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Stiff coking coal prices will continue to exert pressure on steel makers' profit margins over the next two quarters. The decline in iron ore prices in recent weeks is unlikely to provide any respite. Coking coal is a key ingredient for making steel. Indian steel makers such as SAIL and Tata Steel rely on imports to meet their requirement. Each tonne of steel produced requires almost a tonne of coking coal, mainly imported from Australia.
Steel makers paid as high as $330 a tonne for coking coal in the quarter-ended June, as prices shot up in the aftermath of the Australian floods early this year that choked the supplies. However, the shortage in supplies could aggravate further if the ongoing strike at BHP Billiton, the world's largest producer of coking coal, continues further. The benchmark coking coal contracts for September quarter were recently negotiated at $315 a tonne, marginally lower than the previous quarter.
Iron ore prices in the recent weeks have declined by 10-15 per cent in the domestic market and are hovering at around Rs 6,000 a tonne. Weakening of demand from sectors such as automobile, consumer durables and to an extent even from the construction sector amidst rising interest rates could compound the woes for the steel makers
MoneyWorks4Me rating and ranking of funds for SIP is available to subscribers only. Moneyworks4Me is not a rating and ranking agency, however it is required that users have a way of selecting funds and building a Portfolio. The method used by it are described below to enable users to understand the logic behind the rating and ranking Subscriber will find more details on this in the various content made available from time to time. In case you need more please write to besafe@moneyworks4Me.com
MoneyWorks4Me rates and ranks mutual funds based on the following data-driven system:
Funds ranking in screeners: Performance Consistency and Quality are two parameters used for ranking funds for SIP. The ranking as follows GG, GO, GR, OG, OO, OR, RG, RO and RR.
With the same color-coded funds, the one with the higher Average 3-year rolling returns (over 5 to 10 years), the number that appears in the Performance tag, ranks higher.
Here is the summary:
The third tag Upside Potential is not relevant for SIP. It is relevant for lumpsum investments in Mutual Funds.
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