7 December 2015
Metals Weekly
Valuations: Indian companies
Company
Steel
Price EV/EBITDA (x) P/B (x)
(INR) FY16E FY17E FY15
240 12.3
972 9.4
93 13.3
47 -42.1
79
41
92
335
147
92
8.3
4.3
7.1
7.1
4.0
5.7
9.9
7.2
11.1
31.3
6.7
3.2
6.7
6.1
4.4
7.4
1.3
1.1
0.4
0.4
0.8
0.8
0.5
5.2
1.4
1.1
Metal Prices
CMP
4-Dec
% 27-Nov
change since
%
1-Oct
%
1-Apr
Ta ta Steel
JSW Steel
JSPL
SAIL
Non-Ferrous
Hi nda l co
Na l co
Veda nta
Mining
Coa l Indi a
HZL
NMDC
TMT- Mumba i (INR/ton)
HRC- Mumba i (INR/ton)
HRC (USD/ton) fob CIS
24,700
21,577
263
0 24,600
-2 22,022
-2
268
-1 12,450
-4 16,900
-10
45
2
72
-6
193
2
2
-1
-1
-1
-2
0
1
-3
1,480
99
2,901
1,542
103
545
4,636
299
244
-8 26,800
-9 23,729
-13
300
-19 15,100
-17 19,600
-29
56
-7
79
1
180
-5
-4
-9
-10
-9
-10
-10
-11
-26
1,579
105
3,171
1,691
113
594
5,178
339
319
-23 31,900
-22 27,631
-33
390
-30 17,600
-19 20,000
-25
53
-24
97
-27
248
-15
-9
-27
-26
-21
4
-23
-20
-29
1,766
111
3,938
2,069
129
511
6,020
378
334
Sponge i ron - Ra i pur (INR/ton)
12,300
Pi g i ron - Ra i pur (INR/ton)
16,300
Iron ore s pot (USD/ton) cfr Chi na
40
Coki ng coa l (USD/ton) fob Aus .
74
Shred. s cra p (USD/ton) Rotterda m
182
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)
1,503
100
2,879
1,529
102
532
4,637
303
238
Note: Detailed table on pg 24
Source: MOSL
Valuations: Global companies
Price
Mining
AUD 17.93
BHP
AUD 1.895
FMG
Ri o Ti nto
AUD 44.38
USD 9.99
Va l e
USD 4.11
Teck Res .
Steel
EUR 3.972
A. Mi tta l
KRW 170.5
Pos co
USD 7.77
US Steel
USD 41.1
Nucor
JPY 2008.5
JFE
BRL 5.44
Gerda u
CNY 5.53
Ba o Steel
Non Ferrous
USD 9.34
Al coa
NOK 31.6
Hydro
HKD 2.68
Rus a l
Note: Detailed on pg 24
EV/EBITDA (x) P/B (x)
CY15 CY16 CY15
6.7
4.3
6.1
5.9
5.6
5.0
6.5
15.3
8.8
8.0
6.4
9.0
6.8
4.9
6.6
5.7
4.6
6.7
5.8
5.7
4.6
6.3
6.6
6.9
6.9
5.9
7.7
7.2
6.1
9.6
NM
NM
NM
0.3
0.2
0.2
0.4
0.4
1.7
NM
1.1
0.8
1.0
0.9
NM
Gol d (INR/10gms )
25,143
Sl i ver (INR/1kg)
33,754
Lea d Spot LME (USD/ton)
1,669
FC 6-8% C ba s i s 60% Cr (USD/l b Cr)
1.11
INR/USD
BDI
0 25,049
0 33,683
3 1,614
-1
1.12
-2 25,754
-1 34,126
0 1,663
-1
1.12
-4 26,169
-9 36,916
-8 1,808
-1
1.12
66.7
0
66.9
2
65.6
7
62.3
563
-4
584
-37
888
-6
596
Source: Meta l Bul l eti n, Bl oomberg, Steel Mi nt, MOSL
NMDC cuts lump prices by ~INR300/t, second time in the week
India long product (TMT Mumbai) prices were flat WoW. Sponge iron
prices fell 1.2% WoW. Domestic scrap prices were up 3.7% WoW. Pellet
prices were unchanged.
India import parity HRC prices were down 2% WoW on lower import HRC
offers.
NMDC has cut iron ore lump prices by ~INR300/t, second time within a
week on fall in global iron ore prices and domestic over-supply.
Iron ore (China cfr) prices were down 10% WoW. Coking coal prices rose
2% WoW while thermal coal fell 2%.
EU HRC prices were down 1.4% WoW. CIS export HRC prices were down
1.9% WoW, benchmarking against Chinese export prices. China domestic
HRC prices fell 1.3% WoW while rebar prices fell by a sharp 6.3% WoW.
Rotterdam scrap prices were down 6% WoW.
Aluminum (cash LME) rose 2% WoW. US spot premiums are at higher
levels getting support from announcement of closure of a few local mills.
Alumina prices fell 6% WoW, following the 7% decline last week.
Copper (cash LME) was flat WoW. Zinc (cash LME) was down 1% WoW.
Lead was up 3% WoW.
Source: Bloomberg
BSE Metals Index v/s Sensex
BSE Metal
105
102
100
97
Sensex
Source: Bloomberg
Note: Indexed to 100 on 30 November 2015
Stock performance table on pg 25
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
Commodity curve analysis
China non-ferrous trade data
13-19
13
15
16
17
18
19
Key indicators
Industrial production growth across the globe
BSE announcements
Metals valuation matrix
Metals stock performance
20-21
22
23
24
25
7 December 2015
2

Metals Weekly
Ferrous
India import HRC price
offers were down USD5/t
WoW to USD280/t (API
Grade). On import parity
basis prices are down 2%
WoW to INR21,577/t.
Ferrous
INDIA
Indian flat steel prices import parity (INR/T, excl. ED & VAT)
36,000
33,000
30,000
27,000
24,000
21,000
Spot
Quaterly average
Avg. i s down
INR1639 QoQ
Long products (TMT
Mumbai) prices were
unchanged WoW at
INR24,700/t.
Indian long steel price (INR/T, exl. ED & VAT)
36,500
34,000
31,500
29,000
26,500
24,000
Spot
Quaterly average
Avg. i s down
INR2516 QoQ
Sponge iron (made from lumps) prices (INR/T, excl. ED & VAT)
Sponge iron prices fell
1.2% WoW to INR12,300/t.
Coal based Sponge (Raipur)
22,000
20,000
18,000
16,000
14,000
12,000
India: Integrated steel mills spreads (Import parity HRC – 1xcoking coal)
Indian integrated steel mills spreads (INR/t)
35,000
Indian integrated steel
producers (IISP) spreads
were lower.
31,000
27,000
23,000
19,000
15,000
Source: SteelMint, WSA, MOSL
7 December 2015
3

Metals Weekly
Ferrous
Ferrous
INDIA
Scrap Mandi (INR/t)
Domestic scrap prices rose
3.7% WoW to INR17,000/t.
26,000
23,500
21,000
18,500
16,000
Scrap (Mandi)
Iron ore lumps (INR/t)
NMDC cut iron ore lumps
prices by ~INR260-300/t,
following a similar cut the
previous week. Lump
prices are now at
INR1,800/t.
NMDC 6-40mm (CG)
7,700
5,700
3,700
1,700
Lumps 5-18 (Odisha)
Iron ore fines (INR/t) ex mine
A few private domestic
miners cut iron ore fines
prices by ~INR150/t.
Rungta Fines 63% (Odisha, incl. royalty)
3,400
2,700
2,000
1,300
NMDC Fines, ex-royalty
Pellet (Barbil) INR/t
Pellet (Barbil)
Pellet prices were
unchanged at ~INR3,000/t.
6,800
5,800
4,800
3,800
2,800
Source: SteelMint, WSA, MOSL
7 December 2015
4

Metals Weekly
India Monthly steel trends
Steel consumption (mt) and growth (trailing 12-month) YoY %
India steel demand in
October was up 14.4%
YoY, following a 5.2%
decline in September. We
believe the strong growth
in October is to do
primarily with a weaker
base due to festive season.
Cons. (mt)
8.0
6.0
4.0
2.0
0.0
-2.0
Trailing 12m Growth (%)
Steel imports and exports - kt
Steel product imports in
October stood at 1,181kt,
higher compared to 883kt
last year.
Imports
Exports
Scrap imports - kt
Import of ferrous scrap in
October was up 26% YoY
to 465kt.
Scrap imports - kt
470 443 484
368 404
448 464
397 406
517 522 481 506
352
420
465
Crude steel production - kt
Crude steel production - mt
Crude steel production
grew 3.1% YoY to 7.4mt in
October 2015.
Source: JPC
7 December 2015
5

Metals Weekly
European Union
European HRC prices (EUR/ton)
North Europe HRC
South Europe HRC
470
430
390
350
310
270
EU HRC prices were down
1.4% WoW to EUR278/t.
Rotterdam: shredded scrap prices (USD/t)
Rotterdam scrap prices
were down 6% WoW to
USD182/t. With iron ore
prices have fallen sharply
and steel prices dropping
further, we expect scrap
prices to remain under
pressure.
395
355
315
275
235
195
155
European wire rods southern region (Euro/t)
500
460
South Europe wire rod
prices were higher WoW.
420
380
340
300
Spreads ( HRC-1.6xiron ore-0.7xcoking coal) – (USD/t)
EU
370
China
EU steel mills spreads
were stable as drop in
steel prices was offset by a
fall in iron ore prices.
315
260
205
150
Source: Metal Bulletin, Bloomberg, WSA, MOSL
7 December 2015
6

Metals Weekly
China
China domestic prices (USD/ton)
Chinese domestic HRC
prices fell 1.3% WoW to
USD282/t. Rebar prices fell
by a sharp 6.3% WoW to
USD262/t.
860
710
560
410
260
HRC
Rebar
Steel spreads (Steel price – 1.6x iron ore – 0.55x coke) for Chinese producers
HRC
Rebar
Chinese HRC steel product
spreads fell on lower steel
prices.
280
235
190
145
100
Steel trade (m ton)
Chinese steel exports grew at
its slowest rate in recent
past, up 5.7% YoY to 8.5mt in
October 2015. This is the first
sign of exports slowing from
Chinese amid unviable low
prices.
12
10
8
6
4
2
0
Exports
Imports
Steel inventories in main China cities (m tons)
9
8
Steel inventories in China
were down WoW.
7
6
5
4
3
7 December 2015
7

Metals Weekly
Other regions
CIS HRC export prices (USD/ton) fob basis
CIS Exports (HRC)
CIS HRC export prices
were down 1.9% WoW to
USD263/t, giving
aggressive competition to
Chinese suppliers.
460
390
320
250
Turkish export billets (USD/ton)
470
420
370
320
Turkish Exp Billets
North America HRC prices (USD/ton)
670
US HRC prices were
down WoW.
600
530
460
390
320
CIS: Monthly crude steel production
CIS countries crude steel
production fell 0.7% YoY to
8.3mt in Oct 2015. This is
as against a 4.7% growth
reported in Sep month.
10.0
9.5
9.0
8.5
8.0
7.5
CIS
YoY (%)
10
5
0
-5
-10
-15
Source: Metal Bulletin, WSA, Bloomberg, MOSL
7 December 2015
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
declined 6.1% YoY to
9.6mt in October 2015.
11.0
10.5
10.0
9.5
9.0
8.5
Global: Monthly crude steel production
Global crude steel
production was down 2.3%
YoY to 133mt in
October 2015. This was
the 10
th
consecutive
month of contraction in
global steel production.
145
140
135
130
125
120
Global
YoY (%)
7
5
3
1
-2
-4
Global: Monthly crude steel capacity utilization
81
Capacity Utilization
Global crude steel capacity
utilization fell 640bps YoY to
68.3%, trending at multi-year
low run-rate.
77
73
69
65
Source: Bloomberg, WSA, MOSL
7 December 2015
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
fell by a sharp 10% WoW
to USD40/t.
70
60
50
40
30
OTC iron-ore swaps (USD/ton)
2016
2Q16
1Q16
60
55
50
45
40
35
China iron-ore production and imports (m tons)
China iron ore imports
declined 4.8% YoY to 75mt
in October 2015. Implied
domestic production was
down 7% YoY.
155
130
105
80
55
30
Ore Imports
Ore Prod
Pig iron prod (RHS)
76
68
60
52
44
China iron-ore inventories (mt)
110
100
China iron ore inventories
rose WoW.
90
80
70
60
Source: Metal Bulletin, Bloomberg, MOSL
7 December 2015
10

Metals Weekly
Steel raw materials
Freight rates to China (USD/ton)
Brazil
Australia
India
Freight rates were
higher WoW.
32
24
16
8
0
Coal price index
Richards Bay thermal coal
prices were down 4%
WoW to USD55.2/t.
Ri chards Bay Steam Coal
88
78
68
58
48
Coke price index (fob China)
China coke export spot (LHS)
255
230
205
180
155
130
Coking coal (USD/t)
Spot coking coal (fob Australia)
130.0
Coking coal prices were up
2% WoW to USD74/t.
110.0
90.0
70.0
7 December 2015
11

Metals Weekly
Ferro alloys
China’s imports of manganese ore and concentrate
2,000
1,700
1,400
1,100
800
500
Imports
Prices (RHS)
280
250
220
190
160
130
100
Chrome ore FOB spot prices
200
180
160
140
120
100
40% Chrome Africa
Ferro chrome CIF prices (CNY/t)
11,000
9,500
8,000
6,500
5,000
Fe Chrome 50% Cr China
Fe Chrome 63% Cr Pittursburgh
Silico Manganese prices
0.7
0.6
0.5
0.4
0.3
Silico Manganese in warehouses in Pittsburg USA
Source: Metal Bulletin, Bloomberg, MOSL
7 December 2015
12

Metals Weekly
Non-ferrous
Non-ferrous
Aluminum
2,200
2,000
1,800
1,600
1,400
LME inventories and spot prices
Inventories (RHS)
Spot
4.9
4.3
3.7
3.1
2.5
Aluminum (cash LME) rose
2% WoW to USD1,503/t.
Global primary aluminum monthly production and YoY growth
Global aluminum
production grew 9.4% YoY
in September, similar to
9.1% growth reported in
August.
Production
5,400
4,800
4,200
3,600
3,000
YoY
23.0
18.0
13.0
8.0
3.0
-2.0
Aluminum: SHFE Vs LME arbitrage (USD/T)
LME and SHFE arbitrage
was balanced.
290
190
90
-10
-110
-210
India: Company-wise primary aluminum monthly production
Hindalco
Balco
Nalco
VED - JSG
7 December 2015
13

Metals Weekly
Non-ferrous
Aluminum
All-in-aluminum prices
were higher at
USD1,693/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)
450
Alumina prices were down
5% WoW to USD216/t.
410
370
330
290
250
210
Spreads: Aluminum Cans (UBC) – LME all-in-aluminum (USD/t) – 12-m moving average
750
625
500
375
250
Source: Metal Bulletin, Bloomberg, Industry, MOSL
7 December 2015
14

Metals Weekly
Non-ferrous
Copper
LME inventories and prices
7,500
Inventories (RHS)
Spot
0.4
0.3
0.2
0.1
Copper (cash LME) prices
were flat WoW at
USD4,637/t.
6,500
5,500
4,500
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
fell 0.5% YoY to 1.94mt in
September 2015, but was
not as bad as 3.3% decline
reported in August.
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
36
25
14
3
-8
Copper: Spot TCRC (USc/lb)
35.0
32.0
29.0
26.0
23.0
20.0
7 December 2015
15

Metals Weekly
Non-ferrous
Zinc
Zinc (cash LME) prices fell
1% WoW to USD1,529/t.
LME inventories and prices
Inventories (RHS)
2,400
2,100
1,800
1,500
Spot
0.9
0.8
0.7
0.6
0.5
0.4
Global refined zinc monthly production and YoY growth
Production
YoY growth (RHS)
14.0
8.0
2.0
-4.0
-10.0
Zinc production grew 2.4%
YoY in Sep 2015 (1.18mt),
similar to the run-rate
seen in August (2.8% YoY).
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 (July 2015)
150
100
50
0
-50
-100
7 December 2015
16

Metals Weekly
Non-ferrous
Lead
Lead (cash LME) prices
rose 3% WoW to
USD1,669/t.
LME inventories and prices
Inventories (RHS)
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
1.0
Production
YoY - RHS
22
12
2
-8
-18
Refined lead production in
Sep 2015 fell 16.6% YoY
to 809kt
0.9
0.8
0.7
0.6
China: Refined lead monthly production and YoY growth
0.5
0.4
0.3
0.2
Production
YoY - RHS
20
0
-20
-40
India: Company-wise refined lead monthly production
HZL
:
9
6
7
12 11 11
14
10 10 11 11 10 9 10 11 9
9
9
12
13 13 13 14
9
9
Source: Metal Bulletin, Bloomberg, MOSL
7 December 2015
17

Metals Weekly
Commodity forward curves
LME aluminum (USD/ton)
2,000
1,850
1,700
1,550
1,400
Current
1-week ago
3-month ago
LME copper (USD/ton)
5,500
5,200
4,900
4,600
4,300
Current
1-week ago
3-month ago
LME zinc futures (USD/ton)
1,950
1,800
1,650
1,500
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
7 December 2015
18

Metals Weekly
China non-ferrous trade data
China’s aluminum trade ('000 tons)
Aluminum exports fell 12%
YoY to 330kt in October
2015. Export run-rate has
moderated over the past
few months as arbitrage
between LME and SHFE
has vanished.
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
Export
Import
China refined zinc imports
grew ~2x YoY to 72kt in
October 2015.
75
50
25
0
China’s alumina imports ('000 tons)
800
Chinese alumina imports
grew 53% YoY to 580kt in
October, as smelters took
advantage of lower
alumina prices.
600
400
200
0
Source: Metal Bulletin, Bloomberg, MOSL
7 December 2015
19

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
59
53
47
41
35
China: Fixed asset investment growth (%)
Fixed asset investment
growth was at 10.2% YoY
in October, similar to
10.3% YoY growth
recorded in September.
21
19
17
15
13
11
9
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
7 December 2015
20

Metals Weekly
Key indicators (Contd...)
China Energy Production Electricity (b kwh)
550
480
410
340
270
200
Electricity
YoY (%, RHS)
47
32
17
2
-13
-28
China electricity
production declined 1.9%
YoY in October 2015.
China Monthly Trade YoY (%)
50
30
10
-10
-30
Import
Export
China Price Index YoY (%)
PPI
5
2
-1
-4
-7
CPI
China GDP YoY (%)
8.3
China’s GDP growth was
6.9% in 3QCY15.
7.9
7.5
7.1
6.7
Source: Bloomberg, MOSL
7 December 2015
21

Metals Weekly
Industrial production growth
The UK and the USA (%)
6
3
0
-3
-6
UK
USA
Japan (%)
20
10
0
-10
-20
European Union (%)
8
2
-4
-10
France
Germany
Italy
BRIC (%)
Russia
16
9
2
-5
-12
Brazil
India
China
Source: Bloomberg, MOSL
7 December 2015
22

Metals Weekly
Stock exchange announcements
NMDC:
The Company reported production and sales volume data for the month of
November. Production increased 5.5% YoY to 2.5mt. Sales volumes however were
down 13.9% YoY to 1.92mt.
7 December 2015
23

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
Mining
Coa l Indi a
Hi ndus ta n Zi nc
NMDC
CMP=current ma rket pri ce
Sel l
Netura l
Netura l
Sel l
Buy
Buy
Neutra l
Buy
Buy
Sel l
Price
(INR)
240
972
93
47
79
41
92
335
147
92
MCAP
(USD M)
3,490
3,515
1,278
2,886
2,444
1,575
4,067
31,657
9,282
5,441
FY15
2.9
74.5
6.9
5.2
11.4
4.8
20.3
21.7
19.4
16.6
EPS
FY16E
7.6
14.4
-27.0
-7.6
0.3
2.9
11.1
23.4
17.3
8.3
FY17E
-22.7
56.0
-18.7
-5.5
9.6
3.5
9.4
27.4
13.8
7.3
P/E (x)
FY16E FY17E
31.5
67.5
NM
NM
NM
14.1
8.3
14.3
8.5
11.1
NM
17.3
NM
NM
8.3
11.8
9.7
12.2
10.6
12.5
EV/EBITDA (x)
FY16E FY17E
12.3
9.4
13.3
NM
8.3
4.3
7.1
7.1
4.0
5.7
9.9
7.2
11.1
31.3
6.7
3.2
6.7
6.1
4.4
7.4
P/B(x)
FY15 FY16E
1.3
1.1
0.4
0.4
0.8
0.8
0.5
1.2
1.1
0.5
0.5
0.8
0.8
0.5
5.2
5.1
1.4
1.3
1.1
1.1
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
18
2
44
10
4
4
171
8
41
2,009
5
6
9
32
3
MCAP
(US$ M)
67,512
4,257
57,054
15,987
2,389
7,185
12,886
1,137
13,136
10,065
2,247
14,237
12,237
7,656
5,293
PE (x)
CUR YR
NXT YR
27.0
8.7
12.6
NM
14.0
NM
94.3
NM
23.4
16.3
21.9
22.6
15.8
11.7
4.2
17.4
10.5
15.3
12.5
20.7
29.4
11.1
NM
15.5
9.5
10.4
15.1
17.7
16.5
5.9
EV/EBITDA(x)
CUR YR
NXT YR
6.7
4.3
6.1
5.9
5.6
5.0
6.5
15.3
8.8
8.0
6.4
9.0
6.8
4.9
6.6
5.7
4.6
6.7
5.8
5.7
4.6
6.3
6.6
6.9
6.9
5.9
7.7
P/BV (x)
CY15E
NM
NM
NM
0.3
0.2
0.2
0.4
0.4
1.7
NM
1.1
0.8
7.2
1.0
6.1
0.9
9.6
NM
Source: Bl oomberg
7 December 2015
24

Metals Weekly
Metals Stock
Performance
Among large-cap companies, JSPL
was the best relative performer
while SAIL 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
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
1.8
-8.5
8.6
22.9
-3.3
-6.7
-6.6
6.8
-3.8
-1.5
-3.4
-2.7
-0.3
7.9
10.0
-33.1
8.5
3.3
-3.6
Absolute Perf (%)
3
6
4.6
-4.2
4.4
43.0
-10.6
-6.5
10.5
23.0
2.5
10.5
3.8
7.9
0.9
3.2
-6.1
-33.7
7.2
16.3
-0.5
-24.1
-28.0
10.8
-12.6
-25.2
-51.1
-12.3
-10.3
-35.2
18.0
-21.4
-15.1
-11.8
3.2
-7.3
-44.4
8.2
-9.0
-4.5
12
-48.0
-45.3
-16.8
-38.7
-34.4
-61.3
-13.7
-29.3
-52.3
-53.0
-52.7
-49.2
-27.6
-40.0
-52.7
-69.7
-17.0
-50.9
-10.2
Relative Perf to Sensex (%)
1
3
6
12
5.3
-4.9
12.1
26.5
0.3
-3.1
-3.0
10.4
-0.2
2.1
0.2
0.8
3.3
11.5
13.5
-29.5
12.1
6.9
-
5.1
-3.7
4.9
43.5
-10.1
-6.0
11.0
23.5
3.0
11.0
4.3
8.4
1.4
3.7
-5.6
-33.2
7.7
16.8
-
-19.6
-23.5
15.2
-8.2
-20.8
-46.6
-7.8
-5.9
-30.7
22.5
-17.0
-10.6
-7.3
7.6
-2.8
-40.0
12.7
-4.5
-
-37.8
-35.0
-6.6
-28.4
-24.2
-51.1
-3.4
-19.1
-42.0
-42.8
-42.4
-39.0
-17.4
-29.7
-42.4
-59.5
-6.7
-40.6
-
Among mid-cap companies,
Bhushan Steel outperformed
and Jai Balaji has underperformed
over one month.
Global Metals stock performance on absolute basis (%)
1week
1month
-11.4
-22.1
-30.5
-9.8
-33.1
-29.7
-40.0
-5.3
-27.6
-0.7
-9.3
11.0
6.5
1.3
-14.2
-5.8
-0.4
-9.2
1.2
Absolute Perf (%)
3 months
6 months
-11.1
-26.3
-34.1
0.3
-48.1
-38.4
-51.2
-4.2
-42.5
-11.4
-7.1
12.7
4.5
-1.6
-11.9
-7.5
-2.4
-20.7
0.0
-27.8
-37.2
-50.8
-22.0
-64.1
-38.5
-69.7
-17.4
-61.5
-37.4
-27.9
-34.1
-28.6
-23.6
-28.9
-48.4
-25.9
-36.2
-46.0
7 months
-29.1
-37.9
-60.7
-31.6
-70.7
-47.8
-75.9
-25.4
-59.3
-5.8
-44.5
-26.9
-22.5
-12.7
-13.5
-62.4
-45.8
-53.6
-29.2
12 months
-29.1
-37.9
-60.7
-31.6
-70.7
-47.8
-75.9
-25.4
-59.3
-5.8
-44.5
-26.9
-22.5
-12.7
-13.5
-62.4
-45.8
-53.6
-29.2
Among global mining companies,
Vedanta was the best relative
performer over one week.
Among global steel majors, JFE
Holdings was the best relative
performer, while Arcelor Mittal
was the worst performing stock
over the last one week.
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
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
-5.4
-4.5
-8.1
-8.0
-6.0
-1.9
-3.8
-1.6
-13.2
0.4
-0.3
2.1
-0.5
-5.0
-4.9
-8.7
0.2
-1.8
0.0
7 December 2015
25

Metals Weekly
NOTES
7 December 2015
26

METALS GALLERY
METALS WEEKLY
SECTOR UPDATES
SECTOR UPDATES

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