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Metinvest steel prices mixed last week

Metinvest steel prices mixed last week

13 September 2021

Ukraine FOB prices
for the types of iron and steel products exported by Metinvest (METINV),
Ukraine’s largest producer, showed mixed dynamics during Sept. 3 – 10, 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 2% w/w to USD 490/t on Sept. 10, 23% below their 2Q21 high of
USD 635/t on June 18.

 

Billet prices inched
up 1% w/w to USD 598/t on Sept. 10, 19% below their 2Q21 high of USD 735/t on
May 14.

 

Slab prices lost 1%
w/w to USD 750/t on Sept. 10, 21% below their 2Q21 high of USD 950/t on May 28.

 

HRC prices slid 0.3%
w/w to USD 865/t on Sept. 10, 21% below their 2Q21 high of USD 1,095/t on May
21.

 

The prices provided
by Metal Expert are sophisticated estimates, but they are not necessarily the
same as the prices realized by Metinvest for its specific products.

 

Dmytro Khoroshun: Ukraine FOB steel prices might
stabilize in the short term following steel prices in China, but we do not
exclude a further drop later in 2021.

 

Metinvest’s monthly
EBITDA will likely amount to at least USD 500-700 mln in 3Q21 but should drop
in 4Q21 because of the recent drops in steel and iron ore prices.

 

We maintain our neutral view on METINV bonds.

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