Metinvest iron ore concentrate output drops 2% m/m in March
The attributable production of iron ore concentrate at the subsidiaries of Metinvest (METINV), Ukraine’s largest steel producer, amounted to 2.69 mmt (86.8 kt per day) in March, according to Concorde Capital’s analysis of separate news reports by Interfax-Ukraine. This is an 8.8% m/m increase, or a 1.7% m/m drop on a daily average basis. The holding’s pellet output was 879 kt in March, an 11.7% m/m rise (or a 0.9% m/m increase on a daily average basis).
Production at Inhulets Iron Ore rose 3.0% m/m in March to the daily rate of 31.0 kt. Production at Northern Iron Ore dropped 8.2% m/m to 29.3 kt per day. Production at Central Iron Ore slid 2.3% m/m to 11.1 kt per day, whereas output at Southern Iron Ore increased 2.9% m/m to 33.6 kt per day.
In 1Q18, Metinvest’s attributable output of iron ore concentrate rose 2.4% yoy to 7.98 mmt.
Dmytro Khoroshun: We expect Metinvest’s 2018 attributable iron ore concentrate output to rise by up to 2% yoy to 32.0-32.5 mmt.