Railway product prices dropped 7% m/m in April for Ukraine exports

Ukraine’s export prices for railway products, sold
mostly by the largest producer, Interpipe (INTHOL), were USD 1,355/t in April,
which is 7% less m/m and 14% less yoy, according to Concorde Capital’s analysis
of State Statistics data.

The April prices are 5% below their 1Q21 average,
Concorde Capital’s calculations show.

Dmytro Khoroshun: Prices
might rebound about 4% m/m in May based on State customs service data.

The EBITDA (before reallocation from the steel
segment) of Interpipe’s railway product segment will drop substantially yoy in
2021, possibly by as much as 40-50%, we continue to expect.