Interpipe pipe output rises 8.5% in 4M19

Pipe production at Ukraine’s largest producer
Interpipe (INPIP) was 2.48 kt per day (or 74.4 kt per month) in April, flat
m/m, according to Concorde Capital’s analysis of a May 17 news report by
Interfax-Ukraine.

Interpipe Niko Tube output inched up 1.5% m/m to 1.31
kt per day in April. Interpipe NTRP pipe production rose 10.2% m/m to 0.90 kt
per day. Interpipe NMPP output plunged 28.5% m/m to 0.27 kt per day.

In 4M19, Interpipe’s pipe production was 270.2 kt
(2.25 kt per day), or 8.5% more yoy.

In a separate news report, Interfax-Ukraine said that
Interpipe Steel’s output of crude steel was 2.93 kt per day in April, a 1.0%
m/m increase. The 4M19 steel output at Interpipe Steel was 310 kt, a 1.6% yoy
loss.

Dmytro Khoroshun: We raise
our estimate of Interpipe’s 2019 pipe production to 760 kt (2.08 kt per day, up
1% yoy) from the previous estimate of 700 kt. Interpipe’s strong 4M19 output
and the oil price increase since late December are the reasons for our upgrade.