13 April 2015
Metals Weekly
Valuations: Indian companies
Company
Steel
Ta ta Steel
SAIL
JSW Steel
JSPL
NMDC
Non-Ferrous
Hi nda l co
SSLT
HZL
Na l co
Price EV/EBITDA (x) P/B (x)
(INR) FY15E FY16E FY14
343 7.7
75 11.2
952 7.2
158
136 4.6
138
202
174
47
8.4
6.4
5.4
3.4
7.3
11.7
7.2
8.2
7.2
7.5
6.1
2.5
1.3
0.7
1.0
1.8
1.1
0.8
1.6
0.9
Metal Prices
CMP
10-Apr
Week
%
3-Apr
Quarter
%
1-Jan
YTD FY15
%
1-Apr
TMT- Mumba i (INR/ton)
HRC- Mumba i (INR/ton)
HRC (USD/ton) fob CIS
32,300
26,821
380
-1 32,600
-2 27,373
0
380
-2 18,200
0 20,000
1
47
-2
93
1
252
0
0
-1
5
5
0
1
-1
-1
1,771
111
3,928
2,094
131
511
6,002
379
333
-6 34,200
-20 33,395
-15
448
-8 19,400
-9 21,900
-29
67
-17
110
-18
307
-3
-5
-7
2
0
-26
-5
-7
86
1,831
116
4,210
2,167
137
692
6,359
401
177
-8 35,200
-25 35,706
-25
510
-15 21,050
-21 25,300
-58
113
-18
112
-29
357
2
-5
-27
12
0
-39
-9
-7
26
1,744
116
5,369
1,962
137
839
6,632
401
261
Sponge i ron - Ra i pur (INR/ton)
17,800
Pi g i ron - Ra i pur (INR/ton)
20,000
Iron ore s pot (USD/ton) cfr Chi na
48
Coki ng coa l (USD/ton) fob Aus .
92
Shred. s cra p (USD/ton) Rotterda m
253
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)
1,773
111
3,896
2,200
137
509
6,055
375
330
Valuations: Global companies
Price
Mining
AUD 30.14
BHP
AUD 1.815
FMG
Ri o Ti nto
AUD 56.89
USD 15.36
Va l e
Teck Res .
USD 13.75
STEEL
EUR 9.027
A. Mi tta l
k KRW 253
Pos co
USD 24.72
US Steel
USD 48.22
Nucor
JPY 2700.5
JFE
BRL 9.59
Gerda u
CNY 7.57
Ba o Steel
NON FERROUS
USD 13.15
Al coa
NOK 44.16
Hydro
HKD 5.1
Rus a l
Note: Detailed on pg 23
EV/EBITDA (x) P/B (x)
CY15 CY16 CY15
6.2
4.9
7.0
6.1
6.1
5.3
7.1
6.8
9.8
8.2
6.0
8.3
6.4
5.9
7.5
6.6
6.1
6.2
4.9
5.3
4.7
6.8
5.3
7.5
7.0
5.3
7.4
5.9
5.6
7.8
1.5
0.6
1.7
0.5
0.5
0.4
0.5
0.9
1.9
0.9
1.1
0.8
1.2
1.1
1.6
Gol d (INR/10gms )
26,550
Sl i ver (INR/1kg)
36,803
Lea d Spot LME (USD/ton)
1,998
FC 6-8% C ba s i s 60% Cr (USD/l b Cr)
1.11
INR/USD
BDI
-1 26,851
-3 37,945
7 1,865
-1
1.12
-1 26,774
1 36,519
8 1,853
-1
1.12
-7 28,466
-14 42,594
-1 2,026
-1
1.12
62.3
0
62.0
-2
63.2
4
59.8
580
-1
588
-26
782
-56 1,316
Source: Meta l Bul l eti n, Bl oomberg, Steel Mi nt, MOSL
Domestic steel prices retreat; Zinc/lead up 5-7% WoW
Ø
Domestic long product (TMT Mumbai) prices fell 1% WoW. Sponge iron
prices were down 2.2% WoW while scrap prices were marginally higher.
Pellet prices were marginally lower WoW.
Ø
India import HRC price offers were down 2% WoW, with Russian mills
getting aggressive again. SAIL has cut domestic prices offers by INR
1,100/t w.e.f. April 1
st
.
Ø
Domestic iron ore prices remain unchanged WoW. NMDC has not
announced any price cuts for the month of April 2015.
Ø
Iron ore China cfr was stable after having fallen sharply over the past few
weeks. Coking coal prices continue to slide, down 2% WoW. Thermal coal
prices also fell 2% WoW.
Ø
EU HRC prices rose 1.3% WoW but steel mills’ spreads narrowed on weak
currency. CIS export prices were unchanged WoW, while Rotterdam
scrap prices rose 1% WoW. China export HRC and rebar prices fell ~2%
WoW.
Ø
LME aluminum was unchanged WoW but US spot premiums continue to
slip lower, down 3% WoW. Alumina was unchanged WoW.
Ø
LME zinc and lead saw sharp increase, up 5%/7% WoW respectively. LME
copper was up 1% WoW.
Source: Bloomberg
BSE Metals Index v/s Sensex
BSE Metal
107
105
103
101
99
Sensex
Source: Bloomberg
Note: Indexed to 100 on 10 March 2015
Stock performance table on pg 24
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
Non-ferrous
Aluminum
Copper
Zinc
Lead
Commodity curve analysis
China non-ferrous trade data
12-18
12
14
15
16
17
18
Key indicators
Industrial production growth across the globe
BSE announcements
Metals valuation matrix
Metals stock performance
19-20
21
22
23
24
13 April 2015
2

Metals Weekly
Ferrous
Ferrous
INDIA
Indian flat steel prices import parity (INR/T, exl. ED & VAT)
India import HRC price
offers were down USD10/t
WoW to USD390/t. A few
Russian mill offers were
even lower at ~USD385/t.
SAIL cut domestic prices by
INR1,100/t w.e.f April 1
st
.
38,000
35,000
32,000
29,000
26,000
HRC Mumbai (INR/t)
Indian long steel price (INR/T, exl. ED & VAT)
Long products (TMT
Mumbai) prices were
down 0.9% WoW to
INR32,300/t.
38,500
36,000
33,500
31,000
TMT Mumbai (INR/t)
Steel intermediates prices (INR/T, exl. ED & VAT)
Sponge iron prices were
down 2.2% WoW to
INR17,800/t.
Sponge (Raipur)
23,000
21,500
20,000
18,500
17,000
India: Monthly crude steel production
India steel production
grew 5.6% YoY to 6.9mt in
Feb 2015. This was slower
than 8.6% YoY growth
recorded in Jan 2015.
India
7.50
7.25
7.00
6.75
6.50
6.25
YoY (%)
10.0
6.0
2.0
-2.0
Source: SteelMint, WSA, MOSL
13 April 2015
3

Metals Weekly
Ferrous
Ferrous
INDIA
Scrap Mandi (INR/t)
India domestic scrap prices
were largely unchanged at
INR22,300/t.
27,000
25,500
24,000
22,500
21,000
Scrap (Mandi)
Iron ore lumps (INR/t)
Domestic iron ore prices
were unchanged.
8,000
7,000
6,000
5,000
4,000
3,000
NMDC 6-40mm (CG)
Lumps 5-18 (Odisha)
Iron ore fines (INR/t) ex mine
Domestic iron ore prices
were unchanged.
4,000
3,600
3,200
2,800
2,400
2,000
Rungta Fines 63% (Odisha, incl. royalty)
NMDC Fines, ex-royalty
Pellet (Barbil) INR/t
Pellet prices were
marginally lower to
INR5,650/t.
9,000
8,000
7,000
6,000
5,000
Pellet (Barbil)
Source: SteelMint, WSA, MOSL
13 April 2015
4

Metals Weekly
European Union
European HRC prices (EUR/ton)
EU HRC prices rose 1.3%
WoW to EUR392/t
525
475
425
375
North Europe HRC
South Europe HRC
Rotterdam: shredded scrap prices (USD/t)
Rotterdam export scrap
prices were up 0.6% WoW
to USD253/t.
420
380
340
300
260
220
European wire rods southern region (Euro/t)
520
South Europe wire rod
prices were unchanged.
500
480
460
440
420
Spreads ( HRC-1.6xiron ore-0.7xcoking coal) – (USD/t)
EU steel mill spreads fell
marginally on sharp
currency depreciation, and
despite higher steel prices
and fall in coking coal
prices.
400
345
290
235
180
EU
China
Source: Metal Bulletin, Bloomberg, WSA, MOSL
13 April 2015
5

Metals Weekly
China
China domestic prices (USD/ton)
China domestic HRC prices
fell 3.5% WoW to
USD392/t and rebar prices
fell 3.7% WoW to
USD378/t.
HRC
840
740
640
540
440
340
Rebar
Steel spreads (Steel price – 1.6x iron ore – 0.55x coke) for Chinese producers
China steel product
spreads fell WoW on fall in
steel prices. .
320
275
230
185
140
HRC
Rebar
Steel trade (m ton)
China steel export data for
Feb suggests exports could
be slowing post change in
export tax incentive policy.
Feb exports slipped 25%
MoM to 7.2mt. Chinese new
year holiday could have
impacted trade, as imports
were also down 24% MoM.
Exports
12
10
8
6
4
2
0
Imports
Steel inventories in main China cities (m tons)
Steel inventories in China
were stable WoW.
9
8
7
6
5
4
3
13 April 2015
6

Metals Weekly
Other regions
CIS HRC export prices (USD/ton) fob basis
CIS HRC export prices were
unchanged WoW at
USD380/t.
CIS Exports (HRC)
530
490
450
410
370
Turkish export billets (USD/ton)
Turkish Exp Billets
530
500
470
440
410
380
North America HRC prices (USD/ton)
US HRC prices fell 3.3%
WoW to USD445/t.
690
640
590
540
490
440
CIS: Monthly crude steel production
CIS countries crude steel
production contracted
5.6% YoY to 7.8mt in
Feb 2015.
10.0
9.5
9.0
8.5
8.0
7.5
CIS
YoY (%)
10
5
0
-5
-10
Source: Metal Bulletin, WSA, Bloomberg, MOSL
13 April 2015
7

Metals Weekly
Other regions
North America: Monthly crude steel production
US crude steel production
was down 6.8% YoY in Feb
2015 to 8.8mt. The was
the worst performance
since April 2013.
North America
11.0
10.5
10.0
9.5
9.0
8.5
YoY (%)
15.0
7.5
0.0
-7.5
-15.0
Global: Monthly crude steel production
Global crude steel
production grew 1.3% YoY
to 128mt in Feb 2015.
Steel growth had
contracted in Jan by 2.4%.
Global
145
140
135
130
125
120
YoY (%)
7
5
3
1
-2
-4
Global: Monthly crude steel capacity utilization
Global crude steel capacity
utilization was up 90bps
MoM to 73.4% but was
down 400bps YoY.
84
81
78
75
72
69
Capacity Utilization
Source: Bloomberg, WSA, MOSL
13 April 2015
8

Metals Weekly
Steel raw materials
Import price of 62% grade iron-ore fines in China (USD/ton)
Iron ore China cfr prices
were stable this week, at
USD48/t, after having
fallen sharply over the past
few weeks.
CIF
113
98
83
68
53
38
FOB
OTC iron-ore swaps (USD/ton)
2015
3Q15
2Q15
80
72
64
56
48
40
China iron-ore production and imports (m tons)
February Chinese iron ore
import data suggests
imports rose 11% YoY to
67.9mt. For the first two
months of 2015 imports
are however down 1% v/s
same period
last year.
Ore Imports
150
120
90
60
30
Ore Prod
Pig iron prod (RHS)
68
62
56
50
44
China iron-ore inventories (mt)
China iron ore inventories
were marginally lower
WoW.
110
100
90
80
70
60
Source: Metal Bulletin, Bloomberg, MOSL
13 April 2015
9

Metals Weekly
Steel raw materials
Freight rates to China (USD/ton)
Freight rates from Brazil to
China were broadly
unchanged WoW.
Brazil
32
24
16
8
0
Australia
India
Coal price index
Thermal coal prices fell 2%
WoW to USD59/t.
Richards Bay Steam Coal
88
78
68
58
Coke price index (fob China)
China coke export spot (LHS)
360
310
260
210
160
Coking coal (USD/t)
Spot coking coal (fob Australia)
Coking coal prices were
down 2% WoW to
USD91/t.
150.0
130.0
110.0
90.0
13 April 2015
10

Metals Weekly
Ferro alloys
China’s imports of manganese ore and concentrate
Imports
2,000
1,700
1,400
1,100
800
500
Prices (RHS)
280
250
220
190
160
130
Chrome ore FOB spot prices
200
180
160
140
40% Chrome Africa
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
Silico Manganese in warehouses in Pittsburg USA
Source: Metal Bulletin, Bloomberg, MOSL
13 April 2015
11

Metals Weekly
Non-ferrous
LME aluminum was
unchanged WoW at
USD1,773/t.
Non-ferrous
Aluminum
LME inventories and spot prices
2,200
2,000
1,800
1,600
Inventories (RHS)
Spot
5.3
4.9
4.5
4.1
3.7
Global primary aluminum monthly production and YoY growth
Global metal production in
Jan grew by a strong 5.6%
YoY, but slower than
12.7% YoY in December.
Production
4,800
4,400
4,000
3,600
3,200
YoY
13.0
10.0
7.0
4.0
1.0
-2.0
Aluminum: SHFE Vs LME arbitrage (USD/T)
LME and SHFE arbitrage
has turned unfavorable.
290
190
90
-10
-110
-210
India: Company-wise primary aluminum monthly production
Hindalco
Balco
Nalco
SSLT
13 April 2015
12

Metals Weekly
Non-ferrous
Aluminum
Aluminum raw material and power cost for marginal producer in USA (USD/t)
All-in-aluminum price was
unchanged WoW at
USD2,181/t. US Spot
premiums fell 3% WoW to
USD408/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)
Alumina prices were
unchanged WoW.
440
400
360
320
280
240
Industrial power US (Lousiana) (USc/kwh)
8.0
7.0
6.0
5.0
4.0
Source: Metal Bulletin, Bloomberg, Industry, MOSL
13 April 2015
13

Metals Weekly
Non-ferrous
Copper
LME inventories and prices
Inventories (RHS)
Spot
0.4
0.3
0.2
0.1
LME copper prices were up
0.9% WoW to USD6,055/t.
7,300
6,900
6,500
6,100
5,700
5,300
Global refined copper monthly production and YoY growth
Global copper production
in Jan grew 18.5% YoY
to 2.1 mt.
2.2
2.1
2.0
1.9
1.8
1.7
1.6
1.5
Production
YoY - RHS
20.0
17.5
15.0
12.5
10.0
7.5
5.0
2.5
0.0
China: Refined copper monthly production and YoY growth
0.86
0.79
0.72
0.65
0.58
0.51
0.44
0.37
0.30
Production
YoY - RHS
36
25
14
3
-8
Copper: Spot TCRC (USc/lb)
34.0
32.0
30.0
28.0
26.0
24.0
22.0
13 April 2015
14

Metals Weekly
Non-ferrous
Zinc
LME inventories and prices
LME zinc prices rose 5%
WoW to USD2,200/t.
2,600
2,400
2,200
2,000
1,800
Inventories (RHS)
Spot
0.9
0.8
0.7
0.6
0.5
Global refined zinc monthly production and YoY growth
Production
YoY growth (RHS)
20.0
14.0
8.0
2.0
-4.0
-10.0
Zinc production in Jan
2015 grew by 13.3% YoY to
1.19 mt. – accelerating
from 8.7% growth in
Dec 2014
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
India: Company-wise monthly refined zinc metal production - kt
Domestic zinc production
was up 18.9% YoY in
February.
4
HZL
0
2
2
2
2
2
2
88
1
2
2
1
BZL
-
2
1
-
-
-
-
0
2
1
1
-
-
56 65 54 63 57 63 65
75 68
69 62 65 61
66
64 61 64 69 63
55
52 56
47 42
13 April 2015
15

Metals Weekly
Non-ferrous
Lead
LME inventories and prices
LME lead prices rose 7%
WoW to USD1,998/t.
2,300
2,200
2,100
2,000
1,900
1,800
1,700
Inventories (RHS)
Spot
0.25
0.23
0.20
0.18
0.15
Global refined lead monthly production and YoY growth
Refined lead production in
Jan 2015 declined 3.4%
YoY to 803kt
1.0
0.9
0.8
0.7
0.6
Production
YoY - RHS
25
15
5
-5
-15
China: Refined lead monthly production and YoY growth
0.5
0.4
0.3
0.2
Production
YoY - RHS
40
20
0
-20
-40
:
India: Company-wise refined lead monthly production
HZL
12 12
12 12 11
10
9
9
6
7
12 11 11
14
10 10 11 11 10 9 10 11 9
9
9
Source: Metal Bulletin, Bloomberg, MOSL
13 April 2015
16

Metals Weekly
Commodity forward curves
LME aluminum (USD/ton)
2,100
2,000
1,900
1,800
1,700
Current
1-week ago
3-month ago
LME copper (USD/ton)
6,200
6,000
5,800
5,600
Current
1-week ago
3-month ago
LME zinc futures (USD/ton)
2,300
2,225
2,150
2,075
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
13 April 2015
17

Metals Weekly
China non-ferrous trade data
China’s aluminum trade ('000 tons)
Preliminary data suggests,
unwrought aluminum
exports in February rose
162% YoY to 420kt.
Increase in Chinese ali
exports has put some
pressure on regional spot
premiums.
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)
China refined zinc exports
stood at 10.4 kt in
February. Exports have
slowed down marginally in
Jan/Feb.
100
75
50
25
0
Export
Import
China’s alumina imports ('000 tons) and prices (USD/ton)
China alumina imports was
at 329kt in February, v/s.
385kt in January.
800
600
400
200
0
Source: Metal Bulletin, Bloomberg, MOSL
13 April 2015
18

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
Fixed asset investment
growth dropped
significantly to 13.9% in
February from 15.7% in
January 2015.
China: Fixed asset investment growth (%)
21
19
17
15
13
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
13 April 2015
19

Metals Weekly
Key indicators (Contd...)
China Energy Production Electricity (b kwh)
China electricity
production was down 23%
YoY in February, the
sharpest all since the
production data runs.
550
500
450
400
350
300
250
200
Electricity
YoY (%, RHS)
42
32
22
12
2
-8
-18
-28
China Monthly Trade YoY (%)
50
30
10
-10
-30
Import
Export
China Price Index YoY (%)
6
3
0
-3
-6
PPI
CPI
China GDP YoY (%)
China’s GDP growth was
7.3% in 4QCY14
8.4
8.0
7.6
7.2
Source: Bloomberg, MOSL
13 April 2015
20

Metals Weekly
Industrial production growth
The UK and the USA (%)
UK
6
3
0
-3
-6
USA
Japan (%)
20
10
0
-10
-20
European Union (%)
8
2
-4
-10
-16
France
Germany
Italy
BRIC (%)
Russia
18
11
4
-3
-10
Brazil
India
China
Source: Bloomberg, MOSL
13 April 2015
21

Metals Weekly
Stock exchange announcements
None
13 April 2015
22

Metals Weekly
Metals
Valuation Matrix
Valuations: Indian Companies
Rating
Steel
Ta ta Steel
SAIL
JSW Steel
JSPL
NMDC
Non-Ferrous
Hi nda l co
SSLT
Hi ndus ta n Zi nc
Na l co
CMP=current ma rket pri ce
Buy
Sel l
Buy
UR
Sel l
Buy
Buy
Buy
Buy
Price
(INR)
343
75
952
158
136
138
202
174
47
MCAP
(USD M)
5,375
5,006
3,713
2,329
8,676
4,595
9,650
11,858
1,965
FY14E
35.5
4.6
38.6
20.9
16.1
12.5
17.2
16.3
2.6
EPS
FY15E
15.7
4.2
64.2
6.7
16.1
11.7
18.1
20.0
4.9
FY16E
38.3
1.3
50.7
10.5
11.4
10.1
14.9
5.6
P/E (x)
FY15E FY16E
21.9
17.9
14.8
8.4
11.8
11.1
8.7
9.7
8.9
55.7
18.8
12.9
12.1
19.9
11.7
8.4
EV/EBITDA (x)
FY15E FY16E
7.7
11.2
7.2
4.6
8.4
6.4
5.4
3.4
7.3
11.7
7.2
8.2
7.2
7.5
6.1
2.5
P/B(x)
FY14 FY15E
1.3
0.7
1.0
1.8
1.1
0.7
1.0
1.6
1.1
1.1
0.8
0.8
1.6
1.4
0.9
0.8
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
30
2
57
15
14
9
253
25
48
2,701
10
8
13
44
5
MCAP
(US$ M)
119,039
4,237
76,473
28,600
7,916
15,846
19,066
3,592
15,078
13,607
4,928
19,172
16,061
11,266
9,544
PE (x)
CUR YR
NXT YR
15.0
11.7
14.2
19.5
17.0
14.2
10.8
69.6
22.8
11.2
19.1
17.0
12.3
12.9
5.5
17.1
226.8
12.7
10.8
11.6
10.8
9.3
17.6
15.4
8.8
12.1
15.4
10.7
11.8
5.0
EV/EBITDA(x)
CUR YR
NXT YR
6.2
4.9
7.0
6.1
6.1
5.3
7.1
6.8
9.8
8.2
6.0
8.3
6.4
5.9
7.5
6.6
6.1
6.2
4.9
5.3
4.7
6.8
5.3
7.5
7.0
5.3
7.4
P/BV (x)
CY15E
1.5
0.6
1.7
0.5
0.5
0.4
0.5
0.9
1.9
0.9
1.1
0.8
5.9
1.2
5.6
1.1
7.8
1.6
Source: Bl oomberg
13 April 2015
23

Metals Weekly
Metals Stock
Performance
Among large-cap companies, SAIL
was the best relative performer
while JSPL 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
SSLT
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
3.2
12.1
0.7
-16.8
4.5
2.1
2.4
-3.7
-0.1
-22.3
-8.6
2.2
-1.6
29.0
-17.7
6.9
-5.4
1.8
0.6
Absolute Perf (%)
3
6
-13.1
-5.1
-6.7
0.2
-1.4
-4.1
5.8
-7.3
-9.7
-17.4
-9.4
-17.7
26.3
0.6
-17.0
-5.8
-25.8
-22.3
5.9
-24.9
3.9
-18.9
-5.1
-16.1
-21.7
7.2
-17.6
-7.3
-26.3
-27.6
1.4
-3.4
-36.4
-31.5
-4.8
-34.9
-21.6
10.0
12
-17.7
0.8
-11.3
-43.9
-9.4
1.7
32.2
18.9
-3.3
-40.6
22.8
20.9
66.6
-49.2
-83.6
9.1
-14.2
-39.3
27.1
Relative Perf to Sensex (%)
1
3
6
12
2.6
11.5
0.2
-17.4
3.9
1.5
1.8
-4.3
-0.7
-22.9
-9.2
1.6
-2.2
28.5
-18.3
6.3
-6.0
1.2
-
-19.0
-11.0
-12.6
-5.7
-7.3
-10.0
-0.1
-13.1
-15.6
-23.3
-15.3
-23.6
20.4
-5.2
-22.9
-11.6
-31.6
-28.2
-
-34.9
-6.2
-29.0
-15.1
-26.1
-31.7
-2.8
-27.6
-17.4
-44.9
-26.3
-38.5
-71.1
-36.5
-25.4
5.0
-8.3
-30.4
Among mid-cap companies,
Adhunik Metaliks outperformed
and Monnet Ispat has
underperformed over one month
-36.4
-67.8
-37.6
-4.4
-8.6
-6.3
-13.4
39.5
-46.5
-76.3
-41.5
-110.7
-14.8
-18.0
-44.9
-41.3
-31.6
-66.5
-
-
Global Metals stock performance on absolute basis (%)
1week
1month
0.2
-5.5
-1.6
-10.1
-5.5
-3.2
12.1
4.4
-7.6
20.0
-5.2
-3.1
-4.6
2.9
9.2
-11.6
-2.6
2.2
39.2
Absolute Perf (%)
3 months
6 months
-6.3
6.2
-29.5
-32.0
-13.5
-2.3
-1.8
0.4
0.6
11.5
-11.5
5.3
5.7
19.3
15.9
-18.1
-17.3
-4.9
23.9
-5.1
-8.2
-47.3
-46.6
-23.6
-42.8
-32.4
-6.1
-8.8
74.0
-18.0
31.4
13.3
31.0
27.2
-36.0
7 months
-16.1
-20.5
-59.2
-66.5
-34.0
-45.1
-10.5
-5.8
-24.6
86.0
-18.9
40.9
12.8
28.6
12.9
-49.2
12 months
-16.1
-20.5
-59.2
-66.5
-34.0
-45.1
-10.5
-5.8
-24.6
86.0
-18.9
40.9
12.8
28.6
12.9
-49.2
Among global mining companies,
Vedanta was the best performer,
while FMG was the worst
performing stock over
one month.
Among global steel majors, Voest
Alpine was the best performer,
while Gerdau was the worst
performing stock over the last one
month.
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
3.1
-0.3
4.9
-0.3
2.5
8.1
0.2
2.0
4.2
5.9
5.4
1.4
2.7
1.7
8.0
-2.8
0.1
4.7
21.8
-18.2
3.5
3.5
22.6
55.5
55.5
53.9
60.8
60.8
Source: MOSL, Bl oomberg
13 April 2015
24

Metals Weekly
NOTES
13 April 2015
25

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