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Metinvest steel prices stable last week

Metinvest steel prices stable last week

22 November 2021

Ukraine FOB prices for the types of iron and steel
products exported by Metinvest (METINV), Ukraine’s largest producer, were
mostly stable during Nov. 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) dropped 2% w/w to
USD 545/t on Nov. 19, 14% below their 2Q21 high of USD 635/t on June 18.

 

Billet prices were unchanged w/w at USD 620/t on Nov.
19, 16% below their 2Q21 high of USD 735/t on May 14.

 

Slab prices were flat w/w at USD 730/t on Nov. 19, 23%
below their 2Q21 high of USD 950/t on May 28.

 

HRC prices were stable w/w at USD 835/t on Nov. 19,
24% below their 2Q21 high of USD 1,095/t on May 21.

 

Dmytro Khoroshun: Ukraine FOB
steel prices will drop further in the next few months, we expect.

 

Metinvest’s monthly EBITDA will likely amount to at
least USD 500-700 mln in September 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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