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Metinvest iron ore concentrate output rises 3.5% in January

Metinvest iron ore concentrate output rises 3.5% in January

19 February 2020

The attributable production of iron ore concentrate at
the subsidiaries of Metinvest (METINV), Ukraine’s largest steel producer,
amounted to 2.88 mmt (92.8 kt per day) in January, according to Concorde
Capital’s analysis of separate news reports by Interfax-Ukraine. This is a 3.5%
m/m gain on a daily average basis. The holding’s pellet output was 795 kt in
January, a 27.4% m/m jump on a daily average basis.

 

Concentrate production at Inhulets Iron Ore increased
4.9% m/m in January to a daily rate of 31.3 kt. Production at Northern Iron Ore
rose 6.0% m/m to 34.9 kt per day. Production at Central Iron Ore dropped 4.9%
m/m to 12.0 kt per day, whereas output at Southern Iron Ore inched up 2.2% m/m
to 31.8 kt per day.

 

Dmytro Khoroshun: We
tentatively expect Metinvest to produce (including the attributable share of
Southern Iron Ore volume) 33.4 mmt (91 kt per day) of iron ore concentrate in
2020, the same as in 2019. However, if the situation at the iron ore and steel
markets deteriorates, whether due to the coronavirus or a disappointing set of
economic stimulus measures in China, Metinvest’s iron ore production in 2020
might drop up to 10% yoy to 30 mmt (81 kt per day).

 

We maintain our neutral view on METINV bonds.

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