Interpipe pipe output drops 3% in 8M19

Pipe production at Ukraine’s largest producer
Interpipe (INPIP) was 1.65 kt per day (or 51.1 kt per month) in August, a 13.8%
m/m drop, according to Concorde Capital’s analysis of an Sept. 18 news report
by Interfax-Ukraine.

Interpipe Niko Tube output dropped 18.6% m/m to 0.73
kt per day in August. Interpipe NTRP pipe production lost 11.8% m/m to 0.55 kt
per day. Interpipe NMPP output slid 5.9% m/m to 0.36 kt per day.

In 8M19, Interpipe’s pipe production was 507.4 kt
(2.09 kt per day), or 2.6% less yoy.

In a separate news report, Interfax-Ukraine said that
Interpipe Steel’s output of crude steel was 2.74 kt per day in August, a 16.4%
m/m jump. The 8M19 steel output at Interpipe Steel was 635 kt, a 3.8% yoy loss.

Dmytro Khoroshun: We maintain
our estimate of Interpipe’s 2019 pipe production at 760 kt (2.08 kt per day, up
1% yoy).