Iron ore prices after gaining mid-week – touching USD85/t – closed the week slightly lower than USD82/t. Coking coal recovered USD2/t closing at USD110/t. Chinese steel prices were down 4 to 6% WoW. This doesn’t augur well for Indian import prices.
Indian Commodity Exchange Limited is launching iron ore derivative contracts to help market participants manage risks from volatile iron ore prices. Derivatives allow buyers and sellers of iron ore and steel to lock in prices in the future. The presentation discusses how the iron ore market works, factors influencing prices like steel demand from China and supply from major producers. It also outlines benefits of trading iron ore futures contracts like hedging, price discovery and transparency. The exchange aims to provide a platform for efficient price risk management in iron ore, the world's second largest commodity market by volume.
презентация для инвесторов, февраль 2012evraz_company
This corporate presentation provides an overview of EVRAZ, a vertically integrated steel and mining company. Some key points include:
- EVRAZ is a top global steel producer with low-cost operations due to vertical integration and a focus on efficiency.
- In 2011, EVRAZ produced 16.8 million tons of crude steel and 15.2 million tons of steel products.
- EVRAZ has recently moved to a premium listing on the London Stock Exchange and implemented a new dividend policy.
- The outlook remains challenging due to volatility in the global economy and steel industry, though EVRAZ is well positioned with its cost advantages and flexibility.
презентация для инвесторов, январь 2012evraz_company
This corporate presentation provides an overview of EVRAZ plc, a vertically integrated steel and mining company. Some key points:
- EVRAZ is a top global steel producer and leader in key markets like construction and rail in Russia and CIS.
- The company has low production costs due to vertical integration and high efficiency.
- In 2011 EVRAZ produced 16.8 million tons of crude steel and 15.2 million tons of steel products.
- The presentation discusses recent market developments, 2011 operational results, outlook, and EVRAZ's competitive advantages.
This document provides an overview and analysis of iron ore reserves and resources in India and their significance for the country's steel industry. It finds that India has an estimated total of 17.9 billion tons of hematite iron ore reserves and resources, with Odisha accounting for over a quarter of the total. Magnetite ore reserves and resources total 10.6 billion tons. However, iron ore production and reserves have declined in recent years due to regulatory changes. Maintaining sufficient iron ore reserves and resources is critical to the continued growth of India's important steel industry.
Reglamento Universidad Popular Del Cesar dayhana-14
Se crea Esta Presentacion Con el Objetivo de Dar a Conocer algunos Casos donde Es Necesario Defender nuestros derechos como estudiantes de la Universidad Popular Del Cesar, Asi como tambien para saber y conocer los procedimientos a realizar en caso de enfrentarnos a uno de ellos.
Este documento presenta un resumen de los dilemas y desafíos del uso de redes sociales en la gestión pública chilena entre 2010-2014. Propone cuatro definiciones estratégicas clave: 1) la institucionalización de las redes sociales, 2) el control ciudadano y la corresponsabilidad, 3) la gestión del cambio ante la inercia institucional, y 4) la presencia en redes sociales y las políticas de publicación. Asimismo, analiza aspectos como el empoderamiento ciudadano, el cambio de modelo comunicacional y los
Harmony is creating the Family Center at Montvale. Located eight miles from Maryville TN, Montvale is nestled at the foot of Chilhowee Mountain adjoining Great Smoky Mountains National Park. The land has been in use since 1832 when hunters discovered Montvale’s mineral springs. By the mid-1800’s Montvale Springs was the site of the 125-room Seven Gables Hotel which, at the height of its popularity as a spa, became known as the Saratoga of the South. The hotel was eventually destroyed by fire in 1933 and in 1947 was sold to the YWCA for a summer camp that became a local institution, providing summer camp experiences for thousands of area children and youth until the camp closed in 2005.
Montvale’s future was uncertain when ex-Camp Montvale counselor Sam Furrow purchased the property in 2008. Montvale has since been placed in a conservation easement that restricts usage to those benefiting children, families, and the community. Harmony has purchased the property and is developing and implementing programs for its use.
Indian Commodity Exchange Limited is launching iron ore derivative contracts to help market participants manage risks from volatile iron ore prices. Derivatives allow buyers and sellers of iron ore and steel to lock in prices in the future. The presentation discusses how the iron ore market works, factors influencing prices like steel demand from China and supply from major producers. It also outlines benefits of trading iron ore futures contracts like hedging, price discovery and transparency. The exchange aims to provide a platform for efficient price risk management in iron ore, the world's second largest commodity market by volume.
презентация для инвесторов, февраль 2012evraz_company
This corporate presentation provides an overview of EVRAZ, a vertically integrated steel and mining company. Some key points include:
- EVRAZ is a top global steel producer with low-cost operations due to vertical integration and a focus on efficiency.
- In 2011, EVRAZ produced 16.8 million tons of crude steel and 15.2 million tons of steel products.
- EVRAZ has recently moved to a premium listing on the London Stock Exchange and implemented a new dividend policy.
- The outlook remains challenging due to volatility in the global economy and steel industry, though EVRAZ is well positioned with its cost advantages and flexibility.
презентация для инвесторов, январь 2012evraz_company
This corporate presentation provides an overview of EVRAZ plc, a vertically integrated steel and mining company. Some key points:
- EVRAZ is a top global steel producer and leader in key markets like construction and rail in Russia and CIS.
- The company has low production costs due to vertical integration and high efficiency.
- In 2011 EVRAZ produced 16.8 million tons of crude steel and 15.2 million tons of steel products.
- The presentation discusses recent market developments, 2011 operational results, outlook, and EVRAZ's competitive advantages.
This document provides an overview and analysis of iron ore reserves and resources in India and their significance for the country's steel industry. It finds that India has an estimated total of 17.9 billion tons of hematite iron ore reserves and resources, with Odisha accounting for over a quarter of the total. Magnetite ore reserves and resources total 10.6 billion tons. However, iron ore production and reserves have declined in recent years due to regulatory changes. Maintaining sufficient iron ore reserves and resources is critical to the continued growth of India's important steel industry.
Reglamento Universidad Popular Del Cesar dayhana-14
Se crea Esta Presentacion Con el Objetivo de Dar a Conocer algunos Casos donde Es Necesario Defender nuestros derechos como estudiantes de la Universidad Popular Del Cesar, Asi como tambien para saber y conocer los procedimientos a realizar en caso de enfrentarnos a uno de ellos.
Este documento presenta un resumen de los dilemas y desafíos del uso de redes sociales en la gestión pública chilena entre 2010-2014. Propone cuatro definiciones estratégicas clave: 1) la institucionalización de las redes sociales, 2) el control ciudadano y la corresponsabilidad, 3) la gestión del cambio ante la inercia institucional, y 4) la presencia en redes sociales y las políticas de publicación. Asimismo, analiza aspectos como el empoderamiento ciudadano, el cambio de modelo comunicacional y los
Harmony is creating the Family Center at Montvale. Located eight miles from Maryville TN, Montvale is nestled at the foot of Chilhowee Mountain adjoining Great Smoky Mountains National Park. The land has been in use since 1832 when hunters discovered Montvale’s mineral springs. By the mid-1800’s Montvale Springs was the site of the 125-room Seven Gables Hotel which, at the height of its popularity as a spa, became known as the Saratoga of the South. The hotel was eventually destroyed by fire in 1933 and in 1947 was sold to the YWCA for a summer camp that became a local institution, providing summer camp experiences for thousands of area children and youth until the camp closed in 2005.
Montvale’s future was uncertain when ex-Camp Montvale counselor Sam Furrow purchased the property in 2008. Montvale has since been placed in a conservation easement that restricts usage to those benefiting children, families, and the community. Harmony has purchased the property and is developing and implementing programs for its use.
Ferroalloy prices are set to decrease further in the coming months as demand for steel remains weak globally. Ferroalloy prices have already decreased 5-8% in major markets this month, following a 30% drop in steel prices over the last six months. While raw material prices like manganese ore have reached bottom, ferroalloy prices will continue to fall to reflect the low steel prices. The price trend may only start reversing in the second half of 2016 if steel demand increases.
Copper prices have plummeted over the past week due to slowing economic growth in China and fears over the Chinese credit situation. Copper inventories have risen on the Shanghai exchange but fallen on the LME and COMEX, decreasing global stockpiles. European manufacturers are in a favorable position due to the copper price drop and a stronger euro. Chinese funds have been betting against copper due to concerns over Chinese demand and credit issues potentially unwinding financing deals.
The Mongolian economy expanded by 11.5% in the first nine months of 2013, led by growth in the mining sector and industrial production. However, exports and foreign direct investment have slowed. Inflation reached double digits in 2012 due to expansionary fiscal policy, and the current account deficit remained large. Strong economic growth has contributed to a decline in poverty rates in Mongolia.
The document provides a weekly report on the Australian copper and gold markets. It includes the following key points:
1) Preliminary data shows the global refined copper market had a 193,000 tonne deficit in 2013, compared to a 266,000 tonne deficit in 2012, indicating the market was not in a surplus as previously expected.
2) Chinese refined copper output rose 6.6% in the first two months of 2014, while several large Chinese smelters have agreed to jointly boost copper exports to cope with low domestic prices.
3) A technical problem at Jinchuan Group will reduce its copper and nickel production over the next 3-4 months as it repairs oxygen production facilities.
This document summarizes a research report from UBS Investment Research on commodity demand and prices. It discusses the outlook for copper, iron ore, and metallurgical coal over both the short-term (next 3 years) and long-term. In the short-term, prices will be driven by China's demand growth and supply diversification. Over the long-term, a key factor will be ensuring adequate mine supply growth to meet demand as no substitutes exist for these commodities.
This report provides a weekly summary of commodity prices and economic indicators related to copper and gold. It discusses recent developments at major copper and gold companies, including lower production at Codelco, new copper concentrate pricing indexes, and labor issues at Glencore Xstrata's Tintaya-Antapaccay mine in Peru. It also notes that China's copper consumption is expected to rise by 700,000 tonnes in 2014 while production could increase 600,000-650,000 tonnes. Gold prices broke through a key support level and net gold imports to China through Hong Kong in the first two months of the year rose almost 140% compared to the same period in 2013.
India exported 1.1 million metric tons of iron pellets from April to December 2013, with Jindal Steel exporting the most at 470,000 metric tons. The export market opened when domestic iron ore prices dropped to their lowest level, and exporters received better prices due to the depreciating rupee and high Chinese iron ore costs. Paradip port in East India exported the most iron pellets at 600,000 metric tons. China was the largest consumer of Indian iron pellets.
This document provides an overview of Ukraine's steel industry and exports. It discusses Ukraine's natural resources including large reserves of iron ore, coal, and natural gas. The country's key exports are ferrous and non-ferrous metals and fuel/petroleum, while its top imports are oil/gas, machinery, and parts. The document also details Ukraine's steel production levels from 2007-2011, its exports of steel by region from 2010-2011, domestic scrap metal prices, and pig iron and billet prices. It analyzes imports of materials from Ukraine by country and port.
Q4FY15 preview: Metal sector to post worst quarterly performanceIndiaNotes.com
- Metals companies are expected to report weak quarterly performance with EBITDA declining 15% quarter-over-quarter and 26% year-over-year due to lower metal prices, soft domestic demand, and rising imports.
- EBITDA is forecasted to decline across sectors, though Hindalco is expected to outperform with 6% quarter-over-quarter growth from higher aluminum volumes. Steel companies will face steeper declines of 16% quarter-over-quarter due to falling steel prices.
- Target prices for metals companies are being rolled over to FY2017 as the report adjusts estimates and outlooks to incorporate the new reality of lower and more volatile metal prices.
The document provides a weekly report on commodities including gold, silver, crude oil, and copper. It discusses technical analysis and trading strategies for each commodity. Major events include gold prices trading negatively on Comex and sideways to bearish on MCX, while copper prices are also negative on both exchanges. The economic calendar lists upcoming key economic data releases.
This weekly report from Lincoln Crowne & Company provides an overview of the copper and gold markets and notable company announcements:
- Copper and gold prices rebounded on signals the US Fed may maintain economic stimulus. Freeport resumed shipments from Grasberg and Rio Tinto shipped first copper from Oyu Tolgoi.
- China's copper imports in June rose nearly 6% from May to the highest level since September 2012. However, H1 2013 imports are down 15% year-on-year.
- The DRC delayed a ban on copper and cobalt concentrate exports until year-end to allow miners to clear stockpiles. Codelco needs more funding to achieve its production targets.
This document provides a market update on steel prices for various regions. It reports that steel prices have continued to fall globally, with prices in Europe, Asia, and the US down from their 2014 highs. It notes overcapacity in China is expected to lead to continued growth in Chinese steel exports. Forward curves show prices expected to rise slightly in 2016 on potential improved demand and trade measures, but prices are forecast to remain in backwardation in 2015 due to oversupply conditions.
The document discusses ferrous scrap markets. It defines ferrous scrap as steel that can be recycled, including prime scrap from manufacturing and obsolete scrap from discarded structures. Scrap is a important raw material for electric arc furnaces, comprising up to 100% of their feedstock. Turkey is the world's largest importer of scrap and its scrap price serves as an important regional marker. Global scrap trade is over 120 million tonnes annually and is expected to tighten further as more countries expand electric arc furnace production. Volatility in scrap prices poses challenges for steel producers and consumers.
Iron ore vs scrap imparity hit mini-mills in TurkeyAndrey Pupchenko
Turkish mills should undercut ferrous scrap prices by raising billets purchases
Metal Expert's view on the current market of long products, ferrous scrap and iron ore prices.
Manganese ore and alloy prices increased over the past month due to speculative demand in China driving up domestic ore prices, though Chinese steel production and end user demand have slowed which is expected to decrease ore consumption and alloy prices in the coming months as speculators exit the market. The document provides market updates and price forecasts for manganese, silicon, and chromium ores and alloys in global regions including Europe, North America, China, and Turkey.
This weekly report from Lincoln Crowne & Company provides a summary of commodity prices, currency exchange rates, and stock market indices for the past week. It also includes brief summaries of company news and analyst commentary related to copper, gold, and mining companies. The report contains a disclaimer stating that Lincoln Crowne does not guarantee the accuracy of the information and makes no recommendations.
The government of Andhra Pradesh issued an order fixing steel rates for engineering departments for the month of June 2017. The Engineer-in-Chief of the Water Resources Department proposed the rates in a letter. The order approves rates for various steel items like rods, flats, angles, channels, TMT bars, plates, wires, sheets, and pig iron. All heads of departments and agencies dealing with public works are instructed to follow the new rates. The Finance Department concurred with the order.
The government of Andhra Pradesh issued an order fixing steel rates for engineering departments for the month of June 2017. The Engineer-in-Chief of the Water Resources Department proposed the rates in a letter. The order approves rates for various steel items like rods, flats, angles, channels, TMT bars, plates, wires, sheets, and pig iron. All heads of departments and agencies dealing with public works projects must follow the new rates. The Finance Department concurred with the order.
The document summarizes financial information for GlaxoSmithKline Consumer Healthcare Ltd for quarters ending June 2015 and September 2015E. Key highlights include:
- For Q1 FY16 ending June 2015, net profit increased 19.13% YoY to Rs. 1550.10 million, net sales grew 8.18% YoY, and operating profit rose 20.64% YoY.
- Estimates for Q2 FY16 ending September 2015 show net sales growth to Rs. 11850.30 million and net profit increasing to Rs. 1775.02 million.
- At the current market price of Rs. 6270.20, the stock trades at a P/E ratio of 40.
Ferroalloy prices are set to decrease further in the coming months as demand for steel remains weak globally. Ferroalloy prices have already decreased 5-8% in major markets this month, following a 30% drop in steel prices over the last six months. While raw material prices like manganese ore have reached bottom, ferroalloy prices will continue to fall to reflect the low steel prices. The price trend may only start reversing in the second half of 2016 if steel demand increases.
Copper prices have plummeted over the past week due to slowing economic growth in China and fears over the Chinese credit situation. Copper inventories have risen on the Shanghai exchange but fallen on the LME and COMEX, decreasing global stockpiles. European manufacturers are in a favorable position due to the copper price drop and a stronger euro. Chinese funds have been betting against copper due to concerns over Chinese demand and credit issues potentially unwinding financing deals.
The Mongolian economy expanded by 11.5% in the first nine months of 2013, led by growth in the mining sector and industrial production. However, exports and foreign direct investment have slowed. Inflation reached double digits in 2012 due to expansionary fiscal policy, and the current account deficit remained large. Strong economic growth has contributed to a decline in poverty rates in Mongolia.
The document provides a weekly report on the Australian copper and gold markets. It includes the following key points:
1) Preliminary data shows the global refined copper market had a 193,000 tonne deficit in 2013, compared to a 266,000 tonne deficit in 2012, indicating the market was not in a surplus as previously expected.
2) Chinese refined copper output rose 6.6% in the first two months of 2014, while several large Chinese smelters have agreed to jointly boost copper exports to cope with low domestic prices.
3) A technical problem at Jinchuan Group will reduce its copper and nickel production over the next 3-4 months as it repairs oxygen production facilities.
This document summarizes a research report from UBS Investment Research on commodity demand and prices. It discusses the outlook for copper, iron ore, and metallurgical coal over both the short-term (next 3 years) and long-term. In the short-term, prices will be driven by China's demand growth and supply diversification. Over the long-term, a key factor will be ensuring adequate mine supply growth to meet demand as no substitutes exist for these commodities.
This report provides a weekly summary of commodity prices and economic indicators related to copper and gold. It discusses recent developments at major copper and gold companies, including lower production at Codelco, new copper concentrate pricing indexes, and labor issues at Glencore Xstrata's Tintaya-Antapaccay mine in Peru. It also notes that China's copper consumption is expected to rise by 700,000 tonnes in 2014 while production could increase 600,000-650,000 tonnes. Gold prices broke through a key support level and net gold imports to China through Hong Kong in the first two months of the year rose almost 140% compared to the same period in 2013.
India exported 1.1 million metric tons of iron pellets from April to December 2013, with Jindal Steel exporting the most at 470,000 metric tons. The export market opened when domestic iron ore prices dropped to their lowest level, and exporters received better prices due to the depreciating rupee and high Chinese iron ore costs. Paradip port in East India exported the most iron pellets at 600,000 metric tons. China was the largest consumer of Indian iron pellets.
This document provides an overview of Ukraine's steel industry and exports. It discusses Ukraine's natural resources including large reserves of iron ore, coal, and natural gas. The country's key exports are ferrous and non-ferrous metals and fuel/petroleum, while its top imports are oil/gas, machinery, and parts. The document also details Ukraine's steel production levels from 2007-2011, its exports of steel by region from 2010-2011, domestic scrap metal prices, and pig iron and billet prices. It analyzes imports of materials from Ukraine by country and port.
Q4FY15 preview: Metal sector to post worst quarterly performanceIndiaNotes.com
- Metals companies are expected to report weak quarterly performance with EBITDA declining 15% quarter-over-quarter and 26% year-over-year due to lower metal prices, soft domestic demand, and rising imports.
- EBITDA is forecasted to decline across sectors, though Hindalco is expected to outperform with 6% quarter-over-quarter growth from higher aluminum volumes. Steel companies will face steeper declines of 16% quarter-over-quarter due to falling steel prices.
- Target prices for metals companies are being rolled over to FY2017 as the report adjusts estimates and outlooks to incorporate the new reality of lower and more volatile metal prices.
The document provides a weekly report on commodities including gold, silver, crude oil, and copper. It discusses technical analysis and trading strategies for each commodity. Major events include gold prices trading negatively on Comex and sideways to bearish on MCX, while copper prices are also negative on both exchanges. The economic calendar lists upcoming key economic data releases.
This weekly report from Lincoln Crowne & Company provides an overview of the copper and gold markets and notable company announcements:
- Copper and gold prices rebounded on signals the US Fed may maintain economic stimulus. Freeport resumed shipments from Grasberg and Rio Tinto shipped first copper from Oyu Tolgoi.
- China's copper imports in June rose nearly 6% from May to the highest level since September 2012. However, H1 2013 imports are down 15% year-on-year.
- The DRC delayed a ban on copper and cobalt concentrate exports until year-end to allow miners to clear stockpiles. Codelco needs more funding to achieve its production targets.
This document provides a market update on steel prices for various regions. It reports that steel prices have continued to fall globally, with prices in Europe, Asia, and the US down from their 2014 highs. It notes overcapacity in China is expected to lead to continued growth in Chinese steel exports. Forward curves show prices expected to rise slightly in 2016 on potential improved demand and trade measures, but prices are forecast to remain in backwardation in 2015 due to oversupply conditions.
The document discusses ferrous scrap markets. It defines ferrous scrap as steel that can be recycled, including prime scrap from manufacturing and obsolete scrap from discarded structures. Scrap is a important raw material for electric arc furnaces, comprising up to 100% of their feedstock. Turkey is the world's largest importer of scrap and its scrap price serves as an important regional marker. Global scrap trade is over 120 million tonnes annually and is expected to tighten further as more countries expand electric arc furnace production. Volatility in scrap prices poses challenges for steel producers and consumers.
Iron ore vs scrap imparity hit mini-mills in TurkeyAndrey Pupchenko
Turkish mills should undercut ferrous scrap prices by raising billets purchases
Metal Expert's view on the current market of long products, ferrous scrap and iron ore prices.
Manganese ore and alloy prices increased over the past month due to speculative demand in China driving up domestic ore prices, though Chinese steel production and end user demand have slowed which is expected to decrease ore consumption and alloy prices in the coming months as speculators exit the market. The document provides market updates and price forecasts for manganese, silicon, and chromium ores and alloys in global regions including Europe, North America, China, and Turkey.
This weekly report from Lincoln Crowne & Company provides a summary of commodity prices, currency exchange rates, and stock market indices for the past week. It also includes brief summaries of company news and analyst commentary related to copper, gold, and mining companies. The report contains a disclaimer stating that Lincoln Crowne does not guarantee the accuracy of the information and makes no recommendations.
The government of Andhra Pradesh issued an order fixing steel rates for engineering departments for the month of June 2017. The Engineer-in-Chief of the Water Resources Department proposed the rates in a letter. The order approves rates for various steel items like rods, flats, angles, channels, TMT bars, plates, wires, sheets, and pig iron. All heads of departments and agencies dealing with public works are instructed to follow the new rates. The Finance Department concurred with the order.
The government of Andhra Pradesh issued an order fixing steel rates for engineering departments for the month of June 2017. The Engineer-in-Chief of the Water Resources Department proposed the rates in a letter. The order approves rates for various steel items like rods, flats, angles, channels, TMT bars, plates, wires, sheets, and pig iron. All heads of departments and agencies dealing with public works projects must follow the new rates. The Finance Department concurred with the order.
Similar to Metals: Steel prices ski jumping off steepened Chinese slope - Motilal Oswal (20)
The document summarizes financial information for GlaxoSmithKline Consumer Healthcare Ltd for quarters ending June 2015 and September 2015E. Key highlights include:
- For Q1 FY16 ending June 2015, net profit increased 19.13% YoY to Rs. 1550.10 million, net sales grew 8.18% YoY, and operating profit rose 20.64% YoY.
- Estimates for Q2 FY16 ending September 2015 show net sales growth to Rs. 11850.30 million and net profit increasing to Rs. 1775.02 million.
- At the current market price of Rs. 6270.20, the stock trades at a P/E ratio of 40.
Apollo Tyres approves further expansion of the Truck & Bus radial tyre capacityIndiaNotes.com
Apollo Tyres reported a 12.4% decrease in net sales but a 27.5% increase in net profit for Q1 FY16 compared to Q1 FY15. EBITDA rose 15.4% and profit margins increased 319 and 447 basis points respectively. Apollo Tyres approved expanding its Chennai truck and bus radial tire capacity and raising Rs. 20,000 million in debt for ongoing expansions. Analyst estimates see Apollo Tyres' operating profit and PAT growing at a CAGR of 13% and 23% from FY14 to FY17 respectively.
Grasim Industries reports improved performance in Q1FY16IndiaNotes.com
Grasim Industries reported improved performance for the quarter ended June 2015, with consolidated net sales up 7% to Rs. 8,599 crore. Operating margin improved 130 basis points to 16.5% due to lower raw material and power costs. However, operating profit grew only 16% to Rs. 1,417 crore due to higher interest and depreciation costs. Net profit declined 1% to Rs. 484.67 crore. Key segments like viscose staple fibre saw revenue increase 15% and EBITDA surge 72% on higher sales volumes and lower input costs. The cement subsidiary UltraTech reported 7% revenue growth but net profit fell 5% to Rs. 591 crore.
The document provides a technical analysis recommendation for buying Lupin stock. It recommends buying between price levels of 1790 and 1820 with a stop-loss of 1660. The analysis notes that shorter term moving averages have converged and the RSI oscillator is showing a positive signal in the mid-range, indicating buy signals on both technical indicators.
Indoco Remedies reported quarterly results slightly below expectations due to restructuring of its domestic business. Sales grew 9% to Rs 216 crore while margins improved. Exports grew 23% but was offset by weak 2% domestic growth. The company expects the domestic segment to recover in the second half of the year. For the full year, sales are expected to grow 19% overall. While the quarter saw short-term impacts of domestic restructuring, the analyst maintains a HOLD recommendation based on the company's business model and expectations for profitability and returns to further expand.
Thermax Limited is a leading energy and environment solutions provider operating globally. In Q1 FY2016, the company's net sales increased 19.27% to Rs. 10011.90 million and net profit increased 48.96% to Rs. 616.78 million compared to the same period last year. The order balance on June 30, 2015 stood at Rs. 42750 million, down 18% from the previous year. The company plans to set up new manufacturing facilities. Analysts recommend buying the stock with a target price of Rs. 1145, citing expected growth in earnings.
An accounting information system (AIS) refers to tools and systems designed for the collection and display of accounting information so accountants and executives can make informed decisions.
STREETONOMICS: Exploring the Uncharted Territories of Informal Markets throug...sameer shah
Delve into the world of STREETONOMICS, where a team of 7 enthusiasts embarks on a journey to understand unorganized markets. By engaging with a coffee street vendor and crafting questionnaires, this project uncovers valuable insights into consumer behavior and market dynamics in informal settings."
Independent Study - College of Wooster Research (2023-2024) FDI, Culture, Glo...AntoniaOwensDetwiler
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
TEST BANK Principles of cost accounting 17th edition edward j vanderbeck mari...Donc Test
TEST BANK Principles of cost accounting 17th edition edward j vanderbeck maria r mitchell.docx
TEST BANK Principles of cost accounting 17th edition edward j vanderbeck maria r mitchell.docx
TEST BANK Principles of cost accounting 17th edition edward j vanderbeck maria r mitchell.docx
South Dakota State University degree offer diploma Transcriptynfqplhm
办理美国SDSU毕业证书制作南达科他州立大学假文凭定制Q微168899991做SDSU留信网教留服认证海牙认证改SDSU成绩单GPA做SDSU假学位证假文凭高仿毕业证GRE代考如何申请南达科他州立大学South Dakota State University degree offer diploma Transcript
[4:55 p.m.] Bryan Oates
OJPs are becoming a critical resource for policy-makers and researchers who study the labour market. LMIC continues to work with Vicinity Jobs’ data on OJPs, which can be explored in our Canadian Job Trends Dashboard. Valuable insights have been gained through our analysis of OJP data, including LMIC research lead
Suzanne Spiteri’s recent report on improving the quality and accessibility of job postings to reduce employment barriers for neurodivergent people.
Decoding job postings: Improving accessibility for neurodivergent job seekers
Improving the quality and accessibility of job postings is one way to reduce employment barriers for neurodivergent people.
University of North Carolina at Charlotte degree offer diploma Transcripttscdzuip
办理美国UNCC毕业证书制作北卡大学夏洛特分校假文凭定制Q微168899991做UNCC留信网教留服认证海牙认证改UNCC成绩单GPA做UNCC假学位证假文凭高仿毕业证GRE代考如何申请北卡罗莱纳大学夏洛特分校University of North Carolina at Charlotte degree offer diploma Transcript
Discover the Future of Dogecoin with Our Comprehensive Guidance36 Crypto
Learn in-depth about Dogecoin's trajectory and stay informed with 36crypto's essential and up-to-date information about the crypto space.
Our presentation delves into Dogecoin's potential future, exploring whether it's destined to skyrocket to the moon or face a downward spiral. In addition, it highlights invaluable insights. Don't miss out on this opportunity to enhance your crypto understanding!
https://36crypto.com/the-future-of-dogecoin-how-high-can-this-cryptocurrency-reach/
Metals: Steel prices ski jumping off steepened Chinese slope - Motilal Oswal
1. Valuations: Global companiesPriceP/B (x) CY14CY15CY13MiningBHPAUD 35.796.35.92.2FMGAUD 3.944.24.51.5Rio TintoAUD 61.896.25.72.0ValeUSD 25.245.04.80.9Teck Res.USD 21.357.86.40.7STEEL A. MittalEUR 11.0556.15.20.5Poscok KRW 3615.65.20.7US SteelUSD 39.925.95.21.5NucorUSD 54.9610.78.12.2JFEJPY 2151.57.86.80.7GerdauBRL 12.367.06.31.1Bao SteelCNY 4.486.15.50.8NON FERROUSAlcoaUSD 16.7210.07.91.7HydroNOK 38.310.37.81.1RusalHKD 4.7615.712.31.4Note: Detailed on pg 23Source: BloombergEV/EBITDA (x)
BSE Metals Index v/s Sensex
979899100101102 15-Sep16-Sep17-Sep18-Sep19-Sep BSE MetalSensex
Source: Bloomberg
Note: Indexed to 100 on 15 Sep 2014
Stock performance table on pg 24
Investors are advised to refer through disclosures made at the end of the Research Report.
Steel prices ski jumping off steepened Chinese slope
Indian long product (Mumbai TMT) prices declined 1% WoW. Although scrap prices corrected sharply by 2.3% WoW, sponge iron prices were broadly flat. Indian HRC prices were slightly lower as import prices from China declined another USD5/t WoW.
Iron ore prices after gaining mid-week – touching USD85/t – closed the week slightly lower than USD82/t. Coking coal recovered USD2/t closing at USD110/t. Chinese steel prices were down 4 to 6% WoW. This doesn’t augur well for Indian import prices.
EU HRC prices were up by EURO5-10/t over the last two weeks helped by depreciation of currency against USD, while scrap prices declined USD16/t WoW. The spreads for EU mills continue to expand.
LME Aluminum slipped below USD2,000/t, down 3% WoW, with some support from slightly higher cash premiums. Alumina continued to gain strength higher another USD5/t, closing at USD340/t
Copper and Zinc at LME were largely unchanged however Lead declined 2% WoW following the 4% decline the previous week.
Spot copper TCRC is at its 10 month high on increasing supplies (resumption of Indonesia exports).
Sanjay Jain (SanjayJain@MotilalOswal.com); +91 22 3982 5412/ Dhruv Muchhal (Dhruv.Muchhal@MotilalOswal.com)
STEEL
METALLICS
ALUM.
ZINC
COPPER
OTHERS
MISC.
Valuations: Indian companiesCompanyPriceP/B (x) (INR)FY15EFY16EFY14SteelTata Steel5106.46.22.0SAIL757.76.60.7JSW Steel12886.66.41.3JSPL2117.56.70.9NMDC1745.75.52.3Non-FerrousHindalco 1648.06.91.4SSLT2846.96.31.2HZL1675.64.41.6Nalco686.45.21.4Note: Detailed table on pg 23Source: MOSLEV/EBITDA (x)
Metals Weekly
22 September 2014
Metal PricesCMP19-Sep%12-Sep%1-Jul%1-JanTMT- Mumbai (INR/ton)34,900-135,300-335,900-436,300HRC- Mumbai (INR/ton)34,645-135,054-536,617-1239,377HRC (USD/ton) fob CIS540054205381533Sponge iron - Raipur (INR/ton)21,550021,600-121,750620,300Pig iron - Raipur (INR/ton)24,300-224,700-826,550-325,000Iron ore spot (USD/ton) cfr China82082-1495-39135Coking coal (USD/ton) fob Aus.11121080111-16132Shred. scrap (USD/ton) Rotterdam352-4368-6374-7378LME Spot (USD/ton)1,949-32,00861,837111,753Indian prices (INR ‘000/ton)119-312271109109LME inventories (‘000 ton)4,672-14,701-85,066-155,468LME Spot (USD/ton)2,250-12,27032,19462,116Indian prices (INR ‘000/ton)137-113841326129LME inventories (‘000 ton)753075413667-16894LME Spot (USD/ton)6,86806,856-27,015-77,375Indian prices (INR ‘000/ton)4160417-1422-10463LME inventories (‘000 ton)154-1156-2157-58371Gold (INR/10gms)26,518-226,975-628,149-1029,312Sliver (INR/1kg)40,176-240,858-1044,412-943,938Lead Spot LME (USD/ton)2,068-22,115-32,129-82,259FC 6-8% C basis 60% Cr (USD/lb Cr)1.1701.1721.15141.02INR/USD60.9061.0259.9-261.9BDI1,075-81,17320894-532,277Source: Metal Bulletin, Bloomberg, Steel Mint, MOSLWeekQuarterYTD CY14
2. 22 September 2014 2
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 announcements 22 Metals valuation matrix 23 Metals stock performance 24
3. 22 September 2014 3
Metals Weekly
Ferrous INDIA
Indian flat steel prices import parity (INR/T, exl. ED & VAT)
33,00035,00037,00039,00041,00043,000 Sep-13Oct-13Nov-13Dec-13Jan-14Feb-14Mar-14Apr-14May-14Jun-14Jul-14Aug-14Sep-14 HRC Mumbai (INR/t)
Indian long steel price (INR/T, exl. ED & VAT)
32,00034,00036,00038,000 Sep-13Oct-13Nov-13Dec-13Jan-14Jan-14Feb-14Mar-14Apr-14May-14Jun-14Jun-14Jul-14Aug-14Sep-14TMT Mumbai (INR/t)
Steel intermediates prices (INR/T, exl. ED & VAT)
19,00020,00021,00022,00023,00024,000 Sep-13Oct-13Nov-13Dec-13Jan-14Feb-14Mar-14Apr-14May-14Jun-14Jul-14Aug-14Sep-14 Sponge (Raipur)
India: Monthly crude steel production
-5.00.05.010.015.06.256.506.757.007.25 Sep-12Nov-12Jan-13Mar-13May-13Jul-13Sep-13Nov-13Jan-14Mar-14May-14Jul-14YoY (%) (m tons)IndiaYoY (%)
Source: SteelMint, WSA, MOSL
India HRC import prices declined further, down USD5/t WoW to now USD515/t.
TMT (Mumbai) prices remain under pressure on lower China import prices and were down for the second consecutive week now. WoW prices contracted by 1.1%.
Sponge iron continues to look sluggish on both lack of demand and China long product pricing pressure.
Ferrous
Steel demand remains sluggish having grown by just 0.7% YTD July. Aug flash print indicates YTD growth at 0.3% (Apr- Aug).
4. 22 September 2014 4
Metals Weekly
Ferrous INDIA
Scrap Mandi (INR/t)
22,00023,00024,00025,00026,00027,00028,000 Sep-13Oct-13Nov-13Dec-13Jan-14Feb-14Mar-14Apr-14May-14Jun-14Jul-14Aug-14 Scrap (Mandi)
Iron ore lumps (INR/t)
4,000 5,000 6,000 7,000 8,000 9,000 Sep-12Nov-12Jan-13Mar-13May-13Jul-13Sep-13Nov-13Jan-14Mar-14May-14Jul-14Sep-14NMDC 6-40mm (CG)Lumps 5-18 (Odisha)
Iron ore fines (INR/t) ex mine
1,400 1,800 2,200 2,600 3,000 3,400 Sep-12Nov-12Feb-13May-13Jul-13Oct-13Jan-14Mar-14Jun-14Sep-14 Fines 63% (Odisha)NMDC Fines
Pellet (Barbil) INR/t
6,0006,5007,0007,5008,0008,5009,000 Dec-13Jan-14Jan-14Feb-14Mar-14Apr-14May-14Jun-14Jul-14Aug-14Sep-14 Pellet (Barbil)
Source: SteelMint, WSA, MOSL
Ferrous
Pellet prices were flat WoW.
Scrap prices saw sharp correction, down 2.3% WoW. Since July, scrap is down by about INR3,000/t as against TMT by INR1,000/t and Sponge iron largely unchanged.
Iron ore prices were unchanged as lower international prices have made domestic iron ore uneconomical for some of the steel plants.
Prices of iron ore fines by NMDC are unchanged.
5. 22 September 2014 5
Metals Weekly
European Union
European HRC prices (EUR/ton)
375 425 475 525 Sep-12Nov-12Jan-13Mar-13May-13Jun-13Aug-13Oct-13Dec-13Feb-14Apr-14May-14Jul-14Sep-14 North Europe HRCSouth Europe HRC
Rotterdam: shredded scrap prices (USD/t)
320350380410 Sep-12Nov-12Jan-13Mar-13May-13Jun-13Aug-13Oct-13Dec-13Feb-14Apr-14May-14Jul-14Sep-14
European wire rods southern region (Euro/t)
450470490510530550 Sep-12Nov-12Jan-13Mar-13May-13Jul-13Sep-13Nov-13Jan-14Mar-14May-14Jul-14Sep-14
Spreads ( HRC-1.6xiron ore-0.7xcoking coal) – (USD/t)
180235290345400 Oct-10Dec-10Feb-11Apr-11Jun-11Aug-11Oct-11Dec-11Feb-12Apr-12Jun-12Aug-12Oct-12Dec-12Feb-13Apr-13Jun-13Aug-13Oct-13Dec-13Feb-14Apr-14Jun-14Aug-14 EUChina
Source: Metal Bulletin, Bloomberg, WSA, MOSL
HRC prices continued to strengthen with prices up by EURO5-10/t over last two weeks. Dollar strength is providing support.
Rotterdam scrap saw a sharp decline, down 4.4%, losing USD16/t WoW. Low iron ore and dollar strength are the factors, in our view.
South Europe wire rod prices were unchanged
Europe spreads are close to one year high on weak across the board raw material prices and strength in HRC on Euro depreciation.
6. 22 September 2014 6
Metals Weekly
China
China domestic prices (USD/ton)
400500600700800900 Sep-08Jan-09May-09Sep-09Jan-10May-10Sep-10Jan-11May-11Sep-11Jan-12May-12Sep-12Jan-13May-13Sep-13Jan-14May-14Sep-14 HRCRebar
Steel spreads (Steel price – 1.6x iron ore – 0.55x coke) for Chinese producers
140185230275320 Jun-10Sep-10Dec-10Mar-11Jun-11Sep-11Dec-11Mar-12Jun-12Sep-12Dec-12Mar-13Jun-13Sep-13Dec-13Mar-14Jun-14Sep-14 HRCRebar
Steel trade (m ton)
02468 Sep-12Nov-12Jan-13Mar-13May-13Jul-13Sep-13Nov-13Jan-14Mar-14May-14Jul-14 ExportsImports
Steel inventories in main China cities (m tons)
456789 Dec-12Mar-13May-13Jul-13Sep-13Dec-13Feb-14Apr-14Jul-14Sep-14
China long/flat prices were down by 4-6% WoW. Since July China prices are down by 10-12%
However spreads remain healthy on weakening iron ore/coking coal prices
Given weak domestic market, China continues to look to exports. Exports in July at 7.5mt, were highest in history, up 14% MoM
Steel inventories are declining on tighter credit
7. 22 September 2014 7
Metals Weekly
Other regions
CIS HRC export prices (USD/ton) fob basis
510520530540550 Oct-13Nov-13Dec-13Jan-14Mar-14Apr-14May-14Jun-14Jul-14Sep-14 CIS Exports (HRC)
Turkish export billets (USD/ton)
500520540560 Oct-13Nov-13Dec-13Jan-14Feb-14Mar-14Apr-14May-14Jun-14Jul-14Aug-14Sep-14 Turkish Exp Billets
North America HRC prices (USD/ton)
600625650675700 Oct-13Nov-13Dec-13Jan-14Feb-14Mar-14Apr-14May-14Jun-14Jul-14Aug-14Sep-14
CIS: Monthly crude steel production
-10-505108.0 8.5 9.0 9.5 10.0 Jun-12Sep-12Nov-12Jan-13Mar-13May-13Jul-13Sep-13Nov-13Jan-14Mar-14May-14Jul-14YoY (%) (m tons) CISYoY (%)
Source: Metal Bulletin, WSA, Bloomberg, MOSL
CIS export prices were lower by USD2/t WoW
US HRC was down USD5/t and about USD10/t lower since beginning Sep. Lower international prices is weighting on US HRC.
CIS countries crude steel production growth was positive for 3rd consecutive month, rising by 2.1% in July 2014
Turkey billet exports were lower by USD5/t.
8. 22 September 2014 8
Metals Weekly
Other regions
North America: Monthly crude steel production
-15.0-7.50.07.515.09.0 9.5 10.0 10.5 11.0 Jun-12Sep-12Nov-12Jan-13Mar-13May-13Jul-13Sep-13Nov-13Jan-14Mar-14May-14Jul-14YoY (%) (m tons) North AmericaYoY (%)
Global: Monthly crude steel production
-202468120 125 130 135 140 145 Jul-12Sep-12Nov-12Jan-13Mar-13May-13Jul-13Sep-13Nov-13Jan-14Mar-14May-14Jul-14YoY (%) (m tons) GlobalYoY (%)
Global: Monthly crude steel capacity utilization
69 72 75 78 81 84 Jul-12Sep-12Nov-12Jan-13Mar-13May-13Jul-13Sep-13Nov-13Jan-14Mar-14May-14Jul-14 Capacity Utilization
Source: Bloomberg, WSA, MOSL
After 6 consecutive months of positive production growth momentum, July was slower at 2.2%
Global crude steel production increased 3% YoY to 137m tons in July
Global capacity utilization declined 300bp MoM / 100bp YoY to 75.4% in July
9. 22 September 2014 9
Metals Weekly
Steel raw materials
Import price of 62% grade iron-ore fines in China (USD/ton)
658095110125140 Sep-13Oct-13Nov-13Dec-13Dec-13Jan-14Feb-14Mar-14Apr-14May-14May-14Jun-14Jul-14Aug-14Sep-14 CIFFOB
OTC iron-ore swaps (USD/ton)
80859095100105110115 15-Mar-1422-Mar-1429-Mar-145-Apr-1412-Apr-1419-Apr-1426-Apr-143-May-1410-May-1417-May-1424-May-1431-May-147-Jun-1414-Jun-1421-Jun-1428-Jun-145-Jul-1412-Jul-1419-Jul-1426-Jul-142-Aug-149-Aug-1416-Aug-1423-Aug-1430-Aug-146-Sep-1413-Sep-1420-Sep-14 20151Q154Q14
China iron-ore production and imports (m tons)
445056626830 60 90 120 150 Sep-12Nov-12Jan-13Mar-13May-13Jul-13Sep-13Nov-13Jan-14Mar-14May-14Jul-14 Ore ImportsOre ProdPig iron prod (RHS)
China iron-ore inventories (mt)
60708090100110Oct-12Dec-12Feb-13Apr-13May-13Jul-13Sep-13Nov-13Dec-13Feb-14Apr-14Jun-14Jul-14
Source: Metal Bulletin, Bloomberg, MOSL
After gaining strength mid- week, touching USD85/t, iron ore is down back to USD82/t.
China iron ore inventories are inching higher. Steel mills inventories too are high, according to media
China iron ore imports increased 11% MoM
Iron ore forward prices too fell along with spot prices
10. 22 September 2014 10
Metals Weekly
Steel raw materials
Freight rates to China (USD/ton)
08162432 Sep-12Oct-12Nov-12Dec-12Jan-13Feb-13Mar-13Apr-13May-13Jun-13Jul-13Aug-13Sep-13Oct-13Nov-13Dec-13Jan-14Feb-14Mar-14Apr-14May-14Jun-14Jul-14Aug-14 BrazilAustraliaIndia
Coal price index
65 75 85 95 Sep-12Nov-12Jan-13Apr-13Jun-13Aug-13Oct-13Dec-13Feb-14Apr-14Jul-14Sep-14 Richards Bay Steam Coal
Coke price index (fob China)
180 230 280 330 380 Aug-12Oct-12Dec-12Feb-13Apr-13Jun-13Aug-13Oct-13Dec-13Feb-14Apr-14Jun-14Aug-14USD/t China coke export spot (LHS)
Coking coal (USD/t)
100120140160180 Nov-12Jan-13Mar-13May-13Jul-13Sep-13Nov-13Jan-14Mar-14May-14Jul-14Sep-14 Spot coking coal (fob Australia)
Coking coal recovered slightly to USD110/t vs. previous week close of USD108/t
Thermal coal declined further USD1/t now trading at USD67.9/t. Since July thermal coal is down by about USD5/t
Bulk sea freights were slightly lower WoW.
11. 22 September 2014 11
Metals Weekly
Ferro alloys
China’s imports of manganese ore and concentrate
130160190220250280500 800 1,100 1,400 1,700 2,000 Oct-12Dec-12Feb-13Apr-13Jun-13Aug-13Oct-13Dec-13Feb-14Apr-14Jun-14Aug-14USD/t'000 tons ImportsPrices (RHS)
Chrome ore FOB spot prices
140160180200 Oct-12Nov-12Dec-12Jan-13Feb-13Mar-13May-13Jun-13Jul-13Aug-13Sep-13Oct-13Nov-13Jan-14Feb-14Mar-14Apr-14May-14Jun-14Aug-14Sep-14USD/ton 40% Chrome Africa
Ferro chrome CIF prices (CNY/t)
5,500 7,000 8,500 10,000 11,500 Oct-12Dec-12Feb-13Apr-13Jun-13Aug-13Oct-13Dec-13Feb-14Apr-14Jun-14Aug-14 Fe Chrome 50% Cr ChinaFe Chrome 63% Cr Pittursburgh
Silico Manganese prices
0.4 0.5 0.6 0.7 Feb-13Apr-13Jun-13Aug-13Oct-13Dec-13Feb-14Apr-14Jun-14Aug-14USD/lbSilico Manganese in warehouses in Pittsburg USA
Source: Metal Bulletin, Bloomberg, MOSL
12. 22 September 2014 12
Metals Weekly
Non-ferrous Aluminum
LME inventories and spot prices
4.64.95.25.51,600 1,800 2,000 2,200 Sep-13Oct-13Nov-13Dec-13Jan-14Feb-14Mar-14Apr-14May-14Jun-14Jul-14Aug-14Sep-14m tonsUSD/t Inventories (RHS)Spot
Global primary aluminum monthly production and YoY growth
-2.00.53.05.58.03,600 3,800 4,000 4,200 4,400 Jul-12Sep-12Nov-12Jan-13Mar-13May-13Jul-13Sep-13Nov-13Jan-14Mar-14May-14Jul-14YoY growth (%) '000 tons ProductionYoY
Aluminum: SHFE Vs LME arbitrage (USD/T)
-1000100200300 Nov-12Jan-13Mar-13May-13Jul-13Sep-13Nov-13Jan-14Mar-14May-14Jul-14Sep-14
India: Company-wise primary aluminum monthly production
43 44 41 45 46 49 49 44 50 34 35 33 34 33 32 33 33 35 35 32 36 34 35 33 35 21 21 21 21 20 21 21 19 21 20 21 21 21 21 21 21 21 22 22 20 22 23 26 25 28 35 35 32 33 33 34 33 31 34 32 28 24 25 25 24 26 26 27 27 24 27 26 27 26 28 45 45 44 45 44 46 46 40 46 44 45 45 45 45 45 46 45 46 46 42 46 45 46 45 46 Jul-12Sep-12Nov-12Jan-13Mar-13May-13Jul-13Sep-13Nov-13Jan-14Mar-14May-14Jul-14'000 tons HindalcoBalcoNalcoSSLT
Non-ferrous
LME slipped below USD2,000/t, down 3% WoW, to now USD1,950/t.
Global metal production growth has been moderating with July growth at 1.2% YoY vs June 2.2%
13. 22 September 2014 13
Metals Weekly
Non-ferrous Aluminum
Aluminum raw material and power cost for marginal producer in USA (USD/t)
08001,6002,4003,200 Oct-09Dec-09Mar-10May-10Aug-10Oct-10Jan-11Mar-11Jun-11Aug-11Nov-11Jan-12Apr-12Jun-12Aug-12Nov-12Jan-13Apr-13Jun-13Sep-13Nov-13Feb-14Apr-14Jul-14Sep-14 CPCAluminaPowerLME+Spot
CPC US (USD/t)
200 300 400 500 600 Jun-09Sep-09Dec-09Mar-10Jun-10Sep-10Dec-10Mar-11Jun-11Sep-11Dec-11Mar-12Jun-12Sep-12Dec-12Mar-13Jun-13Sep-13Dec-13Mar-14Jun-14Sep-14
Alumina (USD/t)
160 240 320 400 480 Jun-09Oct-09Jan-10May-10Sep-10Jan-11Apr-11Aug-11Dec-11Apr-12Jul-12Nov-12Mar-13Jun-13Oct-13Feb-14Jun-14Sep-14
Industrial power US (Lousiana) (USc/kwh)
4.05.06.07.08.09.0 Jun-09Oct-09Jan-10May-10Sep-10Jan-11Apr-11Aug-11Dec-11Apr-12Jul-12Nov-12Mar-13Jun-13Oct-13Feb-14Jun-14Sep-14
Source: Metal Bulletin, Bloomberg, Industry, MOSL
Aluminum product spreads remain attractive
Alumina was higher another USD5/t WoW trading at USD340/t
14. 22 September 2014 14
Metals Weekly
Non-ferrous Copper
LME inventories and prices
0.10.20.30.40.50.60.76,000 6,250 6,500 6,750 7,000 7,250 7,500 Sep-13Oct-13Nov-13Dec-13Jan-14Feb-14Mar-14Apr-14May-14Jun-14Jul-14Aug-14Sep-14m tonsUSD/t Inventories (RHS)Spot
Global refined copper monthly production and YoY growth
-2.50.02.55.07.510.01.41.51.61.71.81.92.0 Aug-12Oct-12Dec-12Feb-13Apr-13Jun-13Aug-13Oct-13Dec-13Feb-14Apr-14Jun-14YoY growth (%) m tons ProductionYoY -RHS
China: Refined copper monthly production and YoY growth
-831425360.30 0.37 0.44 0.51 0.58 0.65 0.72 Sep-12Nov-12Jan-13Mar-13May-13Jul-13Sep-13Nov-13Jan-14Mar-14May-14Jul-14YoY growth (%) m tons ProductionYoY -RHS
Copper: Spot TCRC (USc/lb)
22.024.026.028.030.032.034.0 Sep-13Oct-13Nov-13Dec-13Dec-13Jan-14Feb-14Feb-14Mar-14Apr-14Apr-14May-14Jun-14Jun-14Jul-14Aug-14Sep-14
LME was largely unchanged. Inventories were also flat WoW.
July production growth picked pace higher by 7.4% YoY vs. 5.7% increase in June
Spot TCRC rose to 10 month high on increasing supplies following the resumption of exports from Indonesia while demand remains largely unchanged.
15. 22 September 2014 15
Metals Weekly
Non-ferrous Zinc
LME inventories and prices
0.60.80.91.11.21,800 2,000 2,200 2,400 2,600 Sep-13Oct-13Nov-13Dec-13Jan-14Feb-14Mar-14Apr-14May-14Jun-14Jul-14Aug-14Sep-14m tonsUSD/t Inventories (RHS)Spot
Global refined zinc monthly production and YoY growth
-10.0-4.02.08.014.00.91.01.11.11.2 Aug-12Sep-12Oct-12Nov-12Dec-12Jan-13Feb-13Mar-13Apr-13May-13Jun-13Jul-13Aug-13Sep-13Oct-13Nov-13Dec-13Jan-14Feb-14Mar-14Apr-14May-14Jun-14Jul-14YoY growth (%) m tons ProductionYoY growth (RHS)
China: Refined zinc monthly production and YoY growth
-22-219400.30.40.40.5 Sep-12Nov-12Jan-13Mar-13May-13Jul-13Sep-13Nov-13Jan-14Mar-14May-14Jul-14YoY growth (%) m tons ProductionYoY growth (RHS)
Zinc: Global metal surplus/(deficit) - kt
-150-100-50050100150 Aug-12Sep-12Oct-12Nov-12Dec-12Jan-13Feb-13Mar-13Apr-13May-13Jun-13Jul-13Aug-13Sep-13Oct-13Nov-13Dec-13Jan-14Feb-14Mar-14Apr-14May-14Jun-14<--deficit (kt) surplus -->
After sharp decline last week, LME was broadly flat.
July Zinc production growth came at 3.1% YoY, slightly slower than 3.8% growth recorded in June.
Zinc market remains a deficit since March 14. Deficit in May increased to 93kt declining to 29kt in June.
16. 22 September 2014 16
Metals Weekly
Non-ferrous Lead
LME inventories and prices
0.15 0.18 0.20 0.23 0.25 1,900 2,000 2,100 2,200 2,300 Sep-13Oct-13Nov-13Dec-13Jan-14Feb-14Mar-14Apr-14May-14Jun-14Jul-14Aug-14Sep-14m tonsUSD/t Inventories (RHS)Spot
Global refined lead monthly production and YoY growth
-15-5515250.60.70.80.91.0 Aug-12Nov-12Jan-13Mar-13May-13Jul-13Sep-13Nov-13Jan-14Mar-14May-14Jul-14YoY growth (%) m tons ProductionYoY -RHS
China: Refined lead monthly production and YoY growth
-40-20020400.20.30.40.5 Aug-12Sep-12Oct-12Nov-12Dec-12Jan-13Feb-13Mar-13Apr-13May-13Jun-13Jul-13Aug-13Sep-13Oct-13Nov-13Dec-13Jan-14Feb-14Mar-14Apr-14May-14Jun-14Jul-14YoY growth (%) m tons ProductionYoY -RHS
:
India: Company-wise refined lead monthly production
6 9 11 11 10 9 9 12 12 10 12 12 11 9 9 6 7 12 11 11 14 10 10 11 11 Jul-12Aug-12Sep-12Oct-12Nov-12Dec-12Jan-13Feb-13Mar-13Apr-13May-13Jun-13Jul-13Aug-13Sep-13Oct-13Nov-13Dec-13Jan-14Feb-14Mar-14Apr-14May-14Jun-14Jul-14 HZL
Source: Metal Bulletin, Bloomberg, MOSL
Following the 4% decline previous week, Lead continued to slide down further 2% during the week.
In July production declined by 2.4% YoY. This follows 2.1% YoY growth posted in June.
18. 22 September 2014 18
Metals Weekly
China non-ferrous trade data
China’s aluminum trade ('000 tons)
0100200300400 Jul-12Oct-12Dec-12Feb-13Apr-13Jun-13Aug-13Oct-13Dec-13Feb-14Apr-14Jun-14Aug-14 ImportsExports
China’s refined copper trade ('000 tons)
0100200300400500 Jul-12Sep-12Nov-12Jan-13Mar-13May-13Jul-13Sep-13Nov-13Jan-14Mar-14May-14Jul-14 ImportsExports
China’s refined zinc trade ('000 tons)
0255075100 Sep-12Dec-12Feb-13Apr-13Jun-13Aug-13Oct-13Dec-13Feb-14Apr-14Jun-14Aug-14 Export Import
China’s alumina imports ('000 tons) and prices (USD/ton)
0200400600800 Sep-12Dec-12Feb-13Apr-13Jun-13Aug-13Oct-13Dec-13Feb-14Apr-14Jun-14Aug-14
Source: Metal Bulletin, Bloomberg, MOSL
Unwrought aluminum exports were higher by 10kt MoM to 390kt
China alumina imports were flat WoW
19. 22 September 2014 19
Metals Weekly
Key indicators
China new loan growth (Yuan b)
300 600 900 1,200 1,500 Jun-12Aug-12Oct-12Dec-12Feb-13Apr-13Jun-13Aug-13Oct-13Dec-13Feb-14Apr-14Jun-14
China: PMI
384450566246 48 50 52 54 Sep-12Nov-12Jan-13Mar-13May-13Jul-13Sep-13Nov-13Jan-14Mar-14May-14Jul-14Steel PMIMfg PMI Mfg PMISteel PMI
China: Fixed asset investment growth (%)
16 18 20 22 Aug-12Oct-12Dec-12Feb-13Apr-13Jun-13Aug-13Oct-13Dec-13Feb-14Apr-14Jun-14Aug-14
Currency movement with respect to the rupee
6574839210111051 55 59 63 67 71 Sep-13Oct-13Nov-13Dec-13Jan-14Mar-14Apr-14May-14Jun-14Jul-14Aug-14Sep-14INRINR USD (LHS)GBPEURO
Source: Bloomberg, MOSL
Fixed asset investment growth has slowed to 17% over the last few months
China steel PMI remained in contracted mode for the 4th consecutive month. Aug print came at 48.4
20. 22 September 2014 20
Metals Weekly
Key indicators (Contd...)
China Energy Production Electricity (b kwh)
-1001020304050200 250 300 350 400 450 500 550 May-11Jul-11Sep-11Nov-11Jan-12Mar-12May-12Jul-12Sep-12Nov-12Jan-13Mar-13May-13Jul-13Sep-13Nov-13Jan-14Mar-14May-14Jul-14 ElectricityYoY (%, RHS)
China Monthly Trade YoY (%)
-2002040 Sep-12Dec-12Mar-13May-13Jul-13Oct-13Dec-13Mar-14May-14Aug-14 ImportExport
China Price Index YoY (%)
-6-3036 Sep-12Nov-12Dec-12Feb-13Mar-13May-13Jun-13Aug-13Sep-13Nov-13Dec-13Feb-14Mar-14May-14Jun-14Aug-14 PPICPI
China GDP YoY (%)
7.27.68.08.48.89.29.6 Sep-11Dec-11Mar-12Jun-12Sep-12Dec-12Mar-13Jun-13Sep-13Dec-13Mar-14Jun-14
Source: Bloomberg, MOSL
China’s GDP growth was 7.5% in 2QCY14
China electricity production growth decelerated to 3.4% YoY in Aug from 18.7% growth recorded in July.
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Metals Weekly
Industrial production growth
The UK and the USA (%)
-6-3036 Sep-12Nov-12Jan-13Mar-13May-13Jul-13Sep-13Nov-13Jan-14Mar-14May-14Jul-14 UKUSA
Japan (%)
-20-1001020 Sep-12Dec-12Feb-13Apr-13Jun-13Aug-13Oct-13Dec-13Feb-14Apr-14Jun-14Aug-14
European Union (%)
-16-10-428 Aug-12Oct-12Dec-12Feb-13Apr-13Jun-13Aug-13Oct-13Dec-13Feb-14Apr-14Jun-14Aug-14 FranceGermanyItaly
BRIC (%)
-70714 Aug-12Oct-12Dec-12Feb-13Apr-13Jun-13Aug-13Oct-13Dec-13Feb-14Apr-14Jun-14Aug-14 RussiaBrazilIndiaChina
Source: Bloomberg, MOSL
China’s industrial production decelerated sharply by 210bps MoM to 6.9%
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Metals Weekly
Stock exchange announcements
JSW Steel: JSW Steel clarified that it has submitted a binding bid for the take- over of the rolling mills of Piombini Plant of Lucchini in Italy. The acquisition is in line with its long term strategy to acquire finishing mills near to the market, the company mentioned.
Hindalco: The company said 6 of its bauxite mines in Jharkhand were ordered to stop operating by the state government, in compliance with the amendment to the MMDR Act which does away with the second deemed extension provision. The company further mentioned that it had applied for the license renewals as per the requirement of the law and the application is under consideration of the state government. It expects renewals to be granted within six months and has sufficient inventory to maintain production for the period. The mines closed supplied to its refineries in Muri and Renukoot. The company also mentioned that the other operating mines in the area could also supply bauxite to the two refineries.
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Metals Weekly
Metals stock performance on absolute and relative basis (%) Months1361213612SteelTata Steel-6.2-1.743.364.4-8.7-9.219.233.2SAIL-14.4-21.332.046.6-16.9-28.88.015.4JSW Steel0.24.532.578.2-2.3-3.08.446.9JSPL-28.7-33.6-20.3-18.9-31.2-41.1-44.3-50.1NMDC-1.5-1.532.742.1-4.1-9.08.610.9Non-FerrousSSLT-4.4-3.961.252.8-7.0-11.437.121.6Hindustan Zinc-1.34.237.928.4-3.9-3.313.8-2.8Nalco16.521.695.8106.514.014.171.775.3Hindalco -9.2-1.837.038.7-11.7-9.312.97.5Mid CapsMonnet Ispat-22.8-23.963.3-21.7-25.4-31.439.2-52.9Godawari -1.016.7120.5104.9-3.59.296.473.7Sarda Energy-31.66.2146.4182.8-34.1-1.3122.3151.6Tata Sponge16.257.1108.8263.113.749.684.7231.9Adhunik Metaliks-10.0-16.36.851.1-12.6-23.8-17.219.9Bhushan Steel-13.8-69.1-72.5-74.5-16.4-76.6-96.6-105.8Jai Balaji-28.1-25.068.34.4-30.6-32.444.2-26.8Rain Industries29.228.963.044.626.621.439.013.4Prakash Industries-15.6-31.580.5104.9-18.1-39.056.473.7SENSEX2.57.524.131.2- - - - Absolute Perf (%)Relative Perf to Sensex (%)
Global Metals stock performance on absolute basis (%) 1week1month3 months 6 months 7 months 12 months MiningRio Tinto-0.8-6.93.21.11.21.2BHP Billiton-0.9-10.6-2.6-1.1-3.3-3.3Vale-2.4-13.5-6.7-5.1-27.4-27.4FMG-4.6-18.6-10.9-24.6-17.9-17.9Anglo American-0.7-6.71.46.0-10.0-10.0Vedanta-5.5-1.2-10.222.5-13.9-13.9SteelUS Steel13.220.077.876.3113.5113.5Nucor4.96.711.516.314.814.8Arcelor Mittal4.98.94.35.36.86.8Bao Steel-1.6-2.212.522.21.61.6Posco-0.86.222.425.08.88.8JFE Holdings5.56.010.319.5-17.2-17.2Nippon2.4-3.4-9.08.4-14.2-14.2Thyssen Krupp 1.32.31.921.226.326.3Voest Alpine 0.16.7-5.15.2-4.1-4.1Gerdau0.6-5.3-13.6-12.2-29.2-29.2AluminiumAlcoa-3.1-1.312.136.992.192.1Rusal-0.417.025.482.3108.8108.8Chalco-5.4-3.519.626.420.520.5Source: MOSL, BloombergAbsolute Perf (%)
Metals Stock
Performance
Among large-cap companies, Nalco had the strongest performance over the last one month, while JSPL was the weakest amid concerns over coal block de-allocation
Among mid-cap companies, Rain Industries has outperformed and Sarda Energy has underperformed over one month
Among global mining companies, Anglo was the best performer, while Vedanta was the worst performing stock over 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
Among the global aluminum, Chalco has been the worst performer over one month
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Metals Weekly
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