4 July 2016
Metals Weekly
Valuations: Indian companies
Company
Steel
Price EV/EBITDA (x) P/B (x)
(INR) FY17E FY18E FY17E
327 9.0
1464 7.0
71 11.6
46 -32.4
125
43
135
7.0
5.1
6.4
5.8
5.8
10.7
-926.9
6.1
3.3
6.4
6.5
5.8
16.1
1.8
1.5
0.4
0.6
1.1
0.8
0.9
5.6
1.7
1.2
Metal Prices
CMP
1-Jul
%
24-Jun
change since
%
1-Apr
%
1-Jan
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
25,000
30,222
358
-2 25,500
-3 31,111
-7
383
-2 12,100
-2 18,983
7
51
1
92
0
210
3
2
-1
6
5
3
3
2
-1
1,601
109
2,409
1,998
136
430
4,663
321
192
-9 27,600
-1 30,667
-3
368
-11 13,300
-4 19,300
-1
55
12
82
-11
235
8
10
-14
15
-88
2
-2
3
32
1,524
101
2,783
1,842
1,222
435
4,880
319
143
-11 28,000
15 26,222
41
253
-17 14,200
9 17,000
23
44
21
76
16
179
9
9
-18
32
40
-5
2
6
-20
1,508
102
2,896
1,600
102
466
4,702
310
236
Sponge i ron - Ra i pur (INR/ton)
11,800
Pi g i ron - Ra i pur (INR/ton)
18,567
Iron ore s pot (USD/ton) cfr Chi na
54
Coki ng coa l (USD/ton) fob Aus .
92
Shred. s cra p (USD/ton) Rotterda m
209
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)
Gol d (INR/10gms )
Sl i ver (INR/1kg)
Lea d Spot LME (USD/ton)
Brent crude (USD/bbl )
INR/USD
BDI
1,645
111
2,382
2,117
143
443
4,784
327
189
30,980
44,293
1,815
50.4
310 7.8
177 5.8
94 10.3
Note: Detailed table on pg 25
Source: MOSL
Valuations: Global companies
Price
Mining
AUD 19.09
BHP
AUD 3.63
FMG
Ri o Ti nto
AUD 46.07
USD 13.24
Va l e
Teck Res .
USD 14.38
Steel
EUR 4.4
A. Mi tta l
k KRW 201
Pos co
USD 18.27
US Steel
USD 49.97
Nucor
JPY 1300.5
JFE
BRL 6.19
Gerda u
NM
Ba o Steel
Non Ferrous
USD 9.55
Al coa
NOK 31.59
Hydro
HKD 2.31
Rus a l
Note: Detailed on pg 25
EV/EBITDA (x) P/B (x)
CY16 CY17 CY15
9.0
5.5
7.6
6.5
9.0
7.0
5.8
9.6
8.4
7.7
6.5
7.4
9.1
6.2
9.3
8.1
6.6
7.6
6.5
8.2
6.0
5.7
6.4
7.4
6.4
5.7
6.7
7.9
5.7
8.8
NM
NM
NM
0.5
0.7
0.6
0.4
1.4
2.1
NM
1.1
0.8
1.0
0.9
NM
-1 31,248
5 42,374
7 1,694
4
48.4
7 29,080
21 36,651
6 1,720
30
38.7
24 25,042
34 33,006
1 1,802
47
34.2
67.2
-1
67.9
1
66.2
1
66.2
677
10
616
50
450
42
478
Source: Meta l Bul l eti n, Bl oomberg, Steel Mi nt, MOSL
Source: Bloomberg
BSE Metals Index v/s Sensex
BSE Metal
104
102
100
Sensex
Source: Bloomberg
Note: Indexed to 100 on 27 June 2016
Stock performance table on pg 26
Investors are advised to refer through
important disclosures made at the last
page of the Research Report
.
Indian steel market:
Long product (TMT Mumbai) prices were down 2%
WoW. Sponge iron prices were down 2.5% WoW while domestic scarp
prices were down 3.3% WoW. Pellet and domestic iron ore prices were
unchanged. Domestic HRC prices were down ~3% (~INR800/t) WoW amid
weak activity with the onset of monsoon.
Raw Materials:
Iron ore prices (China cfr) were up 7% WoW on increase in
Chinese steel prices. Thermal coal prices were down 4% WoW. Coking coal
prices were flat.
Europe:
HRC prices corrected 1.5% WoW, declining gradually over the past
few weeks. CIS export HRC prices fell 6.5% WoW, closing the gap with
Chinese export prices. Rotterdam scrap prices fell 0.5% WoW.
China:
local HRC prices were up 1.6% WoW while rebar prices were up
5.1% WoW, reportedly on low inventory levels. Export HRC prices were up
4.6% WoW while rebar prices were up 1.7% WoW.
Base metals:
Aluminum (cash LME) was up 3% WoW with all-in-aluminum
above ~USD1,800/t mark. Alumina was marginally lower. Copper (cash
LME) was up 3% WoW. Zinc was up 6% WoW while lead was up 7%. Spot
Copper Tc/Rcs were up 4.5% over the fortnight to 26.7 USc/lb. Brent crude
was up 4% WoW.
Zinc & Lead up 6-7%; Copper Tc/Rcs higher; Indian steel prices down
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
Crude Oil
Commodity curve analysis
China non-ferrous trade data
13-20
13
15
16
17
18
19
20
Key indicators
Industrial production growth across the globe
BSE announcements
Metals valuation matrix
Metals stock performance
21-22
23
24
25
26
4 July 2016
2

Metals Weekly
Ferrous
Domestic HRC prices were
down WoW to
INR30,222/t.
Ferrous
INDIA
Indian flat domestic steel prices (INR/T, excl. ED & VAT)
33,000
30,000
27,000
24,000
Spot
Quaterly average
Avg. i s down
INR855 QoQ
Long products (TMT
Mumbai) prices were
down 2.0% WoW to
INR25,000/t.
Indian long steel price (INR/T, exl. ED & VAT)
31,500
29,000
26,500
24,000
Spot
Quaterly average
Avg. i s down
INR1638 QoQ
Sponge iron (made from lumps) prices (INR/T, excl. ED & VAT)
Sponge iron prices were
down 2.5% WoW to
~INR11,800/t.
Coal based Sponge (Raipur)
17,000
15,000
13,000
11,000
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 on import
parity steel price basis.
31,000
27,000
23,000
19,000
15,000
Source: SteelMint, WSA, MOSL
4 July 2016
3

Metals Weekly
Ferrous
Ferrous
INDIA
Scrap Mandi (INR/t)
Domestic scrap prices
were down 3.3% WoW to
~INR17,400/t.
26,000
23,500
21,000
18,500
16,000
Scrap (Mandi)
Iron ore lumps (INR/t)
Domestic lump iron ore
prices were unchanged.
NMDC 6-40mm (CG)
7,700
5,700
3,700
1,700
Lumps 5-18 (Odisha)
Iron ore fines (INR/t) ex mine
Domestic fines iron ore
prices were unchanged.
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
marginally higher to
INR3,000/t.
4,800
4,300
3,800
3,300
2,800
Source: SteelMint, WSA, MOSL
4 July 2016
4

Metals Weekly
India Monthly steel trends
Steel consumption (mt) and growth (trailing 12-month) YoY %
India steel demand in April
(prov.) grew by 5.2% YoY
to 5.7mt.
Cons. (mt)
10.0
8.0
6.0
4.0
2.0
0.0
-2.0
Trailing 12m Growth (%)
3.4
1.6
5.7
Steel imports and exports - kt
Steel product imports in
April were down 15% YoY
to 654kt. Exports declined
27% YoY to 308kt.
Imports
Exports
Scrap imports - kt
Imports of ferrous scrap in
April increased 23% YoY
to 638kt.
Scrap imports - kt
677
470 443 484
448
368 404
464
397 406
517 522 481 506
352
420 465
534
510 524
662 638
Crude steel production - kt
Crude steel production - mt
Crude steel production
declined 1.3% YoY
to 7.4mt.
Source: JPC
4 July 2016
5

Metals Weekly
European Union
European HRC prices (EUR/ton)
EU HRC steel prices were
down 1.5% WoW to
EUR406/t..
North Europe HRC
470
430
390
350
310
270
South Europe HRC
Rotterdam: shredded scrap prices (USD/t)
Rotterdam scrap prices
were down 0.5% WoW to
USD209/t.
395
355
315
275
235
195
155
European wire rods southern region (Euro/t)
500
460
South Europe wire rod
prices were flat WoW.
420
380
340
300
Spreads ( HRC-1.6xiron ore-0.7xcoking coal) – (USD/t)
EU
370
China
EU steel mills spreads
were lower.
315
260
205
150
Source: Metal Bulletin, Bloomberg, WSA, MOSL
4 July 2016
6

Metals Weekly
China
China domestic prices (USD/ton)
Chinese local HRC steel
prices were up 1.6% WoW
to USD383/t while rebar
prices were up 5.1% WoW
to USD365/t.
HRC
630
530
430
330
230
Rebar
Steel spreads (Steel price – 1.6x iron ore – 0.55x coke) for Chinese producers
Chinese steel product
spreads were lower on
HRC products.
315
270
225
180
135
90
HRC
Rebar
Steel trade (m ton)
Chinese steel exports grew
2.3% YoY to 8.9mt in
May 2016.
12
10
8
6
4
2
0
Exports
Imports
Steel inventories in main China cities (m tons)
7
Steel inventories in China
were down WoW.
6
5
4
3
4 July 2016
7

Metals Weekly
Other regions
CIS HRC export prices (USD/ton) fob basis
CIS export HRC prices fell
6.5% WoW to USD358/t.
CIS Exports (HRC)
490
450
410
370
330
290
250
Turkish export billets (USD/ton)
Turkish Exp Billets
440
390
340
290
North America HRC prices (USD/ton)
620
570
520
470
420
370
320
US HRC prices
were lower.
CIS: Monthly crude steel production
CIS countries crude steel
production grew 1.0% YoY
to 8.9mt in May 2016,
fourth consecutive month
of increase.
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
4 July 2016
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 fell
0.8% YoY at 9.6mt in
May 2016.
11.0
10.5
10.0
9.5
9.0
8.5
8.0
Global: Monthly crude steel production
Global crude steel
production fell 0.1% YoY to
139mt in May 2016, the
slowest pace of decline
since Jan 2015.
145
140
135
130
125
120
Global
YoY (%)
8
6
4
2
0
-2
-4
-6
-8
Global: Monthly crude steel capacity utilization
82
Capacity Utilization
Capacity utilization fell 0.8
percentage points YoY to
71.3% YoY in May 2016.
78
74
70
66
62
Source: Bloomberg, WSA, MOSL
4 July 2016
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
were up 7% WoW to
USD54/t.
70
60
50
40
30
OTC iron-ore swaps (USD/ton)
2016
4Q16
3Q16
62
54
46
38
30
China iron-ore production and imports (m tons)
China iron ore imports in
April rose 4.6% YoY
to 83.9mt.
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
were flat WoW.
90
80
70
60
Source: Metal Bulletin, Bloomberg, MOSL
4 July 2016
10

Metals Weekly
Steel raw materials
Freight rates to China (USD/ton)
Brazil
Australia
India
Freight rates were
flat WoW.
32
24
16
8
0
Coal price index
Richards Bay thermal coal
prices were down 4%
WoW to USD56/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)
115.0
Coking coal prices were
unchanged at ~USD92/t.
100.0
85.0
70.0
4 July 2016
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)
250
210
170
130
90
50
Chrome ore FOB spot prices
40% Chrome Africa
190
170
150
130
110
90
70
Ferro chrome CIF prices (CNY/t)
12,000
10,500
9,000
7,500
6,000
4,500
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
4 July 2016
12

Metals Weekly
Non-ferrous
Non-ferrous
Aluminum
1,800
1,700
1,600
1,500
1,400
LME inventories and spot prices
Inventories (RHS)
Spot
4.1
3.5
2.9
2.3
Aluminum (cash LME)
was up 3% WoW to
USD1,645/t.
Global primary aluminum monthly production and YoY growth
Global aluminum
production declined by
0.9% YoY to 4.7mt in
April 2016.
Production
5,400
4,800
4,200
3,600
3,000
YoY
22.0
17.0
12.0
7.0
2.0
-3.0
-8.0
-13.0
Aluminum: SHFE Vs LME arbitrage (USD/T)
LME and SHFE arbitrage is
unfavorable.
300
200
100
0
-100
-200
-300
-400
India: Company-wise primary aluminum monthly production
Hindalco
Balco
Nalco
VED - JSG
4 July 2016
13

Metals Weekly
Non-ferrous
Aluminum
All-in-aluminum was at
USD1,802/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)
440
Alumina was down to
USD240/t.
390
340
290
240
190
Industrial Power US (Lousiana) per mwh
8.0
7.0
6.0
5.0
4.0
Source: Metal Bulletin, Bloomberg, Industry, MOSL
4 July 2016
14

Metals Weekly
Non-ferrous
Copper
LME inventories and prices
Inventories (RHS)
Spot
0.4
0.3
0.2
0.1
Copper (cash LME) prices
were up 2.6% WoW to
USD4,784/t.
6,050
5,450
4,850
4,250
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
grew 9% YoY to 1.96mt in
April 2016.
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
34
23
12
1
-10
Copper: Spot TCRC (USc/lb)
35.0
32.0
29.0
26.0
23.0
20.0
4 July 2016
15

Metals Weekly
Non-ferrous
Zinc
Zinc (cash LME) was up 6%
WoW to USD2,116/t.
LME inventories and prices
Inventories (RHS)
2,350
2,050
1,750
1,450
Spot
0.7
0.6
0.5
0.4
0.3
0.2
Global refined zinc monthly production and YoY growth
Production
YoY growth (RHS)
14.0
8.0
2.0
-4.0
-10.0
Global zinc production in
April 2016 declined 5.1%
YoY to 1.113mt. This is the
seventh consecutive
month of decline.
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 (April 2016)
150
100
50
0
-50
-100
4 July 2016
16

Metals Weekly
Non-ferrous
Lead
Lead (cash LME) was up
7% WoW to USD1,815/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
April 2016 increased 3.8%
YoY to 856kt.
0.9
0.8
0.7
0.6
China: Refined lead monthly production and YoY growth
0.5
0.4
0
0.3
0.2
-20
Production
YoY - RHS
20
India: Company-wise refined lead monthly production
HZL
:
10 10 11 11 10 9 10 11 9
9
9
12
13 13 13 14 13 14
9
9
11
14
12 13
9
Source: Metal Bulletin, Bloomberg, MOSL
4 July 2016
17

Metals Weekly
Crude Oil
Brent crude oil price (USD/bbl)
Brent (crude oil) was
up 4% WoW to
USD50.4/bbl.
Brent Crude
105.0
85.0
65.0
45.0
25.0
Global crude oil quarterly supply (mbpd)
Non-OPEC supply
OPEC Supply
96.9 97.3 96.4
90.8 90.7 90.6 91.2 90.3 91.2 91.6 91.8 92.1 93.0 94.3 95.5 95.0 96.3
37.4 37.9 37.7 37.0 36.6 37.1 36.8 36.0 37.1 37.2 37.8 37.8 37.7 38.9 39.1 39.2 39.3
53.4 52.8 52.9 54.2 53.7 54.1 54.8 55.8 55.0 55.8 56.5 57.7 57.3 57.4 57.8 58.1 57.1
Global crude oil surplus/(deficit) - mbpd
surplus/(deficit)
2.2
1.2
0.8
0.1
(0.6)
(0.5) (0.4)
0.9
1.0
1.4
1.4
1.2
1.8
1.4
(1.0)
(0.9) (1.1)
Crude oil futures (USD/bbl)
70
60
50
40
30
Current
1-week ago
3-month ago
:
Source: Metal Bulletin, Bloomberg, MOSL
4 July 2016
18

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)
5,150
5,050
4,950
4,850
4,750
4,650
4,550
4,450
Current
1-week ago
3-month ago
LME zinc futures (USD/ton)
2,200
2,100
2,000
1,900
1,800
1,700
1,600
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
4 July 2016
19

Metals Weekly
China non-ferrous trade data
China’s aluminum trade ('000 tons)
Aluminum exports in April
were up 2% YoY
to 420kt.
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
were down 24% YoY to
39kt in April 2016.
75
50
25
0
China’s alumina imports ('000 tons)
800
Chinese alumina imports
declined 47% YoY to 180kt
in May 2016.
600
400
200
0
Source: Metal Bulletin, Bloomberg, MOSL
4 July 2016
20

Metals Weekly
Key indicators
China new loan growth (Yuan b)
2,400
2,100
1,800
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 9.6% YoY
in May.
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
4 July 2016
21

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
generation increased 1.6%
YoY in May.
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 (%)
8.0
7.7
China’s GDP growth was
6.7% in 1QCY16.
7.4
7.1
6.8
6.5
Source: Bloomberg, MOSL
4 July 2016
22

Metals Weekly
Industrial production growth
The UK and the USA (%)
6
3
0
-3
-6
UK
USA
Japan (%)
10
5
0
-5
-10
European Union (%)
8
2
-4
-10
France
Germany
Italy
BRIC (%)
Russia
13
6
-1
-8
-15
Brazil
India
China
Source: Bloomberg, MOSL
4 July 2016
23

Metals Weekly
Stock exchange announcements
None
4 July 2016
24

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
Neutra l
Buy
Netura l
Sel l
Buy
Buy
Buy
Buy
Buy
Neutra l
Price
(INR)
327
1,464
71
46
125
43
135
310
177
94
MCAP
(USD M) FY16E
4,684
5,212
952
2,808
3,797
1,615
5,905
28,853
11,042
5,510
7.7
-0.3
-18.2
-9.0
12.0
2.6
10.8
22.6
19.7
8.4
EPS
FY17E
-7.4
120.2
-14.3
-17.1
13.6
3.4
9.3
19.0
17.8
6.1
FY18E
61.9
152.3
-9.1
-15.5
15.4
4.4
9.0
23.0
17.8
4.1
P/E (x)
FY17E FY18E
-44.3
12.2
-4.9
-2.7
9.1
12.6
14.6
16.3
10.0
15.4
5.3
9.6
-7.8
-3.0
8.1
9.8
15.1
13.5
10.0
22.7
EV/EBITDA (x)
FY17E FY18E
9.0
7.0
11.6
nm
7.0
5.1
6.4
7.8
5.8
10.3
5.8
5.8
10.7
nm
6.1
3.3
6.4
6.5
5.8
16.1
P/B(x)
FY17E FY18E
1.8
1.5
0.4
0.6
1.1
0.8
0.9
1.4
1.3
0.4
0.7
0.9
0.8
0.9
5.6
5.4
1.7
1.7
1.2
1.2
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
19
4
46
13
14
4
201
18
50
1,301
6
NA
10
32
2
MCAP
(US$ M)
73,282
8,988
58,048
24,810
7,609
15,024
15,850
2,675
15,887
8,095
2,969
12,110
12,559
7,832
4,798
PE (x)
CUR YR
NXT YR
100.1
12.8
20.9
11.5
70.8
NM
12.0
NM
20.8
13.4
176.9
16.0
27.7
17.5
6.9
36.0
24.3
21.1
14.5
35.7
17.0
10.1
175.7
16.6
8.6
25.7
13.6
18.0
15.3
6.0
EV/EBITDA(x)
CUR YR
NXT YR
9.0
5.5
7.6
6.5
9.0
7.0
5.8
9.6
8.4
7.7
6.5
7.4
9.1
6.2
9.3
8.1
6.6
7.6
6.5
8.2
6.0
5.7
6.4
7.4
6.4
5.7
6.7
P/BV (x)
CY15
NM
NM
NM
0.5
0.7
0.6
0.4
1.4
2.1
NM
1.1
0.8
7.9
1.0
5.7
0.9
8.8
NM
Source: Bl oomberg
4 July 2016
25

Metals Weekly
Metals Stock
Performance
Among large-cap companies,
Vedanta was the best relative
performer while Nalco 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
-2.1
8.1
5.2
11.5
6.9
24.8
3.8
-0.7
18.7
16.7
-0.2
16.1
6.4
5.2
16.2
21.3
11.0
6.2
1.8
Absolute Perf (%)
3
6
2.5
7.3
14.3
17.7
-3.7
50.4
-3.5
7.3
42.0
16.0
11.5
34.2
33.1
-27.9
17.1
20.9
21.7
27.9
7.1
26.8
-3.0
42.5
-25.4
4.5
47.1
21.0
4.4
47.5
-23.8
-12.6
17.1
25.7
-46.1
-4.8
12.6
-4.3
11.2
4.6
12
7.5
-28.6
65.2
-20.7
-19.8
-22.3
8.0
7.2
12.3
-27.8
-29.7
13.0
11.4
-48.7
-26.7
-21.3
-13.7
20.1
-2.9
Relative Perf to Sensex (%)
1
3
6
12
-3.9
6.3
3.4
9.7
5.1
23.0
2.0
-2.5
16.9
15.0
-2.0
14.3
4.6
3.5
14.4
19.5
9.2
4.5
-
-4.7
0.2
7.2
10.5
-10.8
43.3
-10.6
0.2
34.9
8.8
4.4
27.1
26.0
-35.0
10.0
13.8
14.6
20.8
-
22.2
-7.6
38.0
-30.0
0.0
42.6
16.5
-0.1
43.0
-28.3
-17.2
12.5
21.2
-50.6
-9.3
8.0
-8.9
6.6
-
10.4
-25.7
68.1
-17.8
-16.9
-19.4
10.8
10.0
15.1
-25.0
-26.8
15.9
14.3
-45.8
-23.8
-18.4
-10.9
22.9
-
Among mid-cap companies,
Jai Balaji outperformed
and Godawari has
underperformed over one month.
Global Metals stock performance on absolute basis (%)
1week
1month
20.7
0.1
31.3
21.8
26.3
14.9
26.3
3.0
-0.5
-7.4
-3.4
-12.8
-14.7
-4.8
0.9
23.4
3.0
-1.7
3.4
Absolute Perf (%)
3 months
6 months
19.9
13.2
22.6
42.4
37.3
26.2
13.8
5.6
10.7
-6.7
-8.4
-14.2
-9.7
3.4
5.6
6.7
-0.3
-13.8
-1.6
19.7
5.5
57.8
94.1
151.2
59.3
124.4
23.9
42.8
-12.3
20.7
-32.3
-19.2
2.7
9.6
59.7
-4.1
-1.7
-5.8
7 months
-10.9
-29.3
-11.8
90.1
-17.4
-15.9
-7.6
12.9
-34.6
-35.8
-12.2
-51.4
-37.4
-19.8
-16.8
-15.6
-14.0
-37.1
-36.2
12 months
-10.9
-29.3
-11.8
90.1
-17.4
-15.9
-7.6
12.9
-34.6
-35.8
-12.2
-51.4
-37.4
-19.8
-16.8
-15.6
-14.0
-37.1
-36.2
Among global mining companies,
Anglo American was the best
relative performer over one week.
Among global steel majors,
US Steel was the best
relative performer.
Among the global aluminum,
Rusal 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
12.9
8.8
13.4
11.0
15.0
3.5
14.3
4.4
5.0
0.0
3.6
1.8
1.9
7.6
0.5
11.8
1.8
6.5
2.5
4 July 2016
26

METALS GALLERY
METALS WEEKLY
SECTOR UPDATES
SECTOR UPDATES

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