Interpipe pipe output rises 7% in 5M19

Pipe production at Ukraine’s largest producer Interpipe
(INPIP) was 2.24 kt per day (or 69.5 kt per month) in May, a 9.6% m/m drop,
according to Concorde Capital’s analysis of a June 13 news report by
Interfax-Ukraine.

Interpipe Niko Tube output dropped 7.7% m/m to 1.21 kt
per day in May. Interpipe NTRP pipe production lost 13.9% m/m to 0.78 kt per
day. Interpipe NMPP output slid 4.4% m/m to 0.26 kt per day.

In 5M19, Interpipe’s pipe production was 338.4 kt
(2.24 kt per day), or 7.3% more yoy.

In a separate news report, Interfax-Ukraine said that
Interpipe Steel’s output of crude steel was 2.94 kt per day in May, flat m/m.
The 5M19 steel output at Interpipe Steel was 401 kt, a 1.0% 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).