【出版时间及名称】：2010年1月印度钢铁行业研究报告
        【作者】：摩根大通
        【文件格式】：PDF
        【页数】：47
        【目录或简介】：

Table of Contents
Current stock prices reflect market expectations for a runaway increase in
profitability and steel prices in FY11….......................................................................3
…margin expansion likely in FY11, but unlikely to see a repeat of FY08..................4
Indian steel stocks among the most expensive globally…...........................................6
…but we expect significant capacity growth/other benefits in FY13 ..........................7
Near-term pressure on stocks likely, but strong growth pipeline should provide
higher floor ..................................................................................................................8
How does each company stack up after the FY13E capex
program?...................................................................................9
Steel capacity: Flat steel likely to enter into the surplus
zone .........................................................................................12
Iron ore to remains a contentious issue, while coking coal
is still a problem .....................................................................13
The captive iron ore advantage ..................................................................................15
Coking coal remains an issue; India’s import volumes likely to increase..................16
Steel-demand outlook: India likely to be a net exporter from
FY12.........................................................................................16
We expect several user segments to report strong growth... ......................................18
…however, unlikely to see growth rates similar to China .........................................18
India likely to emerge as net steel exporter, particularly in flats ...............................19
Steel pricing: From import parity to export parity in flats? 19
Technological tie ups and stake purchases: What does it
mean for incumbents .............................................................21
Companies
Steel Authority of India Ltd.......................................................................................24
Tata Steel Ltd.............................................................................................................31
JSW Steel...................................................................................................................38