Metals Weekly
21 August 2012
Metals Weekly
Valuations: Indian companies
Price
EV/EBITDA P/BV
(INR) FY13E FY14E FY13E
Steel
Tata Steel
SAIL
JSW Steel
JSPL
NMDC
Sesa Goa
Non-ferrous
Sterlite Inds.
HZL
Nalco
Hindalco
396
83
721
402
180
187
109
124
53
114
6.9
7.0
6.8
8.7
4.7
3.3
4.3
5.1
9.2
6.8
6.7
7.5
7.1
8.4
3.7
4.2
4.0
3.6
6.6
5.7
1.4
0.8
0.9
1.7
2.4
1.0
0.8
1.7
1.1
1.0
TMT- Mumbai (INR/ton)
HRC (USD/ton) fob CIS
HRC (USD/ton) fob China
Metal Prices
CMP
20-Aug
37,000
565
565
%
2
2
-1
0
0
-4
0
3
0
-1
-1
-1
-3
-2
-1
0
0
0
0
0
-1
Week
Quarter
13-Aug
%
2-Jul
36,200
2 36,400
555
2
553
571 -12
645
21,800 -4 22,600
26,300
4 25,385
123 -15
139
325 -8
355
361 -6
398
4,892
1,824
102
985
1,820
101
236
7,426
414
29,990
53,220
1,866
1.10
2
-2
-4
-2
-5
-5
-9
-2
-4
4,823
1,834
105
995
1,843
104
256
7,604
433
%
-7
-11
-19
YTD FY13
2-Apr
39,900
635
693
24,200
25,385
150
370
410
5,077
2,098
108
896
2,003
103
258
8,480
431
28,075
55,950
2,020
1.19
Sponge iron - Raipur (INR/ton)
21,800
Pig iron - Raipur (INR/ton)
26,300
Iron ore spot (USD/ton) cfr China
118
Coke (USD/ton) fob
325
Shred. scrap (USD/ton) Rotterdam
373
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)
4,914
1,799
100
976
1,759
99
234
7,432
414
-10
4
-22
-12
-9
-3
-14
-7
9
-12
-4
-9
-12
-4
7
-4
-7
-8
Note: Detailed table on pg 23
Source: MOSL
Valuations: Global companies
Price
Mining
BHP
AUD 33.0
FMG
AUD 4.1
Rio Tinto AUD 54.5
Vale
USD 18.0
Teck Res. USD 29.7
Xstrata GBp 907.5
Steel
A. Mittal EUR 12.7
Posco
k KRW 391
US Steel USD 22.7
Nucor
USD 40.2
JFE
JPY 1142
Gerdau
BRL 19.9
Bao Steel CNY 4.1
Non-ferrous
Alcoa
USD 8.8
Norsk Hyd. NOK 25.2
Rusal
HKD 4.2
Detailed on pg 23
BSE Metals Index
Sensex
102
100
98
96
EV/EBITDA
CY11 CY12
6.0
5.8
5.3
8.9
5.0
6.7
6.3
6.0
5.5
9.1
7.7
9.1
5.9
5.7
4.2
4.5
7.2
4.3
5.2
5.2
5.2
4.1
6.3
6.3
7.4
5.8
P/BV
CY11
2.7
3.5
1.7
1.1
0.9
0.9
0.4
0.8
1.0
1.7
0.4
1.1
0.8
Gold (INR/10gms)
29,941
Sliver (INR/1kg)
53,455
Lead Spot LME (USD/ton)
1,871
FC 6-8% C basis 60% Cr (USD/lb Cr) 1.09
INR/USD
BDI
1 29,510
2 52,256
4 1,796
-5
1.15
55.6
0
55.9
0
55.4
9
50.9
711 -5
750 -29 1,004
-24
934
Source: Metal Bulletin/Bloomberg/Steel Mint/MOSL
Iron ore drop to USD118/t; NMDC hike iron ore prices by 8-13%
Power tariff hike led to increase in TMT prices in Mumbai by 2.2%.
8.9
6.3
0.7
8.6
5.6
0.7
13.8 11.0
0.7
Source: Bloomberg
BSE Metals Index v/s Sensex
Source: Bloomberg
Note: Indexed to 100 on 14 August 2012
Stock performance table on pg 24
Investors are advised to refer through
disclosures made at the end of the
Research Report.
However SAIL has increased discount on TMT bars due to low level of
demand and widened price gap between secondary and primary
producers. Billet prices were subdued declining 0.7% WoW on weak
demand. Flat product prices were unchanged.
N.America witnessed sixth consecutive weekly gain (4.6% WoW) in steel
prices - an aberration from global trend. Steel prices decreased in China,
Russia and Middle East by 2.2%, 0.9% and 0.8% WoW respectively.
63.5% Fe CFR china iron ore prices declined further 4% WoW to USD118/
t making new 2-year low while iron swaps declined 9% WoW. 2014 swaps
traded at USD92/t.
Base metals prices remained weak with Aluminium and Zinc prices
decreasing 1.4% and 3.4% while Copper and Lead prices increased 0.1%
and 0.3% WoW respectively.
Canada's New Millennium Iron will start DSO shipments in 2013. Tata
Steel Minerals Canada have 100% off take agreement while 80%
ownership in the project.
NMDC hiked iron ore prices for both lumps and fines by 13% and 8%
QoQ respectively defying global downtrend.
1
Sanjay Jain
(SanjayJain@MotilalOswal.com); Tel:+91 22 3982 5412
21 August 2012
Pavas Pethia
(Pavas.Pethia@MotilalOswal.com); Tel:+91 22 3982 5413

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
21 August 2012
2

Metals Weekly
Ferrous
Ferrous
INDIA
Indian flat steel prices (INR/T, exl. ED & VAT)
HRC M umbai
HRC prices increased 0.2% WoW
39,000
38,000
37,000
36,000
35,000
34,000
33,000
Indian long steel price (INR/T, exl. ED & VAT)
TM T (M umbai)
42,000
TMT Mumbai prices increased
2.2% WoW to INR 37,000/t on
account of electricity tariff hike
in Maharashtra by INR1/kwh
40,000
38,000
36,000
34,000
32,000
Steel intermediates prices (INR/T, exl. ED & VAT)
Spo nge (Raipur)
25,500
24,500
Sponge iron prices were
flat WoW to INR21,800/ton
23,500
22,500
21,500
20,500
India: Monthly crude steel production
India
Yo Y (%)
7.0
6.5
6.0
5.5
5.0
30
20
10
0
-10
Source: SteelMint/WSA/MOSL
21 August 2012
3

Metals Weekly
Ferrous
INDIA
Scrap Mandi (INR/t)
Scrap (Mandi) prices increased
0.3% WoW to INR29,100/ton
Scrap (M andi)
32,000
30,000
28,000
26,000
Iron ore fines 63% (INR/t) ex mine
Iro n o re fines 63%
2,800
2,200
1,600
1,000
Iron ore 63% fines prices
corrected by INR150/t
Iron ore lumps 63% 5-18 (INR/t)
Iro n o re lumps 5-1
8
9,000
8,000
Iron ore 63% lumps Odisha prices
corrected by INR400/t
7,000
6,000
5,000
Pellet (Barbil) INR/t
P ellet (B arbil)
10,000
Pellet prices decreased
1.3% WoW to INR7,600ton
9,500
9,000
8,500
8,000
7,500
Source: SteelMint/WSA/MOSL
21 August 2012
4

Metals Weekly
European Union
European steel prices (EUR/ton)
No rth
So uth
Impo rts
550
North Europe HRC prices increased
0.4% WoW while South Europe HRC
prices declined 0.1% WoW
520
490
460
Rotterdam: shredded scrap prices (USD/t)
450
420
Rotterdam Shredded scrap prices
increased 3.1% WoW to USD371t
390
360
330
European medium section prices (EUR/ton)
Reinfo rcing B ar
M edium Sectio ns
700
650
600
550
500
European Union: Monthly crude steel production
EU
Yo Y (%)
17
15
13
11
20
10
0
-10
Source: Metal Bulletin/Bloomberg/WSA/MOSL
21 August 2012
5

Metals Weekly
China
China domestic prices (USD/ton)
800
HRC
Rebar
740
China steel prices decline continues
with HRC prices decreasing
1.1% WoW to USD565/t while
Rebar prices decreasing
3.3% WoW to USD550/t
680
620
560
500
Steel trade (m ton)
Expo rts
Impo rts
6
4
2
0
Steel inventories (m tons)
9
8
7
6
Monthly crude steel production
China
Yo Y (%)
63
20
57
0
51
45
-20
Source: Metal Bulletin/Bloomberg/WSA/MOSL
21 August 2012
6

Metals Weekly
Other regions
CIS steel export prices (USD/ton)
Russia HRC
B illet
Slab
750
Russian HRC prices decreased
0.9% WoW to USD555/t
700
650
600
550
500
450
Middle East import and Turkish export steel prices (USD/ton)
M iddle East HRC Impo rt
Turkish Exp B illets
750
Middle east import HRC prices
decreased 0.8% WoW to USD605/ton
at their 52-week low levels
700
650
600
550
North America HRC prices (USD/ton)
750
North American local HRC prices
increased for sixth consecutive week
rising 4.6%WoW to USD660/ton
700
650
600
550
CIS: Monthly crude steel production
CIS
Yo Y (%)
10
9
8
7
20
10
0
-10
Source: Metal Bulletin/WSA/Bloomberg/MOSL
21 August 2012
7

Metals Weekly
Other regions
North America: Monthly crude steel production
No rth A merica
Yo Y (%)
11
10
9
8
30
20
10
0
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
21 August 2012
8

Metals Weekly
Steel raw materials
Indian 63.5% grade iron-ore fines in China (USD/ton)
CIF
FOB
200
China spot CFR iron ore prices
decreased 4% WoW at
USD118/ton DMT
180
160
140
120
100
OTC iron-ore swaps (USD/ton)
4Q1
2
1 3
Q1
201
3
201
4
Iron ore swaps prices correction
was much sharper as prices
declined ~9% WoW. 2014
swaps traded at USD92/t
140
135
130
125
120
115
110
105
100
95
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
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
21 August 2012
9

Metals Weekly
Steel raw material
Freight rates to China (USD/ton)
B razil
A ustralia
India
42
28
14
0
Coal price index
Richards B ay Steam Co al
140
Richard bay steam coal price
decreased 0.8% WoW to USD90/ton
120
100
80
Coke price index
China co ke expo rt spo t (LHS)
China 1 grade metallurgical co ke
st
450
400
2,200
2,175
2,150
2,125
2,100
China 2nd grade coke spot prices
were flat WoW to USD325/ton
350
300
250
Coking coal (USD/t)
Spo t co king co al (fo b A ustralia)
300
270
240
210
180
150
Source: Metal Bulletin/Bloomberg/MOSL
21 August 2012
10

Metals Weekly
Ferro alloys
China’s imports of manganese ore and conc
Impo rts
P rices (RHS)
1,400
1,100
800
500
200
280
220
160
100
Manganese and chrome ore FOB spot prices
M n 48% Euro pe spo t
40% Chro me A frica (RHS)
9.5
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
13,000
11,000
9,000
7,000
Source: Metal Bulletin/Bloomberg/MOSL
21 August 2012
11

Metals Weekly
Non-ferrous
Non-ferrous
Aluminum
LME inventories and prices
Invento ries
Spo t
2,500
2,300
5.2
4.8
4.4
4.0
Aluminum spot prices decreased
1.4% WoW to USD1,799/ton
2,100
1,900
1,700
Global primary aluminum monthly production and YoY growth
P ro ductio n
Yo Y
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
1.8
1.6
1.4
30
20
10
0
1.2
1.0
-10
-20
India: Company-wise primary aluminum monthly production
Hindalco
B alco
Nalco
VA L
Source: Metal Bulletin/Bloomberg/MOSL
21 August 2012
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
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
21 August 2012
13

Metals Weekly
Non-ferrous
Copper
LME inventories and prices
Invento ries
Spo t
10,000
0.5
0.4
0.3
0.2
0.1
Copper spot prices increased
0.1%WoW at USD7,432/ton
9,000
8,000
7,000
6,000
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/Bloomberg/MOSL
21 August 2012
14

Metals Weekly
Non-ferrous
Zinc
LME inventories and prices
Invento ries
Spo t
2,300
1.0
Zinc spot prices decreased
3.4% WoW to USD1,759/ton
2,100
0.9
1,900
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
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
2
3 3
2
3 3
2
3
2 2
2 2 2 2 2 2
2
0
2
2
2
3
Source: Metal Bulletin/Bloomberg/MOSL
21 August 2012
15

Metals Weekly
Non-ferrous
Lead
LME inventories and prices
Invento ries
Spo t
2,600
2,400
0.40
0.38
0.36
0.34
0.32
0.30
Lead spot prices increased
0.3% WoW to USD1,871/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
0.3
0.2
60
40
20
0
-20
-40
India: Company-wise refined lead monthly production
HZL
Source: Metal Bulletin/Bloomberg/MOSL
21 August 2012
16

Metals Weekly
Commodity forward curves
LME aluminum (USD/ton)
Current
1
-week ago
3-mo nth ago
2,600
2,400
2,200
2,000
1,800
LME copper (USD/ton)
Current
1
-week ago
3-mo nth ago
7,800
7,600
7,400
7,200
LME zinc futures (USD/ton)
Current
1
-week ago
3-mo nth ago
2,000
1,900
1,800
1,700
Base metals US spot premium (USD/ton)
A luminium
Zinc
Co pper
300
235
170
105
40
Source: Metal Bulletin/Bloomberg/MOSL
21 August 2012
17

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
400
200
0
600
450
300
150
0
Source: Metal Bulletin/Bloomberg/MOSL
21 August 2012
18

Metals Weekly
Key indicators
China new loan growth
1,200
900
600
300
China PMI
60
55
50
45
40
China: Fixed asset investment
27
24
21
18
Currency movement with respect to the rupee
USD (LHS)
GB P
EURO
90
58
The rupee appreciated 0.5% WoW
against the US dollar and was
trading at INR55.57/USD
54
50
46
42
82
74
66
58
Source: Bloomberg/MOSL
21 August 2012
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 (%)
GDP
10
9
8
7
Source: Bloomberg/MOSL
21 August 2012
20

Metals Weekly
Industrial production growth
The UK and the US
UK
USA
12
6
0
-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
21 August 2012
21

Metals Weekly
Stock Exchange announcements
NALCO
will pay INR0.9/share dividend for FY12 to the eligible
shareholders on September 10, 2012
Sesa Goa
commissioned its third blast furnace from August 17, 2012
increasing installed capacity to 0.625mtpa from earlier capacity of
0.25mtpa
Tata Steel
is paying off USD471m principal and USD1.9m interest for last
six months on maturity of CARS liability.
Hindalco Industries
53rd Annual General Meeting (AGM) will be held on
September 11, 2012.
Sarda Energy and Minerals
has granted 333,360 ESOPs to employees at
INR125/share.
21 August 2012
22

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
CMP=current market price
Price Mkt Cap
(INR) (USD M)
396
83
721
402
180
187
6,940
6,194
2,906
6,781
12,885
2,902
EPS (INR)
FY12
FY13E
18.6
9.0
66.5
44.4
18.5
31.8
31.0
9.1
50.7
39.3
21.0
41.7
FY14E
46.4
9.3
49.4
37.0
24.6
33.5
P/E (X)
FY13E FY14E
12.8
9.2
14.2
10.2
8.6
4.5
8.5
8.9
14.6
10.9
7.3
5.6
EV/EBITDA (X)
FY13E FY14E
6.9
7.0
6.8
8.7
4.7
3.3
6.7
7.5
7.1
8.4
3.7
4.2
P/B (X)
FY13E FY14E
1.4
0.8
0.9
1.7
2.4
1.0
1.3
0.8
0.9
1.5
1.9
1.0
Sell
Sell
Sell
Neutral
Buy
Neutral
Buy
Buy
Neutral
Buy
109
124
53
114
6,605
9,491
2,443
4,070
16.7
13.2
3.1
17.1
17.3
14.0
3.0
18.1
17.5
16.3
3.4
19.8
6.3
8.9
17.9
6.3
6.2
7.6
15.4
5.8
4.3
5.1
9.2
6.8
4.0
3.6
6.6
5.7
0.8
0.7
1.7
1.4
1.1
1.1
1.0
0.9
Source: MOSL
Valuations: Global companies
BBG
Code
Mining
BHP-Billiton
FMG
Rio Tinto
Vale
Teck Resources
Xstrata
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
XTA LN
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)
177,208
13,264
91,544
95,646
17,420
42,857
24,511
29,700
3,271
12,768
8,811
15,870
11,347
9,389
8,811
8,324
P/E (X)
CY11
11.0
8.5
9.3
6.2
9.9
10.9
15.4
10.1
14.0
21.9
9.8
17.4
6.8
30.6
74.9
8.7
CY12
10.8
6.3
8.0
5.7
8.1
8.8
8.7
8.3
8.3
12.0
6.6
13.6
8.2
11.5
17.1
6.2
EV/EBITDA(X)
CY11
CY12
6.0
5.8
5.3
8.9
5.0
6.7
6.3
6.0
5.5
9.1
7.7
9.1
5.9
8.9
8.6
13.8
5.7
4.2
4.5
7.2
4.3
5.2
5.2
5.2
4.1
6.3
6.3
7.4
5.8
P/BV
CY11
2.7
3.5
1.7
1.1
0.9
0.9
0.4
0.8
1.0
1.7
0.4
1.1
0.8
AUD
AUD
AUD
USD
USD
GBp
EUR
k KRW
USD
USD
JPY
BRL
CNY
USD
NOK
HKD
33.0
4.1
54.5
18.0
29.7
907.5
12.7
391.0
22.7
40.2
1,142.0
19.9
4.1
8.8
25.2
4.2
6.3
0.7
5.6
0.7
11.0
0.7
Source: Bloomberg
21 August 2012
23

Metals Weekly
Metals Stock
Performance
Among large-cap companies, JSW
Steel outperformed and SAIL has
underperformed the BSE Sensex
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
-4.0
-10.8
6.9
-5.7
-5.2
-1.7
5.3
5.1
-5.3
-5.4
-22.2
0.0
4.4
-3.6
-16.2
-0.5
21.9
10.7
7.4
2.9
-1.3
-7.7
20.3
-14.5
2.4
-3.0
7.8
6.6
-11.6
5.5
-27.8
12.2
10.5
24.7
-20.6
8.5
48.3
3.5
33.3
9.5
-17.6
-25.2
-16.1
-37.2
-9.7
-25.8
-15.7
-13.6
-20.9
-26.3
-39.0
3.4
-5.7
9.6
-48.0
18.2
-10.9
-2.7
-4.3
-2.5
12
-14.0
-20.8
8.4
-17.1
-17.6
-15.9
-13.2
0.2
-11.6
-18.2
-37.8
-13.8
-12.1
10.6
-49.0
50.0
-67.5
27.9
15.9
9.6
Relative Perf to Sensex (%)
1
3
6
12
-6.9
-13.7
4.0
-8.7
-8.2
-4.7
2.4
2.1
-8.2
-8.3
-10.8
-17.2
10.8
-24.0
-7.1
-12.6
-1.7
-2.9
-21.1
-4.0
-15.1
-22.7
-13.5
-34.6
-7.2
-23.3
-13.2
-11.1
-18.3
-23.8
-23.6
-30.4
-1.2
-26.7
-27.2
-25.5
-22.8
-9.4
-21.2
-27.8
Among mid-cap companies, Jai Balaji
outperformed and Monnet Ispat has
underperformed the BSE Sensex
over the last one month
Worst performer
-25.1 -37.3 -36.4 -47.4
-2.9
2.6
6.0 -23.4
1.5
1.0
-3.2 -21.7
-6.6
15.2
12.1
1.0
-19.2 -30.1 -45.5 -58.6
-3.5
-1.0
20.8
40.4
18.9
38.8
-8.3 -77.1
7.8
-6.0
-0.2
18.3
4.5
23.7
-1.7
6.3
-
-
-
-
Source: MOSL/Bloomberg
Global metals stock performance on absolute basis (%)
1week
Mining
Rio Tinto
BHP Billiton
Vale
FMG
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
-5.3
0.9
-7.3
-5.6
1.3
-5.5
-4.6
-3.5
-1.9
0.7
-2.1
0.5
3.7
6.6
-0.2
5.1
3.1
1month
3.7
9.3
-8.7
-4.1
11.7
-5.0
4.6
16.3
3.3
5.0
-0.7
8.6
5.2
12.0
8.7
14.7
14.2
Absolute Perf (%)
3 months
6 months
9.0
4.9
-1.6
-9.9
2.7
-4.5
-0.7
4.8
16.2
14.3
-13.4
7.9
-11.4
-2.2
10.1
16.3
31.2
3.8
-5.4
4.7
-16.4
-6.5
-29.7
-20.9
-20.2
-27.1
-24.2
-21.6
-9.4
-19.4
-18.3
-4.7
-24.7
-14.9
-21.2
-7.5
-1.4
12 months
-11.4
-12.0
-30.5
-27.0
-1.3
-13.9
-24.6
-14.3
26.8
-5.3
-19.7
1.3
-34.9
-22.0
-20.9
-3.2
28.4
Among global mining companies,
Xstrata was the best performer
while VAlE was the worst performing
stock over the last one month
Among global steel majors, US Steel
was the best performer while Bao
Steel was the worst performing
stock over the last one month
-2.6
5.0
0.0
-0.7
-1.8
8.4
Worst performer
-14.9
-21.9
-37.2
-48.5
-19.9
-32.5
Source: MOSL/Bloomberg
21 August 2012
24

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