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Interpipe sales volume drops 8% in 11M19

Interpipe sales volume drops 8% in 11M19

26 December 2019

Pipe sales volume at Ukraine’s largest producer
Interpipe (INTHOL) was 544.1 kt in 11M19, a 13.0% yoy drop, according to the
company’s monthly operational report released on Dec. 24. Railway product sales
rose 7.3% yoy to 183.8 kt, while external billet sales gained 25.3% yoy to 23.0
kt. Total sales volume dropped 7.9% yoy to 750.9 kt.

 

The yoy decrease in pipe sales volume during 11M19 was
driven by OCTG pipes (-31.5% yoy to 154.8 kt), partially offset by line pipes
(+7.1% yoy to 257.6 kt), as well as mechanical (+29.4% yoy to 27.2 kt) and
welded (+2.9% yoy to 104.5 kt) pipes.

 

The increase in railway product sales was driven
mostly by wheel sales, which rose 5.9% yoy to 164.1 kt. CIS members comprised
45% of railway product sales during 11M19, followed by Europe (26%) and Ukraine
(22%).

 

Dmytro Khoroshun: Currently,
Interpipe’s wheel markets are booming, especially in the CIS. It is almost
certain that the CIS wheel market will cool by mid-2020, but the effect on
Interpipe’s sales volumes might be moderate because of the segment’s high profitability.
On the other hand, Interpipe’s wheel production capacity utilization is
currently close to 100%, which has prevented the company from boosting its volumes
during these favorable times.

 

In contrast, Interpipe’s pipe markets are suffering,
especially those for OCTG pipes, and the company’s profitability margin for pipes is too thin,
which has resulted in these sales volume decreases.

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