Metinvest steel prices plunge last week
8 February 2021
Ukraine FOB prices for the types of iron and steel
products exported by Metinvest (METINV), Ukraine’s largest producer, plummeted
during Jan. 29 – Feb. 5, 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) plunged 10% w/w to
USD 505/t on Feb. 5, 36% above their 3Q20 high of USD 370/t on Sept. 18.
Billet prices dropped 3% w/w to USD 535/t on Feb. 5,
29% above their 3Q20 high of USD 415/t on Sept. 11.
Slab prices plummeted 11% w/w to USD 620/t on Feb. 5,
33% above their 3Q20 high of USD 465/t on Sept. 11.
HRC prices plunged 5% w/w to USD 690/t on Feb. 5, 37%
above their 3Q20 high of USD 503/t on Sept. 11.
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: China’s
return from long holiday later in February might provide support for steel
prices, but we continue to expect steel prices to correct during 2021.
We maintain our neutral view on METINV bonds.
