Metinvest steel prices jumped last week
7 February 2022
Ukraine FOB prices for the types of iron and steel
products exported by Metinvest (METINV), Ukraine’s largest producer, jumped
during Jan. 28 – Feb. 4, 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) skyrocketed 10% w/w
to USD 565/t on Feb. 4, 11% below their 2Q21 high of USD 635/t on June 18.
Billet prices added 2% w/w to USD 655/t on Feb. 4, 11%
below their 2Q21 high of USD 735/t on May 14.
Slab prices jumped 4% w/w to USD 700/t on Feb. 4, 26%
below their 2Q21 high of USD 950/t on May 28.
HRC prices surged 6% w/w to USD 880/t on Feb. 4, 20%
below their 2Q21 high of USD 1,095/t on May 21.
Dmytro Khoroshun: Steel
prices had bottomed out, but their current rebound might falter on monetary
tightening in many regions.
Metinvest’s monthly EBITDA will amount to USD 300-500
mln in November-December, we expect.
We maintain our neutral view on METINV bonds.
