Metinvest iron ore concentrate output rises 6.3% in November

The attributable production of iron ore concentrate at
the subsidiaries of Metinvest (METINV), Ukraine’s largest steel producer,
amounted to 2.64 mmt (87.8 kt per day) in November, according to Concorde
Capital’s analysis of separate news reports by Interfax-Ukraine. This is a 2.9%
m/m increase, or a 6.3% m/m gain on a daily average basis. The holding’s pellet
output was 848 kt in November, an 8.2% m/m gain (or an 11.8% m/m increase on a
daily average basis).

Concentrate production at Inhulets Iron Ore jumped
11.4% m/m in November to a daily rate of 29.7 kt. Production at Northern Iron
Ore gained 6.8% m/m to 28.6 kt per day. Production at Central Iron Ore rose
2.8% m/m to 13.4 kt per day, whereas output at Southern Iron Ore was flat m/m
at 35.2 kt per day.

In 11M18, Metinvest’s attributable output of iron ore
concentrate slid 0.8% yoy to 28.92 mmt.

Dmytro Khoroshun: We expect
Metinvest’s 2018 attributable iron ore concentrate output to amount to around
31.3-31.7 mmt, or a 1-2% yoy loss.