Railway product prices flat m/m in July for Ukraine exports

Ukraine’s export prices for railway products, sold
mostly by the largest producer, Interpipe (INTHOL), were USD 1,353/t in July,
which is unchanged m/m and 3% lower yoy, according to Concorde Capital’s
analysis of UkrStat data.

The July prices are 1% below their 2Q21 average,
Concorde Capital’s calculations show.

Dmytro Khoroshun: Prices
might be rebound about 3% m/m in August 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.