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Metinvest steel prices dropped last week

Metinvest steel prices dropped last week

20 September 2021

Ukraine FOB prices for the types of iron and steel
products exported by Metinvest (METINV), Ukraine’s largest producer, dropped
during Sept. 10 – 17, according to Metal Expert, an industry consultancy.

 

Pig iron prices (Metal Expert’s FOB Black Sea
assessment for a group of countries that includes Ukraine) were flat w/w at USD
490/t on Sept. 17, 23% below their 2Q21 high of USD 635/t on June 18.

 

Billet prices slid 0.4% w/w to USD 595/t on Sept. 17,
19% below their 2Q21 high of USD 735/t on May 14.

 

Slab prices dropped 1% w/w to USD 740/t on Sept. 17,
22% below their 2Q21 high of USD 950/t on May 28.

 

HRC prices plunged 3% w/w to USD 840/t on Sept. 17,
23% below their 2Q21 high of USD 1,095/t on May 21.

 

Dmytro Khoroshun: Ukraine FOB
steel prices might stabilize in the short term following steel prices in China,
but we do not exclude a further drop later in 2021.

 

Metinvest’s monthly EBITDA will likely amount to at
least USD 500-700 mln in 3Q21 but should drop in 4Q21 because of the recent
drops in steel and iron ore prices.

 

We maintain our neutral view on METINV bonds.

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