Import parity, Mumbai) decreased by 2.3% WoW, however with shift
from import parity to export parity, these prices are less relevant
temporarily. Export parity price is INR34,147/t.
Steel prices decreased by 1%, 0.5% and 1% WoW respectively in China,
CIS and N. America while prices were flat WoW in Turkey.
Iron ore prices(63.5% Fe CFR China) decreased 0.4% WoW to USD135/t,
while Coking coal prices (Premium Low volatile, Fob Australia) were
flat WoW at USD151/t.
Base metals prices decreased 2-4% WoW with Aluminum, Copper, Zinc
and Lead decreasing 2%, 2%, 2% and 4% WoW respectively. Aluminum
US spot premium has been on declining trend correcting 2.4% WoW,
which is down ~USD35/t from their peak of USD261/t in August. Some
Major Japan Ports (MJP) aluminum premiums deals have been settled
at USD245-247/t which is a decline of USD3-5/t QoQ.
Sanjay Jain
(SanjayJain@MotilalOswal.com); Tel:+91 22 3982 5412
16 September
22 3982 5413
Pavas Pethia
(Pavas.Pethia@MotilalOswal.com); Tel:+91
2013
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
16 September 2013
2

Metals Weekly
Ferrous
Ferrous
INDIA
Indian flat steel prices import parity (INR/T, exl. ED & VAT)
HRC M umbai
43,000
41,000
39,000
HRC (Import Parity Mumbai)
prices decreased by 2.3% WoW
to INR40,128/t
37,000
35,000
33,000
31,000
Indian long steel price (INR/T, exl. ED & VAT)
TM T (M umbai)
39,000
TMT (Mumbai) prices increased
1.1% WoW to INR35,300/t
37,000
35,000
33,000
31,000
Steel intermediates prices (INR/T, exl. ED & VAT)
23,000
21,000
19,000
17,000
Sponge (Raipur)
Sponge iron (Raipur) prices
increased 2% WoW to INR20,700/t
India: Monthly crude steel production
India
YoY (%
)
7.0
6.5
6.0
5.5
5.0
30
20
10
-
(10)
Source: SteelMint, WSA, MOSL
16 September 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 5-18 (Odisha)
Iron ore lumps (Odisha) were
flat WoW at INR6,400/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
Pellet (Barbil)
9,000
8,500
Pellet prices (Barbil) increased
INR200 WoW to INR7,300/t
8,000
7,500
7,000
6,500
6,000
Source: SteelMint, WSA, MOSL
16 September 2013
4

Metals Weekly
European Union
European HRC prices (EUR/ton)
Europe
700
600
500
400
Rotterdam: shredded scrap prices (USD/t)
470
440
Rotterdam export Shredded scrap
prices decreased 2.9% WoW
to USD355/t
410
380
350
320
European wire rods prices (USD/ton)
Wire Rods (Exports)
750
700
650
600
550
European Union: Monthly crude steel production
EU
YoY (%
)
17
15
13
11
20
10
0
-10
Source: Metal Bulletin, Bloomberg, WSA, MOSL
16 September 2013
5

Metals Weekly
China
China domestic prices (USD/ton)
740
HRC
Rebar
China HRC prices decreased
1.2% WoW, while Rebar prices
decreased 1.1% WoW
680
620
560
500
Steel spreads for Chinese producers
Spread [(HRC -1.6*Iron ore - 0.55*Coke)]
HRC (LHS)
800
720
640
560
480
400
300
270
240
210
180
150
Steel trade (m ton)
Export s
Import s
6.00
4.00
2.00
-
Monthly crude steel production
China
YoY (%
)
70
62
54
46
38
30
20
15
10
5
0
-5
-10
Source: Metal Bulletin, Bloomberg, WSA, MOSL
16 September 2013
6

Metals Weekly
Other regions
CIS HRC export prices (USD/ton)
CIS Export s (HRC)
620
580
540
500
CIS export HR prices decreased
0.5% WoW to USD545/t
Turkish export billets (USD/ton)
600
550
Turkish Exp Billet s
Turkish export billet prices were
flat WoW at USD525/t
500
450
North America HRC prices (USD/ton)
700
North America domestic HRC prices
decreased 0.8% WoW to USD650/t
650
600
550
CIS: Monthly crude steel production
CIS
YoY (%
)
10
9
8
7
11
4
-3
-10
Source: Metal Bulletin, WSA, Bloomberg, MOSL
16 September 2013
7

Metals Weekly
Other regions
North America: Monthly crude steel production
Nort h America
YoY (%
)
11
10
9
8
20
10
0
-10
-20
Global: Monthly crude steel production
Global
YoY (%
)
140
130
120
110
8
4
0
-4
Global: Monthly crude steel capacity utilization
Capacit y Ut ilizat ion
84
81
78
75
72
69
Source: Bloomberg, WSA, MOSL
16 September 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
decreased USD0.5/t WoW to
USD135/ton DMT
120
100
80
OTC iron-ore swaps (USD/ton)
4Q13
2014
1QFY 14
140.00
130.00
120.00
110.00
100.00
90.00
China iron-ore production and imports (m tons)
Ore Import s
Ore Prod
Pig iron prod (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
16 September 2013
9

Metals Weekly
Steel raw materials
Freight rates to China (USD/ton)
Brazil
Aust ralia
India
32
24
16
8
-
Coal price index
Richards B ay Steam Co al
120
105
90
75
60
Coke price index
China coke export spot (LHS)
China 1st grade met allurgical coke
450
400
350
300
250
200
2,200
2,175
2,150
2,125
2,100
2,075
Coking coal (USD/t)
Spot coking coal (fob Australia)
210
Spot coking coal FOB Australia were
flat WoW at USD151/t
180
150
120
Source: Metal Bulletin, Bloomberg, MOSL
16 September 2013
10

Metals Weekly
Ferro alloys
China’s imports of manganese ore and conc
Import s
Prices (RHS)
1,700
1,400
1,100
800
500
250
220
190
160
130
Manganese and chrome ore FOB spot prices
255
220
185
150
115
40%Chrome Af rica (RHS)
Ferro chrome CIF prices (CNY/t)
Fe Chrome 50%Cr China
Fe Chrome 63%Cr Pit t ursburgh
11,500
10,000
8,500
7,000
5,500
Source: Metal Bulletin, Bloomberg, MOSL
16 September 2013
11

Metals Weekly
Non-ferrous
Non-ferrous
Aluminum
LME inventories and prices
Inventories
Spot
2,300
5.6
5.2
4.8
Aluminum spot prices decreased
2% WoW to USD1,747/ton
2,100
1,900
1,700
4.4
4.0
Global primary aluminum monthly production and YoY growth
Product ion
YoY
4,250
4,000
3,750
3,500
3,250
20
8
(4)
(16)
China primary aluminum monthly production and YoY growth
Production
YoY
2.0
1.8
1.6
1.4
1.2
1.0
40
20
-
(20)
India: Company-wise primary aluminum monthly production
Hindalco
Balco
Nalco
VAL
Source: Metal Bulletin, Bloomberg, MOSL
16 September 2013
12

Metals Weekly
Non-ferrous
Aluminum
Aluminum raw material and power cost for marginal producer in US
CPC
Alumina
Power
LM E+Spot
4,000
3,000
2,000
1,000
-
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
16 September 2013
13

Metals Weekly
Non-ferrous
Copper
LME inventories and prices
Invent ories
Spot
9,100
8,600
0.7
0.6
0.5
0.4
0.3
0.2
Copper spot prices decreased
2% WoW to USD 7,028/ton
8,100
7,600
7,100
6,600
Global refined copper monthly production and YoY growth
Product ion
YoY - 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
Product ion
YoY - 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
-
HCL
St erlit e
Hindalco
Source: Metal Bulletin, Bloomberg, MOSL
16 September 2013
14

Metals Weekly
Non-ferrous
Zinc
LME inventories and prices
Invent ories
Spot
2,300
1.3
1.2
Zinc spot prices decreased
2% WoW to USD 1,833/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
Product ion
YoY - RHS
1.2
1.1
1.1
1.0
0.9
14
6
(2)
(10)
China: Refined zinc monthly production and YoY growth
Production
YoY - RHS
0.5
0.4
0.3
0.3
0.2
60
40
19
(2)
(22)
India: Company-wise refined zinc monthly production
HZL
BZL
4
2 2 3 2 2 2
2
0
2
2
2
2 2
3 3 2 2
2
3 3
2
2
2
2
Source: Metal Bulletin, Bloomberg, MOSL
16 September 2013
15

Metals Weekly
Non-ferrous
Lead
LME inventories and prices
Inventories
Spot
2,600
2,400
0.40
0.35
0.30
0.25
0.20
0.15
Lead spot prices decreased
4% WoW to USD2,063/ton
2,200
2,000
1,800
1,600
Global refined lead monthly production and YoY growth
Production
YoY - RHS
1.0
0.9
0.8
0.7
0.6
25
15
5
(5)
(15)
China: Refined lead monthly production and YoY growth
Product ion
YoY - 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
16 September 2013
16

Metals Weekly
Commodity forward curves
LME aluminum (USD/ton)
Current
1-week ago
3-month ago
2,400
2,200
2,000
1,800
1,600
LME copper (USD/ton)
Current
1-week ago
3-month ago
7,600
7,400
7,200
7,000
6,800
LME zinc futures (USD/ton)
Current
1-week ago
3-month ago
2,200
2,100
2,000
1,900
1,800
Base metals US spot premium (USD/ton)
Aluminium
Zinc
Copper
300
Aluminum US spot premium has
been on declining trend correcting
2.4% WoW which is ~USD35/t from
their peak of USD261/t in August
235
170
105
40
Source: Metal Bulletin, Bloomberg, MOSL
16 September 2013
17

Metals Weekly
China non-ferrous trade data
China’s aluminum trade ('000 tons)
Imports
Export s
400
300
200
100
-
China’s refined copper trade ('000 tons)
Import s
Exports
500
400
300
200
100
-
China’s refined zinc trade ('000 tons)
Export
Import
75
50
25
-
China’s alumina imports ('000 tons) and prices (USD/ton)
Import s
Prices (RHS)
800
600
400
200
-
Source: Metal Bulletin, Bloomberg, MOSL
16 September 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)
GBP
EURO
71
67
110
101
92
83
74
65
The rupee appreciated 2% WoW
against the US dollar and was
trading at INR62.8/USD
63
59
55
51
Source: Bloomberg, MOSL
16 September 2013
19

Metals Weekly
Key indicators
(Contd..)
China Energy Production Electricity (b kwh)
500
450
400
350
300
250
200
Elect ricit y
YoY (% RHS)
,
50
40
30
20
10
-
(10)
China Monthly Trade YoY (%)
60
Import
Export
40
20
-
(20)
China Price Index YoY (%)
PPI
CPI
9
6
3
-
(3)
(6)
China GDP YoY (%)
10
9
8
7
GDP
Source: Bloomberg, MOSL
16 September 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
It aly
20
8
-4
-16
BRIC
Russia
Brazil
India
China
18
12
6
0
-6
Source: Bloomberg, MOSL
16 September 2013
21

Metals Weekly
Stock Exchange announcements
34th Annual General Meeting (AGM) of the
Jindal Steel & Power
will be
held on September 30, 2013.
JSW Steel
crude steel production grew 29% YoY in August to 985kt.
However there was de-growth of 2% considering the pro forma figures
for FY12 of the merged entity.
32nd Annual General Meeting (AGM) of the
National Aluminum Company
will be held on September 27, 2013
16 September 2013
22

Metals Weekly
Metals
Valuation Matrix
Valuations: Indian companies
Rating
Price Mkt Cap
(INR) (USD M)
4,877
3,418
2,517
3,793
8,330
EPS (INR)
FY13
FY14E
1.6
5.7
49.7
37.2
16.7
31.5
7.9
60.7
27.4
15.1
FY15E
28.7
3.0
68.6
32.3
15.2
P/E (X)
FY14E FY15E
9.5
6.3
10.4
8.8
8.3
10.4
16.5
9.2
7.5
8.2
EV/EBITDA (X)
FY14E FY15E
6.2
7.5
6.3
8.4
4.1
6.4
10.0
5.9
6.1
4.1
P/B (X)
FY14E FY15E
1.3
0.5
0.9
1.1
1.6
1.2
0.5
0.8
0.9
1.5
Steel
Tata Steel
Sell
298
SAIL
Sell
49
JSW Steel
Sell
632
JSPL
Neutral
241
NMDC
Buy
125
Non-Ferrous
Hindalco
Buy
112
Sesa-Sterlite
Buy
187
Hindustan Zinc
Buy
126
Nalco
Neutral
33
Rain Industries*
Buy
37
* Rain Comm. follows calendar year reporting,
3,567
17.0
12.9
12.8
8,520
35.9
30.7
33.0
8,187
16.4
16.2
15.7
1,314
2.3
3.4
3.1
230
16.7
13.3
16.7
CY13 and CY14 fig. are quoted in place
8.7
8.8
7.9
6.5
6.1
5.7
6.1
5.3
7.8
8.0
4.1
3.5
9.8
10.8
4.1
4.1
2.7
2.2
4.8
4.0
of FY14 and FY15 respectively
1.0
0.9
0.7
0.6
1.4
1.2
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)
172,429
13,327
96,625
82,737
15,695
23,428
26,455
2,874
15,368
16,126
12,200
11,954
8,642
8,748
4,644
P/E (X)
CY13
13.1
5.1
12.1
7.0
16.9
-
13.9
-
34.9
11.0
22.5
11.1
25.7
41.2
25.5
CY14
11.8
4.9
10.4
7.0
13.6
15.4
11.0
22.4
14.6
9.1
13.5
9.3
16.3
19.8
8.3
EV/EBITDA(X)
CY13
CY14
6.7
4.4
6.6
5.2
6.8
6.5
5.6
7.9
12.1
7.7
9.5
7.2
7.6
9.1
16.5
6.2
4.2
5.9
5.2
6.2
5.4
5.1
5.3
7.4
6.9
7.4
6.4
P/BV
CY13
2.3
1.7
2.1
1.0
0.9
0.5
0.7
0.9
2.0
0.9
1.1
0.8
AUD
AUD
AUD
USD
USD
EUR
k KRW
USD
USD
JPY
BRL
CNY
USD
NOK
HKD
36.2
4.6
63.1
33.1
27.1
10.5
327.0
19.9
48.3
2,595.0
17.0
4.5
8.1
25.0
2.3
6.7
0.7
7.3
0.7
15.4
0.4
Source: Bloomberg
16 September 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
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
19.4
12.7
18.4
6.9
9.2
32.2
18.3
20.1
14.6
23.6
17.7
3.1
5.3
16.6
5.0
-17.7
11.1
7.2
1.9
8.8
-9.1
-7.7
-0.6
13.8
29.4
13.9
11.1
8.3
3.8
8.6
-13.0
-3.5
8.1
4.2
-17.0
-3.7
8.4
2.9
-16.5
-30.3
-10.7
-33.0
-14.3
11.3
4.6
-25.1
16.9
-46.6
-8.2
-21.0
-12.9
-26.5
4.3
-39.5
-16.8
-10.5
0.8
12
-26.1
-41.7
-11.2
-35.2
-34.6
8.9
-7.8
-38.7
-4.9
-57.5
-28.2
-24.8
-13.0
-12.3
4.4
-48.9
-3.9
-34.5
6.9
Relative Perf to Sensex (%)
1
3
6
12
17.5
10.8
16.5
5.1
7.3
30.3
16.4
18.2
12.7
5.9
-12.0
-10.6
-3.4
10.9
26.5
11.0
8.2
5.4
-17.3
-31.2
-11.5
-33.9
-15.2
10.5
3.8
-25.9
16.1
-33.0
-48.5
-18.1
-42.1
-41.5
2.0
-14.6
-45.6
-11.8
Among large-cap companies,
Sesa Goa has outperformed and
JSPL has underperformed over
the last one month
Among mid-cap companies,
Monnet Ispat outperformed and
Sarda Energy has underperformed
over the last one month
Worst performer
21.7
0.9 -47.4 -64.3
15.8
5.7
-9.0 -35.1
1.2 -15.9 -21.8 -31.7
3.4
-6.3 -13.7 -19.8
14.7
5.2 -27.4 -19.2
3.1
1.3
3.5
-2.5
-19.6 -19.9 -40.3 -55.7
9.2
-6.6 -17.6 -10.8
5.3
5.5 -11.3 -41.4
-
-
-
-
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
1.5
3.0
2.7
0.4
-0.8
-2.5
5.3
3.6
1.1
-0.2
-1.1
6.4
4.4
6.6
0.7
1.4
2.0
4.5
2.2
Worst performer
1month
-1.6
-1.9
2.8
6.3
1.5
-7.3
4.4
1.2
-1.0
8.0
-2.4
7.4
7.8
1.8
1.8
12.7
-1.0
-10.0
4.4
Absolute Perf (%)
3 months
6 months
12.8
10.0
13.5
36.5
10.0
-4.3
11.1
8.1
14.0
-1.5
4.3
32.8
34.1
12.8
23.1
25.5
-0.5
-32.0
8.5
-5.1
3.2
-8.9
14.9
-15.8
-0.8
0.3
4.0
-8.7
-8.2
-2.2
32.5
29.4
-7.9
33.4
-4.8
12 months
-4.2
8.7
-17.1
52.5
-24.7
6.4
-11.1
18.5
-21.4
-3.2
-13.9
121.8
87.5
-8.6
31.3
-27.9
Among global mining companies,
FMG was the best performer while
BHP Billiton was the worst
performing stock over the
last one month
Among global steel majors, Gerdau
was the best performer while Posco
was the worst performing stock
over the last one month
-5.5
-17.9
-43.2
-48.9
-11.0
-16.3
Source: MOSL, Bloomberg
16 September 2013
24

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