Metals Weekly - Motilal Oswal

Protocol Page 3 of 3ICU/CSDU Department - Unit Practice ManualJohn Dempsey Hospital-Department of NursingThe University of Connecticut Health CenterPROTOCOL FOR:Natrecor: IV Administrationd. Monitor for 1 hour then discontinue drug.PATIENT TEACHING:1. Reinforce the rationale for Natrecor therapy2. Review potential side effects associated with Natrecor suchas hypotension and HA and instruct the patient to reportthese adverse reactions.APPROVAL:Nursing Standards CommitteeEFFECTIVE DATE: 10/03REVISION DATES: 3/04F/Word/Unit25/protocol/

20 May 2013 4Metals WeeklyFerrousINDIAScrap Mandi (INR/t)33,000Scrap (Mandi)Scrap (Mandi) prices increased4% WoW to INR28,200/t31,00029,00027,000Apr-12May-12Jun-12Jul-12Sep-12Oct-12Nov-12Dec-12Jan-13Mar-13Apr-13Iron ore lumps (INR/t)9,000NM DC 6-40mm (CG)Lumps 5-18 (Odisha)8,0007,0006,0005,0004,000Iron ore fines (INR/t)Pellet (Barbil) INR/t9,500Pellet (Barbil)Pellet prices (Barbil) wereflat WoW at INR7,400/t9,0008,5008,0007,5007,000Jul-12Oct-12Dec-12Mar-13May-13May-11Jul-11Oct-11Dec-11Mar-12May-12Aug-12Oct-12Jan-13Mar-133,500Fines 63% (Odisha)NMDC Fines3,1002,7002,3001,9001,500May-11Jul-11Sep-11Nov-11Feb-12Apr-12Jun-12Aug-12Oct-12Dec-12Mar-13May-13Source: SteelMint, WSA, MOSL

20 May 2013 5Metals WeeklyEuropean UnionEuropean HRC prices (EUR/ton)European HRC prices wereflat WoW at Euro465/t650600550500450400EuropeApr-11Jun-11Aug-11Sep-11Nov-11Jan-12Mar-12May-12Jul-12Sep-12Nov-12Jan-13Mar-13May-13Rotterdam: shredded scrap prices (USD/t)480450Rotterdam export Shreddedscrap prices decreased1.4% WoW to USD350/t420390360330May-11Jul-11Sep-11Oct-11Dec-11Feb-12Apr-12Jun-12Aug-12Sep-12Nov-12Jan-13Mar-13May-13European wire rods prices (USD/ton)750Wire Rods (Expo rts)Wire rods exports prices decreased2% WoW to USD605t700650600May-11Jul-11Sep-11Nov-11Jan-12Mar-12May-12Jul-12Sep-12Nov-12Jan-13Mar-13May-13European Union: Monthly crude steel production17EU YoY (%)20(m tons)151311Jun-11Aug-11Nov-11Jan-12Mar-12May-12Jul-12Sep-12Nov-12Jan-13Mar-13100YoY (%)-10Source: Metal Bulletin, Bloomberg, WSA, MOSL

20 May 2013 6Metals WeeklyChinaChina domestic prices (USD/ton)740HRCRebarChina HRC prices decreased 2% WoWwhile Rebar prices decreased0.7% WoW680620560500May-12Jun-12Jul-12Aug-12Sep-12Oct-12Nov-12Dec-12Jan-13Feb-13Mar-13Apr-13May-13Steel trade (m ton)6ExportsImpo rts420May-11Jul-11Aug-11Sep-11Nov-11Dec-11Jan-12Mar-12Apr-12May-12Jul-12Aug-12Oct-12Nov-12Dec-12Feb-13Mar-13Steel inventories (m tons)98765Jul-11Oct-11Dec-11Mar-12May-12Jul-12Oct-12Dec-12Mar-13May-13Monthly crude steel production706254463830May-11Sep-11Jan-12Apr-12Aug-12Dec-12Mar-13(m tons)China Yo Y (%)20151050-5-10YoY (%)Source: Metal Bulletin, Bloomberg, WSA, MOSL

20 May 2013 7Metals WeeklyOther regionsCIS HRC export prices (USD/ton)660CIS Exports (HRC)620580540500Turkish export billets (USD/ton)650Turkish Exp Billets600550500May-12Jun-12Jul-12Aug-12Sep-12Oct-12Nov-12Nov-12Dec-12Jan-13Feb-13Mar-13Apr-13May-13North America HRC prices (USD/ton)700650600550May-12Jun-12Jul-12Aug-12Oct-12Nov-12Dec-12Jan-13Mar-13Apr-13May-13CIS: Monthly crude steel production10CIS Yo Y (%)11987Jun-11Sep-11Nov-11Jan-12Apr-12Jun-12Aug-12Oct-12Jan-13Mar-13Apr-12Jul-12Sep-12Dec-12Feb-13Apr-13Turkish export billet pricesdecreased 0.9% WoW to USD530/tNorth America domestic HRC priceswere flat WoW at USD570/t(m tons)4-3YoY (%)-10Source: Metal Bulletin, WSA, Bloomberg, MOSL

20 May 2013 8Metals WeeklyOther regionsNorth America: Monthly crude steel production11North America YoY (%)20(m tons)109100YoY (%)8-10Jun-11Aug-11Sep-11Nov-11Dec-11Feb-12Mar-12May-12Jun-12Jul-12Sep-12Oct-12Dec-12Jan-13Mar-13Global: Monthly crude steel production140Global YoY (%)20(m tons)130120YoY (%)0110-20Jun-11Aug-11Sep-11Nov-11Dec-11Feb-12Mar-12May-12Jun-12Jul-12Sep-12Oct-12Dec-12Jan-13Mar-13Global: Monthly crude steel capacity utilization84Capacity Utilization81Percentage78757269Mar-11May-11Jul-11Sep-11Nov-11Dec-11Feb-12Apr-12Jun-12Jul-12Sep-12Nov-12Jan-13Mar-13Source: Bloomberg, WSA, MOSL

20 May 2013 9Metals WeeklySteel raw materialsIndian 63.5% grade iron-ore fines in China (USD/ton)160CIFFOBChina spot CFR iron ore pricesdecreased 6% WoW toUSD125/ton DMT14012010080May-12Jul-12Aug-12Sep-12Oct-12Dec-12Jan-13Feb-13Apr-13May-13OTC iron-ore swaps (USD/ton)1503Q13 4Q13 20141301109012-Jan-1319-Jan-1326-Jan-132-Feb-139-Feb-1316-Feb-1323-Feb-132-Mar-139-Mar-1316-Mar-1323-Mar-1330-Mar-136-Apr-1313-Apr-1320-Apr-1327-Apr-134-May-1311-May-1318-May-13China iron-ore production and imports (m tons)Ore Imports Ore Prod Pig iron prod (RHS)m tons150120906030706560555045May-11Jul-11Sep-11Nov-11Jan-12Mar-12May-12Jul-12Sep-12Nov-12Jan-13Mar-13China iron-ore inventories (m tons)11010090807060Jun-11Jul-11Sep-11Nov-11Dec-11Feb-12Apr-12May-12Jul-12Sep-12Oct-12Dec-12Feb-13Mar-13May-13Source: Metal Bulletin, Bloomberg, MOSL

20 May 2013 10Metals WeeklySteel raw materialsFreight rates to China (USD/ton)42Brazil Australia India28140Jun-11Aug-11Oct-11Jan-12Mar-12May-12Aug-12Oct-12Dec-12Mar-13May-13Coal price index135Richards Bay Steam Coal1159575May-11Jul-11Oct-11Dec-11Mar-12May-12Jul-12Oct-12Dec-12Feb-13USD/tMay-13Coke price indexChina coke export spot (LHS)China 1st grade metallurgical cokeUSD/t4504003503002502002,2002,1752,1502,1252,1002,075May-11Jun-11Aug-11Sep-11Nov-11Dec-11Feb-12Mar-12May-12Jun-12Aug-12Sep-12Nov-12Dec-12Feb-13Mar-13Yuan/tMay-13Coking coal (USD/t)240Spot coking coal (fob Australia)Spot coking coal FOB Australiadeclined USD3/t WoW to USD141/t210180150120Apr-12Jun-12Aug-12Oct-12Nov-12Jan-13Mar-13May-13Source: Metal Bulletin, Bloomberg, MOSL

20 May 2013 11Metals WeeklyFerro alloysChina’s imports of manganese ore and conc1,7001,400Impo rtsPrices (RHS)250220'000 tons1,100800190160USD/t500130May-11Jul-11Sep-11Nov-11Jan-12Mar-12May-12Jul-12Sep-12Nov-12Jan-13Mar-13Manganese and chrome ore FOB spot prices290.040% Chrome Africa (RHS)255.0USD/ton220.0185.0150.0May-11Jul-11Sep-11Nov-11Jan-12Mar-12May-12Jul-12Sep-12Nov-12Jan-13Mar-13May-13Ferro chrome CIF prices (CNY/t)13,00011,50010,0008,5007,0005,500Fe Chrome 50% Cr ChinaFe Chrome 63% Cr PittursburghJun-11Aug-11Oct-11Jan-12Mar-12May-12Aug-12Oct-12Dec-12Mar-13May-13Source: Metal Bulletin, Bloomberg, MOSL

20 May 2013 12Metals WeeklyNon-ferrousNon-ferrousAluminumLME inventories and prices2,300InventoriesSpot5.6Aluminum spot prices wereflat WoW at USD1,840/tonUSD/t2,1001,9005.24.84.4m tons1,7004.0May-12Jun-12Jul-12Aug-12Sep-12Oct-12Dec-12Jan-13Feb-13Mar-13Apr-13May-13Global primary aluminum monthly production and YoY growthProductionYoY4,25020'000 tons4,0003,7503,5008-4YoY growth (%)3,250-16Mar-11May-11Jun-11Aug-11Sep-11Nov-11Dec-11Feb-12Mar-12May-12Jun-12Aug-12Sep-12Nov-12Dec-12Feb-13China primary aluminum monthly production and YoY growth1.8ProductionYo Y40m tons1.61.41.2200YoY growth (%)1.0-20Nov-10Feb-11May-11Aug-11Nov-11Feb-12May-12Aug-12Nov-12Feb-13India: Company-wise primary aluminum monthly productionHindalco Balco Nalco VALMar-11Apr-11May-11Jun-11Jul-11Aug-11Sep-11Oct-11Nov-11Dec-11Jan-12Feb-12Mar-12Apr-12May-12Jun-12Jul-12Aug-12Sep-12Oct-12Nov-12Dec-12Jan-13Feb-13Mar-1348464846484946494850494750474441434441454649494450'000 tons212021202021202120212120202021212121212120212119213936393637373031303334343733353435353233333433313439404232273133373737393741414342454544454446464046Source: Metal Bulletin, Bloomberg, MOSL

20 May 2013 13Metals WeeklyNon-ferrousAluminumAluminum raw material and power cost for marginal producer in US4,000CPC Alumina Power LM E3,0002,0001,0000USD/ton48040032024016010.08.57.05.54.0Feb-08Jun-08Sep-08Jan-09May-09Sep-09Dec-09Apr-10Aug-10Nov-10Mar-11Jul-11Nov-11Feb-12Jun-12Oct-12Jan-13May-13Feb-08Jun-08Sep-08Jan-09May-09Sep-09Dec-09Apr-10Aug-10Nov-10Mar-11Jul-11Nov-11Feb-12Jun-12Oct-12Jan-13May-13Jun-08Aug-08Nov-08Jan-09Apr-09Jun-09Sep-09Nov-09Feb-10Apr-10Jul-10Sep-10Nov-10Feb-11Apr-11Jul-11Sep-11Dec-11Feb-12May-12Jul-12Oct-12Dec-12Mar-13May-13CPC US700575USD/ton450325200Feb-08Jun-08Sep-08Jan-09May-09Sep-09Dec-09Apr-10Aug-10Nov-10Mar-11Jul-11Nov-11Feb-12Jun-12Oct-12Jan-13May-13AluminaUSD/tonIndustrial power US (Lousiana)USc/kwhSource: Metal Bulletin, Bloomberg, Industry, MOSL

20 May 2013 14Metals WeeklyNon-ferrousCopperLME inventories and prices9,100InventoriesSpot0.7Copper spot prices decreased1% WoW to USD 7,329/tonUSD/t8,6008,1007,6000.60.50.4m tons7,1000.36,6000.2May-12Jun-12Jul-12Aug-12Sep-12Oct-12Dec-12Jan-13Feb-13Mar-13Apr-13May-13Global refined copper monthly production and YoY growth1.9ProductionYo Y - RHS7.5m tons1.81.71.61.61.55.02.50.0-2.5YoY growth (%)1.4-5.0Mar-11Jun-11Aug-11Oct-11Dec-11Feb-12Apr-12Jun-12Aug-12Oct-12Dec-12Feb-13China: Refined copper monthly production and YoY growth0.60ProductionYoY - RHS36m tons0.540.480.420.3625143YoY growth (%)0.30-8Apr-11Jul-11Sep-11Dec-11Feb-12May-12Jul-12Oct-12Dec-12Mar-13India: Company-wise refined copper monthly production80Hindalco HCL Sterlite'000 tons6040200262424312928262716172931302826302427282931313124302933268322929292732343030262320252627302727282630Mar-11Apr-11May-11Jun-11Jul-11Aug-11Sep-11Oct-11Nov-11Dec-11Jan-12Feb-12Mar-12Apr-12May-12Jun-12Jul-12Aug-12Sep-12Oct-12Nov-12Dec-12Jan-13Feb-13Mar-13Source: Metal Bulletin, Bloomberg, MOSL

20 May 2013 15Metals WeeklyNon-ferrousZincLME inventories and prices2,300Invento riesSpot1.31.2Zinc spot prices decreased1% WoW to USD1,813/tonUSD/t2,1001,9001.11.00.9m tons0.81,7000.7May-12Jun-12Jul-12Aug-12Sep-12Oct-12Dec-12Jan-13Feb-13Mar-13Apr-13May-13Global refined zinc monthly production and YoY growthProductionYoY - RHS1.214m tons1.11.11.06-2YoY growth (%)0.9-10Mar-11May-11Jun-11Jul-11Sep-11Oct-11Nov-11Jan-12Feb-12Mar-12May-12Jun-12Jul-12Sep-12Oct-12Nov-12Dec-12Feb-13China: Refined zinc monthly production and YoY growthProductionYo Y - RHSm tons0.50.40.30.3604019-2YoY growth (%)0.2-22May-11Jul-11Sep-11Oct-11Dec-11Feb-12Mar-12May-12Jul-12Aug-12Oct-12Dec-12Jan-13Mar-13India: Company-wise refined zinc monthly production'000 tons4HZLBZL2 2 2 2 2 2 3 2 2 2 026963656560646166606562587050585350555856536260566522333 3 2 22 2 22Mar-11Apr-11May-11Jun-11Jul-11Aug-11Sep-11Oct-11Nov-11Dec-11Jan-12Feb-12Mar-12Apr-12May-12Jun-12Jul-12Aug-12Sep-12Oct-12Nov-12Dec-12Jan-13Feb-13Mar-13Source: Metal Bulletin, Bloomberg, MOSL

20 May 2013 16Metals WeeklyNon-ferrousLeadLME inventories and prices2,600InventoriesSpot0.40Lead spot prices increased1% WoW to USD2,003/tonUSD/t2,4002,2002,0001,8000.370.340.310.280.25m tons1,6000.22Apr-12May-12Jun-12Jul-12Aug-12Sep-12Oct-12Nov-12Dec-12Jan-13Jan-13Mar-13Apr-13May-13Global refined lead monthly production and YoY growth1.0ProductionYo Y - RHS25m tons0.90.80.7155-5YoY growth (%)0.6Mar-11May-11Jun-11Jul-11Aug-11Sep-11Oct-11Nov-11Dec-11Jan-12Mar-12Apr-12May-12Jun-12Jul-12Aug-12Sep-12Oct-12Dec-12Jan-13Feb-13-15China: Refined lead monthly production and YoY growth0.5ProductionYoY - RHS40m tons0.40.3200-20YoY growth (%)0.2-40Apr-11May-11Jul-11Aug-11Sep-11Oct-11Nov-11Dec-11Jan-12Feb-12Mar-12Apr-12May-12Jun-12Jul-12Aug-12Sep-12Oct-12Nov-12Dec-12Jan-13Feb-13Mar-13India: Company-wise refined lead monthly productionHZLMar-11Apr-11May-11Jun-11Jul-11Aug-11Sep-11Oct-11Nov-11Dec-11Jan-12Feb-12Mar-12Apr-12May-12Jun-12Jul-12Aug-12Sep-12Oct-12Nov-12Dec-12Jan-13Feb-13Mar-13445565667'000 tons99911111210129991111101212Source: Metal Bulletin, Bloomberg, MOSL

20 May 2013 17Metals WeeklyCommodity forward curvesLME aluminum (USD/ton)2,600Current 1-week ago 3-month ago2,4002,2002,0001,800Jun-13Sep-13Dec-13Mar-14Jun-14Sep-14Dec-14Mar-15Jun-15Sep-15Dec-15Mar-16Jun-16Sep-16Dec-16Mar-17Jun-17Sep-17Dec-17Mar-18Jun-18LME copper (USD/ton)8,5008,2007,9007,6007,3007,0006,700Current 1-we ek a go 3-month agoJun-13Sep-13Dec-13Mar-14Jun-14Sep-14Dec-14Mar-15Jun-15Sep-15Dec-15Mar-16Jun-16Sep-16Dec-16Mar-17Jun-17Sep-17Dec-17Mar-18Jun-18LME zinc futures (USD/ton)2,5002,4002,3002,2002,1002,0001,9001,800Current 1-week ago 3-month agoJun-13Aug-13Oct-13Dec-13Feb-14Apr-14Jun-14Aug-14Oct-14Dec-14Feb-15Apr-15Jun-15Aug-15Oct-15Dec-15Feb-16Apr-16Jun-16Aug-16Oct-16Dec-16Base metals US spot premium (USD/ton)300Aluminium Zinc CopperCopper spot premium haveincreased 14.3% WoW due tosupply side constraints fromIndia and Indonesia23517010540Dec-06Mar-07Jul-07Nov-07Feb-08Jun-08Oct-08Jan-09May-09Sep-09Jan-10Apr-10Aug-10Dec-10Mar-11Jul-11Nov-11Feb-12Jun-12Oct-12Jan-13May-13Source: Metal Bulletin, Bloomberg, MOSL

20 May 2013 18Metals WeeklyChina non-ferrous trade dataChina’s aluminum trade ('000 tons)Impo rtsExports4003002001000China’s refined copper trade ('000 tons)China’s refined zinc trade ('000 tons)75ExportImpo rt50250Jun-11Jul-11Aug-11Sep-11Oct-11Nov-11Dec-11Jan-12Feb-12Mar-12Apr-12May-12Jun-12Jul-12Aug-12Sep-12Oct-12Nov-12Dec-12Jan-13Feb-13Mar-13Apr-13Mar-11Jul-11Oct-11Jan-12Apr-12Jul-12Oct-12Jan-13Apr-135004003002001000Impo rtsExportsMar-11Jun-11Sep-11Nov-11Feb-12May-12Jul-12Oct-12Dec-12Mar-13China’s alumina imports ('000 tons) and prices (USD/ton)800600400200Impo rtsPrices (RHS)60045030015000May-11Aug-11Oct-11Jan-12Mar-12Jun-12Aug-12Nov-12Jan-13Apr-13Source: Metal Bulletin, Bloomberg, MOSL

20 May 2013 19Metals WeeklyKey indicatorsChina new loan growth1,200Yuan billion900600300Mar-11Jul-11Oct-11Jan-12Apr-12Jul-12Oct-12Jan-13Apr-13China PMI54PMI525048Apr-11Jul-11Sep-11Nov-11Feb-12Apr-12Jun-12Sep-12Nov-12Jan-13Apr-13China: Fixed asset investment27Growth YoY %242118Apr-11Jul-11Sep-11Nov-11Jan-12Mar-12May-12Aug-12Oct-12Dec-12Feb-13Apr-13Currency movement with respect to the rupee60USD (LHS) GBP EURO90The rupee depreciated 0.3% WoWagainst the US dollar and wastrading at INR55/USDINR56524844827440May-12Jun-12Jul-12Aug-12Sep-12Oct-12Nov-12Dec-12Jan-13Feb-13Mar-13Apr-13May-1366INR58Source: Bloomberg, MOSL

20 May 2013 20Metals WeeklyKey indicators (Contd..)China Energy Production Electricity (b kwh)450400350300250200ElectricityYo Y (%, RHS)Apr-10Jun-10Aug-10Oct-10Dec-10Jan-11Mar-11May-11Jul-11Aug-11Oct-11Dec-11Feb-12Apr-12May-12Jul-12Sep-12Nov-12Dec-12Feb-13Apr-1350403020100-10China Monthly Trade YoY (%)604020Impo rtExport0-20May-11Aug-11Oct-11Jan-12Mar-12Jun-12Aug-12Nov-12Jan-13Apr-13China Price Index YoY (%)9630-3-6PPICPIChina GDP YoY (%)10GDP987Jun-11Sep-11Nov-11Jan-12Mar-12May-12Jul-12Sep-12Nov-12Jan-13Mar-13May-11Aug-11Oct-11Jan-12Mar-12Jun-12Aug-12Nov-12Jan-13Apr-13Source: Bloomberg, MOSL

20 May 2013 21Metals WeeklyIndustrial production growthThe UK and the USIndustrial growth (%)630-3UKUSA-6Apr-11Jul-11Sep-11Dec-11Feb-12May-12Jul-12Oct-12Dec-12Mar-13Japan20Industrial growth (%)100-10-20Apr-11Jul-11Oct-11Jan-12Apr-12Jul-12Oct-12Dec-12Mar-13European Union208-4-16Apr-11Jun-11Jul-11Sep-11Oct-11Dec-11Jan-12Mar-12Apr-12Jun-12Jul-12Sep-12Oct-12Dec-12Jan-13Mar-13Industrial growth (%)France Germany ItalyBRIC18Russia Brazil India ChinaIndustrial growth (%)1260-6Apr-11Jun-11Jul-11Aug-11Sep-11Oct-11Nov-11Dec-11Feb-12Mar-12Apr-12May-12Jun-12Jul-12Sep-12Oct-12Nov-12Dec-12Jan-13Feb-13Mar-13Source: Bloomberg, MOSL

20 May 2013 22Metals WeeklyStock Exchange announcements• Tata Steel has substantially completed its year end impairment reviewfor FY13 and company expects non-cash write down of the goodwill andassets in the consolidated financial statements of around USD 1.6 billion.• Members of Jindal Steel & Power will consider to approve theresolutions, by way of Postal Ballot for issue of shares to the employeesunder ESOP scheme.• The Board of Directors of the Rain Commodities has approved change ofname of the Company from Rain Commodities Limited to Rain IndustriesLimited to reflect the businesses being carried on by the Company andits Subsidiary Companies subject to shareholders' approval.Forthcoming Results• JSW Steel: 23th May, 2013• Tata Steel: 23th May, 2013• Nalco: 27th May, 2013• Hindalco: 28th May, 2013• NMDC: 29th May, 2013• SAIL: 30th May, 2013

20 May 2013 23Metals WeeklyMetalsValuation MatrixValuations: Indian companiesRating Price Mkt Cap EPS (INR) P/E (X) EV/EBITDA (X) P/B (X)(INR) (USD M) FY13E FY14E FY15E FY14E FY15E FY14E FY15E FY14E FY15ESteelTata Steel Sell 312 5,547 -5.6 31.8 28.0 9.8 11.1 6.1 6.3 1.2 1.1SAIL Sell 63 4,767 7.6 7.5 6.9 8.4 9.1 6.1 6.0 0.6 0.6JSW Steel Sell 706 3,126 37.7 25.5 66.7 27.7 10.6 7.2 6.3 0.9 0.8JSPL Sell 313 5,392 37.2 36.7 41.1 8.5 7.6 8.0 6.6 1.3 1.2NMDC Buy 122 8,858 17.2 17.8 19.9 6.9 6.1 3.1 2.6 1.5 1.3Sesa Goa Buy 166 2,687 27.1 21.6 28.2 7.7 5.9 33.0 6.3 1.0 1.0Non-FerrousSterlite Inds. Buy 97 6,027 18.3 17.7 15.6 5.5 6.2 3.5 3.1 0.6 0.6Hindustan Zinc Buy 122 9,501 16.4 15.8 15.6 7.7 7.8 3.8 3.2 1.4 1.2Nalco Neutral 36 1,725 2.0 3.2 3.5 11.3 10.3 4.5 3.3 0.7 0.7Hindalco Buy 110 4,066 16.5 20.6 19.6 5.3 5.6 6.3 5.8 0.9 0.8Rain Commodities* Buy 42 264 16.7 10.2 15.2 4.1 2.8 5.5 4.5 0.5 0.4* Rain Comm. follows calendar year reporting, CY13 and CY14 fig. are quoted in place of FY14 and FY15 respectively Source: MOSLValuations: Global companiesBBG Currency Price Mkt Cap P/E (X) EV/EBITDA(X) P/BVCode (USD M) CY13 CY14 CY13 CY14 CY13MiningBHP-Billiton BHP AU AUD 34.4 171,591 13.7 11.9 7.1 6.3 2.5FMG FMG AU AUD 3.5 10,842 6.8 5.0 6.5 4.7 2.0Rio Tinto RIO AU AUD 55.3 85,940 9.7 8.7 5.7 5.1 1.8Vale Vale US USD 15.6 81,897 6.9 7.1 5.1 5.0 1.0Teck Resources TCK US USD 27.2 15,837 12.1 9.8 5.9 5.1 0.9SteelArcelor Mittal MT NA EUR 10.0 21,329 35.5 10.7 6.2 4.9 0.4Posco 005490 KS k KRW 322.0 25,342 12.4 10.8 5.4 4.9 0.7US Steel X US USD 18.3 2,643 - 13.8 7.1 4.7 0.8Nucor NUE US USD 45.8 14,545 24.8 12.8 10.0 6.7 1.9JFE 5411 JT JPY 2,171.0 13,735 10.6 9.0 7.6 7.0 0.8Gerdau GGBR4 BZ BRL 13.6 11,090 15.5 10.1 7.7 6.4 1.1Bao Steel 600019 CH CNY 5.0 13,859 12.2 9.7 7.0 6.5 0.8Non-FerrousAlcoa AA US USD 8.6 9,208 19.7 12.4 7.4 6.4 0.7Norsk Hydro NHY NO NOK 26.3 9,289 29.4 16.5 8.1 6.3 0.8Rusal 486 HK HKD 3.9 7,574 10.0 7.4 16.4 14.4 0.6Source: Bloomberg

Metals WeeklyMetals StockPerformanceAmong large-cap companies,Hindalco has outperformed andJSPL has underperformed overthe last one monthAmong mid-cap companies, SardaEnergy outperformed and MonnetIspat has underperformed overthe last one monthMetals stock performance on absolute and relative basis (%)Absolute Perf (%) Relative Perf to Sensex (%)Months 1 3 6 12 1 3 6 12SteelTata Steel 4.0 -17.0 -15.7 -22.0 -3.4 -21.9 -27.2 -48.4SAIL 3.1 -18.6 -20.1 -29.7 -4.3 -23.5 -31.6 -56.1JSW Steel -1.5 -11.1 -3.3 17.8 -8.9 -16.0 -14.8 -8.6JSPL -7.2 -19.1 -15.8 -33.5 -14.5 -24.0 -27.3 -60.0NMDC -1.4 -18.7 -28.3 -30.6 -8.8 -23.6 -39.8 -57.0Sesa Goa 10.2 0.8 -1.0 -14.1 2.8 -4.1 -12.5 -40.5Non-ferrousSterlite Inds. 9.2 -2.1 -0.2 -3.8 1.8 -7.0 -11.7 -30.2Hindustan Zinc 10.7 -0.3 -10.0 4.6 3.3 -5.2 -21.6 -21.8Nalco 4.8 -21.3 -20.5 -40.3 -2.5 -26.1 -32.0 -66.7Hindalco 17.6 0.4 1.1 2.0 10.2 -4.5 -10.4 -24.4Mid CapsMonnet Ispat -8.4 -23.1 -35.6 -55.4 -15.8 -28.0 -47.1 -81.9Godawari 2.3 -14.1 -29.6 -23.7 -5.0 -19.0 -41.2 -50.1Sarda Energy 5.1 -6.4 -24.1 -7.9 -2.3 -11.3 -35.7 -34.3Tata Sponge 2.1 -2.3 -4.9 12.9 -5.3 -7.2 -16.4 -13.5Adhunik Metaliks -4.4 -20.5 -14.1 -20.3 -11.8 -25.4 -25.7 -46.7Bhushan Steel 1.8 -0.1 -3.8 8.4 -5.6 -5.0 -15.4 -18.0Jai Balaji 3.0 -2.0 -19.5 2.6 -4.4 -6.9 -31.1 -23.8Rain Commodities -5.4 18.0 11.4 16.7 -12.8 13.1 -0.1 -9.7Prakash Industries 0.7 -1.6 -21.6 -17.3 -6.7 -6.5 -33.1 -43.7SENSEX 7.4 4.9 11.5 26.4 - - - -Best performer Worst performerSource: MOSL, BloombergGlobal metals stock performance on absolute basis (%)Absolute Perf (%)1week 1month 3 months 6 months 12 monthsAmong global mining companies,BHP Billiton was the best performerwhile FMG was the worst performingstock over the last one monthAmong global steel majors, JFEholdings was the best performerwhile Gerdau was the worstperforming stock over thelast one monthMiningRio Tinto -3.4 -0.7 -22.3 -1.2 4.0BHP Billiton 1.1 11.2 -9.5 6.1 11.0Vale -7.2 -2.6 -20.0 -8.8 -13.8FMG -7.0 -5.6 -31.9 -8.7 -23.6Anglo American -0.4 -1.7 -23.0 -5.6 -22.2Vedanta -0.5 10.6 -1.9 22.9 32.8SteelUS Steel -1.3 11.8 -20.9 -8.7 -15.0Nucor 2.0 8.0 -4.9 16.1 33.1Arcelor Mittal 0.1 13.8 -17.6 -13.1 -12.5Bao Steel 0.2 3.3 -4.1 7.6 3.8Posco 0.8 1.1 -11.0 2.5 -9.6JFE Holdings 5.4 19.2 10.2 90.9 77.8Nippon 3.8 11.5 7.9 52.8 50.3Thyssen Krupp 2.9 13.2 -13.0 -5.3 2.2Voest Alpine 1.9 13.8 -1.9 10.8 21.4Gerdau -3.3 -11.6 -23.3 -20.7 -12.7AluminiumAlcoa 0.9 6.6 -7.6 5.3 2.1Rusal -1.3 -3.3 -18.5 -12.6 -12.8Chalco 0.9 11.9 -10.4 -3.6 0.0Best performer Worst performerSource: MOSL, Bloomberg20 May 2013 24

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