Metinvest steel prices mixed last week
22 March 2021
Ukraine FOB prices for the types of iron and steel
products exported by Metinvest (METINV), Ukraine’s largest producer, showed
mixed dynamics during March 12 – 19, 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 unchanged w/w at
USD 525/t on March 19, 42% above their 3Q20 high of USD 370/t on Sept. 18.
Billet prices dropped 2% w/w to USD 570/t on March 19,
37% above their 3Q20 high of USD 415/t on Sept. 11.
Slab prices skyrocketed 8% w/w to USD 730/t on March
19, 57% above their 3Q20 high of USD 465/t on Sept. 11.
HRC prices rose 2% w/w to USD 835/t on March 19, 66%
above their 3Q20 high of USD 503/t on Sept. 11.
The prices provided by Metal Expert are sophisticated
estimates, but they are not necessarily the same as the prices realized by
Metinvest for its specific products.
Dmytro Khoroshun: Metinvest’s
monthly EBITDA will likely exceed USD 400 mln in 1Q21 and possibly in April-May
because of strong steel and iron ore prices.
The prices will stop rising and stabilize in the next
few weeks at the achieved high levels and correct later in 2021, we continue to
expect.
We maintain our neutral view on METINV bonds.
