Interpipe pipe output rises 1.3% in 7M19

Pipe production at Ukraine’s largest producer,
Interpipe (INPIP), was 1.91 kt per day (or 59.3 kt per month) in July, a 9.1% m/m
drop, according to Concorde Capital’s analysis of an Aug. 22 news report by
Interfax-Ukraine.

Interpipe Niko Tube output dropped 12.1% m/m to 0.90
kt per day in July. Interpipe NTRP pipe production plunged 22.3% m/m to 0.63 kt
per day. Interpipe NMPP output jumped 42.2% m/m to 0.38 kt per day.

In 7M19, Interpipe’s pipe production was 457.8 kt
(2.16 kt per day), or 1.3% more yoy.

In a separate news report, Interfax-Ukraine said that
Interpipe Steel’s output of crude steel was 2.35 kt per day in July, down 5.8%
m/m. The 7M19 steel output at Interpipe Steel was 549 kt, a 5.8% 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).