Metals Weekly
11 June 2012
Metals Weekly
Valuations: Indian companies
Price
(INR)
Steel
Tata Steel
SAIL
JSW Steel
JSPL
NMDC
Sesa Goa
Non-ferrous
Sterlite Inds.
HZL
Nalco
Hindalco
Mid-caps
Monnet Ispat
Godawari
Sarda Energy
Tata Sponge
Adhunik Met.
Bhushan Steel
Rain Comm.
Prakash Inds.
411
95
641
440
168
188
101
118
60
120
340
114
127
286
34
452
37
46
EV/EBITDA
FY12 FY13E
6.9
9.2
6.9
8.2
5.1
2.3
3.2
5.0
9.8
6.3
10.3
4.1
8.6
1.9
9.8
9.8
3.2
3.4
5.9
7.1
6.3
8.1
4.0
2.8
2.9
4.3
9.2
6.4
9.0
4.7
6.3
1.0
6.5
9.4
2.8
2.4
P/BV
FY12
1.6
1.0
0.9
2.3
2.7
1.1
0.8
1.9
1.3
1.3
0.9
0.5
0.5
0.8
0.3
1.4
0.6
0.3
Metal Prices
CMP
Week
11-Jun
%
4-Jun
HRC Tube grade - Mumbai (INR/ton)40,118 0
40,118
HRC (USD/ton) fob CIS
593
0
593
HRC (USD/ton) fob China
654
0
656
Sponge iron - Raipur (INR/ton)
23,600
Pig iron - Raipur (INR/ton)
26,655
Iron ore spot (USD/ton) cfr China
137
Coke (USD/ton) fob
365
Shred. scrap (USD/ton) fob Rotter.
398
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)
4,864
1,938
107
952
1,873
104
230
7,251
401
0
0
-1
0
-1
-1
0
-1
1
1
0
-1
-2
-2
-1
0
0
0
23,600
26,655
139
365
401
4,904
1,937
108
942
1,852
104
Quarter
% 2-Apr
2 39,438
-7
635
-6
693
-2 24,200
5 25,385
-9
150
-1
370
-3
410
-4
-8
0
6
-6
1
5,069
2,098
107
896
2,003
102
258
8,480
431
%
10
3
-2
YTD CY12
2-Jan
36,491
578
666
22,600
24,660
142
375
414
4,954
2,016
105
825
1,855
97
372
7,410
403
27,600
51,760
2,020
1.09
4
8
-4
-3
-4
-2
-4
3
15
1
7
-38
-2
-1
7
4
-7
8
231 -11
7,364 -14
409 -7
29,803
53,914
1,880
1.19
Note: Detailed table on pg 21
Source: MOSL
Valuations: Global companies
Price
Steel
A. Mittal EUR 11.3
Posco k KRW 370.5
US Steel USD 19.1
Nucor
USD 37.2
Gerdau
BRL 16.8
Bao Steel CNY 4.8
Non-ferrous
Alcoa
USD 8.5
Teck Res. USD 31.3
Xstrata
GBp 9.6
BHP
AUD 31.9
Rio Tinto AUD 55.6
Detailed on pg 21
EV/EBITDA
CY11 CY12
5.1
5.8
4.9
7.1
7.5
5.8
4.3
5.1
3.6
5.2
6.1
5.6
P/BV
CY11
0.4
0.8
0.8
1.5
1.1
0.8
Gold (INR/10gms)
29,430
Sliver (INR/1kg)
53,826
Lead Spot LME (USD/ton)
1,884
FC 6-8% C basis 60% Cr (USD/lb Cr) 1.18
INR/USD
BDI
5 28,075
-4 55,950
-7 2,020
0
1.19
55.2 -1
55.5
8
50.9
5
52.7
877 -3
904 -6
934
-50
1,738
Source: MMR/LME/Metal Bulletin/SteelPricesIndia/MOSL
Global steel prices weaken further; aluminum spot premium at
5-year high; thermal coal down 15% since December 2011
Global steel prices weakened further. Prices in China, North America
and Turkey are close to their 52-week lows. Steel prices decreased 0.8%,
0.6%, 1.3%, 4.7% and 0.8% WoW in Europe, China, Russia, Middle East
and North America, respectively.
63.5% Fe iron ore prices decreased 1% WoW to USD137/ton while Richards
Bay steam coal prices decreased 1% WoW to the lowest level since
October 2010 to USD90/ton. Despite weakening prices, China's iron ore
BSE Metals Index v/s Sensex
imports increased 11% MoM to 63.9m tons in May.
BSE Metals Index
After sharp sell-off last week, base metal prices increased marginally,
Sensex
except for copper, which declined another 1.5% WoW. Aluminum, zinc
107
and lead prices increased 0.1%, 1.1% and 0.2% WoW, respectively. US
104
aluminum spot premium at USD231/ton is at a 5-year high.
101
The Goa government is expected to finalize the mining policy by the
98
end of June. We expect some clarity on the status of dumps, the export
95
of which has been discontinued since September 2011.
The Indonesian government has set base prices for 20% export tax as
well as allocated quota for exports for the next three months. China's
Source: Bloomberg
alumina imports shot up 2.6x MoM to 720k tons in May due to fears of a
Note: Indexed to 100 on 4 June 2012
ban on bauxite exports from Indonesia.
Stock performance table on pg 22
Sanjay Jain
(SanjayJain@MotilalOswal.com); Tel:+91 22 3982 5412
Pavas Pethia
(Pavas.Pethia@MotilalOswal.com); Tel:+91 22 3982 5413
11 June 2012
1
6.9
5.4
0.6
4.7
4.2
1.0
4.9
4.3
0.9
5.3
4.7
2.4
4.2
3.7
1.6
Source: Bloomberg

Metals Weekly
Contents
Page No.
Ferrous
..................................................................................
3-10
India ............................................................................................................ 3
European Union .......................................................................................... 4
China ............................................................................................................ 5
Other regions ........................................................................................ 6 & 7
Steel raw material ................................................................................. 8 & 9
Ferro alloys ................................................................................................ 10
Non ferrous
..........................................................................
11-17
Aluminum ................................................................................................. 11
Copper ....................................................................................................... 13
Zinc ............................................................................................................ 14
Lead ........................................................................................................... 15
Commodity curve analysis ................. ...................................................16
China non-ferrous trade data ................ ...............................................17
Key indicators
...........................................................................
18
Industrial production growth across the globe
........................
19
BSE Exchange announcements
................................................
20
Metals valuation matrix
...........................................................
21
Metals stock performance
.......................................................
22
11 June 2012
2

Metals Weekly
Ferrous
Ferrous
INDIA
Indian flat steel prices (INR/ton)
HRC tube grade M umbai
CRC 0.63 DSK Delhi
GP 0.63 Delhi
50,000
45,000
40,000
35,000
30,000
25,000
Indian long steel prices (Mandi; INR/ton)
P encil Ingo t
Rebar 1
2mm (including excise and VA T)
56,000
52,000
48,000
44,000
40,000
36,000
32,000
28,000
24,000
20,000
Steel intermediates prices (INR/ton)
DRI Raipur
HM S 80:20 M andi
30,000
25,000
20,000
15,000
10,000
India: Monthly crude steel production
India
Yo Y (%)
6.8
6.2
5.6
5.0
4.4
30
20
10
0
-10
Source: SteelPricesIndia/WSA/MOSL
11 June 2012
3

Metals Weekly
European Union
European steel prices (EUR/ton)
No rth
So uth
Impo rts
700
North European HRC prices
decreased 0.4% WoW to USD534/ton
600
500
400
300
Rotterdam export shredded scrap prices
Ro tterdam (USD/t)
500
Rotterdam export shredded scrap
prices decreased 0.9% WoW
to USD398/ton
400
300
200
100
European medium section prices (EUR/ton)
Reinfo rcing B ar
M edium Sectio ns
700
600
500
400
300
European Union: Monthly crude steel production
EU
Yo Y (%)
18
15
13
10
8
70
40
10
-20
-50
Source: Metal Bulletin/Bloomberg/SBBS/WSA/MOSL
11 June 2012
4

Metals Weekly
China
China domestic prices (USD/ton)
840
760
HRC
Rebar
In China, HRC prices decreased
0.3% WoW to USD654/ton while
rebar prices decreased 1% WoW
to USD648/ton
680
600
520
440
Steel trade (m ton)
Expo rts
Impo rts
6
5
3
2
0
Steel inventories (m tons)
10
9
7
6
4
Monthly crude steel production
China
Yo Y (%)
64
55
46
37
28
60
40
20
0
-20
Source: Metal Bulletin/Bloomberg/SBBS/WSA/MOSL
11 June 2012
5

Metals Weekly
Other regions
CIS steel export prices (USD/ton)
Russia HRC
B illet
Slab
850
Russian HRC billet prices decreased
1.3% WoW to USD590/ton
700
550
400
250
Middle East import and Turkish export steel prices (USD/ton)
950
M iddle East HRC Impo rt
Turkish Exp B illets
800
Middle East import HRC prices
declined 4.7% WoW to USD658/ton
650
500
350
North America domestic HRC prices (USD/ton)
Do mestic HRC
Shredded scrap
900
North American HRC prices
decreased 0.8% WoW to USD640/ton
700
500
300
100
CIS: Monthly crude steel production
CIS
Yo Y (%)
10
9
8
7
6
60
30
0
-30
Source: Metal Bulletin/SBBS/WSA/Bloomberg/MOSL
11 June 2012
6

Metals Weekly
Other regions
Middle East: Monthly crude steel production
M iddle East
Yo Y (%)
1.9
1.7
1.6
1.4
1.2
28
16
4
-8
-20
North America: Monthly crude steel production
No rth A merica
Yo Y (%)
11
9
8
6
4
80
40
0
Global: Monthly crude steel production
Glo bal
Yo Y (%)
140
125
110
95
80
40
20
0
-20
Global: Monthly crude steel capacity utilization
Capacity Utilizatio n
84
81
78
75
72
69
66
Source: Bloomberg/WSA/MOSL
11 June 2012
7

Metals Weekly
Steel raw materials
Indian 63.5% grade iron-ore fines in China (USD/ton)
CIF
FOB
200
In China, spot CFR iron ore prices
decreased 1% WoW to
USD137/ton DMT
160
120
80
40
OTC iron-ore swaps (USD/ton)
3Q1
2
4Q1
2
201
3
201
4
Iron ore swaps traded flat WoW
150
145
140
135
130
125
120
115
110
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
60
55
50
45
60
30
40
35
China iron-ore inventories (m tons)
110
100
90
80
70
60
Source: Metal Bulletin/Bloomberg/MOSL
11 June 2012
8

Metals Weekly
Steel raw material
Freight rates to China (USD/ton)
B razil
A ustralia
India
56
42
28
14
0
Coal price index
Richards B ay Steam Co al
150
125
Richards Bay steam coal price
decreased 1% WoW to USD90/ton,
the lowest since October 2010
100
75
50
Coke price index
China co ke expo rt spo t (LHS)
China 1 grade metallurgical co ke
st
450
400
350
300
250
2,220
2,160
2,100
Steel raw materials (INR/ton)
P ig Raipur
Iro n o re fo r DRI - RHS
30,000
25,000
20,000
15,000
10,000
8,600
7,200
5,800
4,400
3,000
Source: Metal Bulletin/Bloomberg/MOSL
11 June 2012
9

Metals Weekly
Ferro alloys
China’s imports of manganese ore and conc
Impo rts
P rices (RHS)
1,400
1,100
800
500
200
340
280
220
160
100
Manganese and chrome ore FOB spot prices
M n 48% Euro pe spo t
40% Chro me A frica (RHS)
8.3
7.0
5.8
4.5
300
250
200
150
100
Ferro and silico manganese prices (USD/t)
1,600
1,450
1,300
1,150
1,000
FeM n 75%M n-7.5%C
SiM n 65%M n-1
7%Si
Ferro chrome CIF prices (CNY/t)
Fe Chro me 50% Cr China
Fe Chro me 63% Cr P ittursburgh
16,000
13,000
10,000
7,000
4,000
Source: Metal Bulletin/Bloomberg/MOSL
11 June 2012
10

Metals Weekly
Non-ferrous
Non-ferrous
Aluminum
LME inventories and prices
Invento ries
Spo t
3,200
6.0
5.2
4.4
Aluminum spot prices increased
0.1% WoW to USD1,938/ton
2,700
2,200
1,700
1,200
3.6
2.8
2.0
Global primary aluminum monthly production and YoY growth
P ro ductio n
Yo Y
4,000
3,750
3,500
3,250
3,000
32
20
8
-4
-16
China primary aluminum monthly production and YoY growth
P ro ductio n
Yo Y
1.8
1.5
1.2
0.9
0.6
80
55
30
5
-20
India: Company-wise primary aluminum monthly production
Hindalco
B alco
Nalco
VA L
Source: Metal Bulletin/LME/Bloomberg/MOSL
11 June 2012
11

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
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/LME/Bloomberg/Industry/MOSL
11 June 2012
12

Metals Weekly
Non-ferrous
Copper
LME inventories and prices
Invento ries
Spo t
12,500
0.6
0.5
0.4
0.3
0.2
Copper spot prices decreased
1.5% WoW to USD7,251/ton
10,000
7,500
5,000
2,500
Global refined copper monthly production and YoY growth
P ro ductio n
Yo Y - RHS
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
0.54
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/LME/Bloomberg/MOSL
11 June 2012
13

Metals Weekly
Non-ferrous
Zinc
LME inventories and prices
Invento ries
Spo t
3,000
2,500
1.0
0.8
0.6
0.4
0.2
Zinc spot prices increased
1.1% WoW to USD1,873/ton
2,000
1,500
1,000
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
22
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
3
4
3 2
2
3 3 2 3 3
2
2
2
3
3 3 3
2 2 2 2 2 2 3 2 2 2
2
0
Source: Metal Bulletin/LME/Bloomberg/MOSL
11 June 2012
14

Metals Weekly
Non-ferrous
Lead
LME inventories and prices
Invento ries
Spo t
3,000
0.5
0.4
0.3
Lead spot prices increased
0.2% WoW to USD1,884/ton
2,500
2,000
0.2
1,500
1,000
0.1
0.0
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
0.3
0.2
60
40
20
0
-20
-40
India: Company-wise refined lead monthly production
HZL
Source: Metal Bulletin/LME/Bloomberg/MOSL
11 June 2012
15

Metals Weekly
Commodity forward curves
LME aluminum (USD/ton)
Current
1
-week ago
3-mo nth ago
2,800
2,600
2,400
2,200
2,000
1,800
LME copper (USD/ton)
Current
1
-week ago
3-mo nth ago
9,000
8,700
8,400
8,100
7,800
7,500
7,200
LME zinc futures (USD/ton)
Current
1
-week ago
3-mo nth ago
2,200
2,100
2,000
1,900
1,800
Base metals US spot premium (USD/ton)
A luminium
Zinc
Co pper
300
235
170
105
40
US aluminum spot premium at
USD231/ton is at its 5-year high
Source: LME/Metal Bulletin/Bloomberg/MOSL
11 June 2012
16

Metals Weekly
China non-ferrous trade data
China’s aluminum trade ('000 tons)
Impo rts
Expo rts
450
350
250
150
50
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
450
300
150
0
China alumina imports shot up
2.6x MoM to 720kt in May
600
400
200
0
Source: LME/Metal Bulletin/Bloomberg/MOSL
11 June 2012
17

Metals Weekly
Key indicators
China new loan growth
1,600
1,250
900
550
200
China PMI
60
55
China PMI dropped 5% MoM to 50.4
50
45
40
China: Fixed asset investment
33
30
27
24
21
18
Currency movement with respect to the rupee
USD (LHS)
GB P
EURO
58
94
86
78
70
62
54
The rupee appreciated 0.7% WoW
against the US dollar and was
trading at INR55.15/USD
54
50
46
42
38
Source: Bloomberg/MOSL
11 June 2012
18

Metals Weekly
Industrial production growth
The UK and the US
UK
USA
16
8
0
-8
Japan
40
20
0
-20
-40
European Union
France
Germany
Italy
20
8
-4
-16
-28
BRIC
Russia
B razil
India
China
18
12
6
0
-6
-12
Source: Bloomberg/MOSL
11 June 2012
19

Metals Weekly
Stock Exchange announcements
The Ministry of Steel has informed that additional charge for the post of
CMD,
NMDC
has been assigned to Mr CS Verma, Chairman, SAIL for a
period of three months.
There was a fire in the calcined coke storage dome at one of Rain CII's
plants (Rain CII is a step-down subsidiary of
Rain Commodities
situated
at Gramercy, USA) on 7 June. All visible flames have been extinguished
and local fire officials are continuing to put water on the smoldering
areas. There are no injuries.
Godawari Power and Ispat
will hold an EGM on 25 June to approve the
issue and allotment of 5m convertible warrants to the promoters and
promoter group.
Hindalco
will hold a meeting of its Board of Directors on 27 June to
consider consolidated financial results for FY12.
11 June 2012
20

Metals Weekly
Metals
Valuation Matrix
Valuations: Indian companies
Rating
Steel
Tata Steel
SAIL
JSW Steel
JSPL
NMDC
Sesa Goa
Non-Ferrous
Sterlite Inds.
Hindustan Zinc
Nalco
Hindalco
Price Mkt Cap
(INR) (USD M)
411
95
641
440
168
188
7,327
7,017
2,657
7,786
12,005
3,094
EPS (INR)
FY11
FY12
62.3
12.0
77.4
40.1
16.4
49.0
20.9
7.7
38.7
44.4
18.5
35.7
FY13E
33.7
9.8
45.2
47.5
21.0
41.3
P/E (X)
FY12 FY13E
19.7
12.3
16.5
9.9
9.1
5.3
12.2
9.7
14.2
9.3
8.0
4.5
EV/EBITDA (X)
FY12 FY13E
6.9
9.2
6.9
8.2
5.1
2.3
5.9
7.1
6.3
8.1
4.0
2.8
P/B (X)
FY12 FY13E
1.6
1.0
0.9
2.3
2.7
1.1
1.5
0.9
0.8
1.9
2.2
1.0
Sell
Sell
Sell
Buy
Not Rated
Neutral
Buy
Buy
Neutral
Buy
101
118
60
120
6,441
9,613
2,989
4,275
15.2
11.6
4.2
17.6
17.6
13.2
3.1
20.4
14.2
14.1
3.2
19.3
5.7
9.0
18.9
5.9
7.1
8.4
18.5
6.2
3.2
5.0
9.8
6.3
2.9
4.3
9.2
6.4
0.8
1.9
1.3
1.3
0.7
1.6
1.3
1.1
Mid-caps
Monnet Ispat
Neutral
340
444
Godawari
Buy
114
67
Sarda Energy
Neutral
127
86
Tata Sponge
Buy
286
84
Adhunik Metaliks
Buy
34
80
Bhushan Steel
Neutral
452
1,792
Rain Commodities*
Buy
37
246
Prakash Industries
Buy
46
113
* Rain Commodities follows calendar year reporting. Read
43.7
47.6
52.3
7.2
27.0
26.5
33.9
4.3
19.1
24.3
25.4
5.2
65.8
51.2
68.1
5.6
14.9
1.8
9.2
18.6
47.3
48.2
48.8
9.4
9.3
19.0
18.2
2.0
19.9
20.1
23.9
2.3
FY11/FY12/FY13 as CY10/CY11/CY12
6.5
3.4
5.0
4.2
3.7
9.3
2.1
1.9
10.3
4.1
8.6
1.9
9.8
9.8
3.2
3.4
9.0
4.7
6.3
1.0
6.5
9.4
2.8
2.4
0.9
0.8
0.5
0.5
0.5
0.5
0.8
0.7
0.3
0.3
1.4
1.2
0.6
0.5
0.3
0.3
Source: MOSL
Valuations: Global companies
BBG
Code
Steel
Arcelor Mittal
Posco
US Steel
Nucor
Gerdau
Bao Steel
Non-Ferrous
Alcoa
Teck Resources
Xstrata
BHP-Billiton
Rio Tinto
MT NA
005490 KS
X US
NUE US
GGBR4 BZ
600019 CH
AA US
TCK US
XTA LN
BHP AU
RIO AU
Currency
Price
Mkt Cap
(USD M)
22,369
27,707
2,755
11,801
13,492
13,366
9,088
18,431
44,798
160,716
87,139
P/E (X)
CY11
8.0
9.2
8.8
16.5
13.0
7.6
14.9
8.8
8.9
9.3
7.8
CY12
5.1
7.9
5.6
10.0
10.0
8.1
8.6
7.9
7.2
8.5
6.8
EV/EBITDA(X)
CY11
CY12
5.1
5.8
4.9
7.1
7.5
5.8
6.9
4.7
4.9
5.3
4.2
4.3
5.1
3.6
5.2
6.1
5.6
P/BV
CY11
0.4
0.8
0.8
1.5
1.1
0.8
EUR
k KRW
USD
USD
BRL
CNY
USD
USD
GBp
AUD
AUD
11.3
370.5
19.1
37.2
16.8
4.8
8.5
31.3
9.6
31.9
55.6
5.4
0.6
4.2
1.0
4.3
0.9
4.7
2.4
3.7
1.6
Source: Bloomberg
11 June 2012
21

Metals Weekly
Metals Stock
Performance
Among large-cap companies, Sesa
Goa outperformed and JSPL has
underperformed over the
last one month
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
-3.9
1.9
-7.1
-9.2
0.0
4.1
1.6
-3.7
1.4
2.5
-28.2
-1.9
-6.5
-0.7
-16.4
3.7
-6.0
-3.7
-6.1
1.0
-3.4
4.5
-7.8
-17.9
-7.8
-2.4
-8.0
-7.1
3.3
-8.4
-24.4
13.6
7.4
1.1
-31.0
20.7
-13.4
-1.3
-2.2
-2.5
-1.5
9.5
3.4
-17.6
-9.7
-0.8
-8.2
-5.6
10.1
-12.5
-8.2
3.0
31.9
-5.1
-13.0
42.7
-31.3
26.0
26.4
-0.9
12
-28.9
-35.3
-29.9
-30.3
-39.0
-35.0
-39.4
-12.0
-33.9
-34.3
-35.2
-33.5
-44.8
-19.0
-58.0
4.7
-82.3
2.2
-33.5
-9.1
Relative Perf to Sensex (%)
1
3
6
12
-5.0
0.8
-8.2
-10.2
-1.0
3.1
0.6
-4.7
0.3
1.4
-0.9
7.0
-5.3
-15.4
-5.4
0.0
-5.5
-4.7
5.8
-6.0
-0.5
10.4
4.4
-16.6
-8.8
0.2
-7.2
-4.7
11.0
-11.6
-19.8
-26.2
-20.9
-21.2
-30.0
-25.9
-30.4
-2.9
-24.9
-25.2
Among mid-cap companies, Bhushan
Steel outperformed and Monnet
Ispat has underperformed over
the last one month
Worst performer
-29.2 -21.9
-7.3 -26.1
-3.0
16.1
3.9 -24.4
-7.5
9.9
32.8 -35.7
-1.8
3.6
-4.1
-9.9
-17.4 -28.5 -12.0 -48.9
2.7
23.2
43.6
13.8
-7.0 -10.9 -30.4 -73.2
-4.8
1.2
26.9
11.2
-7.1
0.3
27.3 -24.4
-
-
-
-
Source: MOSL/Bloomberg
Global metals stock performance on absolute basis (%)
1week
1month
-7.7
-8.0
-9.9
-11.9
-4.5
-11.7
-26.9
-0.3
-8.1
-4.6
-2.4
-10.4
-11.6
-26.5
-11.6
-0.6
-7.5
-8.4
-11.9
Absolute Perf (%)
3 months
6 months
-17.1
-7.0
-19.1
-16.4
-19.3
-32.8
-26.2
-10.6
-23.9
-6.4
-7.7
-21.6
-24.7
-38.4
-16.8
-16.8
-12.8
-28.9
-20.4
-13.9
-13.8
-18.0
-7.4
-16.5
-14.9
-32.5
-9.6
-19.5
-1.6
-6.8
-17.8
-16.4
-33.8
-3.1
2.6
12 months
-31.7
-25.7
-40.0
-29.7
-30.6
-54.2
-55.2
-6.2
-49.7
-20.8
-15.3
-34.9
-27.6
-64.8
-40.6
-21.6
Among global mining companies,
Anglo American was the best
performer while Xstrata was the
worst performing stock over
the last one month
Among global steel majors, Nucor
was the best performer while US
Steel was the worst performing
stock over the last one month
Mining
Rio Tinto
BHP Billiton
Vale
Xstrata
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
3.5
0.6
4.3
7.3
6.1
5.9
-0.9
4.1
4.4
-0.8
3.6
2.3
-0.6
-6.1
4.7
7.0
2.7
2.2
-2.5
Worst performer
-13.9
-45.0
-15.1
-55.7
-18.3
-52.4
Source: MOSL/Bloomberg
11 June 2012
22

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