Metinvest steel prices dropped last week

Ukraine FOB prices for the types of iron and steel
products exported by Metinvest (METINV), Ukraine’s largest producer, dropped
further during Nov. 26 – Dec. 3, according to Metal Expert, an industry
consultancy.

Pig iron prices (Metal Expert’s FOB Black Sea
assessment for a group of countries that includes Ukraine) dropped 4% w/w to
USD 525/t on Dec. 3, 17% below their 2Q21 high of USD 635/t on June 18.

Billet prices slid 1% w/w to USD 605/t on Dec. 3, 18%
below their 2Q21 high of USD 735/t on May 14.

Slab prices slipped 1% w/w to USD 695/t on Dec. 3, 27%
below their 2Q21 high of USD 950/t on May 28.

HRC prices lost 4% w/w to USD 800/t on Dec. 3, 27%
below their 2Q21 high of USD 1,095/t on May 21.

Dmytro Khoroshun: Ukraine FOB
steel prices will drop further in the next few months, but potential stimulus
moves from China would support the markets, we expect.

Metinvest’s monthly EBITDA will likely amount to
USD 350-550 mln in 4Q21 because of the recent drops in steel and iron ore
prices.