SSgA SPDR S&P Global Natural Resources ETF

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  • uploads///China inventory
    Macroeconomic Analysis

    What Does the Rise of Iron Ore Port Inventories Mean for Miners?

    Players involved in the seaborne iron ore trade include BHP Billiton (BHP) (BBL), Rio Tinto (RIO), Vale (VALE), and Cliffs Natural Resources (CLF).

    By Anuradha Garg
  • uploads///goldman
    Company & Industry Overviews

    Must Know: Goldman Provided Fodder to Copper Bears

    Goldman Sachs (GS) now expects copper prices to fall to $4,000 per metric ton this year. In its previous guidance, Goldman had expected copper to fall to $4,500 per metric ton in 2016.

    By Mohit Oberoi, CFA
  • uploads///Iron ore shipments
    Macroeconomic Analysis

    Seaborne Iron Ore Trade Not Enough to Save Dry Bulk Companies

    Dry bulk shipping companies transport iron ore more than any other commodity. So it’s important for investors to watch shipments from the world’s largest iron ore exporters.

    By Anuradha Garg
  • uploads///key financials
    Company & Industry Overviews

    Southern Copper’s Financial Performance: Key Investor Takeaways

    Southern Copper’s financial performance has weakened over the last couple of years. Its falling revenues are largely attributable to copper price volatility.

    By Mohit Oberoi, CFA
  • uploads///Iron ore supply
    Macroeconomic Analysis

    Roy Hill Has the Potential to Push Iron Ore Prices Further Down

    Australia’s billionaire Gina Rinehart’s $10 billion Roy Hill iron ore project expects to start shipping iron ore to world markets starting in October 2015.

    By Anuradha Garg
  • uploads///Valuation
    Basic Materials

    Should Vale’s Valuation Be Re-Rated?

    Since last year, Vale has shown a sincere desire to be more transparent and predictable.

    By Anuradha Garg
  • uploads///part  valuation
    Basic Materials

    How Freeport’s Valuation Looks Going into 3Q16

    Freeport’s asset sales program has restored investor confidence, helping it to trade at a higher valuation multiple.

    By Mohit Oberoi, CFA
  • uploads///Companies performance
    Macroeconomic Analysis

    Why the Outlook on Iron Ore Is Still Negative

    Major iron ore producers are further reducing costs to weather the current market downturn.

    By Anuradha Garg
  • uploads///part  deficit
    Basic Materials

    How Does Alcoa’s Record Aluminum Deficit Projection Look?

    Earlier, Alcoa projected a 1.1 million metric ton deficit for global aluminum markets. It revised down its deficit projection during its 2Q16 conference call.

    By Mohit Oberoi, CFA
  • uploads///Valuation
    Company & Industry Overviews

    Is a Valuation Rerating in the Cards for Vale Stock?

    Vale’s CFO, Luciano Siani Pires, said during Vale Day on December 6 that the company deserves a rerating of its valuation.

    By Anuradha Garg
  • uploads///part  gold
    Basic Materials

    Why Freeport Needs a Friendly Fed Like Never Before

    Higher gold prices couldn’t have come at a better time for Freeport. The company is grappling with sagging metal prices in its core copper mining business.

    By Mohit Oberoi, CFA
  • uploads///metals and mining segment
    Company & Industry Overviews

    Understanding Glencore’s Metals and Mining Business

    Glencore’s metals and mining segment was the second-biggest contributor to its 1H15 revenues.

    By Mohit Oberoi, CFA
  • uploads///part  aluminum
    Basic Materials

    Will the Demand-Supply Mismatch Spur Chinese Aluminum Exports?

    China’s unwrought aluminum exports rose 20.4% YoY in August. Although the increase is a concern, things aren’t as bad as suggested by the big YoY spike.

    By Mohit Oberoi, CFA
  • uploads///Coal
    Earnings Report

    Why Rio Tinto’s Kestrel Ramp-Up Keeps Coal Volumes Going

    RIO’s hard coking coal production was up 10% YoY to 4 million tons in 9M15 due to improved production rates at Kestrel.

    By Anuradha Garg
  • uploads///part  scco
    Basic Materials

    How Are Analysts Rating Southern Copper This Month?

    According to consensus estimates compiled by Bloomberg, Southern Copper (SCCO) has a one-year price target of $27.82—7.5% above its current stock price.

    By Mohit Oberoi, CFA
  • uploads///part
    Earnings Report

    Key Takeaways from Freeport-McMoRan’s 3Q16 Earnings Call

    During its 3Q16 earnings call, Freeport-McMoRan (FCX) reduced its production guidance. The company expects its 2016 copper shipments to be 4.8 billion pounds.

    By Mohit Oberoi, CFA
  • uploads///part
    Earnings Report

    Behind ArcelorMittal’s 1Q17 Call: What the Market Is Eager to Hear

    During its 1Q17 earnings call, the market will look for ArcelorMittal’s commentary on the steel price outlook.

    By Mohit Oberoi, CFA
  • uploads///Copper
    Basic Materials

    Inside Rio Tinto’s Copper Outlook

    Rio reported a loss of $69 million in 1H17, compared with its loss of $56 million in 1H16.

    By Anuradha Garg
  • uploads///part  inventory
    Company & Industry Overviews

    Is There a Disconnect between Chinese Copper Imports and Demand?

    Oil and copper are two critical commodities that China is deficient in and must import in large quantities.

    By Mohit Oberoi, CFA
  • uploads///Auto sales
    Miscellaneous

    Beneath the Sagging Auto Demand—And Its Impact on Iron Ore Prices

    Vehicle sales in China, including trucks and buses, fell 2.2% YoY (year-over-year) to 2.1 million in April 2017.

    By Anuradha Garg
  • uploads///Port inventory
    Miscellaneous

    How Price Impacts Iron Ore Inventory

    China’s (MCHI) iron ore port inventory is a key indicator that reflects the commodity’s supply-and-demand balance.

    By Anuradha Garg
  • uploads///Net debt
    Basic Materials

    Are Analysts Expecting Cliffs’s Net Debt to Improve?

    Analysts estimate that Cliffs’ net debt will fall by 8% by the end of 2016 as compared to 2015.

    By Anuradha Garg
  • uploads///post split structure
    Company & Industry Overviews

    Will Elliott Management Start Taking an Active Interest in Alcoa?

    Elliott Management plans to engage in a “constructive dialogue” with Alcoa’s board about Alcoa’s split transaction and “additional available opportunities to maximize shareholder value.”

    By Mohit Oberoi, CFA
  • uploads///part  copper
    Basic Materials

    China’s July Copper Imports: What They Mean for Freeport-McMoRan

    In July, China imported 360,000 metric tons of unwrought copper and copper products. That was a YoY (year-over-year) increase of only 3.4%.

    By Mohit Oberoi, CFA
  • uploads///Auto sales
    Miscellaneous

    How China’s Auto Sales Impact Iron Ore Miners

    China’s (FXI) auto sales rose to 2.6 million in September 2016 from 2.1 million in August. These auto sales were 26% higher than the same period in 2015.

    By Anuradha Garg
  • uploads///Analyst Reco
    Company & Industry Overviews

    Gauging the Upside Potential for Iron Ore Stocks

    A major factor impacting mining companies’ revenues and earnings is commodity price—especially for iron ore—and analysts’ ratings take cues from prices.

    By Anuradha Garg
  • uploads///Inventories
    Miscellaneous

    Iron Ore’s Record-High Inventories, and What It Could Mean for Prices

    Iron ore inventories at Chinese ports have risen 11% YTD in 2017. Port inventories stood at 127 million tons on February 10.

    By Anuradha Garg
  • uploads///Coal prod
    Earnings Report

    Rio Tinto’s Coal Production Went On as Expected in 1H15

    A sustained rise or fall in coal shipments is a significant indicator that affects the stock value of coal producers (KOL).

    By Anuradha Garg
  • uploads///Copper
    Earnings Report

    Why Rio Tinto’s Copper Production Could Have More Downside

    Copper volumes are key for companies that produce copper. In this article, we’ll look at Rio Tinto’s (RIO) copper production profile.

    By Anuradha Garg
  • uploads///valuation  fcx vs scco
    Company & Industry Overviews

    Why Southern Copper Is Trading at a Premium to Freeport-McMoRan

    Southern Copper has historically traded at a premium to Freeport.

    By Mohit Oberoi, CFA
  • uploads///Iron ore inventory
    Miscellaneous

    What the Highest Iron Ore Inventory on Record Means

    China’s iron ore port inventory reflects supply and demand. It also indicates the safety net and imbalance between iron ore supplies and steel mill demand.

    By Anuradha Garg
  • uploads///carnegie way
    Company & Industry Overviews

    Why 2016 Could Be the Reality Test for U.S. Steel’s Carnegie Way

    U.S. Steel Corporation is running a transformation strategy called Carnegie Way, through which it’s working to strengthen its balance sheet.

    By Mohit Oberoi, CFA
  • uploads///Coal
    Consumer

    Are Rio Tinto’s Coal Volumes Expected to Increase in 2016?

    Rio’s hard coking coal production was 8% lower YoY (year-over-year) in the first half of 2016.

    By Anuradha Garg
  • uploads///China auto sales
    Miscellaneous

    The Future of China’s Auto Sales: Life after Sales Tax Breaks

    China’s automotive industry is the second-largest steel consumer after the real estate sector.

    By Anuradha Garg
  • uploads///part  steel scrap prices
    Macroeconomic Analysis

    Steel Scrap, Iron Ore Hit Multiyear Lows as Slowdown Looms

    Steel scrap prices were quoted at $138 per metric ton on November 9, 2015, a year-over-year decline of more than 55%.

    By Mohit Oberoi, CFA
  • uploads///part  china imports
    Macroeconomic Analysis

    Chinese Refined Copper Imports Are Flat in August

    In the first eight months of 2015, China’s refined copper imports are down 6.7% compared to the corresponding period last year.

    By Mohit Oberoi, CFA
  • uploads///part  steel dynamics
    Earnings Report

    4Q15 Earnings Preview: What Analysts Expect from Steel Dynamics

    Steel Dynamics is expected to release its 4Q15 earnings on January 25 after the markets close. Analysts expect Steel Dynamics to deliver EPS of $0.066 per share.

    By Mohit Oberoi, CFA
  • uploads///part
    Company & Industry Overviews

    Freeport-McMoRan Tanks after Brexit: Key Investor Takeaways

    As voting day neared for Brexit, the Market consensus was leaning toward a “remain” vote. The markets were shocked by the unprecedented move, with Brexit receiving 51.9% of votes.

    By Mohit Oberoi, CFA
  • uploads///steel price part
    Company & Industry Overviews

    Why US Steel Prices Might Not Recover Much in 2016

    Bank of America expects spot HRC (hot-rolled coil) prices to rise to $455 per short ton in 2016.

    By Mohit Oberoi, CFA
  • uploads///Valuation
    Basic Materials

    How Vale’s Valuation Multiples Look

    Currently, Vale (VALE) is trading at a forward EV-to-EBITDA multiple of 4.9x, which is a discount of 23% to its past five-year average multiple.

    By Anuradha Garg
  • uploads///Iron ore inventories
    Basic Materials

    Why Iron Ore Port Inventories Barely Budged from Record Highs

    In this article, we’ll look at China’s iron ore port inventories and what they suggest for iron ore prices. The inventories at port reflect the difference between demand and supply.

    By Anuradha Garg
  • uploads///Iron ore inventories
    Basic Materials

    Iron Ore Inventories Stay Near Record Highs: Could Prices Cave?

    In this article, we’ll look at China’s iron ore port inventories and what they suggest for iron ore prices.

    By Anuradha Garg
  • uploads///Iron ore inventories
    Basic Materials

    Iron Ore Inventories Ease Slightly But Not Enough to Support Prices

    Iron ore port inventories in China reflect the balance between demand and supply.

    By Anuradha Garg
  • uploads///Valuation
    Basic Materials

    Can Vale’s Valuation Re-Rate Higher in 2018? Key Catalysts

    Vale’s CFO, Luciano Siani Pires, said during Vale Day on December 6, 2017, that the company deserves a rerating of its valuation.

    By Anuradha Garg
  • uploads///Iron ore inventory
    Basic Materials

    The Gap between Iron Ore Port Inventories and Commodity Prices

    Iron ore port inventories in China reflect the balance between demand and supply. Usually, if the iron ore isn’t used up by steel mills, it piles up at ports.

    By Anuradha Garg
  • uploads///Iron ore inventory
    Basic Materials

    Iron Ore Port Inventories Hit a New High, Prices Reel

    Inventories at China’s ports reflect the balance between demand and supply. The ore that isn’t used up by steel mills typically piles up at ports.

    By Anuradha Garg
  • uploads///BHP_Estimates
    Basic Materials

    How Are BHP’s Margins Expected to Progress Going Forward?

    BHP Billiton (BHP) has vowed to focus on reducing costs by another 10% in its Australian operations. It has a target of 2.2 billion Australian dollars (~$1.6 billion USD) in productivity gains over the next two years.

    By Anuradha Garg
  • uploads///Iron ore inventory
    Basic Materials

    Iron Ore Port Inventories Hit another Record High as Discounts Rise

    Miners (GNR) producing high-grade ore—such as Rio Tinto (RIO), Vale (VALE), and BHP (BHP)(BBL)—are enjoying higher premiums.

    By Anuradha Garg
  • uploads///Valuation
    Basic Materials

    Does Vale Deserve a Rerating of Its Valuation Multiple?

    Vale’s CFO (chief financial officer) Luciano Siani Pires said during Vale Day on December 6, 2017, that the company deserves a rerating of its valuation.

    By Anuradha Garg
  • uploads///Iron ore inventory
    Basic Materials

    China’s Ever-Rising Iron Ore Port Inventory

    It’s important for investors to keep tabs on iron ore port inventories in China. Inventory levels show the balance between demand and supply for iron ore.

    By Anuradha Garg
  • uploads///Valuation
    Basic Materials

    These Catalysts Could Drive Vale’s Valuation in 2018

    Vale (VALE) now has a forward EV-to-EBITDA multiple of 5.4x. This implies a discount of 24.0% to its past five-year average multiple.

    By Anuradha Garg
  • uploads///Inventory
    Basic Materials

    Iron Ore Inventories Remain Elevated: Impact on Iron Ore

    The iron ore port inventories have remained elevated, reaching ~141.5 million tons in June 2017.

    By Anuradha Garg
  • uploads///Inventory
    Basic Materials

    Iron Ore Inventories Have Started Dropping Gradually

    The iron ore inventories at Chinese ports determine the supply and demand balance for steelmaking commodities (GNR).

    By Anuradha Garg
  • uploads///Inventory
    Basic Materials

    Iron Ore Prices Are Rising Despite Elevated Iron Ore Inventories

    The port inventories on Chinese ports totaled 139.2 million tons for the week ended August 11, 2017.

    By Anuradha Garg
  • uploads///Analyst Reco
    Basic Materials

    BHP Billiton’s Fiscal 2017 Earnings: What Do Analysts Think?

    Of the 18 analysts covering BHP Billiton (BHP), ten of them have issued a “buy” rating. Six of them have given BHP a “hold.”

    By Anuradha Garg
  • uploads///Valuation
    Basic Materials

    What Would It Take for Vale to Close Valuation Gap versus Peers?

    Currently, Vale (VALE) has a forward EV-to-EBITDA multiple of 4.3x, ~40% lower than its last-five-year average multiple.

    By Anuradha Garg
  • uploads///Intro
    Basic Materials

    Behind Rio’s Tinto’s Stock Outlook after a 52-Week High

    Rio Tinto’s (RIO) stock hit a new 52-week high of $47.85 on August 7.

    By Anuradha Garg
  • uploads///Inventory
    Basic Materials

    Elevated Iron Ore Inventories: The Trouble Won’t End for Miners

    China’s iron ore port inventory shows the steelmaking commodity’s (GNR) demand and supply balance. It also measures the imbalance between supply and steel mill demand.

    By Anuradha Garg
  • uploads///Inventory
    Miscellaneous

    Iron Ore Inventory Hitting Higher Highs—Worrisome for Miners

    China’s iron ore port inventory reflects the commodity’s (GNR) supply and demand balance.

    By Anuradha Garg
  • uploads///Auto sales
    Miscellaneous

    China’s Auto Sales Growth Slows in March

    China’s auto sales China’s automotive industry is the second-largest steel consumer after the real estate sector. In this part of our series on iron ore, we’ll look at recent trends in the Chinese automotive industry. We’ll also analyze how auto sales could shape up in 2017. Auto sales growth slows Vehicle sales in China, including […]

    By Anuradha Garg
  • uploads///Inventory
    Miscellaneous

    How Iron Ore Inventories Are Affecting the Outlook for Prices

    China’s iron ore port inventory China’s iron ore port inventory reflects the commodity’s supply and demand balance. It also indicates the safety net and imbalance between iron ore supplies and steel mill demand. High inventory levels are a sign of weak demand for raw materials, and vice versa. High inventory levels Iron ore inventories at Chinese ports have […]

    By Anuradha Garg
  • uploads///Capital allocation
    Miscellaneous

    Cyclical Nature of BHP’s Business and Mechanistic Share Buybacks

    The third element of Elliott Funds’ “value unlock” plan for BHP Billiton (BHP) (BBL) is the adoption of a policy of consistent and optimized capital returns to shareholders.

    By Anuradha Garg
  • uploads///Vale
    Company & Industry Overviews

    Could Vale SA Stock Continue Its Outperformance in 2017?

    In 1Q17, Vale SA (VALE) outperformed its peers by rising 24.7%.

    By Anuradha Garg
  • uploads///Auto
    Miscellaneous

    Does China’s Auto Sales Outlook Bode Well for Iron Ore Miners?

    China’s automotive industry is the second-largest steel consumer after the real estate sector.

    By Anuradha Garg
  • uploads///Port inventory
    Miscellaneous

    Why Miners Are Worried about Iron Ore Inventory at Ports

    China’s iron ore port inventory reflects the commodity’s supply and demand balance.

    By Anuradha Garg
  • uploads///China auto sales
    Miscellaneous

    Will China’s Tax Extension Support Auto Sales in 2017?

    In this part of our series on iron ore, we’ll look at recent trends in the Chinese automotive industry. We’ll also analyze how auto sales could shape up in 2017.

    By Anuradha Garg
  • uploads///Supply growth
    Miscellaneous

    What Could the Supply Side Bring for Iron Ore Prices in 2017?

    As most market participants are calling for an iron ore price correction in 2017, it’s important to consider how the supply side of things could shape up this year.

    By Anuradha Garg
  • uploads///Inventory
    Miscellaneous

    Are 12-Year Highs in Iron Ore Inventories an ‘Ominous Sign’?

    China’s iron ore port inventory reflects the commodity’s supply and demand balance. It also indicates the safety net and imbalance between iron ore supply and steel mill demand.

    By Anuradha Garg
  • uploads///Auto
    Miscellaneous

    Should We Be Worried about China’s Auto Sales Outlook for 2017?

    China’s auto sales rose to 2.9 million in November 2016 from 2.7 million in October 2016. Auto sales in November were 17.0% higher than the same period in 2015.

    By Anuradha Garg
  • uploads///Iron ore inventory
    Miscellaneous

    Iron Ore Inventories Soar to 2-Year High, Pressuring Prices

    Iron ore inventories at Chinese ports have reached a two-year high. For the week ended December 16, 2016, inventories stood at 111.6 million tons.

    By Anuradha Garg
  • uploads///China auto sales
    Miscellaneous

    China’s Auto Demand Is Strong—What about Its Outlook?

    China’s automobile sales The automotive industry is the second-largest steel consumer after the real estate sector. In this part of our series on iron ore in 2016, we’ll look at recent trends in the Chinese automotive industry. Car sales rise China’s (FXI) auto sales rose to 2.7 million in October 2016 from 2.6 million in […]

    By Anuradha Garg
  • uploads///Iron ore outlook
    Company & Industry Overviews

    Vale SA Is Progressing Well on Cost Reductions in Iron Ore

    In 3Q16, Vale SA’s (VALE) ferrous division accounted for ~81.0% of its adjusted EBITDA. EBITDA for ferrous minerals came in at $2.5 billion, which was $357.0 million higher than 2Q16.

    By Anuradha Garg
  • uploads///Inventory
    Miscellaneous

    Port Inventories Reach High, Spell Trouble for Iron Ore Prices

    China’s iron ore port inventory China’s (MCHI) iron ore port inventory, a key indicator, reflects the commodity’s supply-and-demand balance. It also indicates the safety net and imbalance between the iron ore supply and steel mill demand. A high inventory is a sign of weak demand for raw materials, and vice versa. Inventories highest in two years While […]

    By Anuradha Garg
  • uploads///part
    Company & Industry Overviews

    Life Beyond Trump: Key Indicators Freeport Investors Should Track

    As the euphoria over Donald Trump’s election win subsides, the market’s attention has shifted to other upcoming events.

    By Mohit Oberoi, CFA
  • uploads///part  scco
    Company & Industry Overviews

    Southern Copper Gets Stock Kiss of Death from Some Analysts

    Of the 23 analysts surveyed by Bloomberg, only four rated Southern Copper (SCCO) a “buy,” while seven rated it a “sell.” Most of the analysts rate the stock a “hold.”

    By Mohit Oberoi, CFA
  • uploads///part  china
    Company & Industry Overviews

    How China Could Affect the Steel Industry’s 4Q16 Outlook

    Because China is the world’s largest steel consumer, it’s important for investors in companies such as U.S. Steel, ArcelorMittal, POSCO, and Gerdau to keep track of the Chinese steel industry.

    By Mohit Oberoi, CFA
  • uploads///part  earnings
    Company & Industry Overviews

    Why Freeport-McMoRan’s Earnings Need to Rise for the Stock’s Revival

    According to the consensus estimates compiled by Bloomberg, analysts expect Freeport-McMoRan (FCX) to post EBITDA of ~$7.0 billion in the next four quarters.

    By Mohit Oberoi, CFA
  • uploads///Auto sales
    Miscellaneous

    The Outlook for China’s Automobile Sales and Why It Matters

    China’s passenger car sales rose 26% year-over-year in August. This is the fourth consecutive month that car sales have risen in the double digits.

    By Anuradha Garg
  • uploads///Port invenroty
    Miscellaneous

    Iron Ore Port Inventory Situation in China Hasn’t Changed Much

    China’s (MCHI) iron ore port inventory is a key indicator that reflects the commodity’s supply-and-demand balance.

    By Anuradha Garg
  • uploads///part  raw material iron ore
    Company & Industry Overviews

    How the Steel Raw Material Market Looks This Month

    Spot coking coal prices have gained almost 165% since the beginning of the year, including a 50% gain in September alone.

    By Mohit Oberoi, CFA
  • uploads///Valuation
    Basic Materials

    Is Vale SA Fairly Valued Compared to Its Peers?

    Vale SA (VALE) has a forward EV-to-EBITDA multiple of 6.7x, which is 10% higher than its five-year historical average.

    By Anuradha Garg
  • uploads///part  us steel part
    Basic Materials

    Why Analysts Have Not Revised U.S. Steel’s Earnings Estimates

    U.S. Steel’s earnings estimate Since the spectacular rally in US (DIA) spot steel prices between March and June 2016, we’ve seen some downward pressure on flat-rolled steel prices. Spot HRC (hot-rolled coil) prices have fallen more than $100 per short ton from their June peak. However, despite these steep correction in HRC prices, we’ve not […]

    By Mohit Oberoi, CFA
  • uploads///part
    Basic Materials

    China’s Real Estate Indicators Continue to Fall in August

    One of the factors that helped the rally in metals and mining shares (GNR) this year has been the improvement in China’s economic indicators.

    By Mohit Oberoi, CFA
  • uploads///part  copper
    Basic Materials

    Can Copper Prices Continue to Support Freeport-McMoRan?

    Copper prices are a key driver for Freeport-McMoRan (FCX). The company expects its EBITDA for the second half of 2016 to rise or fall for every increase or decrease in copper prices.

    By Mohit Oberoi, CFA
  • uploads///part  iron ore
    Basic Materials

    Iron Ore Rose Due to Increased Chinese Demand

    Currently, the benchmark iron ore contract for delivery to China is hovering at $59 per metric ton. So far, iron ore has gained 34% this year.

    By Mohit Oberoi, CFA
  • uploads///part  inventory
    Basic Materials

    LME Aluminum Inventory Continues to Slide in 2016

    On a year-to-date basis, the aluminum inventory for LME-registered warehouses has fallen by more than 668,000 metric tons.

    By Mohit Oberoi, CFA
  • uploads///paart  valuation
    Basic Materials

    Are U.S. Steel’s Low Valuation Multiples a Value Trap?

    Currently, U.S. Steel trades at 3.82x its expected EBITDA for the next four quarters. This is much lower when we look at U.S. Steel’s historic valuation multiples.

    By Mohit Oberoi, CFA
  • uploads///Auto sales
    Miscellaneous

    How Steps China Is Taking to Boost Auto Sales Affect Steelmakers

    China’s passenger car sales rose to 1.6 million in July 2016, a year-over-year (or YoY) increase of 26.5%. This was the highest growth rate in three-and-a-half years.

    By Anuradha Garg
  • uploads///A Cotton Prices
    Company & Industry Overviews

    Is a Commodity Price Rebound in the Cards?

    Commodity prices are expected to remain buoyant. Year-to-date, cotton prices have risen 7.4% after a positive export sales report from the USDA.

    By Jodie Gunzberg
  • uploads///arch billing
    Basic Materials

    What Do Leading Indicators Tell Us about US Steel Demand?

    The construction sector is the leading steel consumer in the US. It accounts for ~40% of the total steel demand.

    By Mohit Oberoi, CFA
  • uploads///part
    Basic Materials

    Is Freeport-McMoRan in a Sweet Spot despite Turmoil in Copper Markets?

    Freeport-McMoRan (FCX) expects its net debt to fall to $13.2 billion by the end of 2017, even if copper prices average $2 per pound over this period.

    By Mohit Oberoi, CFA
  • uploads///part  valuation part
    Basic Materials

    Can Alcoa See Valuation Multiple Expansion in 2H16?

    Currently, Alcoa (AA) trades at 7.69x its next four quarters’ expected EBITDA. The company’s forward EV-to-EBITDA multiple has averaged 7.73x in the last three years and 7.2x in the last five years.

    By Mohit Oberoi, CFA
  • uploads///cold rolled
    Basic Materials

    What’s Driving the Record Spread Between HRC and CRC Prices?

    US Spot hot rolled coil prices have risen in the ballpark of $200 per short ton in 2016. Spot cold rolled coil prices have risen by ~$300 per short ton.

    By Mohit Oberoi, CFA
  • uploads///PART  CHINA EXPORT
    Basic Materials

    Why Are Chinese Aluminum Exports Subdued in 2016?

    China’s aluminum exports rose by 10% year-over-year in 2015. Facing flak from most of its trading partners, China announced late last year that it would curtail its excess aluminum capacity.

    By Mohit Oberoi, CFA
  • uploads///part  cash costs
    Basic Materials

    Why Freeport Isn’t Constructing a Smelter in Indonesia

    Earlier this year, Freeport-McMoRan’s (FCX) export permit in Indonesia was suspended, which the company acknowledged in its 4Q15 earnings call.

    By Mohit Oberoi, CFA
  • uploads///PART  TIMELINE
    Basic Materials

    How Did Freeport’s Indonesia Issues Begin?

    Freeport-McMoRan (FCX) discovered the Grasberg mine in 1988 and began open pit mining at the site two years later.

    By Mohit Oberoi, CFA
  • uploads///part  revenues
    Basic Materials

    The Curious Case of Steel Companies’ 2Q16 Revenue Miss

    Revenues One of the key features of steel companies’ 2Q16 financial performance has been lower-than-expected revenues. All the steel companies in our coverage of stocks missed consensus revenue estimates in 2Q16. We should note that steel companies’ revenues are functions of shipments and average selling prices. Steel companies’ shipments generally depend on end-user demand as […]

    By Mohit Oberoi, CFA
  • uploads///part  china demand
    Basic Materials

    What Are Aluminum Producers Forecasting for Chinese Demand?

    During its 2Q16 earnings conference call, Norsk Hydro raised its 2016 global aluminum demand growth projection to 4%–5%.

    By Mohit Oberoi, CFA
  • uploads///ADM and Peers Dividend Yield
    Consumer

    Analyzing Archer Daniels Midland’s 339th Dividend Payment

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