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Metinvest steel prices rose again last week

Metinvest steel prices rose again last week

25 October 2021

Ukraine FOB prices for the types of iron and steel
products exported by Metinvest (METINV), Ukraine’s largest producer, rose again
during Oct. 15-22, 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) skyrocketed 10% w/w
to USD 545/t on Oct. 22, 14% below their 2Q21 high of USD 635/t on June 18.

 

Billet prices added 2% w/w to USD 670/t on Oct. 22, 9%
below their 2Q21 high of USD 735/t on May 14.

 

Slab prices soared 4% w/w to USD 730/t on Oct. 22, 23%
below their 2Q21 high of USD 950/t on May 28.

 

HRC surged 5% w/w to USD 865/t on Oct. 22, 21% below
their 2Q21 high of USD 1,095/t on May 21.

 

Dmytro Khoroshun: Ukraine FOB
steel prices are rebounding, but we do not exclude a further drop later.

 

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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