Metinvest iron ore concentrate output drops 2% m/m in March

The attributable production of iron ore concentrate at
the subsidiaries of Metinvest (METINV), Ukraine’s largest steel producer,
amounted to 2.69 mmt (86.8 kt per day) in March, according to Concorde
Capital’s analysis of separate news reports by Interfax-Ukraine. This is an
8.8% m/m increase, or a 1.7% m/m drop on a daily average basis. The holding’s
pellet output was 879 kt in March, an 11.7% m/m rise (or a 0.9% m/m increase on
a daily average basis).

Production at Inhulets Iron Ore rose 3.0% m/m in March
to the daily rate of 31.0 kt. Production at Northern Iron Ore dropped 8.2% m/m
to 29.3 kt per day. Production at Central Iron Ore slid 2.3% m/m to 11.1 kt per
day, whereas output at Southern Iron Ore increased 2.9% m/m to 33.6 kt per day.

In 1Q18, Metinvest’s attributable output of iron ore
concentrate rose 2.4% yoy to 7.98 mmt.

Dmytro Khoroshun: We expect
Metinvest’s 2018 attributable iron ore concentrate output to rise by up to 2%
yoy to 32.0-32.5 mmt.