Interpipe pipe output rises 4.5% in 1H19

Pipe production at Ukraine’s largest producer,
Interpipe (INPIP), was 2.10 kt per day (or 63.1 kt per month) in June, a 6.2%
m/m drop, according to Concorde Capital’s analysis of a July 16 news report by
Interfax-Ukraine.

Interpipe Niko Tube output plunged 15.2% m/m to 1.02
kt per day in June. Interpipe NTRP pipe production gained 4.2% m/m to 0.81 kt
per day. Interpipe NMPP output rose 4.6% m/m to 0.27 kt per day.

In 1H19, Interpipe’s pipe production was 399.9 kt
(2.21 kt per day), or 4.5% more yoy.

In a separate news report, Interfax-Ukraine said that
Interpipe Steel’s output of crude steel was 2.50 kt per day in June, down 14.8%
m/m. The 1H19 steel output at Interpipe Steel was 476 kt, a 3.3% 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).